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2024 Annual Report - Powering financial inclusion, economic growth, and digital transformation
The Better Than Cash Alliance, hosted by the United Nations Development Programme (UNDP) through its Sustainable Finance Hub, supported its members in enabling digital payments for more than 100 million people in 2024. This milestone marks major progress in advancing financial inclusion, especially for women, with 82% of advisory services supporting gender-intentional initiatives.
The 2024 Annual Report highlights the progress of nearly 20 member countries and partners, including 30 major initiatives and 40 policy reforms.
The swift finalization of the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol Annexes, just six months after their adoption by the African Union, marks a major step forward.
“Under the leadership of H.E. Wamkele Mene, Member States committed to responsible cross-border digital payments, a continental digital identity, and shared infrastructure, laying the groundwork for inclusive digital trade that empowers women and youth and accelerates the One African Market”
Lucy Nshuti Mbabazi, Managing Director, Better Than Cash Alliance
- In Ethiopia, the Alliance supported the implementation of the country’s first National Digital Payments Strategy, leading to the opening of 110 million new digital accounts.
- In the Philippines, digital payments adoption rose from just 1% in 2013 to over 50% in 2024.
- In Guatemala, an Alliance study estimated up to $6.8 million in post-harvest losses due to cash-based inefficiencies in the coffee sector. The Alliance provided targeted support to digitize payments and reduce those losses.
The Alliance’s advocacy contributed to the World Health Organization (WHO) enabling digital payments for over two million healthcare workers, primarily in Africa, and to wage digitization efforts by global brands for more than one million factory workers, most of them women.
Despite this progress, more than 1.3 billion people worldwide, most of them women, remain excluded from the formal financial system, facing ongoing barriers to access and usage.
“Digital payments not only improve operational efficiency but also empower individuals, especially women. Secure and timely digital payments have been shown to increase economic independence, particularly for women, who often have less access to digital accounts and smartphones than men. Small businesses also gain better access to capital and skill development when using digital payment solutions. As we expand digital economies, our advisory services focus on the implementation of responsible digital payments in communities where cash still dominates.”
Lucy Nshuti Mbabazi, Managing Director, Better Than Cash Alliance
Hosted by UNDP, the United Nations development agency working in over 170 countries and territories, the Alliance is well-positioned to scale inclusive and responsible digital payment systems that deliver meaningful, lasting impact and leave no one behind.