Anakpo, G.; Xhate, Z.; Mishi, S. The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech2023, 2, 327-343.
Anakpo, G.; Xhate, Z.; Mishi, S. The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech 2023, 2, 327-343.
Anakpo, G.; Xhate, Z.; Mishi, S. The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech2023, 2, 327-343.
Anakpo, G.; Xhate, Z.; Mishi, S. The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech 2023, 2, 327-343.
Abstract
Globally, over 1.4 billion adult people remain unbanked. This worrisome phenomenon was exacerbated by the outbreak of the COVID-19 pandemic, which further created a new dimension of inequality in accessing financial services. Digital financial inclusion promises to be an effective tool for addressing this socioeconomic ill and propelling economic development. Given the limited studies on the subject in the context of the developing economies, it is imperative to understand the existing policies, practices, and barriers to digital financial inclusion in the developing economies so as to provide cutting-edge interventions for redress. It is against this background that this study seeks to address the following research questions: (1) What is the state of digital financial inclusion in the developing economy? (2) What are the policies and practices regarding digital financial inclusion in the developing economy? (3) What are the barriers to digital financial inclusion and innovative interventions for redress? Findings reveal that about 44% of the adult population in developing countries does not have access to financial services, with only a few countries that have made significant progress and gains through policy and practice such as mobile financial services, mobile money interoperability, native connectivity, human capital development, and digitalization of public services for digital financial inclusion. The findings also identify challenges and implications with recommendations, which are discussed in detail in the paper.
Keywords
Digital Financial Inclusion; Policy; Practices; challenges; developing economy
Subject
Business, Economics and Management, Other
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
