Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Achieving Sustainable Development Goals through Financial Inclusion: Collaborative Approaches to Fin-tech Adoption in Developing Countries

Version 1 : Received: 20 May 2023 / Approved: 23 May 2023 / Online: 23 May 2023 (03:35:22 CEST)

A peer-reviewed article of this Preprint also exists.

Danladi, S.; Prasad, M.S.V.; Modibbo, U.M.; Ahmadi, S.A.; Ghasemi, P. Attaining Sustainable Development Goals through Financial Inclusion: Exploring Collaborative Approaches to Fintech Adoption in Developing Economies. Sustainability 2023, 15, 13039. https://doi.org/10.3390/su151713039 Danladi, S.; Prasad, M.S.V.; Modibbo, U.M.; Ahmadi, S.A.; Ghasemi, P. Attaining Sustainable Development Goals through Financial Inclusion: Exploring Collaborative Approaches to Fintech Adoption in Developing Economies. Sustainability 2023, 15, 13039. https://doi.org/10.3390/su151713039

Abstract

This research suggests a multi-stakeholder framework to increase the use of fintech in Africa, which would help the continent boost its financial inclusion and reach its Sustainable Development Goals (SDGs). The study evaluates previous research and frameworks that have been created to aid in the adoption of fintech by several stakeholders in developing nations, some of which have been tested in African nations with limited success. To begin with, the study suggests the use of the World Bank’s Maximising Finance for Development (MFD) approach through the prioritization of national ownership, creation of an enabling environment for private sector investment, partnering with multilateral development banks and other stakeholders, fostering innovation and digital literacy, and focusing on cost-effective, non-government guaranteed financing. In the same vein, in line with the G20’s High-Level Principles for Digital Financial Inclusion, the adoption of financial technologies and digital financial services in Africa can be promoted through the creation of a country-specific strategy. Each government can create a regulatory environment that encourages innovation and competition, improve its digital infrastructure, increase its digital literacy and awareness, and collaborate with private sector stakeholders to expand financial inclusion. Furthermore, The Better Than Cash Alliance’s strategy to increase fintech adoption can also be implemented through partnership with businesses, international organizations, and other nations. By joining the Alliance, countries can enact rules and regulations that facilitate fintech adoption, promote awareness and education, and design and execute national digital payment infrastructure with the help of fintech companies. Finally, the mSTAR initiative suggests collaborating with USAID, in order to provide support to underrepresented populations, incorporate digital financial services, increase public-private collaboration, and educate and train policymakers, practitioners, and technologists. By implementing these strategies, African nations can accelerate the adoption of fintech solutions and increase financial inclusion.

Keywords

Fin-tech; Financial Inclusion; Maximizing Finance; Digital Financial Inclusion; The Better Than Cash Alliance; mSTAR; Developing countries; Sustainable Development Goals

Subject

Social Sciences, Decision Sciences

Comments (0)

We encourage comments and feedback from a broad range of readers. See criteria for comments and our Diversity statement.

Leave a public comment
Send a private comment to the author(s)
* All users must log in before leaving a comment
Views 0
Downloads 0
Comments 0


×
Alerts
Notify me about updates to this article or when a peer-reviewed version is published.
We use cookies on our website to ensure you get the best experience.
Read more about our cookies here.