The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy
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 addressin...
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-06-01
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| Series: | FinTech |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2674-1032/2/2/19 |
| _version_ | 1827737387121246208 |
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| author | Godfred Anakpo Zizipho Xhate Syden Mishi |
| author_facet | Godfred Anakpo Zizipho Xhate Syden Mishi |
| author_sort | Godfred Anakpo |
| collection | DOAJ |
| description | 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 developing economies, it is imperative to understand the existing policies, practices, and barriers to digital financial inclusion in 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 the digitalization of public services for digital financial inclusion. Our findings also identify challenges and implications with recommendations, which are discussed in detail in this paper. |
| first_indexed | 2024-03-11T02:28:14Z |
| format | Article |
| id | doaj.art-00dcf27ec2554556af5a87ff83738990 |
| institution | Directory Open Access Journal |
| issn | 2674-1032 |
| language | English |
| last_indexed | 2024-03-11T02:28:14Z |
| publishDate | 2023-06-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | FinTech |
| spelling | doaj.art-00dcf27ec2554556af5a87ff837389902023-11-18T10:21:55ZengMDPI AGFinTech2674-10322023-06-012232734310.3390/fintech2020019The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing EconomyGodfred Anakpo0Zizipho Xhate1Syden Mishi2Department of Economics, Nelson Mandela University, Gqeberha 6001, South AfricaDepartment of Economics, Nelson Mandela University, Gqeberha 6001, South AfricaDepartment of Economics, Nelson Mandela University, Gqeberha 6001, South AfricaGlobally, 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 developing economies, it is imperative to understand the existing policies, practices, and barriers to digital financial inclusion in 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 the digitalization of public services for digital financial inclusion. Our findings also identify challenges and implications with recommendations, which are discussed in detail in this paper.https://www.mdpi.com/2674-1032/2/2/19digital financial inclusionpolicypracticeschallengesdeveloping economyAfrica |
| spellingShingle | Godfred Anakpo Zizipho Xhate Syden Mishi The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy FinTech digital financial inclusion policy practices challenges developing economy Africa |
| title | The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy |
| title_full | The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy |
| title_fullStr | The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy |
| title_full_unstemmed | The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy |
| title_short | The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy |
| title_sort | policies practices and challenges of digital financial inclusion for sustainable development the case of the developing economy |
| topic | digital financial inclusion policy practices challenges developing economy Africa |
| url | https://www.mdpi.com/2674-1032/2/2/19 |
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