The Promise of Financial Inclusion for Developing Economies

Abstract

Financial inclusion is considered to be a tool to tackle poverty, promote equality, and support economic growth. Sustainable development goals can be achieved through financial inclusion as it implies access to and availability of financial services to disadvantaged groups, especially in developing economies. Despite the fact that financial inclusion is included in the political agenda of many countries, the studies are still scarce in particular from different perspectives and contexts. This paper outlines the characteristics of financial inclusion and aspects shaping financial inclusion. Moreover, implications of Financial Inclusion for developing and emerging economies are investigated and digital technologies in FinTech for financial inclusion are explored. Finally, the recommendations are suggested to eliminate poverty and ensure equality through the financial inclusion agenda.