Financial Inclusion and the Contribution of Fintech in Middle-Income Countries: An Empirical Investigation across a Panel of Countries in Africa and Asia

Souha Kerouat
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Souha Kerouat: ESCT

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 2, 2189-2204

Abstract: This paper explores the contribution of financial services to financial inclusion amidst digitization and Fintech growth. It proposes an inclusion index based on African and Asian countries from 2010 to 2019, examining multidimensional characteristics and determinants of financial inclusion. The analysis reveals modest progress, with only eight countries nearing a 0.6 inclusion level, while the rest fall below 0.50. Econometric regression tests highlight a positive relationship between financial inclusion, bank cards, and mobile money, suggesting that digitization of banks has bolstered inclusion. Connectivity and digital payment transactions are also found to be significant factors positively associated with inclusion. Notably, the variable representing Fintech usage stands out as the most significant contributor to financial inclusion.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:8:y:2024:i:2:p:2189-2204

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