Attaining Sustainable Development Goals through Financial Inclusion: Exploring Collaborative Approaches to Fintech Adoption in Developing Economies

Sagir Danladi, M. S. V. Prasad, Umar Muhammad Modibbo, Seyedeh Asra Ahmadi and Peiman Ghasemi ()
Additional contact information
Sagir Danladi: Department of Accounting, Modibbo Adama University, P.M.B. 2076, Yola 640001, Nigeria
M. S. V. Prasad: GITAM School of Business, GITAM University, Visakhapatnam 530045, India
Umar Muhammad Modibbo: Department of Operations Research, Modibbo Adama University, P.M.B. 2076, Yola 640001, Nigeria
Seyedeh Asra Ahmadi: Department of Logistics, Tourism and Service Management, German University of Technology in Oman, Muscat 1816, Oman
Peiman Ghasemi: Department of Business Decisions and Analytics, University of Vienna, Kolingasse 14–16, 1090 Vienna, Austria

Sustainability, 2023, vol. 15, issue 17, 1-14

Abstract: This study proposes a multi-stakeholder framework to enhance fintech use in Africa, aiming to improve financial inclusion and achieve the Sustainable Development Goals. This article analyzes past research and frameworks built to help stakeholders in developing nations adopt fintech, some of which have been tested in African states with limited success. The study recommends prioritizing national ownership, creating 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 accordance with the G20’s High-Level Principles for Digital Financial Inclusion, a country-specific strategy can boost financial technology and digital financial services uptake in Africa. Each government may build a legislative climate that supports innovation and competition, strengthens its digital infrastructure, increases digital literacy and awareness, and collaborates with private sector stakeholders to extend financial inclusion. Partnerships with businesses, international organizations, and other nations can help The Better Than Cash Alliance (TBTCA) promote fintech adoption. Countries can use fintech companies to build and implement national digital payment infrastructure by joining the Alliance. Finally, the mSTAR program advises cooperating with USAID to promote marginalized people, incorporate digital financial services, increase public–private engagement, and educate and train policymakers, practitioners, and technologists. These ideas can help African governments adopt fintech products faster and enhance financial inclusion.

Keywords: fintech; financial inclusion; maximizing finance for development; the G20 high-level principles for digital financial inclusion; mSTAR; developing countries; sustainable development goals (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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