Building ecosystems in digital finance for innovation and inclusion

Sarah Corley, Victor Malu and Aries Setiadi
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Sarah Corley: Alliance of Digital Finance and Fintech Associations (AllianceDFA), South Africa
Victor Malu: Digital Financial Practitioners Association of Kenya (DFPAK), Kenya
Aries Setiadi: Indonesia Fintech Association (AFTECH), Indonesia

Journal of Digital Banking, 2025, vol. 10, issue 1, 40-53

Abstract: Globally, 1.4 billion adults remain unbanked, with many more inadequately served by existing financial services. Technological advancements are transforming the accessibility and affordability of financial products, enabling the viability of high-volume, low-value financial products. The demand for access to a greater number of services and more personalised products and services is growing, placing the industry in a position where new ways of working are required to meet these needs. To address the needs of all consumers, especially those who are unserved or underserved, a robust and collaborative ecosystem is essential. Such an ecosystem fosters innovation across both supply and demand while also enhancing essential enablers such as regulations, policies, infrastructure and technology. Participation in this ecosystem requires significant changes to organisational culture, technology, governance and business models. This paper concludes that effective change management is crucial for organisations to successfully navigate and derive value from these evolving ecosystems. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Keywords: ecosystem; financial inclusion; banks; digital banks; FinTech; digital finance; mobile money; collaboration; embedded finance; open banking (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2025
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