Digital Transformation in Banking and Inclusive Finance

Khadijah Iddrisu (), Simplice Asongu, Jabir Mohammed and Zubeiru Salifu
Additional contact information
Khadijah Iddrisu: Accra, Ghana
Jabir Mohammed: Zubeiru Salifu
Zubeiru Salifu: Zubeiru Salifu

No 26/019, Working Papers from European Xtramile Centre of African Studies (EXCAS)

Abstract: Coronavirus disease 2019 (COVID-19) pandemic presented significant disruptions across sectors, with the financial industry being no exception. In response, banks accelerated digital transformation to maintain resilience and continuity. This chapter explores the role of digital transformation in promoting inclusive finance during the pandemic. Key innovations identified include mobile banking, AI-powered chatbots, fully digital banks, and biometric authentication. The chapter underscores that inclusive finance is anchored on core principles such as affordability, usability, and financial literacy. The chapter highlights how digital transformation has helped address inclusive finance barriers including gender disparities, inadequate infrastructure, and low digital literacy. However, despite its transformative potential, digital banking faces challenges ranging from regulatory constraints and cybersecurity risks to outdated systems necessitating innovation, FinTech collaboration, and comprehensive reform strategies.

Pages: 29 pages
Date: 2026-01
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http://publications.excas.org/RePEc/exs/exs-wpaper ... nclusive-Finance.pdf Revised version, 2026 (application/pdf)

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Working Paper: Digital Transformation in Banking and Inclusive Finance (2026)
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