Benefits of digital-only financial inclusion

Peterson Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: Many countries are using digital tools and technologies to increase financial inclusion and improve the well-being of households and communities. There is growing interest in using only digital tools to increase financial inclusion. A term used to describe this is digital-only financial inclusion. This chapter identifies the benefits of digital-only financial inclusion. The benefits include convenience, ensuring digital access to additional financial services, generating useful data to improve customers’ welfare, increased safety, enabling the democratisation of financial services, improving social welfare and economic growth, reaching the poorest in remote areas, and increasing digital literacy. Policymakers and financial sectors agents should be aware of the benefits of digital-only financial inclusion while being mindful of the associated risks.

Keywords: financial inclusion; digital financial inclusion; fintech; digital technology. (search for similar items in EconPapers)
JEL-codes: G20 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-ban, nep-fle and nep-pay
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https://mpra.ub.uni-muenchen.de/118906/1/MPRA_paper_118796.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:118796

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