The Future of Financial Inclusion

Peterson Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: This paper provides insight into the trends to expect in the future of financial inclusion. The author identifies the past and recent changes occurring in the financial inclusion space, and based on these changes, make predictions about what to expect in the future of financial inclusion. The author predicts that, in the future, financial inclusion will witness increased digitalization; increased personalization of formal financial services; the provision of a wide range of formal financial services from a single platform; a shift from account number to mobile number to drive financial inclusion; more women will become financially empowered and financially independent; government will become more directly involved in delivering basic financial services to the poor; and we will witness the emergence of new financial innovations that continuously reduce transaction costs. These future trends will have implications for financial inclusion in Asia, Europe and particularly in Africa where the level of financial inclusion is low.

Keywords: Financial inclusion; digital finance; Fintech; access to finance; central bank digital currency; women. (search for similar items in EconPapers)
JEL-codes: G21 I31 I38 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-ban, nep-fle, nep-pay and nep-sea
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Related works:
Chapter: The Future of Financial Inclusion (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:118800

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