Year: 2024
Type: article
Abstract: Financial technology (FinTech) has emerged as a transformative force in reshaping financial services ecosystems across emerging economies. This article provides a comprehensive analytical review of FinTech adoption trajectories and their impact on financial inclusion in developing nations, drawing upon empirical evidence, policy frameworks, and case studies from Sub-Saharan Africa, South Asia, Southeast Asia, and Latin America. Employing a structured literature synthesis covering peer-reviewed publications, multilateral institution reports, and longitudinal datasets from 2018 to 2024, this study analyses the mechanisms through which mobile banking, digital payment platforms, peer-to-peer lending, insurtech, and blockchain-based solutions have expanded access to financial services among underserved populations. The review critically examines enabling factors such as regulatory sandboxes, telecommunications infrastructure expansion, and interoperability frameworks, while also identifying persistent barriers including digital literacy deficits, cybersecurity vulnerabilities, and gender-based exclusion. Statistical evidence indicates that FinTech-driven interventions have reduced the unbanked population in key emerging markets by approximately 15–22% between 2017 and 2022. However, disparities across urban–rural divides, income quintiles, and demographic cohorts persist. The article concludes with policy recommendations for governments, regulators, and development finance institutions to optimise FinTech's inclusive potential while mitigating systemic risks.
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7218204320