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Formal digital credit raises hopes to decrease the gender gap in financial inclusion. However, up until now, it remains unknown whether these hopes are justified. Using nationally representative household surveys from Kenya, the present study aims to fill this gap. We find strong indication that formal digital credit, contrasting to expectations, has led to an increase in the gender gap in financial inclusion. We further find indication that the pervasive gender gap in the formal digital credit market is largely attributable to gender differences in socio‐economic variables in combination with a lack of contract term heterogeneity in that market. The paper suggests that policies to strengthen women's position in society and/or to encourage contract term heterogeneity in the formal digital credit market could decrease the gender gap in financial inclusion. [ABSTRACT FROM AUTHOR]

African agriculture needs to adapt to climate change and shift from unsustainable production practices to sustainable ones. This requires innovative, substantial, and long-term agricultural investments that can allow all agricultural actors to adopt sustainable agricultural practices. Better and more inclusive options to leapfrog Africa's sustainable agricultural development lie in financial technologies (FinTech). FinTech uses digital technology innovations to ease the provision of financial services to users and thus enhance financial inclusion. The aim of this study is to clarify the important role that FinTech can play in financing sustainability in agriculture in sub-Saharan Africa (SSA). To examine this role, the study shortlisted 17 SSA countries. The literature on FinTech-enhanced agricultural initiatives in these countries was reviewed. The results confirm that FinTech has the opportunity to become the much needed 'support system' for sustainable agriculture in SSA. Most of the financial products accessed by smallholder farmers in the selected countries helped the farmers in addressing production and marketing challenges in agriculture. The technologies can also help to improve efficiency in financing smallholder agriculture, enabling wider adoption of sustainable agricultural practices. To promote the financing of sustainable agriculture at scale, there is a need to train the farmers about the functionality of digital platforms, and policymakers need to address challenges such as gaps in infrastructure between the urban and rural areas. [ABSTRACT FROM AUTHOR]

Financial inclusion has emerged as a policy concern in many countries, leading to various initiatives to promote financial inclusion for marginalised populations, including persons with disabilities (PwD). This research examines the usage of financial services by PwD in developed and developing countries through a systematic literature review (SLR) and relevant descriptive statistics. The findings shed light on significant barriers hindering PwD to financial services, such as information asymmetry, complex banking procedures, insufficient sensitivity towards disabilities that result in less accommodating financial services, and limited innovation in banking services. The findings suggest that improving financial literacy and adopting inclusive digital financial services are keys to improving financial inclusion for PwD.

The publication presents modern ideas concerning the world of digital financial services being imperceptibly, conveniently and effectively integrated into the daily existence of consumers on the basis of a customer-oriented approach; the mechanisms of its implementation and prospects for development in the business environment and consumer space are presented. It is concluded that in the context of the dominance of the digital financial industry, the service provider, having exclusive information about the consumer, also having a mobile and flexible system of combining professional analysts and smart dashboards, using a range of innovative financial solutions, becomes an indispensable, built-in part of the operational activity of the client, who will increasingly rely in decision-making on such integrated coordinators of his activities. The processes of loss of financial subjectivity by consumers of financial services due to delegation of financial decision-making to service providers (platforms) are highlighted. The socioinstitutional transformations that made possible a customer-oriented breakthrough in financial activities, namely the perception of transparency of life, confidentiality of information and its protection, which radically changed the idea of information asymmetry, its content and effects of influence, are substantiated. The peculiarities of localization of digital lending are determined, namely: operations in markets where traditional banking is not available owing to the underdevelopment of the country, region, banking infrastructure, remoteness of banking institutions from direct customers; transactions among segments of the population that do not have access to lending in traditional banks owing to the lack of credit history. The risks of activation of digital lending, consisting in an increase in the debt burden and monopolization, are pointed out. The tasks of the State policy in the financial sphere in connection with the implementation of the digital development strategy in Ukraine are characterized.

Digital innovations are transforming financial services and resulting changes in consumer behavior and personal money management. Diffusion of pervasive digital technologies offers individuals quick and easy access to various digital services bringing opportunities and challenges into their personal money management. The study aimed to explore how digitalization affects individuals' financial literacy and financial capability. As a result, we identified three main themes in the intersection of finance and digitalization: Fintech, Financial behavior in digital environments, and Behavioral interventions. We propose directions for measuring digital financial literacy, updates to the financial literacy curriculum, and developments of digital learning tools. Further, we highlight collaboration between the public and private sectors to create a fairer and more inclusive economic landscape. Our study contributes to existing research by proposing a framework for digital financial literacy and financial capability and a research agenda for future studies. [ABSTRACT FROM AUTHOR]

The increased usage of digital financial products and financial services such as mobile money brought various challenges and opportunities in Zimbabwe during the coronavirus (COVID-19) pandemic. This has also increased the responsibilities of the regulatory authorities in the Zimbabwean financial sector. The financial regulators were inadequately prepared for the regulatory demands of financial technology (fintech) products in Zimbabwe. For instance, they struggled to cope with the increased responsibilities of overseeing mobile money operators and have adequate resources to efficiently monitor and manage such operators to ensure compliance with the relevant laws. Most Zimbabwean financial regulators did not have sufficient resources to employ persons with the relevant skills and expertise to fulfil their responsibilities. Despite this, the widespread use of mobile money has considerably improved the financial inclusion of the poor and previously unbanked persons, particularly during the COVID-19 pandemic in Zimbabwe. Consequently, various policy implications and mobile money regulatory approaches that were considered by policymakers during and after the COVID-19 pandemic in Zimbabwe in a bid to provide adequate supervision of mobile money operators and related digital financial services to curb the financial exclusion of the poor and unbanked persons are investigated. It is against this background that this article discusses the challenges, policy implications, and flaws affecting the adoption of viable mobile money regulatory approaches to promote financial inclusion of the poor in Zimbabwe after the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

This study highlights the impact of digital financial services as enhancing the capacity of development goals as well as social sustainability. The selected emerging markets are Ghanaian financial service providers (FSP)s and microenterprise customers (CME)s, where we examine how "Ubuntu", an African philosophy of humanism, legitimizes spaces for a more democratic, egalitarian, and ethical engagement of human beings. This study adopts a grounded theory methodology for investigation of the phenomena with a sample size of 70 relationship managers. The findings further existing sustainability literature pertaining to social sustainability and consumer wellbeing. We contribute to theory by presenting a psychological perspective which be leveraged for digital financial services branding to expand usage within communal systems. This leverage of Ubuntu becomes especially relevant when there is the need to compensate for deficits in weak business infrastructures in low-income but expanding markets. Our study highlights digital financial services can be used to improve the emotional and psychological consumer wellbeing and to strengthen business relationships, meeting joint goals of market share expansion, brand image enhancement and profitability. This perspective also contributes to social sustainability on a global scale since the Western world depends on quality products from emerging markets. [ABSTRACT FROM AUTHOR]

This paper looks at how financial inclusion impacts marginalised communities, focusing on Africa and Asia predominantly, and how the evolution of digital financial services has helped advance the progression of financial inclusion. The paper considers the lessons learned from previous financial inclusion initiatives and provides examples of where some of the risks associated with these initiatives have been mitigated through the use of Big Data to access underserved rural communities or overcome obstacles such as gender bias when designing financial products and services. The paper will also look at options for future activity that could help to overcome some of the challenges created by financial exclusion. The paper will look at specific case studies from mobile money in Africa to female empowerment initiatives globally, including how the COVID-19 pandemic exacerbated existing problems for vulnerable communities but also acted as a catalyst for new and appropriately responsive activity. From working in collaboration, to improved regulation, the need for increased equality across access to digital financial services and the relevant literacy training required, this paper seeks to review what the previous landscape of financial inclusion technology looked like and how it can evolve. [ABSTRACT FROM AUTHOR]

Background: The COVID-19 pandemic has rapidly spread across the world, infecting millions and causing economic disruption on an unprecedented scale. While everyone is affected by the COVID-19 pandemic, vulnerable communities are at the greatest risk. The objective of this study is to examine the relationship between digital financial services (DFS), gender, and the vulnerability of informal settlement dwellers to COVID-19. Methods: We sampled a total of 2,697 households from 101 informal settlements across eleven out of sixteen administrative regions of Ghana. The regions were selected based on the relative severity of the pandemic, and the associated national lockdown regulations. Results: Adopting the multiple regression analytical technique, the results reveal three main findings: First, we observe that males in informal settlements are more likely to be exposed to infected people or a person who died from COVID-19 than females. However, women are more likely to be vulnerable to the pandemic than men as vulnerable populations have a higher susceptibility to pandemics due to less capacity to implement preparedness and response strategies due to disparities in their societal status. Finally, we find that the vulnerability of informal dwellers is moderated by the use of digital financial services. Conclusions: Our results provide policy implications for authorities designing policies to address vulnerability to pandemics in poor informal settlements in Africa.

One of the predominant challenges facing banks in low resource countries is the management of Digital Financial Services (DFS) risks. Many banks are making worthwhile efforts to boost the factors that make them come on top of the challenges, unfortunately they have fallen short. This article sought to develop an e-risk management framework for DFS in Ugandan banks. Design Science Research paradigm, a mono-method qualitative research method and a case study research strategy was adopted. Questionnaires, interviews and document review were the main data collection methods. Findings from this study indicate that banks in Uganda use a handful of DFS business models and face a number of DFS risks including; talent for DFS, technology, strategy, governance, product, client acquisition, crime/fraud, regulation, and agent management among others. Notwithstanding, Ugandan banks should carefully balance IT spend across customer expectations, improve cybersecurity and internal process and regularly check its IT security.

The increased usage of digital financial products and financial services such as mobile money brought various challenges and opportunities in Zimbabwe during the coronavirus (COVID-19) pandemic. This has also increased the responsibilities of the regulatory authorities in the Zimbabwean financial sector. The financial regulators were inadequately prepared for the regulatory demands of financial technology (fintech) products in Zimbabwe. For instance, they struggled to cope with the increased responsibilities of overseeing mobile money operators and have adequate resources to efficiently monitor and manage such operators to ensure compliance with the relevant laws. Most Zimbabwean financial regulators did not have sufficient resources to employ persons with the relevant skills and expertise to fulfil their responsibilities. Despite this, the widespread use of mobile money has considerably improved the financial inclusion of the poor and previously unbanked persons, particularly during the COVID-19 pandemic in Zimbabwe. Consequently, various policy implications and mobile money regulatory approaches that were considered by policymakers during and after the COVID-19 pandemic in Zimbabwe in a bid to provide adequate supervision of mobile money operators and related digital financial services to curb the financial exclusion of the poor and unbanked persons are investigated. It is against this background that this article discusses the challenges, policy implications, and flaws affecting the adoption of viable mobile money regulatory approaches to promote financial inclusion of the poor in Zimbabwe after the COVID-19 pandemic.

Women and youth in developing countries remain unserved or underserved by formal financial services. The rise of digital financial services (DFS), including mobile money, provides a promise to accelerate financial and economic inclusion to these population segments. As a result, both academic researchers and policy makers are increasingly interested in understanding the role of gender and age in the use of DFS across use cases. To nuance this, the current study analyses data from a sample of 3000 respondents collected during the second quarter of 2022 from the ten provinces of Zimbabwe. Results from multivariate logit models, controlling for some socio-economic factors, show that in Zimbabwe, gender is not a significant predictor of receiving income through digital means, making payments for goods and services digitally, or for the frequency of DFS use. On the other hand, youth lag in the use of DFS, especially for making payments for goods and services, and in the frequency of use. Besides the findings on gender and age, the study reveals that the level of education, the source of income, locality, and the level of income are important determinants of how individuals use DFS in Zimbabwe. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine whether FinTech companies believe that the growing dependence on regulation represents a potential risk for their development. In 2021, we conducted a survey among Latvian FinTech companies to ascertain their attitude toward regulatory scrutiny. We received 31 responses, representing a 33% response rate. The responses show that regulation is still one of the most pressing issues for FinTech companies, even though it is not necessarily regulation per se that causes concerns, but the lack of a regulatory framework that would be suitable for the special situation of the FinTech sector. However, regulation is now regarded as less problematic than it was in a previous survey in 2019, when respondents saw regulation as the most pressing issue. Moreover, the FinTech industry anticipates better support from the regulator, such as more realistic sandbox approaches and a willingness to consider new business models. According to the survey responses, the UK, Estonian, and Lithuanian regulators can serve as inspiration in this regard. Latvian FinTech companies expect regulators to be more flexible and open in their communication. This study is intended to advance regulatory reform by aiding the understanding of the requirements of fast-evolving FinTech companies. [ABSTRACT FROM AUTHOR]

Background: The COVID-19 pandemic has rapidly spread across the world, infecting millions and causing economic disruption on an unprecedented scale. While everyone is affected by the COVID-19 pandemic, vulnerable communities are at the greatest risk. The objective of this study is to examine the relationship between digital financial services (DFS), gender, and the vulnerability of informal settlement dwellers to COVID-19. Methods: We sampled a total of 2,697 households from 101 informal settlements across eleven out of sixteen administrative regions of Ghana. The regions were selected based on the relative severity of the pandemic, and the associated national lockdown regulations. Results: Adopting the multiple regression analytical technique, the results reveal three main findings: First, we observe that males in informal settlements are more likely to be exposed to infected people or a person who died from COVID-19 than females. However, women are more likely to be vulnerable to the pandemic than men as vulnerable populations have a higher susceptibility to pandemics due to less capacity to implement preparedness and response strategies due to disparities in their societal status. Finally, we find that the vulnerability of informal dwellers is moderated by the use of digital financial services. Conclusions: Our results provide policy implications for authorities designing policies to address vulnerability to pandemics in poor informal settlements in Africa.

The digital economy has risen dramatically in the global environment, and many developing countries, including African countries, have seen a spike in digital activity over recent years. The digital economy's growth has resulted in an increase in digital financial services (DFS) in Africa and other developing regions. Since many African countries are under pressure to raise domestic revenue, taxing the digital economy has become a viable option. As a result, this study attempted to respond to the following questions: first, what is the link between DFS growth and digital inclusion in African countries? Second, what justifies the imposition of DFS taxes in Africa? Third, what are the potential consequences of DFS taxes in African countries? Using secondary data from the literature review and document analysis, a systematic technique for assessing or evaluating printed and electronic documents, and computer-based and internet-transmitted material, the study discovered that digital financial inclusion is driving financial inclusion on the African continent. The study also found that, despite several negative consequences associated with the growth of the digital economy, most African economic activities are informal and are being aided by various digital financial services. Therefore, it is equally crucial that when adopting digital finance taxes, care is taken to avoid excluding low-income earners from the financial sector and to take note of the usage, affordability, and distortive implications of taxation. [ABSTRACT FROM AUTHOR]

A good understanding of Islamic financial literacy and digital financial services can be used as the basis for governments and Islamic financial institutions to formulate product communication strategies to be precise and accurate. Digital financial services provide many benefits for service providers as well as for users. This quantitative research was conducted by survey method using a questionnaire with purposive sampling technique. The questionnaire was tested for validity and reliability first and exceeded the standard and analysis with descriptive statistics and simple linear regression. This study found that Islamic financial literacy has a positive and significant effect on digital financial services in consumers in Yogyakarta. The influence of Islamic financial literacy is 54.1%, while other variables outside this study are 45.9%. [ABSTRACT FROM AUTHOR]

A good understanding of Islamic financial literacy and digital financial services can be used as the basis for governments and Islamic financial institutions to formulate product communication strategies to be precise and accurate. Digital financial services provide many benefits for service providers as well as for users. This quantitative research was conducted by survey method using a questionnaire with purposive sampling technique. The questionnaire was tested for validity and reliability first and exceeded the standard and analysis with descriptive statistics and simple linear regression. This study found that Islamic financial literacy has a positive and significant effect on digital financial services in consumers in Yogyakarta. The influence of Islamic financial literacy is 54.1%, while other variables outside this study are 45.9%. [ABSTRACT FROM AUTHOR]

The publication presents modern ideas concerning the world of digital financial services being imperceptibly, conveniently and effectively integrated into the daily existence of consumers on the basis of a customer-oriented approach; the mechanisms of its implementation and prospects for development in the business environment and consumer space are presented. It is concluded that in the context of the dominance of the digital financial industry, the service provider, having exclusive information about the consumer, also having a mobile and flexible system of combining professional analysts and smart dashboards, using a range of innovative financial solutions, becomes an indispensable, built-in part of the operational activity of the client, who will increasingly rely in decision-making on such integrated coordinators of his activities. The processes of loss of financial subjectivity by consumers of financial services due to delegation of financial decisionmaking to service providers (platforms) are highlighted. The socioinstitutional transformations that made possible a customer-oriented breakthrough in financial activities, namely the perception of transparency of life, confidentiality of information and its protection, which radically changed the idea of information asymmetry, its content and effects of influence, are substantiated. The peculiarities of localization of digital lending are determined, namely: operations in markets where traditional banking is not available owing to the underdevelopment of the country, region, banking infrastructure, remoteness of banking institutions from direct customers; transactions among segments of the population that do not have access to lending in traditional banks owing to the lack of credit history. The risks of activation of digital lending, consisting in an increase in the debt burden and monopolization, are pointed out. The tasks of the State policy in the financial sphere in connection with the implementation of the digital development strategy in Ukraine are characterized. [ABSTRACT FROM AUTHOR]

Adoption of technology in the financial services industry has been accelerating in recent years. To assess its contribution to financial inclusion, we develop a novel digital financial inclusion index covering 52 emerging market and developing economies. We find that (i) the adoption of digital financial services has been a key driver of financial inclusion; and (ii) there is wide variation across countries and regions, with the greatest progress recorded in Africa and Asia. Given the accelerated adoption of digital payments during the COVID‐19 pandemic, policies are needed to close the digital divide to ensure continued progress in financial inclusion and safeguard trust in financial services. [ABSTRACT FROM AUTHOR]

One of the predominant challenges facing banks in low resource countries is the management of Digital Financial Services (DFS) risks. Many banks are making worthwhile efforts to boost the factors that make them come on top of the challenges, unfortunately they have fallen short. This article sought to develop an e-risk management framework for DFS in ugandan banks. Design Science Research paradigm, a mono-method qualitative research method and a case study research strategy was adopted. Questionnaires, interviews and document review were the main data collection methods. Findings from this study indicate that banks in uganda use a handful of DFS business models and face a number of DFS risks including; talent for DFS, technology, strategy, governance, product, client acquisition, crime/fraud, regulation, and agent management among others. Notwithstanding, ugandan banks should carefully balance IT spend across customer expectations, improve cybersecurity and internal process and regularly check its IT security. [ABSTRACT FROM AUTHOR]

The article deals with the author's approach and structural-logical scheme of the fintech landscape as a space in the system of economic relations where fintech companies provide digital financial services within different directions of fintech (digital payment services, digital banking, digital lending, crowdfunding, digital insurance, digital capital management), as well as representatives of fintech, which form fintech infrastructure. The paper also emphasises that fintech infrastructure helps to improve the quality and ensures confidence in digital financial services. It is determined that the success of the fintech landscape in the country is ensured by the effectiveness of interaction between fintech companies providing digital financial services and fintech infrastructure representatives in the form of innovative use of so-called enabling digital technologies. These include Blockchain, Artificial Intelligence, Robotics, Virtual and Augmented Reality, Big Data and Cloud Storage, the Internet of Things and Biometrics, and API. Besides, the paper presents the characteristics of fintech in the field of digital financial services, subtypes of fintech in different sectors of the financial services market and examples of companies engaged in the provision of digital financial services. The infrastructure of the fintech market is analysed in detail. It is determined that fintech infrastructure is provided by two groups of companies: those that promote the quality of digital financial services and those that promote trust. The first group includes fintech companies that provide fintech support (TechSup), digital financial planning and analytics services. The trust sector in digital financial services is represented by fintech companies engaged in digital security services, fintech regulation (RegTech) and fintech supervision (SupTech). [ABSTRACT FROM AUTHOR]

The article is aimed at determining the consequences of digitalization and development of the fintech sector for the financial services market. According to the results of the analysis, a number of transformational trends for the financial services market are identified and characterized, among which the major ones: disintermediation in the financial services market – as a process of «cutting out» the classical financial institutions from the direct process of financial asset exchange; democratization of financial services processes – as a process of expanding the range of financial products; disaggregation of financial services – as a process of splitting financial services into separate financial products; increasing the inclusiveness of financial services, which provides better availability for different categories of customers; emergence of decentralized finances – as a concept and ecosystem of financial services, in which the provision of financial services and products is carried out directly without traditional financial intermediaries within the public open and decentralized blockchain network; development of automation and virtualization of financial services, which involves the widespread use of artificial intelligence technologies, algorithmic assessment of customer creditworthiness, autonomous risk management, automated trading on the exchange, the work of virtual assistants, robo-advisers and security systems against fraud; appearance of built-in financial products as part of services outside of the applications of financial institutions. The consequence of these trends is a reduction in the demand for financial services as a separate product of classical financial institutions; reducing the profits of traditional financial service providers; expansion of new business models of financial services provision in cooperation with technology companies; increasing the need to update the regulatory support of financial services processes, as well as the integration of mass financial products into the client offers of non-financial companies within a single ecosystem of products and services of a digital company.

Discrimination and marginalization in the financial services provided by traditional intermediaries are often cited as one of the main causes of persistent income inequality across socioeconomic groups in many countries. Whether Fintech eliminates such prejudice and exclusion and promotes equitable income distribution is unclear. This paper examines the impact of Fintech digital financial services on income inequality. Using a two-step generalized methods-of-moments (GMM) estimator, we analyze unbalanced panel data from 65 countries spanning the years 2013–2019. Drawing on the most recent data available on the actual transaction volume of Fintech digital financial services, we generate evidence at the level of specific service segments. We find that Fintech digital lending and digital capital-raising services are significantly and negatively associated with income inequality. Furthermore, our results from mechanism analysis suggest that Fintech mainly impacts income inequality by improving the accessibility and efficiency of financial services. Overall, our findings imply that promoting Fintech is critical to improving financial inclusion and alleviating income disparity. • Inequitable financial services offered by traditional intermediaries engender income disparity across socioeconomic groups. • Fintech digital lending and digital capital-raising services directly benefit the unbanked and underbanked groups. • Fintech also pushes traditional intermediaries to become more accessible and efficient. • As fintech gains traction, financial inclusion improves, allowing the poor to access and use essential financial services. • As a result, the marginalized groups would be able to generate additional earnings and close the income gap. [ABSTRACT FROM AUTHOR]

The research objective of the study is to assess the impact of perceived ease of use, perceived usefulness, personal innovativeness, perceived risk, and social influence on the intention to use mobile banking applications by university students in Kuwait and Serbia. Preliminary (Kuwait sample size = 51, Serbia sample size = 31) descriptive statistics and comparisons of means between Kuwait and Serbia confirmed that Kuwaitis perceive mobile banking as related to higher risk compared to Serbians, explaining why Serbians have a more positive attitude towards mobile banking and higher intention to use it.

The vulnerability of populations with limited resources and either in or at risk of poverty to a myriad of crises continues to increase. The ongoing COVID-19 pandemic has further highlighted the inadequate resilience to crisis that such populations hold, and the rising prevalence of climatic variation is an existential risk factor that will continue to rise. In Mozambique, most livelihoods depend on natural resources and there is a high threat of extreme climate-related events. By drawing lessons from the Financial Services Deepening Mozambique (FSDMoç) programme, we highlight ways in which greater resilience has been built among fragile populations through innovative uses of digital financial services (DFS), and how resilience has been built with an explicit gender lens in order to mitigate existing inequalities. Lessons are drawn in relation to challenges faced and their application to wider programming. [ABSTRACT FROM AUTHOR]

The combined effect of ICT improvement, digitalization and change in clients' habits lead to changes in the financial sector worldwide. Increased use of digital financial services (DFS) is a change that might help to increase financial inclusion, which is particularly important for developing countries. As income is considered a critical driver of digital payments, this study aims to determine whether there is a linear relationship between a country's income measured by the level of Gross National Income per capita (GNI p.c.) and the use of digital payment services, i.e., making and receiving digital payments. We used data from the Global Findex and World Bank databases for 2017 to conduct the research, which covered 141 countries. The presence of a linear relationship between the level of GNI p.c. and the use of digital payments was tested using correlation analysis. The results of the correlation analysis show that there is a significant strong positive linear relationship between the level of GNI p.c. and the use of digital payment services in both segments, i.e., making and receiving payments. Findings are consistent with previous research and confirmed the important role of income as a driver of the use of DFS.

The access to the financial services and digital financial services in India has not yet transformed into their frequent use. Therefore, the present paper provides a comparative analysis of the individual level determinants for few main indicators of the two main dimensions of financial inclusion and digital financial inclusion: access and use, based on binary probit regression analysis using World Bank's 2017 Global Findex data. The paper concludes that education and workforce participation are positively associated with the access to financial services and digital financial services and also with the use of most of the financial services and digital financial services. Another interesting result is that being a woman and poor reduces the probability of using mobile banking but do not a¤ect traditional banking. [ABSTRACT FROM AUTHOR]

Copyright of Jerash Journal for Research & Studies is the property of Jerash University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this paper is to have a comparative analysis regarding digital transformation among the countries of European Union, in a regional context, in an attempt to explain the unequal evolution of the digital financial services. The development of digital skills, of the financial one in particular and the digital access to banking will be analysed using economic and social drivers of the trend. The analysis includes data from some Central and Eastern Europe countries: Bulgaria, Croatia, Czech Republic, Greece, Hungary, Poland, Romania, Slovakia, Slovenia for the period 2002-2019, in order to identify a best practice of digitalization, focused on the financial banking market. Policy makers, public institutions and non-profit organisation involved in financial digital transformation can benefit from this analysis and conclusions just as much as researchers can. The question that arises is whether there is a correlation between the access to digital services, the education level and the use of financial banking services.

The financial services industry of Bangladesh has achieved phenomenal success and advancing day by day for the growth of technology. Bangladesh has long been considered a role model for financial inclusion, first with the emergence of proliferation and prominence of microfinance institutions, especially in rural areas. This paper examines the financial services innovation in Bangladesh by presenting the changes in the industry over the years. The paper also analyses the comparative picture of Bangladesh’s financial inclusion and world financial inclusion. This study is a descriptive study where quantitative data has been collected from secondary sources. The study reflects a very positive picture of financial innovation in Bangladesh. We expect that the study can be used by concerned business people in decision making for the better implication of financial innovation.

Copyright of Ekonomika is the property of Society of Economists 'Ekonomika' and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Women and youth in developing countries remain unserved or underserved by formal financial services. The rise of digital financial services (DFS), including mobile money, provides a promise to accelerate financial and economic inclusion to these population segments. As a result, both academic researchers and policy makers are increasingly interested in understanding the role of gender and age in the use of DFS across use cases. To nuance this, the current study analyses data from a sample of 3000 respondents collected during the second quarter of 2022 from the ten provinces of Zimbabwe. Results from multivariate logit models, controlling for some socio-economic factors, show that in Zimbabwe, gender is not a significant predictor of receiving income through digital means, making payments for goods and services digitally, or for the frequency of DFS use. On the other hand, youth lag in the use of DFS, especially for making payments for goods and services, and in the frequency of use. Besides the findings on gender and age, the study reveals that the level of education, the source of income, locality, and the level of income are important determinants of how individuals use DFS in Zimbabwe.

Digital financial services (DFSs), being financial services accessed and delivered through digital channels, have grown rapidly in South Africa as well as globally. The adoption of the technology for DFSs has led to an increase in financial inclusion, enabling more individuals and businesses to have access to useful and affordable financial products and services, where payments, savings, credit, investment and insurance are included. Through the Financial Sector Regulation Act 9 of 2017 financial inclusion was statutorily enacted for the first time. The regulators are now empowered to insist that financial institutions take proactive steps to expand financial inclusion and can take the necessary steps to enforce these powers. One of the factors that have an influence on whether consumers will adopt DFSs is consumers' perspectives of DFSs. Lack of information and knowledge combined with the cost of data negatively influences the adoption of DFSs. The transfer of information to unbanked people in South Africa with regards to DFSs should be enhanced by the state as it strives to improve financial literacy. DFSs are susceptible to financial crimes like fraud, money laundering, terrorist financing, bribery, corruption and market abuse. The challenges that threaten the interests of customers should be addressed by stricter information verification methods when transacting with clients online. Technological detectors and digital identification should be used more effectively to verify customers and to alert authorities to suspicious transactions. Financial institutions might consider authenticating online transactions by thumb-print or a voice recognition system. This paper emphasises that because of the prospects of greater and deeper financial inclusion in South Africa, the use of DFSs has to be improved and developed and the challenges have to be constructively addressed to unleash the true potential thereof.

Copyright of REMAH Journal is the property of Research & Development of Human Recourses Center (REMAH) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper investigates the issues of the financial services market’s digitalization that are essential for the development of digital finance theory and effective practice of the process. The methodological basis of the study rests upon the theories of financial intermediation, service marketing, general risk, philosophical categories of condition and necessity. The information base includes the data of the World Bank and the Bank of Russia. The authors discover the necessary and sufficient prerequisites for digitalization of the financial services market. The specific features of a financial service that form the prerequisites required for its digitalization is of primary importance. The basis of the sufficient prerequisites is the needs (interests) of the financial market’s actors in the provision (acquisition) of various qualitative financial services premised on economic and ergonomic grounds and technical capabilities of their implementation. Having analysed the financial services market in Russia, the authors reveal the country’s role in the global digitalization process. The study identifies the groups of risk of digital financial services by the criterion “the source of risk”, the levels and objectives of risk management of consumers of digital financial services. The issues of the digital financial services market raised in the paper are topical for government projects to transform the priority economic industries and the social sphere through the introduction of digital technologies and an adequate system for regulating the financial services market.

The purpose of this study is to examine whether FinTech companies believe that the growing dependence on regulation represents a potential risk for their development. In 2021, we conducted a survey among Latvian FinTech companies to ascertain their attitude toward regulatory scrutiny. We received 31 responses, representing a 33% response rate. The responses show that regulation is still one of the most pressing issues for FinTech companies, even though it is not necessarily regulation per se that causes concerns, but the lack of a regulatory framework that would be suitable for the special situation of the FinTech sector. However, regulation is now regarded as less problematic than it was in a previous survey in 2019, when respondents saw regulation as the most pressing issue. Moreover, the FinTech industry anticipates better support from the regulator, such as more realistic sandbox approaches and a willingness to consider new business models. According to the survey responses, the UK, Estonian, and Lithuanian regulators can serve as inspiration in this regard. Latvian FinTech companies expect regulators to be more flexible and open in their communication. This study is intended to advance regulatory reform by aiding the understanding of the requirements of fast-evolving FinTech companies.

The digital economy has risen dramatically in the global environment, and many developing countries, including African countries, have seen a spike in digital activity over recent years. The digital economy’s growth has resulted in an increase in digital financial services (DFS) in Africa and other developing regions. Since many African countries are under pressure to raise domestic revenue, taxing the digital economy has become a viable option. As a result, this study attempted to respond to the following questions: first, what is the link between DFS growth and digital inclusion in African countries? Second, what justifies the imposition of DFS taxes in Africa? Third, what are the potential consequences of DFS taxes in African countries? Using secondary data from the literature review and document analysis, a systematic technique for assessing or evaluating printed and electronic documents, and computer-based and internet-transmitted material, the study discovered that digital financial inclusion is driving financial inclusion on the African continent. The study also found that, despite several negative consequences associated with the growth of the digital economy, most African economic activities are informal and are being aided by various digital financial services. Therefore, it is equally crucial that when adopting digital finance taxes, care is taken to avoid excluding low-income earners from the financial sector and to take note of the usage, affordability, and distortive implications of taxation.

This paper analyses the contribution of digital financial services to financial inclusion in Mozambique, based on the Autoregressive Distributed Lag (ARDL) model, for the period from January 2011 to September 2019. We study two models to analyse the contribution of digital financial services to financial inclusion (measured by the number of bank accounts) in Mozambique. The first model uses traditional digital means of payments as independent variables, such as the volume of financial transactions through automated teller machines (ATMs), point-of-sales (POSs), electronic transfers of inter and intrabank funds, direct debit, and domestic and cross-border remittances. The second model considers innovative digital means of payments, such as internet banking, mobile banking and electronic money. We conclude that, excluding domestic remittances and direct debit, which present low levels of penetration in the country, and internet banking transactions, the remaining variables contribute to financial inclusion. Our results confirm the crucial role that digital financial services play in financial inclusion, particularly in improving access to and the use of services by the under-served population. [ABSTRACT FROM AUTHOR]

Digital financial services (DFSs), being financial services accessed and delivered through digital channels, have grown rapidly in South Africa as well as globally. The adoption of the technology for DFSs has led to an increase in financial inclusion, enabling more individuals and businesses to have access to useful and affordable financial products and services, where payments, savings, credit, investment and insurance are included. Through the Financial Sector Regulation Act 9 of 2017 financial inclusion was statutorily enacted for the first time. The regulators are now empowered to insist that financial institutions take proactive steps to expand financial inclusion and can take the necessary steps to enforce these powers. One of the factors that have an influence on whether consumers will adopt DFSs is consumers' perspectives of DFSs. Lack of information and knowledge combined with the cost of data negatively influences the adoption of DFSs. The transfer of information to unbanked people in South Africa with regards to DFSs should be enhanced by the state as it strives to improve financial literacy. DFSs are susceptible to financial crimes like fraud, money laundering, terrorist financing, bribery, corruption and market abuse. The challenges that threaten the interests of customers should be addressed by stricter information verification methods when transacting with clients online. Technological detectors and digital identification should be used more effectively to verify customers and to alert authorities to suspicious transactions. Financial institutions might consider authenticating online transactions by thumb-print or a voice recognition system. This paper emphasises that because of the prospects of greater and deeper financial inclusion in South Africa, the use of DFSs has to be improved and developed and the challenges have to be constructively addressed to unleash the true potential thereof. [ABSTRACT FROM AUTHOR]

Despite the many advantages that mobile money offers to Small and Medium-sized Enterprises (SMEs) relative to traditional banking services, the majority of stakeholders of this platform have not yet maximised its use owing to several concerns not limited to trust, awareness, and even cost. To examine the factors justifying the adoption and usage of Mobile Money Services (MMS) among SMEs, the types of Mobile Money Services used by these SMEs, and the interdependences between these variables, this study adopted an exploratory approach. The researchers elected to use a mixed-method approach, which necessitated the usage of a survey questionnaire and structured in-depth interviews. Representatives of 12 SMEs were interviewed during the qualitative phase to corroborate the 285 SMEs surveyed in the quantitative part of the study. Descriptive and inferential statistics were adopted to analyse the quantitative data using the Statistical Packages for Social Sciences version 26 (SPSS version 26). The researchers described the qualitative data according to themes, and the findings were combined after that. While no single factor was accountable, it emerged that accessibility, safety, and convenience were the main factors that entice SMEs in Douala, Cameroon to embrace mobile money services in the effort to receive money from clienteles, pay suppliers, and purchase airtime for additional transactions (most preferred mobile money services). Furthermore, it was found that there was a statistically significant association between most of the motivating factors cited and the most preferred mobile money services used by SMEs in Douala. These findings validate the role that mobile money plays in promoting the inclusive finance agenda for SMEs, mainly in the context of emerging economies where the majority of people and businesses do not have access to banking services and therefore may be of interest to policymakers and different stakeholders. Furthermore, an identification of the types of mobile money services businesspersons mostly use in Douala, a business hub, may help to develop businesses by directing the stakeholders to agenda items of interest in the context of Cameroon. [ABSTRACT FROM AUTHOR]

Abstract Current financial discourse suggests the imminence of a cashless society, a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets. However, claims about the impending obsolescence of paper money are neither disruptive nor a novelty. Instead, this paper argues that the conversion of money from paper to bits has been a gradual, adaptive process, and that money is already digital. Moreover, in this paper we propose that the statuses of electronic money (e-money) and banknotes have switched in the view of monetary authorities.