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Digital credit has shown considerable success in Kenya and is expected to provide opportunities for individuals excluded from formal loans because of their lower socioeconomic status. However, evidence supporting the greater positive impact of digital credit on financial inclusion than that of traditional loans is lacking. This study employs a multinomial logistic regression to investigate the impact of digital credit services, particularly mobile banking and FinTech loans (MBLs and FTLs), on financial inclusion in Kenya. MBLs appear to be less accessible to vulnerable populations, such as women, low-educated groups, and casual workers although both MBLs and FTLs are equally accessible to rural populations. In contrast, FTL services show no such constraints in terms of accessibility for women and low-income workers. This disparity indicates the relative inaccessibility of MBLs to vulnerable groups compared to that of FTLs; however, note that greater loan access does not always benefit vulnerable groups. [ABSTRACT FROM AUTHOR]

India has been actively pursuing digital financial transformation, and the government has implemented various initiatives to promote a cashless economy. The recent demonetization policy led to a significant push towards digital payments and a surge in the usage of digital wallets, mobile banking, and other cashless methods. These digital transformations aimed to enhance financial inclusion by providing banking and financial services to a larger population segment, especially in rural areas. Despite the push for digital transactions, certain challenges persisted, especially the existence of physical cash. This paradox is evident in many economies worldwide, including India. This study tries to analyze the trend towards the digital financial transformation of the Indian economy and prove the paradoxical situation of the cash-based economy. The study also examines the impact of digital infrastructures (DI) and payment modes and channels (PMC) on total digital payment (TDP) in India.

The use of digital technology in finance has led to the creation of more efficient and convenient financial services at lower costs, providing customers with a more attractive experience than traditional financial services. This trend has become dominant in recent decades, but it is a relatively new field in Vietnam. Vietnam has great potential for financial technology (hereafter referred to as fintech) development: the young population is increasingly using digital technologies in their daily lives, and the country has a relatively developed telecommunications and e-commerce infrastructure. However, fintech in Vietnam also faces many challenges, such as information technology risks, increased competition in the financial institution market, and difficulties in non-banking organizations management and supervision. Coordination among government agencies, fintech businesses and citizens is needed to address these challenges. The government needs to improve legal policy, raise public awareness, and create favorable conditions for fintech development. Fintech companies need to improve their products and services quality to meet people’s needs. The population needs to be aware of financial technologies to be able to effectively use fintech products and services.

Abstract This study investigates the determinants of gender disparities in financial inclusion in Pakistan using Global Findex 2021 survey data. We aim to quantify gender gaps in financial access and use, and to analyze the socio-economic factors influencing these disparities. Grounded in Sen’s capability approach and behavioral economics, we employ logistic regression to examine how gender influences the ownership and usage of financial products. Our results reveal significant gender gaps: only 13% of Pakistani women have financial accounts compared to 34% of men, with similar disparities in digital finance. Socio-economic variables like education, income, and employment are found to influence financial inclusion differently for men and women. While generally supportive of financial inclusion, these factors have a weaker effect for women, suggesting deeper societal barriers. This study adds to the global financial inclusion discourse by providing a comprehensive analysis of gender disparities in Pakistan. Our findings highlight the need for gender-sensitive policies that address these disparities to achieve Sustainable Development Goals related to gender equality and economic empowerment.

This study investigates the determinants of gender disparities in financial inclusion in Pakistan using Global Findex 2021 survey data. We aim to quantify gender gaps in financial access and use, and to analyze the socio-economic factors influencing these disparities. Grounded in Sen’s capability approach and behavioral economics, we employ logistic regression to examine how gender influences the ownership and usage of financial products. Our results reveal significant gender gaps: only 13% of Pakistani women have financial accounts compared to 34% of men, with similar disparities in digital finance. Socio-economic variables like education, income, and employment are found to influence financial inclusion differently for men and women. While generally supportive of financial inclusion, these factors have a weaker effect for women, suggesting deeper societal barriers. This study adds to the global financial inclusion discourse by providing a comprehensive analysis of gender disparities in Pakistan. Our findings highlight the need for gender-sensitive policies that address these disparities to achieve Sustainable Development Goals related to gender equality and economic empowerment. [ABSTRACT FROM AUTHOR]

The digital revolution has significantly transformed the landscape of financial inclusion, leading to substantial advancements in this field. This study aims to analyse Egypt's endeavours in leveraging digital financial services as a catalyst for enhancing financial inclusion, utilizing a descriptive analytical approach to scrutinize secondary data from the Central Bank of Egypt, the global data findex concerning financial inclusion rates and the growth of digital financial inclusion in Egypt from 2011 to 2022. It provides an overview of the current state of financial inclusion, the impact of digital financial products, and Egypt's initiatives toward financial inclusivity. Findings indicate significant progress in financial inclusion over the years facilitated by digital financial services, marked by an increase in account ownership and the proliferation of cashless payment systems such as InstaPay and Fawry. However, The implementation of targeted strategies are critical to address knowledge gaps and build trust in digital financial services among the underserved populations. [ABSTRACT FROM AUTHOR]

The present work aims to assess the existence of the relationship between financial inclusion and monetary stability in Mozambique based on the analysis of the VEC model for the period from 2005 to 2020. In addition to indicators of traditional banking institutions, this article goes further by also incorporating indicators relating to services of electronic money institutions with the objective of capturing the impact of digital financial services on financial inclusion and their role in financial stability. The long-term VEC model proved to be statistically significant and confirmed the existence of a long-term relationship between financial inclusion and monetary stability. The results also showed that the traditional financial inclusion and non-traditional digital financial inclusion drives the price stability, and in turn, monetary stability. The study concludes that the effectiveness of monetary policy in Mozambique depends on the predictive capacity of the monetary policy instruments, which are highly correlated, to financial inclusion. In this sense, the monetary authority must consider the need to incorporate financial inclusion variables, especially the non-traditional digital ones, in the transmission and forecasting model of the monetary policy rule, to capture the dynamics of financial inclusion segment and its contribution to price stability. [ABSTRACT FROM AUTHOR]

Purpose: The Central Bank of Nigeria (CBN) recently relaunched Nigeria's cashless policy initiative which seeks to reduce financial crime and tax avoidance, decrease cash dependency, advance the adoption of digital financial services (DFS), decrease the risks to the payment system and foster financial inclusion. This study aims to identify the unique challenges of going cashless in Nigeria, particularly in terms of infrastructural, exclusionary and cost implications of the policy on the average citizens. Design/methodology/approach: The author applies a doctrinal research methodology to identify and reflect on key challenges of the cashless policy from the economic, regulatory and transactional perspectives. Findings: The cashless policy initiative in Nigeria heralds value for financial integrity, financial policy regulation and user convenience. The mode of introduction, however, ushers in significant challenges and hardly considers Nigeria's inadequate payment infrastructure, persistent financial exclusion, low levels of financial and digital literacy and capability, high cost of using DFS and pervasive proclivity for cash. As Nigerians adjust albeit inconveniently to the policy, the CBN can ameliorate the hardship by strengthening the payment infrastructure, particularly for digital payments, fostering consumer trust by safeguarding user funds and enabling consumer preferences. Research limitations/implications: Research materials include the national regulator's policy documents and newspaper articles that have not been published in formal reports but non-the-less adequately mirror the policy intention of the CBN and the lived experiences of Nigerians. Practical implications: This study identifies the practical steps and regulatory measures that the CBN can take to improve acceptance and meaningful and sustainable adoption of the cashless policy by the majority of Nigerians. Social implications: The recommendations that are proffered provide some rich insights to inform regulatory direction for the CBN to seamlessly phase-in the cashless policy and consequently drive down financial exclusion in Nigeria. Originality/value: This study contributes to the policy discussion around the introduction of the cashless Nigeria project. The doctrinal research method highlights the policy intentions of the regulator in juxtaposition with lived experiences of Nigerians. This study offers recommendations to bolster financial inclusion, stability and integrity. [ABSTRACT FROM AUTHOR]

Recently information technology has enhanced the functions of Indian financial institutions. A country's economic progress is significantly influenced by its banks. A comprehensive program of branch expansion, savings mobilization, and lending high-tech financial services to both literate and uneducated members of society characterize the development of banking for economic growth. The current era can be accurately said as a Digital era and it has become essential for banking and financial institutions to focus on digitalization for its survival and growth. Internet has been considered as the most valuable tool for sharing of data and other relevant information. It is the fastest medium of communication (Dr Neeraj Kasuhik, 2014). In recent years, formal financial services have grown significantly. The RBI and the Central Government take numerous actions to provide banking services and products, particularly to young people. [ABSTRACT FROM AUTHOR]

Background: The impact of Digital Financial Services (DFS) on women’s economic empowerment (WEE) has aroused the attention of practitioners and scholars over the past decade. However, its influence on the WEE of women domestic workers has largely been overlooked, particularly in marginalised and vulnerable communities. Objectives: This study investigated the DFS that women domestic workers use and how they enhance the economic empowerment of women domestic workers. Method: The study utilised qualitative data from in-depth interviews with women domestic workers (n = 40) in Nigeria. Thematic analysis of qualitative data identified three themes, namely, financial security, privacy and agency, that constitute pathways to women domestic workers’ economic empowerment. Results: The findings indicate that the availability and user-friendliness of DFS play a significant role in promoting the extracted themes among women domestic workers, thereby enhancing their reputation, relevance in the affairs of the family and overall growth and development. The study indicated that ownership of a mobile phone is a foundational element that drives DFS, which powers WEE. Conclusion: Policymakers, employers and relevant stakeholders should acknowledge this importance and strive to establish mechanisms that enhance and safeguard the financial rights of domestic workers. Contribution: This study contributes to the ongoing endeavours of policymakers, governments and researchers in comprehending the expanding realm of women’s empowerment by exploring the potential of DFS as a viable means to empower all women and girls.

Purpose: This study offers a thorough empirical analysis of Botswana's current financial inclusion situation, aiming to measure and evaluate the direct impact of mobile money and digital financial services offered by mobile network operators (MNOs) and commercial banks on the financial behaviour, access to financial services, and overall financial inclusion status of the unbanked population in Botswana. These study objectives are expected to have possible implications for other developing nations or economies. Design/methodology/approach: The study adopted a pragmatic philosophy, combining positivist (qualitative) and interpretivist (qualitative) philosophies, and a mixed-methods approach to explore the experiences of the unbanked population in Gaborone, Botswana. Findings: Mobile money and digital financial services have significantly impacted the financial behaviour of the unbanked population in Botswana, providing an accessible and affordable financial platform. Additionally, there are still areas that require further research and intervention to ensure that these gains are sustainable and inclusive. This study contributes to academic knowledge in business studies and financial technologies, providing practical guidance to MNOs, regulators, banks, and policymakers, and offering marketing insights. Paper type: Research paper.

Abstract Expanding digital financial services (DFS) such as mobile money has become a key policy intervention for many developing and emerging countries as they seek to fast-track financial and economic inclusion. To date, adults in these markets have had more mobile money accounts than traditional bank accounts. Numerous studies have used binary approaches to understand the factors explaining DFS adoption. However, there is a dearth of studies, that investigate the time to DFS adoption and factors that predict time to adoption. To close this gap, this study used a time-to-event analysis approach to estimate the time to DFS adoption and investigate the factors that explain the variation in time to adoption. Using a sample of 1800 survey respondents from Zimbabwe, the study found that it took 4.4 and 8.5 years, respectively, for urban and rural residents to adopt DFS. Overall, the findings show that individuals who are significantly more likely to adopt DFS faster are those residing in urban areas, near mobile money agents, banked, with high levels of education and financial literacy, middle-aged, belonging to social groups, and self-employed. In addition, an expansionary macroeconomic environment was associated with greater DFS adoption intensities. The findings also show that gender and income level do not predict the time to DFS adoption in the studied market. This study provides policy and practitioner recommendations for possible actions to accelerate the adoption of DFS.

AbstractDigital financial services play a crucial role in breaking down traditional barriers to financial access, promoting greater financial inclusion, and providing marginalized groups with equal access. These services offer innovative strategies designed to address the unique financial barriers and empower women to achieve financial access and independence. This study aims to examine the influence of the adoption of digital financial services on enhancing women’s financial independence. This study examines the responses of 426 women in North India using Partial Least Squares Structural Equation Modelling (PLS-SEM) as its research approach. This study also employs the PLS Predict technique to evaluate the ability of the model to predict women’s financial autonomy. The findings demonstrate a significant and favourable relationship between the utilization of digital financial services and the improvement of women’s ability to make financial decisions. This study contributes to the discussion on promoting gender equality and economic empowerment, aligning with United Nations Sustainable Development Goal 5; showcasing the potential of information and communication technology (ICT) in advancing women’s economic and social empowerment. The results offer vital perspectives for policymakers, financial service providers, and development agencies, emphasizing the substantial influence of digital financial services in promoting gender parity and enhancing women’s socio-economic circumstances.

Over the past few years, there has been notable progress in India's efforts to enhance financial inclusion. The impact of adopting Digital Financial Services (DFS) has been on the rise, reflecting the Government of India's ongoing commitment to extending financial services to those who are traditionally underserved in the banking sector. To expand financial inclusion and create a secure operational atmosphere for digital financial businesses, India should aim to reach out to the underserved sections of its population. With this regard, this research explores the profound impact of adopting DFS on Financial Inclusion (FI), a topic of increasing significance in today's global economy. The research employs a comprehensive approach, encompassing both quantitative and qualitative analyses, drawing upon primary and secondary data sources. A key dimension under scrutiny includes access to technology, trust and security, transaction cost, product offerings and digital literacy of digital financial service adoption. By surveying through a questionnaire, primary data is collected from 510 respondents. The study used a cross-sectional research design. The data underwent cleaning and analysis using the statistical technique of structural equation modelling to investigate the association among the constructs and variables. The finding of the study indicates that adopting DFS has a significant impact on financial inclusion and it mitigates the traditional barriers to financial inclusion such as physical distance, documentation requirements and transaction costs. The study contributes to the evolving discourse on financial inclusion by shedding light on the multifaceted impact of adopting digital financial services. [ABSTRACT FROM AUTHOR]

The proliferation of mobile enabled instant credit products (digital credit) across emerging markets and developing economies poses challenges for policy-makers and practitioners that seek to expand access to credit while protecting consumers. The Kenya market, which experienced tremendous commercial innovation and growth from 2012 to 2022, but also significant consumer harms and unequal competition, offers a valuable reference case for actors in other markets facing rapid expansion of new fintech products and firms. Despite the substantial and often polarized debate around the country's experience, there has been little systematic effort to capture and interpret key facts from the development of the digital credit market in Kenya during its first decade. This paper aims to fill that gap by providing a policy case study informed by original interviews of key stakeholders and extensive review of related academic and grey literature. The analysis suggests that policy responses were often inadequate to address the growing risks in Kenya's digital credit market and presents five policy reflections from Kenya's experience to support consumer protection and competition in emerging digital credit markets. [ABSTRACT FROM AUTHOR]

This paper explores the extent to which electronic wage payments affect the likelihood that consumers pay merchants digitally. I examine this relationship on a global basis, using microdata from the World Bank's 2021 Global Financial Inclusion (Findex) survey. Methodologically, I employ a two-stage modeling approach, which first accounts for a consumer's access to an electronic payment instrument before estimating the effects of electronic wages on digital payment usage. Overall, I find that consumers who receive wages electronically are 15% more likely to make digital merchant payments than those who do not. Electronic wages have a more powerful effect on the probability of making digital merchant payments than the other relevant demographic, personal economic, and connectivity variables included in the model. Only certain geographic indicators have larger effects. Further, in examining heterogeneous effects across regions, the positive and statistically significant effect of electronic wages holds in seven of eight regions—more often than the other explanatory factors. The findings presented in this paper have implications for scholars and policymakers seeking to understand the drivers of digital payment usage among consumers. [ABSTRACT FROM AUTHOR]

AbstractDuring the coronavirus 2019 (COVID-19) pandemic, many countries worldwide were encouraged to use FinTech products and warned people not to use cash to fight against the spread of the coronavirus. Despite the immense encouragement for citizens to conduct financial transactions by using FinTech services as an alternative to traditional banking transactions to reduce the cases of physical interaction between individuals and institutions, the level of adoption of these services is still below expectations in some countries even in the post-COVID-19 pandemic era, as in the case of Jordan. Therefore, the main purpose of the current study is to explore the antecedent factors that directly influence FinTech usage, which in turn affects continuance intention to use FinTech products in the post-COVID-19 era by integrating the Protection Motivation Theory (PMT) and Technology Acceptance Model (TAM) with other much-related factors. To achieve the above-mentioned purpose, a quantitative research method with an online questionnaire was used to collect and analyse data gathered from 361 users of FinTech products. Finally, the results revealed that most of the proposed hypotheses were accepted except hypothesis 4 was rejected. Nonetheless, perceived susceptibility of COVID-19 was found to be the most important factor contributing to the usage of FinTech products in the post-COVID-19 era. [ABSTRACT FROM AUTHOR]

Expanding digital financial services (DFS) such as mobile money has become a key policy intervention for many developing and emerging countries as they seek to fast-track financial and economic inclusion. To date, adults in these markets have had more mobile money accounts than traditional bank accounts. Numerous studies have used binary approaches to understand the factors explaining DFS adoption. However, there is a dearth of studies, that investigate the time to DFS adoption and factors that predict time to adoption. To close this gap, this study used a time-to-event analysis approach to estimate the time to DFS adoption and investigate the factors that explain the variation in time to adoption. Using a sample of 1800 survey respondents from Zimbabwe, the study found that it took 4.4 and 8.5 years, respectively, for urban and rural residents to adopt DFS. Overall, the findings show that individuals who are significantly more likely to adopt DFS faster are those residing in urban areas, near mobile money agents, banked, with high levels of education and financial literacy, middle-aged, belonging to social groups, and self-employed. In addition, an expansionary macroeconomic environment was associated with greater DFS adoption intensities. The findings also show that gender and income level do not predict the time to DFS adoption in the studied market. This study provides policy and practitioner recommendations for possible actions to accelerate the adoption of DFS. [ABSTRACT FROM AUTHOR]

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Financial inclusion has gained prominence as a critical element for sustainable development and inclusive growth. Saving and Credit Cooperative Societies (SACCOs) in Kenya play a vital role in providing financial services to their members, particularly those who are underserved by traditional banking institutions. However, limited access to financial services remains a significant challenge. This conference paper investigates how the adoption of digital financial services influences financial inclusion among members of saving and credit cooperative societies in Kenya. Survey data were collected from 334 randomly selected SACCO members. This study employed probit regression analysis to assess the hypotheses developed. The findings of the research support the hypothesis that the adoption of digital financial services positively influences financial inclusion among SACCO members. The analysis revealed that the implementation of digital financial services (DFSs) has significantly expanded financial access for previously underserved populations. Members now have convenient and efficient channels to save, borrow, and manage their finances, leading to increased economic empowerment and reduced inequalities. Moreover, the adoption of digital financial services has streamlined SACCO operations, improving efficiency, transparency, and accountability. This has aided SACCOs in serving their members' financial needs more effectively. [ABSTRACT FROM AUTHOR]

Technologies like digital mobile services have a greater role in societies, particularly among agricultural communities for financial transactions. Keeping this in mind, the current study investigated the present status and potential of digital financial services (DFS) among farmers in Bangladesh. A total of 400 farmers were interviewed directly through a random selection to assess the present status and conducted 30 KIIs for potential. The study utilized a mixed-method approach, incorporating quantitative analysis via the Relative Importance Index (RII) and qualitative analysis through transcriptions. It was found that 87.3% of the farmers use DFS, with bKash being the most popular platform. However, the use of DFS was relatively limited when it comes to farm transactions. In case of farm's electricity bill payments, the number of responses was higher compared to other items. Furthermore, the study highlighted that farmers have lower satisfaction level with DFS than cash in case of farm transactions. This is due to the fact that farmers perceive using DFS for financial transactions as very difficult, which is compounded by a lack of knowledge on PIN changes (70.5%) and familiarity with terms and conditions (72%). Additionally, 42.86% of farmers reported experiencing scams, a higher prevalence compared to other issues. In such instances, farmers lodged complaints with agents but did not receive satisfactory resolutions. Therefore, the study suggests to implement user-friendly DFS interfaces tailored for agricultural use, initiate farmer-focused financial literacy programs, enforce robust security measures, and establish a regulatory framework for DFS integration into agriculture.

This study examines the impact of digital financial services (DFS) on savings development in Nigeria, from 2009 to 2021, using the autoregressive distributed lag (ARDL) method. A phenomenon in the annals of Nigeria’s financial system, is the funding-gap to meeting her development needs, evidenced in rising interest rates, increasing budget deficit, failure of national development plans, etc, which this study attributes to lack of digital savings facilities. The findings revealed that in the long-run, automated teller machine (ATM) has positive effect on total savings (TS) while web transfer (WT), mobile transfer (MT), and point of sales (POS) have negative long[1]run effect on TS. It implies that, in the long-run, ATM may develop savings potency of the saver, perhaps by technological instinct and capacity. The study upholds the technology acceptance theory, that digital technology may develop savings in Nigeria. Based on these findings, the Central Bank of Nigeria needs to create an enabling environment and policies to encourage the innovation of more digital savings platforms to diversify and increase savings. Financial institutions should design user[1]friendly interfaces that could facilitate savings and educate bank service consumers about the benefits of using ATM savings platform. Fiscal incentives should be provided to boost savings via ATM. Further studies on savings development are suggested to apply different methods to test the potency of all digital platforms.

This study explores and analyses the implications of digital financial services (DFS) on human development from a global perspective. Informed by a systematic literature review of studies published in the past two decades, from 2000 to 2020, this research unveils six overarching themes: contextual conditions, technological skills and financial literacy, consistent trust, shaping financial behavior, energizing economic activities, and supporting financial inclusion. Further analysis categorizes these themes into what constitutes the two intertwined dimensions of DFS: foundational conditions and effectual repercussions. We discuss how these dimensions enhance our understanding of the role information and communication technologies play in contributing to human development. We also present practical implications for different stakeholders in the financial sector. [ABSTRACT FROM AUTHOR]

Abstract Background This document describes two qualitative programmatic case studies documenting experiences implementing digital financial services (DFS) for health with a focus on expanding access to universal health coverage (UHC). The CBHI 3MS system in Rwanda and the i-PUSH and Medical Credit Fund programs in Kenya were selected because they represent innovative use of digital financing technologies to support UHC programs at scale. Methods These studies were conducted from April-August 2021 as part of a broader digital financial services landscape assessment that used a mixed methods process evaluation to answer three questions: 1) what was the experience implementing the program, 2) how was it perceived to influence health systems performance, and 3) what was the client/beneficiary experience? Qualitative interviews involved a range of engaged stakeholders, including implementers, developers, and clients/users from the examined programs in both countries. Secondary data were used to describe key program trends. Results Respondents agreed that DFS contributed to health system performance by making systems more responsive, enabling programs to implement changes to digital services based on new laws or client-proposed features, and improving access to quality data for better management and improved quality of services. Key informants and secondary data confirmed that both implementations likely contributed to increasing health insurance coverage; however, other changes in market dynamics were also likely to influence these changes. Program managers and some beneficiaries praised the utility of digital functions, compared to paper-based systems, and noted their effect on individual savings behavior to contribute to household resilience. Discussion/Conclusions Several implementation considerations emerged as facilitators or barriers to successful implementation of DFS for health, including the importance of multisectoral investments in general ICT infrastructure, the value of leveraging existing community resources (CHWs and mobile money agents) to boost enrollment and help overcome the digital divide, and the significance of developing trust across government and private sector organizations. The studies led to the development of five main recommendations for the design and implementation of health programs incorporating DFS.

The study of digital financial services is not recent; however, since COVID-19, new attention has been given to solutions that avoid face-to-face interactions. Accordingly, the number of studies on the topic of digital financial services has increased, covering new topics, such as digital wallets. Thus, this study presents a weight and meta-analysis that synthesises previous literature on digital financial services use. Using 121 articles, four analyses were performed for all financial solutions, but also per main service, such as digital banking, digital management and payment services, and digital wallets. Results show the relevance of technology adoption factors such as perceived usefulness, ease of use, but also security and trust dimensions for individuals to use these solutions. Additionally, results from the moderation analysis show that more money-oriented cultures tend to use these services more when perceiving them as easy to use. The findings of this study support practitioners and future research.

Background: This document describes two qualitative programmatic case studies documenting experiences implementing digital financial services (DFS) for health with a focus on expanding access to universal health coverage (UHC). The CBHI 3MS system in Rwanda and the i-PUSH and Medical Credit Fund programs in Kenya were selected because they represent innovative use of digital financing technologies to support UHC programs at scale. Methods: These studies were conducted from April-August 2021 as part of a broader digital financial services landscape assessment that used a mixed methods process evaluation to answer three questions: 1) what was the experience implementing the program, 2) how was it perceived to influence health systems performance, and 3) what was the client/beneficiary experience? Qualitative interviews involved a range of engaged stakeholders, including implementers, developers, and clients/users from the examined programs in both countries. Secondary data were used to describe key program trends. Results: Respondents agreed that DFS contributed to health system performance by making systems more responsive, enabling programs to implement changes to digital services based on new laws or client-proposed features, and improving access to quality data for better management and improved quality of services. Key informants and secondary data confirmed that both implementations likely contributed to increasing health insurance coverage; however, other changes in market dynamics were also likely to influence these changes. Program managers and some beneficiaries praised the utility of digital functions, compared to paper-based systems, and noted their effect on individual savings behavior to contribute to household resilience. Discussion/Conclusions: Several implementation considerations emerged as facilitators or barriers to successful implementation of DFS for health, including the importance of multisectoral investments in general ICT infrastructure, the value of leveraging existing community resources (CHWs and mobile money agents) to boost enrollment and help overcome the digital divide, and the significance of developing trust across government and private sector organizations. The studies led to the development of five main recommendations for the design and implementation of health programs incorporating DFS. [ABSTRACT FROM AUTHOR]

Summary: Motivation: In recent years, governments in low‐income countries have increasingly introduced taxes on mobile money transfers. These are often explicitly promoted as a way of taxing informal economic activity, but critics have noted their potential negative impact on lower‐income groups and specifically those in the informal sector. Yet there is virtually no evidence base on the effects of mobile money taxes on informal workers. Purpose: This article assesses how informal workers in Accra, Ghana, use mobile money and how they perceive Ghana's Electronic Transfer Levy (E‐levy), introduced in May 2022. This provides a particularly interesting case study to explore the equity implications of the tax, as the policy was explicitly justified as a way of taxing the informal economy but also includes measures to limit the tax burden on lower‐income groups. Methods and approach: The article uses data from a survey of 2,700 self‐employed informal workers in the Accra Metropolitan Assembly to capture citizen perceptions of the policy and to examine the likely impact of the E‐levy on informal workers with reference to equity. Findings: Overall, our results suggest that the E‐levy is highly regressive. Further, we show that most informal workers disapprove of the E‐levy, reflecting not just concerns about its equity impacts, but also disappointment with the government's performance. Policy implications: Our findings suggest that taxes on digital financial services should be reconsidered from an equity perspective. While some policy measures, including those undertaken in Ghana, can protect low‐income earners, they are often insufficient to counteract overall regressive impacts. Where they are implemented, social spending from the revenue from these taxes should target low‐income populations in the informal economy, while governments should focus on building trust among informal workers with regard to revenue raising and spending. [ABSTRACT FROM AUTHOR]

Purpose ― The main objective of this study is to develop a comprehensive digital financial inclusion index (CDFII) that accounts for technology-driven financial inclusion and to compare it with a traditional financial inclusion index (TFII) to enhance the measurement of fintech-driven financial inclusion across countries. Methods ― The study employs a three-stage principal component analysis (PCA) to construct the CDFII and TFII using the latest available data from 31 developing countries during the period 2015-2021. The CDFII incorporates a new sub-index measuring individual literacy levels for using financial services, along with existing sub-indices capturing the penetration, availability, and usage of DFS. By integrating digital financial inclusion (DFII) and TFII, the overall CDFII is estimated. Findings ― The findings reveal that the levels of DFII and CDFII are higher than TFII for most of the economies examined. This indicates the significant impact of technology-driven financial inclusion in expanding access to formal banking and non-banking financial services for previously unbanked populations. Implication ― The study implies that policymakers and researchers should prioritize the integration of technology-driven financial inclusion indicators, such as the comprehensive digital financial inclusion index (CDFII), into their assessments and interventions to ensure a more accurate and effective approach to promoting inclusive and sustainable economic development. Originality ― This study introduces the CDFII as a novel comprehensive index that addresses the shortcomings of traditional financial inclusion indices. By incorporating individual skill levels and considering dimensions specific to DFS, the CDFII provides a more accurate representation of fintech-driven financial inclusion levels. This contributes to the existing literature on financial inclusion measurement and provides a valuable analytical tool for researchers and policymakers.

Purpose -- The main objective of this study is to develop a comprehensive digital financial inclusion index (CDFII) that accounts for technology-driven financial inclusion and to compare it with a traditional financial inclusion index (TFII) to enhance the measurement of fintech-driven financial inclusion across countries. Methods -- The study employs a three-stage principal component analysis (PCA) to construct the CDFII and TFII using the latest available data from 31 developing countries during the period 2015-2021. The CDFII incorporates a new sub-index measuring individual literacy levels for using financial services, along with existing sub-indices capturing the penetration, availability, and usage of DFS. By integrating digital financial inclusion (DFII) and TFII, the overall CDFII is estimated. Findings -- The findings reveal that the levels of DFII and CDFII are higher than TFII for most of the economies examined. This indicates the significant impact of technology-driven financial inclusion in expanding access to formal banking and non-banking financial services for previously unbanked populations. Implication -- The study implies that policymakers and researchers should prioritize the integration of technology-driven financial inclusion indicators, such as the comprehensive digital financial inclusion index (CDFII), into their assessments and interventions to ensure a more accurate and effective approach to promoting inclusive and sustainable economic development. Originality -- This study introduces the CDFII as a novel comprehensive index that addresses the shortcomings of traditional financial inclusion indices. By incorporating individual skill levels and considering dimensions specific to DFS, the CDFII provides a more accurate representation of fintech-driven financial inclusion levels. This contributes to the existing literature on financial inclusion measurement and provides a valuable analytical tool for researchers and policymakers. [ABSTRACT FROM AUTHOR]

The Russia–Ukraine conflict disrupted a V-shaped economic post-pandemic recovery in Central and West Asia. It affected global supply chains and slowed the region's growth momentum while adding inflationary pressures. Private businesses were adversely affected by the impact of the conflict and global sanctions against the Russian Federation, with the effects being more pronounced for micro and small firms. The pandemic helped create a base of digitalized firms. As the impact of the conflict began to be felt, how did business digitalization affect the operations of small firms? Would digital finance help fill unmet financing demand from small firms during the difficult time brought by the conflict? This paper assesses the impact of the conflict on digitalized small firms' operations and discusses the effect of digital finance, and whether it helps small firms survive global economic uncertainty. It uses a linear probability regression based on rapid business surveys conducted in seven Central and West Asian countries—Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. The results show that digitalization has yet to allow small firms to take full advantage of the opportunities it offers for more efficient business operations. Digital finance has yet to be well accepted and used by small businesses, even those already digitalized. Based on the analysis, the paper suggests four policy implications that can help promote business digitalization of small firms and the use of digital finance across the region. [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.

This study investigates the factors influencing customers’ choice of financial institutions in Bangladesh, focusing specifically on the role of Digital Financial Services (DFS). The study explores the relationship between trust, risks, benefits, social influences and intention to choose financial institutions through DFS. The research adopts a quantitative methodology and employs Structural Equation Modeling (SEM) to analyze the data collected through a survey that use digital financial services in Bangladesh. The study examines by the modified UTAUT model to explore the direct and indirect relationships that influence the intention to choose financial institutions through using DFS. The results reveal that ‘Benefits’ and ‘Social Influences’ have a significant positive impact on the choice of financial institutions through DFS in Bangladesh, while ‘Trust’ and ‘Perceived Risks’ demonstrate an insignificant relationship with ‘Users' Intention’ to choose financial institutions through DFS. This study contributes to the literature on digital financial services (DFS) adoption by examining the factors influencing customers' choice of financial institutions in Bangladesh. Also, the research adds value by incorporating a modified theory of UTAUT model for finding the appropriate relationship among the variables. The findings highlight the importance of understanding the complex factors affecting customers' preferences for financial institutions and emphasize the need for financial institutions in Bangladesh to prioritize not only building trust and managing risks but also leveraging social influences and the benefits of using DFS to attract and retain customers. Finally, it also suggests important insights for financial institutions in Bangladesh to better attract and retain digitally-savvy customers. [ABSTRACT FROM AUTHOR]

This paper is dealing with the adoption of digital financial services on the performance of commercial banks in India. The study used camel rating system to measure pre and post adoption performance of commercial banks. The reports says that Indian banks are widely adopted digital financial services during the year 2012-13. Hence, 2004-05 to 2011-12 considered as pre adoption period and 2012-13 to 2019-20 considered as post adoption period for the data analysis. 44 banks were selected for the study based on the data availability. 15 camel ratios were identified and paired t-test used for analysis. The study found that most of the CAMEL (capital adequacy, assets, management capability, earnings, liquidity) variables are found significant to improve the financial performance of banks. The coefficient of digital financial services variables is found to be significant. This indicates that facilities of digital banking could enhance the financial performance of banks. [ABSTRACT FROM AUTHOR]

We used three waves of Financial Inclusion Insights surveys (2013–2016) to examine gender gaps in mobile money (MM) awareness and use across eight low- and middle-income countries. After accounting for socio-demographic factors (age, marriage, literacy, education, employment, income, and financial numeracy) and other enabling factors (mobile phone, formal identification, and bank account), we found no independent association between gender and MM use in established MM markets in Kenya, Tanzania, and Uganda. In contrast, in emerging MM markets (Bangladesh, India, Indonesia, Nigeria, and Pakistan), significant gender differences in MM use remained. Phone and bank account access had stronger associations with MM use for men than for women in these MM markets, and gender gaps in MM use increased over time. Findings suggest realizing the financial inclusion potential of MM may require a more nuanced understanding of difficult-to-measure and slow-to-change factors – such as legal and social norms – constraining women's MM use. [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 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.

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]

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]