This review considers the landscape of inclusive financing in developing countries. It is found that financial inclusion is important for economic growth of a country. Rural populations are excluded from financial services and instead engaged in informal financial institutions for various reasons. Women remain unserved compared to male counterparts due to low bargaining power. According to a study conducted in developing countries, financial inclusion is still in its infancy. In comparison to global achievement, Africa, for example, has a relatively low number of official account holders. Because we live in the digital age, digital financing is critical to increasing inclusiveness. With this type of financial inclusion, people can make quick financial decisions. It is primarily used by literate individuals and relies on mobile phones and other digital devices to provide services. Adoption and use of mobile money has aided in increasing financial inclusion. Myriad user-related issues help to broaden and deepen financial inclusion coverage. A lack of financial literacy is one of the most significant barriers to inclusion. Furthermore, financial inclusion is hampered in poor countries by a lack of a comprehensive financial inclusion policy and government impetus. In order to achieve financial inclusion, the government and other stakeholders must work together. Because financial institutions are concentrated in cities, government involvement is required to provide services to the rural and underserved. This is true in the vast majority of developing countries. This necessitates the development of a policy framework that allows institutions to operate in inaccessible locations.
| Published in | Journal of World Economic Research (Volume 12, Issue 1) |
| DOI | 10.11648/j.jwer.20231201.12 |
| Page(s) | 19-24 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2023. Published by Science Publishing Group |
Inclusive Financing, Developing Countries, Growth, Digital Financing
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APA Style
Daniel Tadesse Tulu. (2023). Inclusive Financing in Developing Countries: A Systematic Review. Journal of World Economic Research, 12(1), 19-24. https://doi.org/10.11648/j.jwer.20231201.12
ACS Style
Daniel Tadesse Tulu. Inclusive Financing in Developing Countries: A Systematic Review. J. World Econ. Res. 2023, 12(1), 19-24. doi: 10.11648/j.jwer.20231201.12
AMA Style
Daniel Tadesse Tulu. Inclusive Financing in Developing Countries: A Systematic Review. J World Econ Res. 2023;12(1):19-24. doi: 10.11648/j.jwer.20231201.12
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Download@article{10.11648/j.jwer.20231201.12,
author = {Daniel Tadesse Tulu},
title = {Inclusive Financing in Developing Countries: A Systematic Review},
journal = {Journal of World Economic Research},
volume = {12},
number = {1},
pages = {19-24},
doi = {10.11648/j.jwer.20231201.12},
url = {https://doi.org/10.11648/j.jwer.20231201.12},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20231201.12},
abstract = {This review considers the landscape of inclusive financing in developing countries. It is found that financial inclusion is important for economic growth of a country. Rural populations are excluded from financial services and instead engaged in informal financial institutions for various reasons. Women remain unserved compared to male counterparts due to low bargaining power. According to a study conducted in developing countries, financial inclusion is still in its infancy. In comparison to global achievement, Africa, for example, has a relatively low number of official account holders. Because we live in the digital age, digital financing is critical to increasing inclusiveness. With this type of financial inclusion, people can make quick financial decisions. It is primarily used by literate individuals and relies on mobile phones and other digital devices to provide services. Adoption and use of mobile money has aided in increasing financial inclusion. Myriad user-related issues help to broaden and deepen financial inclusion coverage. A lack of financial literacy is one of the most significant barriers to inclusion. Furthermore, financial inclusion is hampered in poor countries by a lack of a comprehensive financial inclusion policy and government impetus. In order to achieve financial inclusion, the government and other stakeholders must work together. Because financial institutions are concentrated in cities, government involvement is required to provide services to the rural and underserved. This is true in the vast majority of developing countries. This necessitates the development of a policy framework that allows institutions to operate in inaccessible locations.},
year = {2023}
}
TY - JOUR T1 - Inclusive Financing in Developing Countries: A Systematic Review AU - Daniel Tadesse Tulu Y1 - 2023/03/21 PY - 2023 N1 - https://doi.org/10.11648/j.jwer.20231201.12 DO - 10.11648/j.jwer.20231201.12 T2 - Journal of World Economic Research JF - Journal of World Economic Research JO - Journal of World Economic Research SP - 19 EP - 24 PB - Science Publishing Group SN - 2328-7748 UR - https://doi.org/10.11648/j.jwer.20231201.12 AB - This review considers the landscape of inclusive financing in developing countries. It is found that financial inclusion is important for economic growth of a country. Rural populations are excluded from financial services and instead engaged in informal financial institutions for various reasons. Women remain unserved compared to male counterparts due to low bargaining power. According to a study conducted in developing countries, financial inclusion is still in its infancy. In comparison to global achievement, Africa, for example, has a relatively low number of official account holders. Because we live in the digital age, digital financing is critical to increasing inclusiveness. With this type of financial inclusion, people can make quick financial decisions. It is primarily used by literate individuals and relies on mobile phones and other digital devices to provide services. Adoption and use of mobile money has aided in increasing financial inclusion. Myriad user-related issues help to broaden and deepen financial inclusion coverage. A lack of financial literacy is one of the most significant barriers to inclusion. Furthermore, financial inclusion is hampered in poor countries by a lack of a comprehensive financial inclusion policy and government impetus. In order to achieve financial inclusion, the government and other stakeholders must work together. Because financial institutions are concentrated in cities, government involvement is required to provide services to the rural and underserved. This is true in the vast majority of developing countries. This necessitates the development of a policy framework that allows institutions to operate in inaccessible locations. VL - 12 IS - 1 ER -
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