Financial Inclusion in Developing Countries: Applying Financial Technology as a Panacea
South Asian Journal of Social Studies and Economics · pp. 42–60 · Published 29 Jan 2021
10.9734/sajsse/2021/v9i230237Abstract
Traditional banking methods of addressing the problem of financial inclusion in developing countries is not working efficiently. As it is becoming obvious, opening operational and functional banking business offices in many developing countries is not a financially viable option. Banking offices need enormous amounts of resources, equipment and personnel to run efficiently. In most developing countries were low income is the norm rather than the exception, it is not possible to sustain a policy objective that employs the use of banking business offices to address the problem of financial inclusion. Such initiative could start out well, however the possibility of sustainability is called into question. Thus, whatever meaningful gains have been garnered from such policy will be reversed or lost overtime. This research employs the use of quantitative methods and it sets out to test whether the usage of financial technology has had any meaningful impact in improving financial inclusion in the developing countries selected in the study. The findings of the research reveal that financial technology offers the instrument, tools and mechanism for drive financial inclusion in ways traditional methods of banking cannot. Financial technology offers, cost effective and cheaper means of driving financial development. This research suggests that financial technology should be used as a means of driving financial development in developing countries as it offers a more sustainable and cost-effective solution to the problem of financial inclusion. Developing countries, should embrace, adopt and adapt financial technologies to address their financial development issues.
Cited by 35
Ismail Khan, I. Khan · International Journal of Emerging Markets · 2023
Tendai Chikweche, Belinda Chaora, R. Cross · African Journal of Inclusive Societies · 2023
Danstun Ngonyani · Journal of Economics Education and Entrepreneurship · 2022
Félix Zogning · Journal of Small Business & Entrepreneurship · 2022
Félix Zogning · Journal of Small Business & Entrepreneurship · 2022
Abdikarin Ahmed Abdi, F. Hussein, Hanita Kadir · International Journal of Finance and Accounting · 2022
C. Malladi, Rupesh Soni, S. Srinivasan · CSI Transactions on ICT · 2021
Sriram Divi, Venkatram Reddy Minampati, M. K. Sahoo · Asian Journal of Human Services · 2025
B. Moyo · 2023
R. Ardika, Melsalasa Sahputri, Sujarwoto
Related research
- Analyzing the Role of Poor and Developing Nations in Global Climate Agreements — shares topic coverage
- Rainfall Variability in Sine Saloum River Basin in a Context of Climate Change and Variability — shares topic coverage
- An Integrated Approach to Urban Waste Management in a Developing Country: A Case Study of the Accra Metropolitan Area, Ghana — shares topic coverage
- Climate Change, Soil Fertility Management and the Nexus: A Knowledge and Opinions Study in Western Cameroon — shares topic coverage
- Science and Technology: A Catalyst for Improving Human Health in Developing Countries — shares topic coverage
Article metrics
Real usage data collected on this platform.
0
Page views
0
PDF downloads
0
Outbound clicks
35
Citations
Views by country
Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".
No views recorded yet.
Traffic sources
Referring site, by host.
No traffic recorded yet.
Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.