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This article empirically examines the effects of foreign bank presence on the various dimensions of financial inclusion, conditional on the level of information sharing. Using data on individuals in 93 emerging and developing countries, it is found that higher foreign bank presence is associated with a reduction in the probability that an individual receives a loan from a formal financial institution. It is also associated with more reliance on loans from informal sources such as family. However, information sharing through an institution, such as a private credit bureau or public credit registry, partially offsets the negative effect of foreign bank presence on the access to credit dimension of financial inclusion. The results of this study emphasize that for economies to take advantage of the potential benefits of financial globalization, appropriate information sharing infrastructure is necessary. [ABSTRACT FROM AUTHOR]

While a growing literature analyzes the economic effects of cash for work programs in developing countries, there remains little evidence about the longer-term effects of these interventions. This paper presents findings from a randomized controlled trial evaluating a three month intervention providing public works employment in rural Tunisia. The evaluation design incorporates two dimensions of randomization – community-level randomization to treatment and control, and individual-level randomization among eligible individuals – and a sample of 2,718 individuals was tracked over five years. The findings suggest that cash for work leads to significant increases in labor market engagement, assets, consumption, financial inclusion, psychological well being, and women’s empowerment one-year post-treatment; however, these effects have largely attenuated to zero five years post-treatment, with the exception of a positive effect on assets. There is also evidence of large positive spillover effects within treatment communities, but these effects similarly attenuate over time. [ABSTRACT FROM AUTHOR]

Introduction: Currently, extreme weather events and natural disasters are occurring frequently, and countries around the world are facing a variety of physical climate risks. More and more countries are attempting to embed financial tools into the process of climate risk governance. However, the financial strength of developing countries is insufficient to enhance regional resilience to physical climate risks. Moreover, existing literature mainly focuses on the impact of financial development on greenhouse gas emissions, neglecting its crucial role in adaptation. Discussion: The present study enriches people's understanding at the national level of whether and how financial development is affected by physical climate risks. Additionally, it provides significant reference for financial reforms and physical climate risk governance in other countries and regions from the perspectives of inclusive finance and green finance, utilizing econometric methods. Conclusion: (1) Financial development effectively facilitate the governance of physical climate risk. (2) Green finance and inclusive finance intensify the negative effect of financial development on physical climate risk. (3) Financial development can governance physical climate risk by bolstering technological innovation. (4) Financial development significantly promotes physical climate risk governance only in regions with large populations, resource abundance, well-developed insurance sectors, and strong governmental intervention. Key policy insights Green finance and inclusive finance enhance the positive effect of financial development on physical climate risk governance. Financial development is conducive to the improvement of local technological innovation capabilities, which can help govern physical climate risk. The effective governance of physical climate risk by financial development only occurs in regions with large population size, resource endowment, insurance payout, and the degree of government intervention level. [ABSTRACT FROM AUTHOR]

AbstractFinancial inclusion is one of the most critical factors to the long-term success of immigrants in a new country. Despite the known benefits of financial inclusion, how to increase financial inclusion remains one of the most challenging questions facing host countries. While significant efforts have been made by the government, private, and nonprofit sectors, immigrants remain significantly less likely than native-born persons to use mainstream financial services. This study combines interviews with a discrete choice experiment to examine the credit preferences of Cambodian immigrants. The results reveal that in this immigrant community, borrowers place a high value on nonmonetary factors such as approval requirements and trust. The results also suggest that immigrants may be using a poliheuristic two-stage rule wherein they first eliminate lenders whose approval requirements they are unlikely to satisfy and then choose between the remaining lenders based on other criteria such as price. These findings suggest that financial education and credit building at the community level may be the key to increasing financial inclusion rates in immigrant communities. [ABSTRACT FROM AUTHOR]

Effective savings mechanisms are crucial for household resilience and economic growth. Savings accounts, whether from banks or mobile-phone based, offer an alternative to informal saving mechanisms as they provide safe and private cash storage. However, there is still no clear evidence on how the use of digital tools can contribute to increasing farmers' savings, compared with other financial tools such as bank accounts or keeping cash at home. To address this gap, we investigate factors affecting cocoa farmers' decisions to save, as well as their savings amounts. Shedding light on saving determinants, we answer the question of whether formal and semi-formal accounts play a major role in savings accumulation. For our study, we employ data from a structured telephone survey conducted in 2021 among 405 randomly sampled cocoa farmers. Results from an interval regression suggest that bank account usage is associated with higher savings amounts. In contrast to male cocoa farmers, females seem to use mobile savings tools to their benefit. Our analysis further reveals the importance of education in household financial resource management. We provide valuable results for public policymakers and the private sector towards responsible financial inclusion and pro-poor development of digital financial services. [ABSTRACT FROM AUTHOR]

The role of Microfinance institutions (MFIs) in driving financial inclusion is contested. We argue that the ability of MFIs to consistently contribute to financial inclusion depends on their business model and its resilience to structural changes. We find that MFIs with an embedded business model (i.e., deep engagement with the local community) perform better in the aftermath of structural policy interventions as compared to MFIs with a transactional model. Using a difference in differences analysis on a database of MFIs that operated in India during the currency demonetization, we find support for our hypotheses. Our findings indicate that while transactional MFIs do better in a stable environment, embedded MFIs hold the advantage in a turbulent environment. Our results underscore the role of business model fit with the environment in driving financial inclusion. We also alert practitioners to the tradeoffs involved in being embedded in the local context (or lack thereof). [ABSTRACT FROM AUTHOR]

Modern data-driven Artificial Intelligence (AI), powered by advanced Machine Learning (ML) models, is transforming financial technologies by enhancing financial inclusion, transparency and reducing transaction costs. However, the opaque nature of some complex ML models requires new statistical approaches to manage risks and ensure trustworthiness. In this paper, we present a novel method to evaluate the key principles of trustworthy AI - Sustainability (Robustness), Accuracy, Fairness, and Explainability (SAFE). While Babaei et al. [A Rank Graduation Box for SAFE AI. Expert Syst Appl. 259;2025:125239, 2025] introduced the Rank Graduation Box as a streamlined approach for assessing the principles of trustworthy AI, we extend this work by employing the Wasserstein distance. Our method offers a more nuanced and geometrically oriented comparison of ML models, particularly in contexts where shifts in economic or environmental conditions alter the prediction distributions. We apply this method to compare popular ML models, including Support Vector Machines, Ensemble Trees, K-Nearest Neighbours Linear and Logistic Regression. The proposal is validated using both simulated data and real-world data in the context of financial risk assessment. Our findings demonstrate that the Wasserstein distance offers nuanced and interpretable insights into model behaviour across the SAFE dimensions, making it a valuable tool for model selection and regulatory compliance in AI applications. [ABSTRACT FROM AUTHOR]

'De-banking' refers to banks limiting or withdrawing banking services from perceived 'high-risk' clients. 'High risk' is not merely commercial risk relating to a client's ability to pay. It also includes 'non-commercial' risks such as client dealings in illicit funds or activities. Debanking decisions might also be made on operational-cost grounds where continued servicing of a particular customer base becomes uneconomical. In Australia, the de-banking issue has impacted migrant communities. More recently, de-banking has impeded the ability of digital assets service providers. Under the guise of rigorous compliance legal standards, Australian banks have limited or even cut-off banking services to many Australian digital asset firms. As the financial gatekeepers to the Australian economy, Australian banks (already very protected from competitors) are undermining an industry that could potentially compete for market share. Examining strategies adopted in other jurisdictions, Australian policy makers should supplement the introduction of a licensing regime, as proposed by the Digital Assets (Market Regulation) Bill 2023 (Cth), with additional balanced measures in order to support innovation in the digital asset sector and maintain financial integrity. [ABSTRACT FROM AUTHOR]

The editorial discusses the responsible regulation of digital services in India, highlighting the country's growth in the IT industry and digital citizen services driven by government policies. It emphasizes the need for a balance between modernization and citizen choice in the use of digital services. The article also covers examples of digital public goods, Aadhaar identity platform, digital payments, and the digital divide in India, along with instances of digital enforcement like internet shutdowns. The authors advocate for responsible regulation that respects citizen choice and addresses the limitations users face in using digital services. [Extracted from the article]

Due to high rejection rates and the costly and time-consuming application procedures, small and medium-sized firms may be discouraged from applying for a bank loan, thus resulting in the so-called self-rationing behaviour. Using the World Bank Enterprise Survey Data collected from 2,700 privately owned firms in China during 2011–2013, we document that there exist a significant number of small and medium-sized enterprises (SMEs) which have good performance and financing needs, but are discouraged from applying for a bank loan. We theoretically and empirically show that digital finance development can alleviate the self-rationing behaviour of SMEs. The mechanism analysis shows that, from the supply side, digital finance development enhances the probability of loan approval and the proportion of private firms' working capital financed by banks, and reduces the obstacle to access bank loans; while from the demand side, the development of digital finance improves financial inclusion and the financial literacy of firms. Our findings suggest that digital finance development improves loan efficiency and helps SMEs better access bank credits. [ABSTRACT FROM AUTHOR]

Mobile payment systems in developing economies face challenges in adoption and engagement, owing to infrastructural constraints, cultural affinity towards cash, and limited financial literacy. This study delves into the role of user-perceived co-production equity, which is a sense of fairness and influence in service development, in shaping user behaviour in mobile payment systems. We conducted the study on 436 mobile payment users through online and offline surveys, applying PROCESS and fuzzy set qualitative comparative analyses. The findings of this study underscore the importance of a fair co-production process, which positively influences service recommendations, resilience to disruptions, and sustained usage over time. User relationship satisfaction partially mediates these relationships, whereas service credibility strengthens them. Fuzzy set qualitative comparative analysis confirms that co-production equity is a necessary condition for user advocacy and continuance intention. We propose a strategic framework for service providers and policymakers, advocating for a shift towards genuine user co-production characterised by transparency, robust feedback mechanisms, and community engagement initiatives. This user-centric approach not only fosters trust and drives adoption but also significantly mitigates churn rates, navigates cultural barriers, and fosters sustained user engagement, thereby advancing financial inclusion in developing countries. [ABSTRACT FROM AUTHOR]

International policymakers prioritize financial stability and inclusion, but often view them as separate goals, overlooking potential overlap and trade-offs. If synergies and trade-offs between the two concepts are not recognized and understood, policy design may yield less-than-ideal results. This paper provides a systematic review of the theoretical literature on financial inclusion and financial stability as well as empirical research initiatives examining the relationship between the two concepts. We found that current studies do not always present a unified theoretical approach or conceptual framework to explain the channels of the relationship between financial inclusion and stability. Empirical studies to date offer divergent views on the financial inclusion and stability nexus. While some studies are inconclusive, some also suggest that financial inclusion has a positive and significant impact on financial stability, as explained by the institutional theory. While other studies, supported by the aggressive credit expansion theory, reveal that financial inclusion can have a negative influence on financial stability. Through this comprehensive review, we intend to improve awareness and cohesion among scholars and policy makers of financial inclusion and financial stability while also facilitating the development of solid foundations to address future research and policy making challenges. [ABSTRACT FROM AUTHOR]

In this study, we analyse savings and credit groups (SCGs) to investigate whether belonging to these groups contributes favourably to entrepreneurship. SCGs are community-based groups that represent a form of informal finance in developing countries. For the analysis, we adopt the social embeddedness theory, and test our hypotheses on a unique sample of respondents to a survey in Kenya finding a positive relationship between SCGs and the creation of new ventures. The results show that the levels of education and wealth are positively associated with the likelihood of creating a new venture, but SCG membership negatively moderates these relationships. Thus, the benefits of SCG membership are larger for less-educated and less-wealthy individuals that can offset, at least in part, the disadvantages related to these low levels. Finally, to provide insights for future research and policy, we focus on the group characteristics associated with the likelihood of creating new ventures. [ABSTRACT FROM AUTHOR]

Using data from a multi-arm experiment among maize and bean smallholder farmers in Kenya, we evaluate the gender differences in credit rationing, and whether an insurance-bundled credit product, known as risk-contingent credit (RCC) could enhance credit access for both men and women. Using 3 years of household survey data, we find that female-headed households are significantly more risk-rationed (or demand-side rationed) than men. Post-intervention, we find that the impacts of RCC on credit uptake decisions are significantly larger than those of conventional credit. We also find that RCC impacts do not vary across the different gender categories. [ABSTRACT FROM AUTHOR]

The rapid advancement of technology has transformed the way financial transactions are conducted and made assessing their impact a pressing international research problem. This article evaluates and quantifies the potential short-run impact of electronic transaction levy (e-levy) on mobile money transactions in Ghana based on forecasting the counterfactual mobile money market response. It uses monthly time series data from January 2019 to February 2023 in the analysis. The results show that the e-levy has a statistically significant reducing effect on mobile money transactions. In particular, the value of mobile money transactions, number of mobile money transactions, and value of mobile money transactions from mobile money interoperability decreased by about 47%, 24%, and 49% respectively. The results, however, show that overtime, the adverse effect of the e-levy on mobile money transactions diminishes. The findings from the study provide a comprehensive analysis of the effect of the e-levy on mobile money market in Ghana, and thus, contribute to the growing body of research on the role of taxation in the digital economy and financial inclusion. [ABSTRACT FROM AUTHOR]

In an era of rapid digitalization, firms in Bottom of the Pyramid (BOP) countries face unique challenges in adopting and integrating digital technologies (DTs). This study investigates how firms in Ghana and Nigeria navigate digitalization, examining both the drivers of DT adoption and the critical factors influencing successful integration. Through in-depth interviews with 12 CEOs of digital SMEs, the research reveals that while experience/exposure and problem-solving imperatives are primary adoption drivers, successful integration depends heavily on efficiency, quality, and cost considerations. The findings demonstrate that DT benefits manifest differently in BOP contexts compared to developed markets. While operational efficiency gains are universal to both contexts, benefits like financial inclusion and bridging institutional voids are distinctly valuable in BOP settings. The study extends RBV theory by showing that DTs can fundamentally alter organizational path dependencies in resource-constrained environments, enabling firms to bypass traditional infrastructure limitations. [ABSTRACT FROM AUTHOR]

Over the years, microfinance programs have been the major strategy of many developing countries to improve people’s welfare and reduce poverty. Yet several studies on the welfare impacts of microfinance result in contradictory conclusions. While some studies support the mainstream view that microfinance improves the welfare of the unbankable poor, others criticize its limited effect on business development and weak impact measurement methods. This study analyzes 409 articles to bridge the empirical gaps between mainstream and critical views of microfinance impacts on society through synthesizing major themes in existing research and their interconnections and provides recommendations for future research. Using bibliometric and systematic literature review (SLR) approaches, this study found five clusters of empirical research on microfinance impacts, including entrepreneurship and poverty alleviation; self-help groups and women empowerment; financial inclusion; household income; and community welfare. The study also suggests that microfinance programs have positive impacts on welfare across countries. However, future research needs to more deeply focus on the impact of microfinance programs on agricultural finance, specifically financial efficiency, and social efficiency. [ABSTRACT FROM AUTHOR]

This study estimates fintech-driven financial inclusion in developing economies across three dimensions: availability, penetration, and usage. To create a new composite fintech index (FI) to measure financial inclusion, we include indicators for mobile money and internet usage, elements often overlooked in prior research. Our dataset, a balanced panel from 2011–2021, is gathered from 40 developing countries. To overcome criticism related to the arbitrary selection of weights in nonparametric methods, we utilize a two-stage Principal Component Analysis (PCA) to construct the FI. We test the robustness of our FI by employing OLS regression and the two-step system generalized method of moments (GMM) estimation techniques. Our proposed index is the first composite fintech index that is robust and powerful across measuring methods, dimensions, and fintech proxies in developing countries. This versatile index is a functional tool for policymakers to identify gaps in financial inclusion and inform policy responses. In addition, remarkable progress in fintech scores between 2011 and 2021, welcoming the mobile, internet, and agent banking era for developing countries. However, the transition to fintech presents substantial challenges, including the requirements for large-scale investment, financial literacy, and customer protection – issues that policymakers, regulators, and financial institutions need to address. [ABSTRACT FROM AUTHOR]

Microfinance institutions (MFIs) play a vital role in promoting financial inclusion and reducing poverty by providing credit to marginalized populations. However, sustainability issues arise due to challenges in loan repayment. This study examines the factors influencing loan repayment among microfinance borrowers in Tanzania, specifically the impact of dynamic incentives, joint liability, and regular group meetings. Using survey data from 251 MFI borrowers, we analyzed repayment behavior among individuals in group loans through correlation and multiple regression techniques. The results indicate that dynamic incentives and joint liability improve repayment behavior, supporting information asymmetry and carrot/stick theories by reducing information gaps. Joint liability, in particular, fosters mutual trust and accountability, as members become more involved in monitoring and reporting each other’s activities to lenders. These findings suggest that MFIs should enhance group lending management practices. For regulators, formalizing and legally recognizing community groups would further support their access to financial services. This study highlights the importance of structured group dynamics in improving loan repayment rates, which are crucial for the sustainability of MFIs. [ABSTRACT FROM AUTHOR]

Emphasizing upper-middle-income Balkan Economies, this study focuses on the determinants of financial inclusion on a sample of individuals engaged in agriculture. Using logit estimations, we investigate socio-economic characteristics influencing financial inclusion, including owning a bank account and holding savings. Results reveal that individual characteristics, such as education, income, gender, and online payment usage are influential drivers. Financial inclusion is also impacted by economy-level variables including the share of agriculture in GDP and financial infrastructure density. The study underscores the importance of tailored policies to promote financial inclusion, particularly for vulnerable groups in agriculture-dependent economies. [ABSTRACT FROM AUTHOR]

This paper aims to understand the everyday experiences of financialised inclusion amongst fintech users in Nigeria. Concerns about the use of fintech to drive financial inclusion in the global south have led social scientific scholars to argue that it extends processes of financialisation by employing opaque algorithms to extract the behavioural data of users in order to inundate them with unsecured credit and monetise their data through resale. The consequences of these practices are not fully understood across various contexts. Using a variety of ethnographic methods, this paper examines patterns of fintech adoption and usage in Jimeta, Nigeria. It demonstrates that while fintech allows people to sort out their personal issues amidst precarity, it is also entangled in algorithmic governance issues that facilitate algorithmic extortion to the detriment of user populations. Ultimately, the paper argues that fintech, contrary to claims about its potential to unlock prosperity, is one that opens up novel possibilities for profit making and accumulation, albeit with severe consequences on user populations. [ABSTRACT FROM AUTHOR]

Energy inequality has been a hot topic in academia. This study first measures energy inequality in 25 Chinese provinces, and then investigates the interaction between financial inclusion and energy inequality. We also explore the potential impact mechanism behind the relationship. The primary findings reveal that: (i) Financial inclusion can help reduce energy inequality in China; moreover, the impact of financial inclusion varies according to regional consumption levels and environmental regulation. (ii) Technological innovation plays an important role in enhancing the ability of financial inclusion to reduce energy inequality. (iii) Fiscal revenue and energy consumption structure are two significant mediating factors through which energy inclusion affects energy inequality. (iv) Digital financial inclusion (DFI) has an inverted U-shaped impact on energy inequality. Overall, this research provides important insights into the impact of financial inclusion and offers several practical implications for reducing energy inequality in China. [ABSTRACT FROM AUTHOR]

We examine the nexus between financial inclusion and energy poverty. Analysing data for 27 energy-poor countries in the Sub-Saharan Africa region over 2004–2021, we employ sequential (two-stage), panel-corrected standard error (PCSE) and two-step dynamic system GMM (generalized method of moments) regression models, and control for endogeneity, CSD, slope heterogeneity as well as stationarity and cointegration patterns of the variables. Our empirical results show that financial inclusion significantly reduces energy poverty in the selected energy-poor countries. The study also finds a positive significant association between energy access and GDP per capita, while oil price and energy intensity are inversely associated with energy access. The results are robust to different control variables, estimation methods and subsamples. These findings have strong policy implications for energy-poor countries and point to the need for appropriate policies to promote financial inclusion for reducing energy poverty. [ABSTRACT FROM AUTHOR]

This paper analyses the role of governance quality in the relationship between the Internet and financial inclusion in Sub-Saharan African countries. The study uses data from the International Monetary Fund (IMF) database for indicators of financial inclusion, World Development Indicators (WDI) for Internet users and World Governance Indicators (WGI) for governance indicators from 2004 to 2020. Analyzing the data using the System Generalized Method of Moments (SGMM), the results show that the Internet can be effectively complemented with the quality of governance to improve financial inclusion. Thresholds of governance that are needed for the Internet to promote financial inclusion are provided. Policies aimed at reinforcing the quality of governance in SSA countries could help consolidate Internet infrastructure to promote Internet usage and, in turn, improve financial inclusion. Other policy implications are discussed. [ABSTRACT FROM AUTHOR]

FinTech has enabled various financial institutions to reach a larger and more diverse customer base, thus making the unbanked population financially inclusive. This paper aims to systematically review academic papers on Financial Inclusion and FinTech. A combination of these two themes, followed by a bibliometric and network analysis, is carried out for the period ranging from 2012 to 2021, encompassing 219 Scopus publications. The analysis shows that this topic has recently acquired interest and has sufficient potential to grow in the future. Further, the cluster analysis highlights five themes for FinTech researchers, namely: Financial Digital Technologies and MSMEs; Financial Innovation and Sustainable Development; Information Systems and Regulation of Mobile Money; FinTech and Digital Financial Inclusion; FinTech Adoption and Financial Literacy. Moreover, it is observed that a study evaluating the influence of Financial Literacy on FinTech Adoption, which leads to Financial Inclusion, would fill other research gaps in this study. [ABSTRACT FROM AUTHOR]

This research conducts a bibliometric analysis of 662 documents from the Scopus database (1986-2022), using tools like Harzing's Publish or Perish, Tableau Public, Biblioshiny - RStudio, Microsoft Excel, and VOSviewer for data visualization. It highlights historical trends, growth, and future prospects in finance, identifying key authors, publications, countries, and institutions. China, Turkey, and Malaysia lead in publications, with the University of South Africa being the most productive institution. The study offers insights into future research in green finance, FinTech, and sustainability, emphasizing the evolution of concepts like "financial inclusion" and "fintech." [ABSTRACT FROM AUTHOR]

Digital financial inclusion initiatives in developing countries have gained salience because of their potential to improve the socioeconomic condition of marginalized groups such as low-income women. However, persistent challenges remain in overcoming the digital divide in developing countries and enhancing access and participation of women in digital financial services. Despite the growing scholarly attention, little is known about how digital technologies might be designed to enable financial inclusion of women in developing countries. Using the technology affordances approach, we extend previous theorizing on inclusive information system, and introduce a relational approach to designing for inclusion. Specifically, we conduct a case study of a digital finance initiative in Ghana involving the design of an interactive voice response system (IVR) for low-income women where systemic barriers to technology adoption and use are pervasive. We show the significance of user feedback, environmental factors, and affordances for more inclusive information system design. We contribute a theoretically grounded framework that takes holistic account of the sociotechnical context of IS design for inclusion. [ABSTRACT FROM AUTHOR]

Capitalizing on the explosive surge in data volume and the rapid advancements in financial technology, the rise of digital financial inclusion stands poised to amplify financial support across critical agricultural sectors and propel the revitalization of rural areas. This study utilizes panel data spanning 2012 to 2018 from 26 cities in the Yangtze River Delta region of China. Employing a nonparametric approach, it quantifies the growth of agricultural green total factor productivity, both with and without accounting for environmental constraints. Additionally, this research employs the system generalized moment method (system-GMM) alongside the instrumental variable (IV) model to execute a dynamic panel regression. This study explores the influence of digital financial inclusion on agricultural green performance, all the while examining the intricate interplay between conventional financial inclusion and its digital counterpart. The findings show an overall enhancement in agricultural green performance within the Yangtze River Delta region, notwithstanding the divergence across cities, with technological progress chiefly underpinning this growth. Moreover, the development of inclusive digital finance significantly amplifies agricultural productivity gains, and this positive effect stands to be further elevated as traditional financial avenues also evolve. [ABSTRACT FROM AUTHOR]

The stability of rural credit cooperatives is closely linked to regional economic development in China's vast rural areas. This study aims to investigate how rural credit cooperatives in China can enhance their stability and achieve high-quality development using panel data from 87 county rural credit cooperatives in Shaanxi Province from 2008 to 2016. The Cov-AHP is employed to build an evaluation system and the effect of inclusive finance on the risk-taking capacity of rural credit cooperatives is analysed using a fixed effects model. Results demonstrate that inclusive finance can improve the risk-taking capacity of rural credit cooperatives and enhance their stability. This effect is more significant for rural credit cooperatives with a larger share of corporate shares, although property rights reform and the launch of community banks may weaken this effect. This study recommends vigorously promoting the development of inclusive finance, improving the operational mode of rural commercial banks, strengthening the corporate governance system of rural credit cooperatives, and enhancing the level of financial services for agriculture, rural areas, and farmers. These implications are important for promoting the further reform of rural credit cooperatives, especially in developing countries. [ABSTRACT FROM AUTHOR]

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]

This study attempts to explore the macroeconomic development factors that determine countries' decisions to implement CBDCs. The study uses data regarding CBDC adoption and macroeconomic variables from 85 countries spanning the 2013–2021 period. The results of the probit regression analysis show that higher levels of financial inclusion, net foreign assets, remittances, and income are associated with a higher probability of CBDC adoption. In contrast, higher values for the Human Development Index, manufacturing value added, and population growth rate are inversely correlated with the probability of CBDC adoption. The findings of the study have implications for both investors and policymakers. [ABSTRACT FROM AUTHOR]

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In the last decade, microinsurance witnessed an upward trend in India, accentuated by the COVID-19 pandemic highlighting its necessity. Despite this, research indicates that microinsurance penetration remains limited, especially in Developing Countries like India. This study aims to evaluate the reach of micro-term insurance and the challenges faced by the underprivileged in accessing its benefits. Secondary data reveals that microinsurance failed to reach Poor People. However, Primary data underscores that the primary barriers are lack of awareness and the amount of premium. Moreover, we found that individuals outside the poverty demographic perceive microinsurance as advantageous for themselves. [ABSTRACT FROM AUTHOR]

This paper examines how the level of development of digital finance affects corporate cash holdings. By utilising the Digital Finance Inclusive Finance Index compiled by the Internet Finance Research Center of Peking University and data from China's listed companies, this paper finds that the development level of digital finance where a company is located is negatively correlated with corporate cash holdings. Furthermore, the negative effect of digital finance is more pronounced for non-state-owned enterprises and companies in the early stages of their life cycles. Additional tests show that digital finance can reduce a corporation's financial constraints and debt costs, and the coverage breadth and usage depth of digital finance have also significantly reduced the level of cash holdings for enterprises. Our findings provide insights for understanding the role of digital finance in firm behaviour in emerging economies. [ABSTRACT FROM AUTHOR]

M-Pesa is one leading example of mobile money services. It reveals the importance of digital financial inclusion (DFI) in countries still largely unbanked, and of institutional factors in shaping DFI. Yet, extant research has not investigated the combined effect of these factors, informal (indigenous knowledge) and formal (regulatory) institutions, on DFI. This study intends to do so leveraging the institutional theory and applying regression techniques to data from 1000 digital-finance users. It reveals different effects of institutional factors across regions. In Europe, strong formal institutions shape DFI. In Sub-Saharan Africa (SSA), weak institutions combined with high indigenous knowledge increase DFI. These findings are crucial for countries’ development, as financial inclusion is considered a key enabler of several SDGs (Sustainable Development Goals). They could help adapt financial-inclusion programs by including the indigenous-knowledge component in countries facing weak formal institutions, to maximize their chances of success in fostering development and growth. [ABSTRACT FROM AUTHOR]

This study aims to examine the factors that influence Nigerian investors decision to participate in the Bitcoin market. The study develops a model that integrates awareness, religious beliefs, and trust alongside the theory of reasoned action's key explanatory factor. A random sampling technique was used to collect data from 262 individual investors in Nigeria using a questionnaire. The structural equation model method was utilized to analyze the data. The findings show that attitude, awareness, and trust have significant and positive effects on Nigerian investors' decision to invest in the Bitcoin market, while religious beliefs and awareness had significant impacts on investors' level of trust in Bitcoin transactions. This implies that policymakers and relevant regulatory agencies should work on increasing public understanding and confidence by collaborating with key players in the financial sector and religious institutions in Nigeria. This will help to create new market opportunities, promote financial inclusion, create jobs for Nigeria's burgeoning youth population, boost economic growth, and improve public participation in the cryptocurrency market. This study adds to the cryptocurrency literature by confirming that the decision to invest in Bitcoin is not only based on economic factors but also social and religious factors. [ABSTRACT FROM AUTHOR]

Credit union is considered as an alternative solution for global poverty and financial inclusiveness for social development. However, to achieve this goal, first and foremost a credit union must be sustainable. The purpose of this paper is to provide a systematic literature review on the key determinants of sustainability of credit unions and its measurements through comprehensive literature search and assessment based on the PRISMA-P guidelines. The findings reveal standard quantitative measures such as operations of self-sufficiency ratio, financial sustainability score, return on assets and pearl index (two studies qualitatively assessed governance structure and membership rate as measures). Additionally, key factors such as efficiency, loan management factors, deposit mobilization, portfolio at risk, credit risk, regulatory environment, and asset factors are significant determinants of sustainability of credit unions. The findings suggest a great need for complementarity of role and responsible conduct of the key stakeholders (members), staff, management and enabling regulatory environment for sustainable credit union. [ABSTRACT FROM AUTHOR]

The wave of Latin American left-wing governments of the 2000s claimed to have redistributed the national wealth originating from the extraction of natural resources. Termed 'neo-extractivism', this strategy expanded the extractive frontier and relied on the intensive exploitation of natural resources to reinvigorate welfare programs. During this period, we contend, financialization took new shapes, both in how raw materials were commercialized and in the new forms of credit and consumption enabled by the social programs institutionalized by the progressive Latin American governments during the 2000s. Indigenous, mestizo, and afro-descendant populations were the ones that confronted the expulsion produced by this economic model, displaced by the repurposing of land to expand extractive projects. We frame the ghost of empire as an instrumental metaphor to understand the concrete impacts of extractive policies, the financial relations they produced, and the racial forced displacements they generate. The ghost of empire metaphor articulates the interrelation between culture and economy, with an economic realm focused on growing state revenues via the intensive extraction of natural resources, and a cultural imagination that legitimizes the displacement and dispossession of those affected by the model in a way that inevitably reconjures the spectral forces of the colonial past. [ABSTRACT FROM AUTHOR]

Using the data from the China's Digital Inclusive Finance Index and the China Household Finance Survey, this paper analyzes the relation between digital finance and happiness of residents. We find that digital finance can significantly increase the probability of happiness and the degree of happiness. We also find that digital finance can significantly increase the probability of being very happy, as well as making residents living in town areas and non-risk appetites happier. We expand the evidence for the inclusive role of digital finance. [ABSTRACT FROM AUTHOR]

Using a large publicly available dataset, we examine the extent of difficulty faced by marginalized caste entrepreneurs from the unorganized sector in India when trying to access formal credit for their small businesses. Contrary to the expectation that a perceived social vulnerability would translate to more difficult credit access, we find that entrepreneurs from marginalized castes are in fact more likely to obtain credit from the formal financial system. This result on the extensive margin of credit could be interpreted as the formal financial system's positive bias towards the marginalized castes. However, when we focus on the actual loan amounts received, we find that all else being equal, entrepreneurs from marginalized castes receive significantly lower loan amounts. This result on intensive margin of credit could potentially be interpreted as evidence of negative discrimination by the formal financial system. Therefore, determining whether financial inclusion policies for marginalized caste entrepreneurs have been successful yields answers both ways, depending on whether we look at extensive or intensive margin of credit. This finding has serious implications for a good design, monitoring and evaluation of financial inclusion policies (such as mandatory lending within affirmative action programmes or priority sector lending) for borrowers from marginalized communities. [ABSTRACT FROM AUTHOR]

AbstractWe examine the impacts of financial technology and financial literacy on the development of financial inclusion among the younger generation using data from a survey with 1288 students in Vietnam in the city and rural areas. We employ logistic regression and two-stage instrumental variable regression for our analysis, with location and financial shock caused by COVID-19 serving as the instruments. Vietnam is a fintech hub in Asia with the world-leading adaption of cryptocurrency and a significantly high rate of e-wallet use. The results indicate although there is a gap in access to financial services between urban and rural areas, the access rate is considerably high. Fintech and financial literacy play a significant role in facilitating this high level of financial inclusion development. Women have better access to financial services, showing the effectiveness of women’s empowerment programs. Little evidence shows the negative impact of the pandemic on financial inclusion. [ABSTRACT FROM AUTHOR]

The existing research on the impact of digital inclusive finance on corporate behaviour is relatively extensive, but the research on the impact of digital inclusive finance on corporate value is ignored. To fill in this gap, this study examines the impact of digital inclusive finance on firm value from the perspective of financing constraints, utilizing data on A-share listed companies in China from 2012 to 2019. We found that digital inclusive finance helps increase corporate value. And digital inclusive finance uses digital technology to alleviate financing constraints and improve the credit supply, which in turn increases firm value. Moreover, the impact of digital inclusive finance on firm value demonstrates heterogeneity. Compared with other firms, digital inclusive finance has a greater value-enhancing effect on small-scale and private firms. Our findings suggest that increasing the level of digital inclusive finance in developing countries can help enhance firm value. [ABSTRACT FROM AUTHOR]

Mobile Money (MM) and Mobile Payments (MP) have become levers of growth. They drive economic, social, and Sustainable Development (SD). Despite the rich literature on MM and MP, we need more synthesis that cover their contributions as forms of Information and Communications Technologies for Development (ICT4D). We explored MM/MP as ICT4D through a systematic literature review coupled with a Latent Dirichlet Allocation (LDA) approach. The data analyses revealed that publications have increased significantly since 2018. Financial inclusion is the most studied area. It's studied for its contribution to SD. We also need to study these technologies’ effects on SD. This includes their effects on society and the environment. We propose a research agenda regarding these technologies at individual, organizational, country, regional, and global levels of analysis. It can help to find how these ICT4D improve people’s lives and foster sustainable development. [ABSTRACT FROM AUTHOR]

This article examined the level of financial literacy among university students in Ghana (N = 3932), and investigated which factors are linked with the different financial literacy components. This article is motivated by the increased drive toward financial inclusion and the critical role of financial knowledge in an increasingly sophisticated financial world. The framework used, assesses students' knowledge in money management, savings and borrowing, investments, and insurance. The research findings show moderate knowledge in savings and borrowing but low level of knowledge in other finance issues among university students. Notably, the findings reveal that gender, work experience, subject of study, and mother's level of education are all important determinants of financial knowledge among the students. The findings further show that students with relatively high financial knowledge are more likely to have sound judgment on financial issues; make the right financial decisions and have sound personal financial management practices. Based on the findings of the study, a national policy on financial literacy and educational programs are urgently needed as intervention to improve the level of financial knowledge of university students. [ABSTRACT FROM AUTHOR]

Using a case study of India's Digital Stack, the paper seeks to understand how a discrete set of technology services when consumed by citizens can create public value of financial inclusion with regard to savings and access to credit. The research focuses on a single cross-sectional case study employing a deductive approach. The case-study approach is combined with the Granger causality test to empirically test relationships among various variables. The paper also makes an important contribution to public administration and digital government literature, by examining digital initiatives in India. These learnings can support the policy process about digital governance and public value creation for India and other developing countries of the global south. [ABSTRACT FROM AUTHOR]

Janani Suraksha Yojana (JSY) is a public health programme in India involving multiple stakeholders across sectors with the common goal of reducing mother and infant mortality by boosting institutional deliveries. Under JSY, pregnant women receive financial assistance in the form of cash transfers into their bank accounts. Using data from the latest National Family Health Survey providing a sample of 15,968 poor women, we show that Financial inclusivity is associated with greater uptake of JSY. Our research highlights the inter-relatedness of health and financial sector policies, signifying the need to address citizen-centric development beyond the silos of schemes. [ABSTRACT FROM AUTHOR]

One of the top priorities of most countries around the world is sustainable development, to achieve which financial inclusion is identified as one of the key elements. Thus, unlike previous studies, the current study aims to channel the impact of financial inclusion on energy efficiency by constructing a parametric-based index that covers availability, accessibility, and usage of the former. The index provides an overall picture of financial services in all the three covered aspects. The analysis based on novel econometric time-series approaches, the method of moment quantile regression and the robust least square approach, shows that financial inclusion increases energy efficiency. The impact is overall positive for each quantile, i.e. 25th–90th. The impact of green innovation, human capital, and political risk is also supportive for energy efficiency. However, the impact of political risk improvement exhibits negative in the initial stages and turns positive later. In terms of policy implications, broadening financial inclusion base with the promotion of green innovation and human capital is important to achieve higher energy efficiency. In the meantime, improvement in the political risk profile should also be considered for a stable financial system to pave the way for increasing energy efficiency. [ABSTRACT FROM AUTHOR]

Direct cash transfers to households during the COVID-19 pandemic, including relief checks and Child Tax Credit payments, were delayed by weeks for recipients without bank accounts and were not received by many non-filers who lacked the time or resources to complete necessary paperwork. A postal banking system has the potential to expand access to financial infrastructure and enable the rapid distribution of resources to households in need during economic downturns – often the same households that are currently excluded from the financial system. This paper examines the history of the US Postal Savings System and the feasibility of a return to postal banking using evidence on the socioeconomic and spatial patterns of financial exclusion. We find that postal banks would be well positioned to compete with both alternative and conventional financial institutions, address issues with physical branch access, and improve outreach to vulnerable populations. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to critically examine the corporate social responsibility (CSR) initiatives of multinational oil companies (MOCs) in Nigeria. Its special focus is to investigate the impact of the global memorandum of understanding (GMoU) on enhancing rural women's financial inclusion in the areas of access to credit, insurance, propensity of women to save and the widening of economic opportunities in the Niger Delta. A total of 800 rural women were sampled across the Niger Delta region of Nigeria. Results from the use of a combined propensity score matching and logit model indicate that the GMoU model has made significant impact on closing the gaps in financial services, thereby removing women's constraints on their efforts to enhance their financial literacy. The results also confirm that innovative delivery channels and social networks of the GMoUs have reduced some costs in the areas of access to credit, insurance, propensity to save and the widening of economic opportunities of rural women in the oil host communities. However, a further look at the rural women's participation in the CSR activities using SCOTDI shows that even though the involvement of the women is appreciable, it is insignificant when compared with their male counterparts. [ABSTRACT FROM AUTHOR]

This study analyzed the effects of the use of financial services (financial innovation and financial inclusion) on the enterprises' performance in Cameroon. Ordinary least squares and logit model estimation methods were used for the empirical analyses. The data used are those of the World Bank's Enterprise Survey 2016 data. The results reveal, on the one hand, positive effects of all financial services on the productivity of the enterprise's workforce and on their probability of exporting, with the respective exception of the unique use of microfinance and mobile money. On the other hand, the contribution of banking services to the improvement of manufacturing turnover, and in particular of banking, microfinance, and mobile money services to the improvement of trade and services turnover, is noted. Thus, it is necessary to liberalize the financial sector for the benefit of network operators so that they can also operate internationally and in terms of microfinance institutions for the improvement of enterprise performance in Cameroon like their peers in Ghana and Kenya. [ABSTRACT FROM AUTHOR]