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This research advances the hypothesis that female leaders – chief executive officers (CEOs), chairs, and directors – of a microfinance institution (MFI) give more priority to the poorest families in loan provision than male leaders do. We differentiate between a depth and a width dimension of financial inclusion. The data set is a unique global panel of MFIs collected from MFI raters’ reports. Our sample is also unique in the sense that about one-third of all MFIs have a female CEO. The problem of endogeneity for the female leader is resolved by running Heckman’s two-step endogenous dummy variable estimation with an instrument for the female leader. We find evidence of greater depth financial inclusion (smaller average loans, more gender bias) with a female leader but not for width financial inclusion (credit client growth). Female leaders exhibit greater altruism and greater competition avoidance but not greater risk aversion than male peers.

This study investigates the role of governance quality in maintaining financial stability and enhancing financial inclusion in Asian countries using the stakeholder theory. Composite variables were constructed for the governance quality, financial stability, and financial inclusion dimensions using principal component analysis (PCA). The impact of governance quality on financial stability and financial inclusion was analyzed using dynamic system generalized method of moments (GMM) estimations. Additionally, using Baron and Kenny's approach, the mediating role of financial inclusion in the relationship between governance quality and financial stability was examined. The results obtained were robust to various standardization techniques. This study's findings suggest that governance quality negatively affects financial inclusion but has a positive influence on financial stability. Furthermore, financial inclusion positively affects financial stability in Asia. Finally, based on the results, we conclude that financial inclusion mediates the relationship between governance quality and financial stability.

Interest in Social Entrepreneurship has been growing among non-profits and academicians over years. Discussions on these topics has been held among a variety of practitioners in a number of directions. This paper shed a light on the background and the present composition of discussions on these topics. The true strength of social entrepreneurs is their ability to recognise business failures that are holding society back, as well as their ability to tailor and execute solutions. These include clean water, access to renewable energy, financial inclusion, high-quality educational opportunities, and vital knowledge that enables life-giving agriculture to thrive. The scope and depth of the social problems at stake have grown in tandem with the field's maturation. We face a growing tide of crises, including teetering democracies, racial inequality, gender segregation, environmental disaster, population development, food insecurity, nationalism, and technological advancements that necessitate new skills and workforce training.” We are in danger of reversing the ground-breaking social achievements we have made. We also risk losing the knowledge of seasoned, but often discouraged, social entrepreneurs at a critical juncture in the social sector’s history. The aim of this paper is to identify the challenges and opportunities for social entrepreneurs in India.

International remittances by immigrants to their home countries is key in the funding development in migrant-sending countries. This study investigates the combined impact of international remittance inflows and financial inclusion on economic growth using a sample of 60 low- and middle-income countries over 1996–2017. The study constructs a composite financial inclusion index using principal component analysis. The results show that financial inclusion could strengthen the growth-enhancing effect of remittances. Thus, the study helps explain the development dilemma of remittance inflows and financial inclusion in migrant-sending countries to boost their economic growth.

Institutional quality in the form of extractive or inclusive institutions influences economic outcomes. We examine the positive moderating effect of institutional quality on the relationship between financial inclusion and poverty alleviation over a sample of seventy-five developing and developed countries (2004–2017). We use six different financial inclusion measures together with an informal political institution variable, applying both cross-section and quantile analysis. We find that institutional quality intensifies the beneficial effects of financial inclusion on poverty rates. This effect is more pronounced in poorer economies than in wealthier ones. Our findings yield implications for policy makers seeking to tackle the institutional causes of poverty.

Financial inclusion (FI) is the backbone for every economy; however, a sustainable environment is also inevitable. Therefore, this study investigates the nexus of FI and environment, i.e., ecological footprint (EF) by controlling energy consumption (EC), economic growth (Y), infrastructure (INF), and corruption (CR) in OECD countries from 2004 to 2017. To validate this nexus, the study builds an index of FI and infrastructure through "Principal Component Analysis" (PCA). Furthermore, to estimate the above-said nexus, the study uses the "augmented mean group (AMG), and common correlated effects mean group (CCE-MG)" techniques to produce reliable results. Findings report the supportive role of INF by indicating the need to promote INF to attain a sustainable environment. However, FI, EC, and CR are found to be prominent reasons for environmental degradation. The study has robust policy implications for OECD economies.

PurposeThis study investigates the correlation between financial inclusion and legal system quality.Design/methodology/approachPearson correlation analysis was used to assess the correlation between financial inclusion and legal system quality.FindingsThe author finds evidence for a positive correlation between financial inclusion and legal system quality. The findings suggest that improvements in legal system quality go hand in hand with improvements in the level of financial inclusion. More specifically, higher supply of ATM per 100,000 adults is correlated with stronger insolvency resolution framework among G7, European and non-European countries. Also, the number of bank branch per 100,000 adults is positively correlated with strong rule of law and legal rights in non-European countries. Also, the number of ATMs per 100,000 adults is positively correlated with strength of insolvency resolution framework and negatively correlated with the time it takes to resolve insolvency before, during and after the global financial crisis.Originality/valueNo study has explicitly analyzed the correlation between financial inclusion and legal system quality. This present study contributes to the literature by filling this research gap.

Banking the unbanked is a common policy goal, but should this include access to bank accounts for minors? This study estimates how teenagers' access to bank accounts affects their financial development. Using variation in state laws, we show policies that permit access to independently-owned accounts increase account ownership at age 16 through age 19, although by age 24 those young adults are banked at similar rates to teens who grew up in states that do not allow minors to own accounts independently. Teens who had access to independently-owned accounts use fewer high-cost alternative financial services (like payday loans) through age 20—but are then more likely to use AFS, particularly check-cashing services, from age 21 through 24. Using credit records, we show that access to non-custodial accounts has no effects on credit scores in the short-run, but lower credit scores and more loan delinquencies at ages 21 through 24. While these state laws promote financial inclusion for teenagers, the young people who take on accounts may experience negative consequences in the longer run.

Cryptocurrency is an advanced digital currency that is gotten by cryptography, numerous digital currencies are decentralized organizations dependent on blockchain innovation an appropriated record authorized by a different organization of computers. And Many present-day technologies are driving the transformative impact in the global financial system, in that impact cryptocurrency stands on first position in the list. Cryptocurrency offer several potential benefits, including better speed and efficiency in processing payments and transfers notably across borders and ultimately boosting financial inclusion. The intension of this paper is to summaries the difference between the normal or traditional method of currency transaction and crypto currency transaction. And why all are providing more interest towards crypto methods nowadays and what different they feel while choosing a crypto method over a normal or traditional currency methods. And how crypto currency is dragging current world attention towards its pocket and why many are developing interest towards following the crypto trend.

Financial inclusion has an important role on the Human Development Index (HDI). This study aims to determine the value of Sharia Financial Inclusion from the value of each that dimension buldier and that effect on the HDI. The calculation uses the Index of Financial Inclusion method (Sarma and Pais, 2012) and panel data regression analysis to find that effect on HDI where the independent variable are the accessibility, availability and usage dimension and the dependent variable is Human Development Index (HDI). The period that used in this study is 2015-2019. The data used is secondary data from Otoritas Jasa Keuangan (OJK) and Badan Pusat Statistik (BPS). The result of this study show that each of dimensions buldier of Financial Inclusion have a low value. Simultaneously the variable accessibility dimension, availability dimension and usage dimension have an effect on Human Development Index. Meanwhile partially, the accessibility dimension has not an effect on HDI, availability dimension has a negative effect on HDI and usage dimension has a positive effect on HDI.

Despite the ever-increasing number of NGOs in Makueni County aimed at socio-economic empowerment of women, gender inequalities are persistent and poverty levels are high. This is evident by low participation of women in decision making process, control over ownership and access of resources and wealth, increased poverty levels, increased cases of gender-based violence. This has necessitated the need to establish the role of NGOs in women empowerment in Makueni County. The purpose of the study was to establish the role of NGOs in financial inclusion of women and the creation of awareness on property rights for women. The anchor theory for this study is the Women Empowerment Framework by Sara Longwe and the other theories used in the study include Kabeers 3-dimensional model; the public goods theory of financial inclusion. The study population was 60 women groups in Kalawa ward, Makueni County who have benefited from the NGOs programs. The total number of respondents were 1254 and a sample size of 294 was used. The findings revealed that financial inclusion and awareness creation on the right to own resources and property influence women empowerment. The focus group discussions highlighted that the NGOs are doing very little in regards to awareness creation on the right of ownership of resources and property. Women cited that discrimination, being left out of development agenda, illiteracy and patriarchal nature of the society as the major challenge. The study recommendations were that NGOs, National and County Governments should provide linkage to markets for the products from the income generating activities by women groups. Both Government and NGOs should develop frameworks to engage women in development agenda. Keywords: Women Empowerment, Financial Inclusion, Awareness Creation, NGOs, Makueni County.

In modern times, enhancing energy efficiency is one of the core agenda items for the economies to progress the world. United Nations general assembly has recommended increasing energy efficiency by considering the SDG-7 guidelines. In the contemporary period, E7 economies are deficient in producing the financial resources to ensure the availability of funds for the acquisition of energy efficiency. COVID-19 crises, lack of resilience in economies, devastating fiscal burdens, and tight monetary conditions of E7 economies are the major barriers. To resolve such issues, some innovative financing techniques, such as green financing, financial inclusion, and FinTech, were suggested to investigate. However, this research tested the empirical role of financial inclusion, green financing, and FinTech on the energy efficiency of E7 economies. Study findings have shown a significant role of such financing techniques on energy efficiency. Comparatively, green financing is found most fitting and highly supportive financing tool for energy efficiency among the three. The differences in attributes, financing mechanism, funds flow system, transection systems, and variation in support by the financial institution are the main reasons that lessen the role of financial inclusion and FinTech for energy efficiency. However, theorists must revisit the transaction system of FinTech and financial inclusion parameters like green bonds for energy efficiency attainment. Policymakers are suggested to develop viable and energy system-friendly policies to grant green finance to the energy systems of E7 economies, as conveniently as possible.

Purpose Access to finance, especially by the poor and marginalized section of the population, is a prerequisite for creating employment opportunities, economic growth, poverty reduction and social cohesion. Access to finance makes transactions quicker, cheaper and safer. Most people around the world having an account in a formal financial institution serve as an entry point into formal financial sector. This study aims to analyze the status of financial inclusion in Assam with respect to demographic penetration, geographic penetration and usage ratio, i.e. credit–deposit ratio. Design/methodology/approach The study covers a period of 12 years from 2007–08 to 2018–19. Both the parametric and non-parametric statistical tools have been used to analyze the various dimensions of financial inclusion. Findings The study clearly indicates that there is a significant difference between Assam and aggregate India in financial inclusion and the status of Assam is somewhat lower as compared to the aggregate financial inclusion status of India. To achieve a satisfactory level of financial inclusion, it is not enough to open a bank account for the excluded people, but banks must look at flexibility and timeliness in services to offer a complete package to this segment of the population. Originality/value The study is a significant attempt to meet the shortcomings and improve banking coverage for achieving financial inclusion.

The literature on financial inclusion and poverty connections has received considerable attention recently. There exist a scarcity of local studies examining the relationship between financial inclusion (FI) and poverty. Precisely, there is a lack of local studies who previously used FinScope data to investigate the mentioned relationship in South Africa. This study is motivated to fill the gap. To achieve the aims, the study will source data from FinScope (a secondary data) for the periods of 2011 and 2016. The Foster-Greer-Thorbecke indices were used to measure the level of poverty, while the lower-bound poverty (LBPL) line was used to differentiate the poor from the non-poor. Principal Component Analysis (PCA) was also applied to derive the financial inclusion index (FII). Probit regressions were run to measure the likelihood of being poor and being financially excluded. Ordinary Least Squares were run to identify the nature of the relationship between the dependent and the independent variables. Lastly, bivariate regression was also run to test the relationship between poverty and financial exclusion.

En México existen programas para el acceso a Servicios y Productos Financieros en diferentes grupos poblacionales, sin embargo, los Jóvenes Universitarios de las áreas económico-administrativas tienen una Inclusión Financiera precaria, a pesar de que ellos cuentan con capacitación e instrucción en su formación académica para participar en el mercado financiero. La presente investigación pretende ser un nuevo aporte en el tema, ya que se analizó a los estudiantes de doce universidades, de las cinco zonas metropolitanas con mayor concentración poblacional de México, con el objetivo de estimar los niveles y factores que limitan o promueven la inclusión financiera. Utilizando el Modelo Scoring, basado en técnicas estadísticas y econométricas; obteniendo las desigualdades que existen entre Estados y Zonas. Se sugieren a las instituciones de educación superior, adaptar los planes de estudio a esquemas prácticos para el día con día; ya que una mayor inclusión implica una puerta de acceso a diferentes transacciones económicas. Entre las conclusiones a destacar: se encuentra que, los lugares con mayor desarrollo económico son más factibles a estar incluidos financieramente.

Financial inclusion and female participation in the financial system can avoid risk and better manage household expenditures in health and education. Women’s access to banking services and holding their saving accounts can better control the resource allocations and make decisions. Thus, their participation in the financial system reduces inequality, increases social well-being, and improves a nation's economy. This study analyzes the influence of female financial inclusion, measured as access to digital banking services, on economic development. The time-series data 2011-17 has been collected from the published sources and databases like the Global Findex of World DataBank. The study also carried out regression analysis to examine the influence of digitalization over the economic growth of the country. The results show a positive influence of access to bank account and digital services on economic development.

PurposeWomen empowerment becomes an important policy discussion in development economics and modernization theory. The empowerment of women can lead to an increase in the quality viz-a-viz the capacity of human resources accessible for economic development. The purpose of this study is to evidence the impact of social and economic dimensions on women empowerment through financial inclusion in rural India.Design/methodology/approachTo reveal the research objective, the study has utilized a primary survey of women respondents from the Gujarat state of India by a simple random sampling method and applied a logistic regression approach to identify the relationship between the need of a bank account (determinant of financial inclusion) as a dependent variable and social and economic dimensions of women empowerment such as earning status, participation in financial decision-making, recipient of social welfare schemes and perception towards the safety of saving as independent variables.FindingsThe results of this study show that earning status, participation in financial decision-making at household level and recipient of social welfare schemes by women have a significant impact on women empowerment through financial inclusion; however, safety of their savings is observed as an insignificant variable, yet the odd value is very high (2.437) in the present study.Originality/valueThe present study is the first of its kind to examine the social and economic status of women and its impact on their requirement of a formal bank account for the overall empowerment of women in rural India.

The study aimed to explore the challenges and difficulties faced by Islamic financial inclusion through Islamic financial institutions (banks, microfinance, insurance) in women's economic empowerment in Yemen. This will lead to enhance women's place in economic development when finding appropriate solutions to these challenges. This study applied the qualitative approach by conducting in-depth interviews with the experts comprising eighteen respondents in Islamic financial institutions. The result of respondents showed that there are a number of challenges and difficulties associated with the environment that have implications for overall institutional action and directly or indirectly contribute to women's economic empowerment. Where customs and traditions constitute the biggest external challenge facing Islamic financial institutions, as well as women's financial illiteracy, and the unstable political conditions that Yemen is going through. In addition to internal topics associated with the policies of those institutions themselves, they are ultimately subject to the impact of external problems and challenges. Furthermore, the results of the study will help decision-makers to activate the role of compulsory in society and implement effective plans and strategies to empower women economically.

A TANULMÁNY CÉLJA A tanulmány célja a nyugdíjcélú megtakarítási hajlandóság vizsgálata az életkor és a megtakarítási hajlandóság függvényében. Jelen tanulmány a nyugdíjrendszer által meghatározott környezeti tényezők rövid bemutatása mellett, a nyugdíjcélú megtakarítási hajlandóságot és képességet befolyásoló emberi tényezőkre helyezi a hangsúlyt. ALKALMAZOTT MÓDSZERTAN A tanulmányban a nyugdíjcélú megtakarítási hajlandóság életkor szerinti sajátosságait, valamit a megtakarítási hajlandóság és a megtakarítási képesség kapcsolatát egy logisztikus regressziós modell segítségével vizsgálom meg. A logisztikus regressziós modell eredményváltozója azt vizsgálja, hogy a válaszadó rendelkezett-e nyugdíjcélú megtakarítással az elmúlt 12 hónapban. A megtakarítási képességet a biztonsági tartalék képzés képességén keresztül ragadom meg. Az elemzés a Global Financial Inclusion felmérés (2017) alapján készült. A KUTATÁS LEGFONTOSABB EREDMÉNYEI, ÚJDONSÁGOK A kutatás legfontosabb eredménye annak bemutatása, hogy Magyarországon az idősebb kohorszok nagyobb valószínűséggel valósítanak meg nyugdíjcélú megtakarításokat, mint a fiatalabb generációk. A nyugdíjcélú megtakarítások aránya az 56-65 éves korosztályban a legmagasabb. Fontos eredmény továbbá, hogy a biztonsági tartalékokkal rendelkező válaszadók nagyobb valószínűséggel valósítanak meg nyugdíjcélú megtakarításokat is, mint azok, akik nem rendelkeznek ilyen tartalékokkal. Ezzel igazolható a nyugdíjcélú megtakarítások és a megtakarítási hajlandóság közötti pozitív kapcsolat. GYAKORLATI JAVASLATOK A vizsgálat alapján jól látható, hogy Magyarország esetében a nyugdíjcélú megtakarításokkal rendelkezők aránya alacsony 25,7%, de ez az arány világviszonylatban sem magasabb. Felmerül a kérdés, hogy ez az alacsony arány a nyugdíjrendszerek hibáinak tudható be, vagy az emberi természetből fakadó korlátok következményeit figyelhetjük meg. Köszönetnyilvánítás: A tanulmány az „EFOP-3.6.1-16-2016-00004. Átfogó fejlesztések a Pécsi Tudományegyetemen az intelligens szakosodás megvalósítása érdekében (Időskori döntéshozatal projektelem, 11. téma)” című pályázat támogatásával készült.

Ability to have access and use financial goods and services such as bank and mobile money accounts indicates the overall financial inclusion level of an economy and the higher the indices are in any economy, the better that economy is. Financial inclusion is important to realize inclusive growth in any country. It has direct impacts on the level of growth and development experienced by any economy. It can however, be skewed along gender lines as noticed overtime in the Nigerian economy and other developing economies. This study examined financial inclusion in Nigeria: a gender gap approach. It also determined the factors responsible for the gender gaps. The Global Findex (2014) dataset of Nigeria from World Bank database was used to analyse the aims of the study. In the study, 61% of the men were financially included, while only 43% of the female were financially included, with 18% gap. The gap in endowments accounted for the huge difference of the gap in outcomes as males seemed to be more naturally favoured by society than females. The level of education, wealth quintile, saved in past 12 months for farm/business purposes, sent domestic remittances in the past 12 months, paid utility bills in the past 12 months, and received wage payments in the past 12 months are the factors explaining the gender gaps in Nigeria. Thus the government and other relevant stakeholders should encourage females along these factors.

Bank Rakyat Indonesia (BRI) is one of the largest banks in the country with a fleet of over ten thousand bank branches. The bank is one of the biggest microfinance lenders in the country and is committed to accelerating financial inclusion in Indonesia through digital transformation. Agent BRILink, a nationwide network of branchless agents, enables Bank BRI to reach rural Indonesia. BRILink agents are bank customers who have a high-reliability score (calculated using the banks’ big data) and who maintain a minimum balance of USD 800. The agents can open a bank account, facilitate withdrawals, and disburse loans. The purpose of this study is to explore the agent's motivation to become a BRILink agent and the level of customer trust on the BRILink agents in the North Jakarta Administrative City. The sample for this study was BRILink agents in the North Jakarta Administrative City, among them: micro product marketing officers at BRI Pertamina Sindang Unit, BRILink Agent Officers at BRI Branch Office Jakarta Tanjung Priok, Managers in the BRI Head Office and customers of BRILink Agents. The data collection methodology for this study includes observations, surveys and interviews, as well as analysis of random questionnaires provided to 177 BRILink agents located in the of North Jakarta Administrative City. The survey data were processed using SPSS (Statistical package for the social sciences). It was revealed that the motivation to become the BRILink agent is based on the agent's desire to provide more convenient customer service by providing more services, which ultimately will increase the turnover of all bank services. This motivation can be closely related to business concerns in creating customer trust. Improving the quality of service in the event of a complaint will increase customer loyalty and encourage them to continue to do business with the BRILink agent. Improving the work of BRILink agents in terms of the quantity and quality of services will lead to better results of the bank's activities, since these processes are interrelated.

Financial inclusion, whether in terms of adoption or usage, is one of the main, but challenging priorities in the MENA region. The paper empirically investigates the relationship between financial inclusion and economic growth in selected MENA countries. A system GMM dynamic panel model technique is employed on yearly data for the period 1965-2016, using a number of measures of financial inclusion covering the households and the firms access to finance. Particularly, the study uses indicators such as the number of bank accounts (per 1000 adult population), bank accounts for corporates/enterprises, and the number of bank branches and ATMS (per 100,000 people), percentage of firms using banks to finance investments, the percentage of firms using bank loans to finance working capital, and the percentage of firms using banks to finance investments. The results of the study indicate that financial inclusion positively impacts GDP per capita growth in the selected countries. Financial inclusion measured by the household’s financial access index has a positive and statistically significant impact on economic growth in the MENA region, but requires supervisory and regulatory regimes with backing of the rule of law, judicial independence, contract enforcement, control of corruption, and political stability. The effect firms’ access to finance is only significant in the presence of strong institutions. The results were insignificant for the general financial inclusion measure.

Purpose:The paper aims to estimate the effect of inequality on the economic growth of Balkan countries for the period 2001-2017. In addition, the effect of capital stock on GDP per capita (GDPpc) for the Balkan countries was estimated. The low level of financial inclusion on the Balkan region produces an underinvestment of human capital and affects the low-income households, leading to an increase in inequality. Low levels of equality and capital stock negatively impact economic growth.

In this paper, we question the promotion of financial inclusion, and microfinance specifically, as a means to achieve ‘Decent Work’ (DW) under the International Labor Organization’s (ILO) programme. Drawing upon original research findings from two types of internal migrants in Cambodia, we make a twin contention: first, that excessive levels of microfinance borrowing by garment workers are part-outcome of the failings of the DW programme to engender ‘decent enough work’, and second, that microfinance borrowing is actually eroding rather than contributing to the prospect of decent work for debt-bonded brickmakers in the country. The data presented on two of the largest sectors contributing to Cambodia’s growth in recent decades, enable the paper to show how microfinance and labour precarity are intertwined through the over-indebtedness of workers in both cases. The paper ultimately looks to caution the ILO on its current promotion of financial inclusion and microfinance in particular, stressing the need for significant sectoral reforms before this form of credit can be considered to align with the core principles of the DW programme.

The concept of inclusive finance was proposed and promoted by the United Nations in 2005 with the main purpose of providing services for those who lack good financial services while promoting the economic growth of family enterprises and eliminating social poverty as well as inequality. With the innovation of financial technology and its application in the field of financial inclusion, the new inclusive finance has shown strong vitality and great prospects in recent years. It provides certain ideas and directions for the development of inclusive finance in the banking industry.

This paper evaluates the imposition of caps on microcredit lending rates through credit policies for productive sectors. This financial inclusion intervention provides a unique quasi-experiment, al...

PurposeThe purpose of this paper is to check the impact of financial inclusion on economic development of marginalized communities through the mediation of socio-economic empowerment.Design/methodology/approachIn order to fulfil the objectives of the study, primary data were collected from 382 bank customers belonging to marginalized communities breathing in Jammu district of J and K by using purposive sampling technique. The data were collected during the month of April–August 2020. Multivariate statistical techniques such as EFA, CFA and SEM were used for data analysis and scale purification.FindingsThe study’s results reveal that financial inclusion has a direct and significant impact on economic development of marginalized communities through the mediation of social and economic empowerment. The study highlights that despite various initiatives taken by the government towards financial inclusion, there is a denial from the financial institutions to extend the credit to the marginalized communities due to lack of education, illiteracy, lack of awareness, attitude of bankers and policy directions to the banking sector, which confine these communities to feel proud, dignified, confident and self-reliant to face any financial crisis.Research limitations/implicationsFirst the in-depth analysis of the study is restricted to Jammu district only that restricts the generalization of the results to the whole population of J and K. Second, the data were collected from respondents belonging to marginalized communities only. Third, comparative study of marginalized households who are covered under the financial inclusion drive and those who are still financially excluded has not been done yet. Fourth, the questionnaire approach was the only way to gather primary data and thus, the results might have a common-method bias.Originality/valueThe study makes contribution in the direction of financial inclusion narrative relating to socio-economic empowerment and economic development of marginalized communities. It looks into how for the socio-economic aspects of marginalized communities influence their exclusion from the financial system of the country. The study also provides valuable insights for the policymakers, researchers and academicians both at the countrywide and intercontinental level to devise and put into practice programmes that will widen right to use financial products and services leading to cutback of poverty incidence, income parity, social and economic empowerment, economic development and reduction in caste and gender based discrimination.

The study assess mobile money demand for utility bill payments and identify factors that affect its adoption in Ethiopia. We use data from urban household survey and dichotomous choice experiment t...

This paper seeks to identify the key factors affecting financial inclusion in developed and developing countries. Considering six dimensions of financial inclusion and different indicators, several...

Financial wellness is regarded as a significant constituent of the overall well-being of individuals. Financial wellbeing is defined as having financial security and freedom of choice, in the present and in the future. This has a direct correlation to overall wellbeing: including productivity experienced at work, quality of relationship, quality of health and hence quality of life. Financial wellness is also challenging as everyone desires to achieve a state of wellness while the pathways to its achievement are not straightforward and can be easily overwhelming to many. In the Indian context, recent reports point to the fact that financial wellness emerges as a top stressor for a majority of people which has also heightened due to the pandemic. A lack of financial wellness thus emerges as a major problem in the country. The prevalence of concerns on financial wellness in fact, is witnessed across the globe. An approach to ameliorating this is through the field of behavioral finance which has uncovered many behavioral biases and barriers which impact how financial decisions are taken. Examples include lack of awareness of financial needs or awareness of the right products, lack of self-control, confusion in making financial choices or being unable to save/invest at the right time. To address this, we present a holistic and hyper-personalized approach that combines technology and behavioral science to influence financial behavior. The solution aims at enhancing financial wellness of individuals using behavioral levers and nudges. This combines two aspects: (1) an engaging user interface at the front-end and (2) a customer insights/behavioral analytics and intervention recommendation system at the back end that suggests appropriate hyper-personalized actionable steps to the user. The solution helps users to visualize their financial needs, set financial goals and receive appropriate personalized nudges to help them in implementing financial plans as they go through various phases of career/life stages. We present our thoughts on how financial wellness can be extended to address financial inclusion in India.

In a rapidly digitizing country, Digital Financial Services (DFS) hold the promise of bringing financial inclusion to the last mile. Through the use of DFS, vulnerable and marginalized groups can reduce the risk and cost of using cash, and increase their access to a suite of financial services that would have been otherwise unavailable, or difficult to obtain, such as credit, savings, insurance, and pension. This paper provides an overview of the policy environment regulating digital finance in India as well as presents high-level statistics on the level of digitization across population segments in the country. It then moves on to describe the digital readiness, current usage of digital financial services, and specific issues and solutions for three vulnerable and marginalized groups with high digitization potential: women, micro-entrepreneurs, and domestic migrants. This is complemented by insights drawn from LEAD at Krea University’s primary research on these topics. Finally, the paper provides recommendations to accelerate the penetration of digital financial services among vulnerable groups. These include monitoring the implementation of recently introduced policies on data privacy, grievance redressal, and KYC simplification. It is also recommended to develop customized digital financial services that address the unique needs and profiles of vulnerable groups, such as those specifically analysed in this paper.

While financial inclusion is highly touted for enhancing welfare, very little evidence exists with regard to its effect on population health, especially in Africa (where population health is relati...

State-led financial inclusion programmes have been implemented in many developing countries, but their effectiveness in raising welfare remains widely debated. In this article, we report evidence on this issue, against the backdrop of recent policy initiatives on financial inclusion in India. We employ Theil’s entropy-based index to estimate diversification in consumption expenditure, and use this as a measure of welfare. Using household-level panel data across all regions of the country, we find evidence that greater financial inclusion increases diversity in non-food items. Further, we also notice that there is a shift in consumption basket from food items to non-food items. These findings suggest an improvement in welfare for both rural as well as urban households.

PurposeThis paper aim to fill the gaps by looking for the determinants and barriers related to financial inclusion. This study assesses the effect of socio-demographic variables on the use of formal financial inclusion services.Design/methodology/approachThis article examines the barriers to formal financial inclusion, focusing on saving and credit strands. The authors propose the probit model, allowing distinguishing the outcome variable into three categories: Formal inclusion, informal inclusion and financial exclusion. The authors apply this model to the Findex 2017 survey data.FindingsEstimation results propose that the trust to financial institutions, the distance to banks, the lack of documentation and the service costs are the main barriers, but these barriers affect the probability of using formal financial services differently according to the types of financial services (saving or credit).Research limitations/implicationsTo advance the formal financial inclusion in Tunisia, the authors call for continuing promoting financial literacy among adults and the young population, which helps them understand the benefits of using formal financial services. Financial literacy throws in constructing the individual trust toward the financial sector in a country that experienced several decades of political and economic instability.Originality/valueFinancial inclusion promotes growth through a broadening of the system and technology that can be a major catalyst for greater financial inclusion. It helps in the overall economic development of the underprivileged population and contributes to poverty reduction. It can also enhance the security of payments, and thus lower the incidence of associated crime.

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

Purpose This study aims to focus on implementing frugal innovation and its principles by social entrepreneurs to face the challenges during the COVID-19 pandemic. The research paper discusses the case of an Indian social entrepreneur who works for menstrual health and hygiene of unprivileged and rural women in India. The social entrepreneur’s constant endeavor is to create an ecosystem to ensure rural women’s economic and social upliftment through financial inclusion and livelihood training. When faced with the COVID-19 pandemic, the social entrepreneur re-purposed the manufacturing process to produce masks that were the need of the hour. Design/methodology/approach The research paper is qualitative and follows an inductive case study approach. The underlying principles of frugal innovation are established through content analysis of the social entrepreneur’s interviews and her team members. Findings The study discusses how adversity can be an opportunity for social entrepreneurs by implementing frugal innovation principles, i.e. re-use, re-purpose, re-combine and rapidity, in times of crisis. Research limitations/implications One of the major limitations of this study is that it is based on a single case study, as, in the current scenario, this case appeared to be the most suitable one. There is no way to generalize the assumptions of this model. Researchers will have to study the phenomena of frugal innovation in adversity across multiple cases in the future. Also, the study is based on a single emerging economy, i.e. India. Further research may be carried out with such cases from other countries. Practical implications The proposition of this research paper will help new and established social entrepreneurs understand that the four principles of frugal innovation and their practical application by a social entrepreneur. This will act as a guiding light for the present and future entrepreneurs regarding how one can respond to a crisis. This will also help advance our understanding of the distinct ways in which social entrepreneurs’ activities can help society in times of crisis. The findings of this research paper provide timely implications for social entrepreneurs. To respond efficiently to various crises, it is important to consider its effect on social entrepreneurship. Social implications The research paper shows that the social enterprise has implemented frugal innovation principles to manufacture the COVID-19 protection items supplied through existing supply chain networks. Also, a social entrepreneur is not intimidated by the sudden changes in the business environment; instead, they look at the situation as an opportunity to do something new. They are always willing to take the risk to innovate a solution that will address people’s problems. frugal innovation, due to its highly collaborative nature and its ability to make the most from limited resources, is the only way social entrepreneurs can create an inclusive, secure and sustainable future. Originality/value There are several challenges in social entrepreneurship, especially in emerging economies like India. During the pandemic, availability of resources was the major challenge, due to which social entrepreneurs had to find solutions through frugal innovation. This paper provides the practical application of the four principles of frugal innovation implemented by a social enterprise to manufacture and supply Covid protection items. It also presents the practical and managerial implications of the principles of frugal innovation by social entrepreneurs in low resource settings.

In the context of post-crisis global economic governance, the global financial inclusion agenda is widely supported by international organizations, states, and civil society organizations. Some sch...

Information and communication technology promotes the rapid development of fintech, which has a far‐reaching impact on wage distribution in China. Using data from the Chinese General Social Survey and the Index of Digital Financial Inclusion, this study examines the impact of fintech on the gender wage gap. We find that fintech (i) narrows the gender wage gap; (ii) reduces capital constraints and operating costs, thereby promoting female entrepreneurship, driving more women into employment, and enabling women to increase their wages and bargaining power within the household; and (iii) positively impacts the wages of women (and men) who have lower family economic status, and helps women (but not men) counter the risk of decline in wages caused by childbearing and caring under the two‐child policy. These findings have important policy implications and provide evidence of women's improving economic conditions leading to a reduced gender wage gap.

Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, those related to poverty, inequality, climate, environmental degradation, prosperity, peace and justice. The United Nations General Assembly adopted the 2030 Agenda for Sustainable Development along with the development goals that are collectively called the Sustainable Development Goals on 25 September 2015. The Agenda was endorsed by all 193 member nations of the General Assembly, both developed and developing—and applies to all countries. Though the global goals directly do not target financial inclusion, access of financial services to the masses is a key enabler for many of the goals. There are 17 SDGs which enhance economic development. Economic development requires sound foundations. Universal access to education and health services, access to financial and insurance services, new technologies and affordable bank loans, and improved distribution of resources are all important components of sound economic development. In early 1990s India took a giant leap by liberalizing its economy and eventually, the 2000s have seen India make its economic development just and socially progressive by bringing in a number of financial inclusion policies and initiatives. A good economy is both a necessary condition as well as the goal of any financial inclusion initiative. Financial inclusion models can support overall economic growth and the achievement of broader development goals. Digital Finance has played a major role in the delivery of financial services to the vulnerable groups through mobile phones, personal computers, the internet or cards linked to reliable digital payment system. The objective of the paper is to study the role of financial inclusion in achieving Sustainable Development Goals and also the impact of digitalisation on the same.

Over the last decades, there has been a proliferation of cash transfer programmes across the global South. Digital technologies have given this seeming countermovement a boost by promising to instantaneously transfer cash from the coffers of development agencies and national governments to the pockets of the poor, sidestepping the neo‐patrimonial state. With the COVID‐19 crisis, tech billionaires have teamed up with development institutions to fast‐track ‘digital payment ecosystems’ under the guise of financial inclusion and fiscal savings. Much has been written about how such initiatives accelerate the financialization of social welfare and collateralization of the poor by trapping cash transfer recipients in relations of credit and debt. Less has been written about grassroots strategies to claw back power from digital control. Drawing on ethnographic research conducted in Mozambique, this article explores three sites of contention at the interface of digital technologies and cash transfer administration: the development of an information management system, the application of a proxy means test and the outsourcing of cash transfer payments to private providers. While not always successful, the article concludes, counter‐hegemonic repertoires of action are critical to shaping the terms of cash transfer administration amidst a global ‘war of position’ in policy making. [ABSTRACT FROM AUTHOR] Copyright of Development & Change is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article situates contemporary debates about financial inclusion in the context of poverty finance interventions over the long term. Contemporary efforts to promote access to credit and other financial services for the poorest echo longstanding efforts, dating to the colonial period, to resolve recurrent development crises by expanding access to formal credit or creating alternative credit systems. The article argues that these efforts need to be understood as responses to deeply embedded social and ecological contradictions rooted in the political economy/ecology of colonialism. Theoretically, the article develops this argument by drawing together Marxian discussions of ‘secondary exploitation’ with discussions of the political ecology of indebtedness, showing how debts function both as important means of organizing labour and sites of contradiction. Empirically, the article maps out a series of conflicts in Ghana over the provision of credit to cocoa farmers, from roughly 1930–60, drawing on original archival research. These struggles are placed against the backdrop of longer-run social and ecological contradictions engendered by the early twentieth century cocoa boom. It concludes by showing how these contradictions are echoed in contemporary financial inclusion initiatives in general and responses to climate vulnerability in Ghana.

Small entrepreneur performance is always seen along with the complete proportions of financial, strategic, and structural development. The socioeconomic function performed by them is widely known. Yet there is concern regarding their financial literacy due to declining public and private to support and large developments in the financial marketplace. The concern is also deep due to the financial challenges and dearth of financial literacy of them. This may be a major factor for poor financial decision making and even deprived financial inclusion. Further, poor financial literacy causes not only business failures but has a penury multiplier effect. Thus, there is a global reckoning that financial literacy is not only vital for economic-financial stability and development but also as a strategy for financial inclusion. Hence, adopting a conceptual analysis approach, the aim of this study is to deliberate on financial literacy as a strategy for enhancing the financial inclusion of small entrepreneurs in the Indian context.

The promotion of financial inclusion is important for the combating of financial exclusion in many countries, including South Africa. Nonetheless, most low-income earners living in rural areas and informal settlements are still struggling to gain access to basic financial products and financial services in South Africa. This status quo has been caused by a number of factors such as the absence of an adequate financial inclusion policy, the geographical remoteness of financial institutions to most low-income earners, rigid identity documentary requirements, a lack of access to reliable and affordable Internet connection by low-income earners living in informal settlements and rural areas, a lack of financial illiteracy, the high costs of financial services, unemployment and poverty, over-indebtedness, and cultural and psychological hindrances to low-income earners in South Africa. Consequently, these factors have somewhat limited the access to financial services offered by financial institutions to low-income earners living in rural areas and informal settlements. In many countries, including South Africa, the financial sector is relying on innovative technology, especially in banking institutions, to aid in the offering of financial services to their customers. It is against this background that this article discusses selected legal and related challenges affecting the regulation and use of innovative technology to promote financial inclusion for low-income earners in South Africa. The article further discusses possible measures that could be adopted by the government, financial institutions and other relevant regulatory bodies to promote the use of innovative technology to combat the financial exclusion of low-income earners in South Africa.

The advent of mobile money innovations has given people in rural areas, informal settlements and other poor communities an opportunity to participate in Zimbabwe's mainstream financial economy. However, the technology-driven money services have presented some challenges to the traditional banking sector in general and the regulation of financial services in particular. Firstly, most mobile money services are products of telecommunication corporations, which are not banks. Telecommunication companies use their network reach to provide mobile money services via mobile devices at a cheaper cost than banks across the country in Zimbabwe. As such, banks face unprecedented competition from telecommunications companies that are venturing into financial services. It also appears that prudential regulation of banks cannot keep up with the fast pace at which technological innovations are developing and this has created a disjuncture between the regulation and the use of technological innovations to promote financial inclusion in Zimbabwe. The Banking Act [Chapter 24:20] 9 of 1999, the Reserve Bank of Zimbabwe Act [Chapter 22:15] 5 of 1999 and the National Payment Systems Act [Chapter 24:23] 21 of 2001 have a limited scope in terms of the regulation of mobile money services in Zimbabwe. The Ministry of Finance and Economic Development launched the National Financial Inclusion Strategy (NFIS) 2016-2020 to provide impetus to the financial inclusion of the poor, unbanked and low-income earners in Zimbabwe. However, the NFIS appears to push more for bank-led financial inclusion than it does for innovation-driven initiatives such as mobile money services. This article highlights the positive influence of mobile money services in improving financial inclusion for the poor, unbanked and low-income earners in Zimbabwe. The article also seeks to point out gaps and flaws in the financial services regulatory framework that may limit the potential of mobile money services to reach more people so that they actively participate in the Zimbabwean economy. It is submitted that the Zimbabwean mobile money services regulations and the financial regulatory framework should be carefully amended in line with the recent innovations in mobile money to adequately regulate the use of mobile money services and innovative technology to address the financial exclusion of the poor, unbanked and low-income earners in Zimbabwe.

This research is conducted with the aim of analyzing the influence of financial literacy, financial inclusion, and peers on saving behavior through self-control as intervening variables in 920 students of the Faculty of Economics at State Universities in Surabaya. The sample of this research amounted to 211 sample taken with random sampling techniques. Data collection techniques using tests and questionnaires, which are analyzed by the SPSS 25 program. The results showed: 1) financial literacy has a negative and significant effect of 0,038 on saving behavior, 2) financial inclusion has an influence and significance of 0,001 on saving behavior, 3) peers has an influence and significance of 0,018 on saving behavior, 4) self-control has an influence and significance of 0,000 on saving behavior, 5) financial literacy has no significant effect 0,131 on saving behavior through self-control, 6) financial inclusion has a significant effect of 0,013 on saving behavior through self-control, 7) peers has a significant influence 0,012 on saving behavior through self-control.

Financial inclusion (FI) appears to be one of the main global agendas as it is an essential way of reducing poverty and increasing the economic growth of a country. FI is the provision of financial services to all segments of society in a more convenient, quality, and affordable way. In this study, the authors analyzed the issues and challenges faced from the two perspectives of the Financial Institutions (FIs) and the rural B40 group concerning the way of pursuing the exclusive of FI. Primary data was collected by conducting semi-structured interviews with four expert bankers from the Financial Institutions (FIs) in Kuala Rompin, Pahang, and two representatives from the B40 customers in the rural areas of Pekan, Pahang, Malaysia. Based on the findings, barriers faced by the supply sides of the FIs include 1) high risk of cost and security, 2) barriers in communication and lack of financial education, and 3) lack of proof documents. The other challenges are 1) competition with the conventional institutions, 2) default risk due to non-payment, and 3) internet connection problem. On the demand side, the issues and challenges found include 1) lack of confidence, 2) lack of proof documents, 3) misuse of capital, and 4) lack of financial literacy. Henceforth, the findings have significant implications for the Islamic banking and finance industry in exploring the current barriers faced in delivering financial inclusion to the lower segment of the society in Malaysia.

Monetary policy ensures the financial system stabilization. Financial inclusion, characterized by the access and use of available financial services (credit, savings, payments, insurance at a low c...

Nowadays, companies require the use of financial products that support their fluidity to improve their daily operations, that’s why the aim of this article is to explain the usability of financial products in Micro, Small and Medium Enterprises (MSMEs) in Tierra Blanca, Veracruz, Mexico, for the period of November 2019. The methodology has a qualitative approach, using the Delphi method and a sample by cases. The results cited are: the deficient use of financial products, restricted access to credit, due to the policies that each institution pursues, a lack of awareness of the advantages offered by POS and insurance as the least used product. Among the conclusions reached, it is possible to mention that there is a high rate of ignorance of the advantages offered by financial products, there is no real connection between businessmen and bankers, and there is a lack of education and financial culture, it also produces a paradigmatic paralysis that causes fear of migrating to the use of financial products. The study shows the opening of new lines of research in matters of culture and financial education, considering that the existing literature is based on access to financial products and not on the actual use that entrepreneurs make once they obtain them.

UPI (Unified Payment Interface) platform has been used especially in India since 2016. This paper is aimed at exploring how UPI is impacting, financial literacy, financial inclusion and the economic development of the poor in India. Structured equation modelling is applied in the paper to explore the path analysis of the relevant construct to establish the relationship. A structured questionnaire of interval scale was administered to gather the data for the study. It is found that UPI is impacting the financial literacy. In addition to that, it is found that financial literacy is significantly impacting financial inclusion which in turn is significantly causing economic development. Moreover, the significant association of financial literacy to financial inclusion is partially mediated by financial stability and the significant association of financial inclusion to economic development is also partially mediated by trust. The main implication of the study is that UPI is helping people in more than one way. It is not only supporting the financial literacy but also contributing to financial inclusion and economic development of the poor, indirectly. Therefore, policy makers can use the findings of this study to frame policies for UPI more effectively in the future. This study is unique as no other study is observed on the linkage of UPI with financial literacy, financial inclusion and economic development of the poor.