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The present study investigates the moderating role of institutional quality, governance, and banking regulation on the nexus of the shadow economy, financial stability, and financial inclusion across G5 economies. In order to accomplish the aforementioned objectives, we have utilised a comprehensive range of econometric tests, including the Breusch-Pagan LM and Pesaran’s tests, second-generation unit roots tests, Westerlund cointegration tests, cross-sectional autoregressive-distributed lag (CS-ARDL) estimates, the system generalised method and moments, and the Konya causality test. The empirical outcome reveals that both financial inclusion and the shadow economy increases financial sector instability. However, governance indicators and banking regulation moderate these effects, suggesting their crucial role in stabilising financial sectors. Additionally, the study also confirms that financial inclusion reduces the size of the shadow economy in G5 countries. Furthermore, interaction effects reveal that when governance and banking regulation interact with financial inclusion, it exacerbates the negative impact of financial inclusion on the shadow economy, implying that it assists in reducing the size of the shadow economy. The Konya bootstrap causality test confirms bidirectional causality among the shadow economy, financial stability, financial inclusion, and economic growth. This research underscores the importance of effective governance and regulatory frameworks in managing financial stability and promoting inclusive growth, offering significant insights for policymakers and researchers alike. [ABSTRACT FROM AUTHOR]

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Access to financial services, which is a component of financial inclusion, enables individuals and businesses to access the funds they need on favorable terms and at low cost, without time and place constraints. In this respect, access to finance is seen as an important tool for economic growth, employment and poverty reduction. The study aims to examine the role of the variables of shadow economy (SE), human development level (HDI), automatic teller machines usage (ATM) and inflation (INF) on access to financial services (AFS) in the member countries of the Organization of Turkic States (OTS). In the study, which covers the period 2004–2021, analyzes were conducted within the framework of the fixed-effect Method of Moment Quantile Regression (MM-QR). According to the results of the study, while the level of HDI and the use of ATMs have a positive effect on AFS, while the SE has a negative effect. Although the INF rate has a negative effect on AFS, this effect could not be confirmed at any quantile level. [ABSTRACT FROM AUTHOR]

This research investigates the influence of financial inclusion and digitalization on carbon dioxide (CO2) emissions by analyzing a sample of 38 countries from 2006 to 2020. For our analysis, we use the SGMM method and fixed-effect panel threshold models. Financial inclusion and digitalization are measured using newly constructed indices derived from principal component analysis. Despite some variations in specific details, the overall trend in the relationship among CO2 emissions, financial inclusion, and digitalization remains consistent across high-income and low- and middle-income countries. Our findings reveal that financial inclusion has a significant and non-linear impact on CO2 emissions. Conversely, digitalization is found to reduce CO2 emissions significantly. Furthermore, the threshold models indicate that the impact of financial inclusion on CO2 emissions varies depending on the levels of financial inclusion and digitalization. The influence of financial inclusion on CO2 emissions is lower at higher levels of financial inclusion and digital technology, and vice versa. Our findings have implications for policymakers who seek to develop economic policies for sustainable development. By adopting policies that promote digital technologies, policymakers can enhance financial inclusion and economic growth and reduce CO2 emissions. [ABSTRACT FROM AUTHOR]

This bibliometric review explores the relationship between financial inclusion and sustainable development. It aims to identify key concepts in this research area and summarize the main findings of previous studies. The study is based on trends in the number of papers, keyword analysis, and an examination of the progression of the research topics over time. It identifies three main clusters of sustainable development—economic, social, and environmental—as well as the top authors, countries, organizations, the most frequently cited papers, reference papers, and journals. The study presents specific trends highlighting the role of financial inclusion in promoting economic growth, reducing income inequality and poverty, and mitigating climate change. This review provides a comprehensive perspective on the role of financial inclusion in sustainable development, emphasizing the need for integrated strategies that combine economic growth, social equity, and environmental sustainability. It recommends ideas for future research to further explore these relationships, providing valuable insights for policymakers and stakeholders in developing inclusive and sustainable development policies. [ABSTRACT FROM AUTHOR]

This study aims to analyze the keywords related to mobile banking by focusing on its development between 2003 and 2023. To do so, a systematic bibliometric analysis is undertaken, for which, the screening of Scopus database was done to identify the publication (institutions, most-prolific authors, year-wise, countries-wise and most-cited papers). Additionally, keyword occurrence analysis was also done using the VOSviewer software. The results of the study indicate that there are worldwide trends and increased production that have resulted in various changes. One prominent topic that consistently emerges in relation to mobile banking across different time periods is mobile telecommunication technologies. Through the demonstration of the origination of major terminologies in mobile banking, notable shifts in the evolution of the field's terminological framework were discernible. Hence, it is imperative to investigate the progress in forthcoming decades, specifically the impact of recent global events on the evolution of mobile banking usage worldwide. Furthermore, the current study adds substantial value to the existing body of literature by presenting a conceptual framework that might guide future research endeavors. The framework offers researchers the potential to investigate the many study streams in forthcoming studies. The present study represents a novel contribution in terms of its methodology. A thorough examination of research databases, such as Scopus and Google Scholar, reveals a lack of published literature that comprehensively and extensively addresses the topic of mobile banking (m-banking) in a multi-period context, particularly in an applied manner. Moreover, the present study addresses this research gap by the implementation of a bibliometric analysis and content analysis. [ABSTRACT FROM AUTHOR]

The financial industry has witnessed the emergence of robo-advisory, a Fintech breakthrough resulting from the integration of digitalisation in the era of robotechnology. The adoption of technology and Artificial Intelligence (AI)-based advisors are now becoming common in distinct functions of everyday life. The financial technology market is also heading in the same direction. This research is aimed at performing an analysis of consumer perspectives on the adoption of roboadvisors in the German financial industry. For this purpose, this study intends to investigate the impact of opportunities, and threats on the intention to use roboadvisors by the German retail investors. This study uses cross-sectional data from 145 respondents using an online questionnaire to analyse factors impacting retail consumer decision-making regarding human and robo-financial advisors in Germany. Two step PLS-SEM model is applied to analyse the data. It is concluded that men, younger individuals (aged 18-35 years), those with higher financial literacy (master's degree), and income (more than -500 euros) groups are more likely to invest through robo-advisors. The findings of PLS-SEM show significant positive relation between opportunities and intention to use robo-advisors. The findings further show significant negative relation between threats and intention to use robo-advisors. Robo-advice can contribute to financial inclusion and help financially fewer literate investors to invest in the capital markets. If the regulators of robo-advisors and robo-advisors themselves can ensure a high degree of precision and suitability for investors, then robo-advice has an enormous potential to balance, irrespective of replacing traditional financial advisors in the future. [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]

The integration of Aadhaar and PAN card systems in Tamil Nadu marks a significant milestone in the digital transformation of welfare services. This study explores the economic implications, fraud risks, and privacy challenges associated with this integration, focusing on its impact on welfare delivery, citizen empowerment, and the broader socio-economic landscape. By linking Aadhaar and PAN, the government aims to streamline welfare disbursement, reduce administrative costs, and eliminate duplicate beneficiaries. This shift has facilitated targeted subsidies, enhanced financial inclusion, and improved access to welfare schemes, particularly for rural and marginalized populations. However, the digital transition also exposes critical vulnerabilities.The reliance on digital infrastructure heightens fraud risks like identity theft and phishing, eroding trust in systems and increasing the economic burden of fraud detection. Centralized data from Aadhaar-PAN integration ensures efficiency but raises privacy and surveillance concerns. The absence of robust data protection legislation exacerbates the threat of misuse, impacting citizens' willingness to engage with digital systems. This paper highlights the need for balanced policymaking to maximize the economic benefits of digital transformation while mitigating risks. Recommendations include strengthening cybersecurity measures, implementing comprehensive data protection laws, and enhancing public awareness of digital fraud. Addressing these challenges can foster trust in digital systems, ensuring that technological advancements in welfare delivery contribute to inclusive growth and economic resilience in Tamil Nadu. This research paper addresses pressing and highly significant issues within today's rapidly evolving and interconnected world, highlighting its strong relevance to the current global landscape. [ABSTRACT FROM AUTHOR]

This paper describes key trends in the payments markets (namely, declining use of cash, digitisation, the growth of payment fraud, and geopolitical tensions) and how these translate into risks, both perceived and real. The paper then describes how the European Union (EU) legislator is addressing these risks, for example, through the proposed EU Payment Services Regulation and the Instant Payments Regulation, which will introduce such measures as conditional reversal of liability for authorised push payment fraud and confirmation of payee services to enhance fraud prevention and protect consumers, along with efforts to increase the availability and acceptance of cash in order to preserve financial inclusion for vulnerable groups that rely on cash payments. The paper also discusses how the proposed digital euro would function as a backup for payment systems during disruptions, as well as a solution to counter the potential dominance of a third-country central bank digital currency or stablecoin. The paper discusses how many of the legislative measures will require private sector entities to invest in capabilities they would not otherwise invest of their own accord and to cooperate in order to accomplish the public goals set forth by the EU legislator. Put differently, the product development agenda for payment service providers over the coming years will, to a large extent, be driven by the legislator rather than businesses. Some of the required investments will probably be lossmaking, while others could be profitable but may cannibalise existing business. The legislative developments will, therefore, require the identification of both risks and commercial opportunities. [ABSTRACT FROM AUTHOR]

The payments landscape is evolving rapidly, and fast payment systems (FPS) have emerged globally as a key innovation. Jurisdictions differ in their approach to designing FPS and in user adoption. In this paper we lay out the main design features of FPS that may foster adoption based on a novel qualitative and quantitative dataset of FPS in 13 jurisdictions. Cross-country regressions suggest that adoption of fast payments is greater when there are more use cases, more cross-border connections, when non-banks can participate in the FPS and when the public sector plays an active role in the FPS. In addition, we find that implementing an FPS improves financial inclusion, beyond payments. [ABSTRACT FROM AUTHOR]

Rapid digitisation has paved the way for a plethora of innovative payment methods, aimed at eliminating payment frictions. Frictionless payments are at a crossroads of public policy objectives including innovation, customer convenience, sustainability, consumer protection and financial inclusion. The complexity in balancing these objectives requires discussion from an early stage, to prevent unintended policy effects for (certain groups of) consumers. This paper highlights that European payment services legislation does not yet fully address the unique challenges of frictionless payments, resulting in a situation where the risks could outweigh the opportunities. To this end, the paper raises several issues for further discussion and proposes a policy framework for frictionless payments. Several aspects could be considered in such a framework, notably: giving consumers more control by requiring explicit consent before actual payment, and providing alternative options for effecting payment; improving awareness regarding innovative payment methods; improving financial literacy, digital skills and fraud knowledge; including the estimated carbon emission of a specific purchase in account statements; specifying and developing authorisation in the Revised Payments Services Directive; enabling the immediate reclaiming of incorrectly debited amounts; blocking certain debtors from payment accounts; ensuring that online permission dashboards are easily accessible and usable for consumers; and ensuring the difference between differentiation and discrimination of decisions by self-learning algorithms. [ABSTRACT FROM AUTHOR]

This study aims to investigate the significant impact of microcredit on small businesses and entrepreneurs in north-east India. The research employed a primary survey approach, gathering responses from 205 small business owners through purposive sampling. The analysis utilised a probit model to assess the data, highlighting that factors such as the business's status, participation in awareness programmes by entrepreneurs, operating the business from home and other relevant variables play a crucial role in determining access to microcredit. The findings point out that the businesses experiencing decline are more likely to access credit from microfinance institutions. Also, there is a significant correlation between awareness programmes attended by the entrepreneurs and access to microfinance services. These findings suggest that an increase in the awareness programme participation by entrepreneurs will significantly encourage access to microfinance services. [ABSTRACT FROM AUTHOR]

The financial system has changed due to recent advancements in banking and insurance, but it is only available to some groups of society while excluding others, which is known as 'financial exclusion'. Every nation strives relentlessly for comprehensive financial inclusion in order to achieve both inclusive growth and overall development. This study aims to analyse the role of the Pradhan Mantri Jan Dhan Yojna (PMJDY) on financial inclusion among tribes of Kerala. A structured schedule was used to collect primary data from 395 tribal respondents of the Attappady tribal area. The data were analysed through the statistical program for the social sciences by using the chi-square test, and the study found evidence that there is a strong association between the perception of tribes about the impact of the PMJDY scheme on financial inclusion. The results support further promoting Scheduled Tribes' access to and use of the specific scheme in order to ensure the inclusive development of the society. [ABSTRACT FROM AUTHOR]

Financial inclusion, which means the promotion of an affordable, timely and adequate access to a wide range of regulated financial products and services, as well as its use by all the segments of the society, is a high potential tool that may contribute to the development of the rural environment, while its absence could in turn cause a major harm. The availability of a sufficient level of financial literacy, which can be defined as the ability to understand financial concepts and risks, as well as the motivation and trust to use it when making financial decisions, is frequently deemed to be a need to reach financial inclusion by the academic literature. Financial literacy is, in turn, influenced by different variables, such as the degree of rural or urban predominance, the level of education and the available income in the household. This paper analyses the impact of such factors on financial literacy. The degree of financial literacy tends to be lower in rural environments, with limited incomes and poorer educational backgrounds, which creates a vicious circle that potentially worsens the situation of what has been called the empty Spain. Considering the importance of financial literacy to reach financial inclusion, we remark the potential of digital transformation as a valuable tool to break this negative trend in the less populated Spanish regions, and so, a cornerstone for the regenerative development of the Spanish rural areas. [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]

Research on the driving role of digital finance in urban innovation is scarce. Most existing literature focuses on whether digital or traditional finance contributes more to innovation, ignoring the spatial spillover effect of digital finance and failing to explore whether digital finance complements traditional finance in promoting innovation. Moreover, current studies focus on the provincial dimension but elaborate very little on the implications of BRI node cities. This study fills in the gaps by focusing on the spatial spillover effects of digital finance on urban innovation and complementary functions of traditional finance. It applies the spatial Durbin model to 26 China BRI node cities from 2013 to 2020. The results indicated that digital finance has a significant positive effect on the innovation level of these cities, suggesting that digital and traditional finance systems are complementary in promoting innovation. Moreover, the evidence of spatial spillover proves that innovations in node cities influence neighboring regions. This paper contributes to the interaction between digital finance and urban innovation with new insights. It also fills the literature gap by underlining the spatial dynamics rather than traditional panel approaches. The results are useful for policymakers in harnessing financial mechanisms for innovation and economic growth. Doi: 10.28991/ESJ-2025-09-01-024 Full Text: PDF

Abstract Financial technologies are the fundamental basis and driving force for financial inclusion initiatives, hence facilitating the attainment of the Sustainable Development Goals. This research is extensive and meticulous, focusing on the papers in the Scopus database related to fintech and financial inclusion. The data unequivocally demonstrate that China, India, and the United States are at the forefront of fintech and financial inclusion initiatives. Furthermore, the data reveals a significant increase in the number of articles pertaining to fintech and financial inclusion. The primary contributions in this field are Ozili PK, Banna H, and Zhang Y. Principal ties include Pan-Atlantic University, the University of Professional Studies, and Renmin University of China. This study indicates that successful fintech innovation enhances financial inclusion by bridging the divide between urban and rural communities, eventually contributing to sustainability. Likewise, effective financial innovation fosters increased growth in green investments, green initiatives, and green finance, transitioning economies from a linear to a circular model. The forthcoming research has the potential to enlighten and influence regulators, politicians, and future scholars.

The purpose of this study is to ascertain how customer service affects, financial inclusion, loan interest rates, and technology on the interest of factory employees in Jepara in using PayLater services. The research employs a quantitative approach, with the population being factory workers at PT Kanindo Makmur Jaya Welahan Jepara. The sample consists of 100 respondents aged 20-25 years, chosen by purposive sampling approaches combined with a non-probability sampling approach. Partial Least Squares (PLS) was used for data analysis.The findings indicate that the customer service and loan interest rate variables do not have a positive relationship. However, financial inclusion and technology have a positive effect on employees' interest in using PayLater services.

Abstract This study investigates the effect of microcredit on the growth of microenterprises in the Asante-Akim Central Municipal Area of Ghana. The analysis reveals that while larger loan amounts positively influence business growth, high interest rates and rigid repayment terms impede these benefits. Entrepreneurs with higher education levels report better growth outcomes, emphasizing the significance of financial literacy and management skills. However, the evidence indicates that microcredit alone is insufficient to consistently drive sustainable growth for microenterprises, as structural challenges persist. Practical implications suggest that microfinance institutions (MFIs) should revise loan structures to include lower interest rates, extended grace periods, and flexible repayment options. Additionally, integrating financial literacy programs into microfinance services could enhance loan utilization and business outcomes. These findings challenge the universal applicability of microcredit as a growth catalyst, advocating for tailored approaches to better align financial products with the needs of microenterprises in emerging markets.

Abstract In the contemporary global landscape, understanding the nexus between financial inclusion and natural resource abundance is crucial, especially for resource-rich nations. This study uses diagnostic tests and method of moments quantile regression to examines this interplay across Australia, Brazil, Canada, China, India, Russia, and the United States. We find that achieving financial inclusion is significantly challenging for countries that heavily rely on natural resources. Diversified income sources and equitable wealth distribution are essential to mitigate these challenges. Additionally, we identify a positive correlation between economic development and financial inclusion, highlighting the mutually reinforcing relationship between growth and inclusivity. Our research also reveals a notable link between adopting renewable energy and improving financial inclusion, suggesting that environmental responsibility and financial accessibility are intertwined. Foreign direct investment has nuanced impacts on financial inclusion, adding depth to our understanding. Overall, stable income from natural resources and diversified economic development emerge as key promoters of financial inclusion. These insights advocate for regionally specific policies and lay a solid foundation for future research and informed policymaking that address financial inclusion challenges and advance sustainable development. Graphical abstract

Abstract Financial inclusion has recently emerged as an important pillar for sustainable economic growth, poverty eradication, and social transformation globally. While the effects of institutional quality on financial inclusion have been widely investigated, their long-term effects have largely been underexplored, particularly for the Asia–Pacific region. We are especially interested in these long-term effects because institutional reforms require time for implementation and their impacts on various socioeconomic issues are only gradually observed. This paper has developed a new index of institutional quality for countries in the Asia–Pacific region from 2004 to 2020 using the principal component analysis. We estimate the long-term effects of institutional quality on financial inclusion using long-term estimators, including the augmented mean group and the common correlated effects mean group estimators. In our study, institutional quality is proxied by the new index developed in this paper and then by each of the five fundamental aspects of institutional quality: (i) business freedom, (ii) regulatory quality, (iii) investment freedom, (iv) government effectiveness, and (v) the rule of law. We find that improved institutional quality is fundamental to achieving financial inclusion in the region. These effects are particularly prominent in high-income countries in the Asia–Pacific region. However, a closer look at these long-term effects reveals that this effect is conditional on the income level. Interestingly, this long-term effect can be established for high-income countries such as Australia and Japan but not for Singapore. In addition, in the case of middle-income countries, the long-term effect can be confirmed for countries such as Malaysia, Indonesia, and the Philippines but not for Thailand and Vietnam. Our results show that institutional reform, albeit very important, should not be considered the only fundamental pillar ensuring financial inclusion, sustainable economic growth, and social transformation in the long run.

Abstract The objective is to present a proposal for a gender-sensitive risk analysis model using artificial intelligence (AI) within the framework of complex thinking that provides access to opportunities, specifically for vulnerable populations such as women from underprivileged sections. This international non-parametric study highlights the vulnerability of this population in Mexico through a sample of 2787 women. The methodological design included data analysis, the postulation of a proposed model, and a validation method for the credit risk analysis model. There is a correlation between the level of schooling of impoverished and vulnerable women with the possibility of self-employment and selling a product or service. In the framework of complex thinking, the perception of innovative thinking is related to the level of education and innovative decision-making in professional projects. Women with a higher level of schooling tend to think about their professional projects systematically. Promoting complex thinking involves innovative educational practices to encourage critical, systemic, scientific, and innovative thinking in entrepreneurship and sustainable development. Integrating reasoning for complexity benefits women and contributes to economic and social growth in vulnerable regions. In contrast to other models, our credit risk analysis model uses AI and variables for gender, vulnerability, and complex thinking to detect patterns in women's behaviors and attitudes in the venture start-up process. Our proposal is the starting point of many analyses to develop further about artificial intelligence based on complex thinking.

This article presents a bibliometric study that explores the connections between the literature on achieving Sustainable Development Goals (SDGs) through financial inclusion using a relational approach. The findings highlight key publication trends, the most prolific countries, leading contributors, highly cited articles, and the most impactful journals in this field. Additionally, content analysis reveals four emerging areas of research: “financial technology and SDGs,” “social capital,” “microfinance and women empowerment,” and “green finance.” Based on these insights, the study recommends that managers prioritise adopting digital technologies to foster financial inclusion, build robust networks to enhance resilience, empower women through tailored financial products, and integrate the Sustainable Agenda 2030 into financial strategies. Organisations can promote inclusion, resilience, and sustainable growth by aligning with these evolving research domains while advancing the SDGs. The results aim to inspire and guide management and economic researchers toward achieving the SDGs and serve as a foundation for realising Agenda 2030 objectives.

This study examined the drivers of financial inclusion as well as how COVID-19 affected West Africa in terms of electronic payments. It used the World Bank’s Global Findex 2021 data collected at the time of the COVID-19 pandemic with 1000 respondents each from Senegal, Togo, Burkina Faso, Guinea, Mali, Sierra Leone, Nigeria, Ghana, Benin, Liberia and Cameroon and model logit regression to investigate the drivers of financial inclusion and how COVID-19 affected it. With regard to key drivers of financial inclusion, it found that female and lower income groups have low inclusion levels which decline when income increases; also, the more educated persons, are linked to high financial inclusion. On account ownership of mobile money, there is discrimination of financial inclusion based on sex. Distance from the office of a financial institution poses a key obstacle to financial inclusion for females and various income groups, but the cost is not a major worry. Informal financial practices are not very popular. The study found that highly educated persons used electronic payment systems to settle utility bills for the first time during the COVID-19 pandemic. The study recommends policies that lead people closer to financial services to reduce financial exclusion. Again, individuals should be stimulated to adopt electronic payment systems to help reduce financial exclusion. The originality of the study stems from the usage of figures provided by the World Bank’s Global Findex in 2021 which is unique in totality. This study adds to current knowledge by evaluating drivers of financial inclusion in West African countries by looking at current issues on finances focusing on the sub-region during the COVID-19 pandemic.

Abstract This study examined the impact of financial literacy on financial inclusion and well-being among Jordanian youth. Using a multidimensional approach, the research investigated the effects of knowledge of financial products and services, consumer rights and protections, and financial decision-making skills on financial outcomes. The target population comprised Jordanian youth aged 18–30, with a sample size of 440 participants. A quantitative, cross-sectional survey design was employed, utilizing PLS-SEM for data analysis. Results revealed significant positive relationships between all dimensions of financial literacy and both financial inclusion and well-being. Consumer rights and protections emerged as the strongest predictor of financial outcomes, followed by knowledge of financial products and services, while financial decision-making skills showed relatively weaker effects. The findings have implications for policymakers, financial institutions, and educators, highlighting the need for comprehensive financial literacy programs that address multiple dimensions, particularly emphasizing consumer rights and protections. This research contributes to the literature by providing empirical evidence from a developing country context and supporting the conceptualization of financial literacy as a multidimensional construct. The study's focus on youth in Jordan offers valuable insights for promoting financial inclusion and well-being in similar demographic and economic contexts.

We conducted a literature review of some of the most important studies over the last few years (2007-2024) to highlight the main variables used and to emphasize the main findings and practical research directions. The study shows that financial inclusion positively influences monetary policy, leading to the fulfillment of its objectives through the dimensions of access, use and availability of financial products and services. Thus, with an inclusive monetary policy, economic growth can be achieved without generating inflationary potential. Some papers also argue that there is a bidirectional relationship between monetary policy and financial inclusion, as they influence each other.

Our study highlights the key elements underlying the literature on the relationship between fintech’s and financial inclusion. To carry out the research work, we will initially focus on theoretical analysis, consisting of a literature review, to closely follow published articles that belong to our research area. The literature will be selected from both national and international sources to identify varied, comprehensive views and we will have a much wider spectrum of research to identify the main directions, samples, periods, limitations, authors' results. Given the fact that the topic on FinTech is at an early stage, we consider it of interest to document the trends analyzed by other established authors and take the research further, thus contributing to studies on the same topic and providing opinions on the potential implications within the financial system.

This research explores the significance of financial inclusion for the performance of micro, small, and medium enterprises (MSMEs). Employing a mixed-method approach comprising qualitative and quantitative analyses, including descriptive and structural equation modeling analyses, the study gathers primary data through distributed questionnaires to MSMEs. The validity of the data is assessed through validity, reliability, and goodness-of-fit tests. Findings from previous research indicate a significant positive impact of financial inclusion on the performance of MSMEs, suggesting a strong relationship between financial inclusion and MSME performance. This correlation implies that increased financial inclusion enhances MSME performance, underscoring the crucial role of financial inclusion in fostering the growth and success of micro and small enterprises. The research informs government efforts to boost financial inclusion, enhancing MSME performance. Improved access to financial institutions in Indonesia for MSMEs is expected to lead to enhanced sales growth, customer expansion, and increased profitability, ultimately benefiting the broader economy.

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 article explores the impact of financial technology (Fintech) on business competitiveness and sustainability. Fintech has revolutionized traditional financial services by introducing innovative solutions that enhance efficiency and competitiveness. By leveraging cutting-edge technologies like blockchain and AI, businesses can optimize operations, improve decision-making, and meet evolving consumer demands. The research emphasizes the importance of understanding the symbiotic relationship between Fintech, business competitiveness, and sustainability in the digital age, highlighting the potential for Fintech to drive sustainable growth and development. The article also discusses various studies that delve into different aspects of Fintech adoption and its implications on sectors like banking, insurance, and education. [Extracted from the article]

As an important financial instrument, digital inclusive finance (DIF) represents a significant pathway toward achieving sustainable development. Utilizing the fixed-effects, mediation effects, moderation effects, and threshold effects models, this study investigates the influence and detailed mechanism of DIF on agricultural carbon emissions through provincial data in China from 2011 to 2020. The results reveal that: (1) DIF leads to a reduction in agricultural carbon emissions, with the greatest effect observed in the dimension of deep agricultural carbon reduction. (2) The carbon reduction effect can be achieved by enhancing entrepreneurial vitality among farmers, an advanced agricultural industrial structure, and increased levels of agricultural product trade. (3) There is a substitution effect, where large-scale farmland operations weaken the carbon reduction effect. (4) Beyond a certain threshold, DIF exerts a stronger restraining effect on carbon emissions. The conclusions have implications for the government's promotion of digital infrastructure and green development in the agriculture industry. Consequently, this study suggests that the development of DIF should be accelerated. [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]

Purpose: This study aims to identify the factors that may account for the intention to use Paytech services within an Islamic context. The authors propose an expanded version of the Technology Acceptance Model (TAM), which includes religiosity (R) and social influence (SI), to develop a causal-predictive analysis. Design/methodology/approach: The research model and hypotheses were assessed using partial least square-structured equation modeling on data collected from 531 potential Paytech users. Findings: The results reveal that religiosity has a more significant direct effect on the intention to use Paytech services than on actual use, while social influence has a more significant direct effect on use than on the intention to use Paytech services. Research limitations/implications: Cultural differences within the Middle East and North Africa region could influence the acceptance and usage of the new Paytech services. Practical implications: The valuable insights gained from this study can help Fintech managers, financial institutions and developers of new financial services design effective strategies to encourage user adoption of Paytech services. Companies could prioritize implementing word-of-mouth marketing initiatives to encourage early adopters to recommend the service. Social implications: The Paytech services would enable access to financial services for the entire Muslim population regardless of their location, gender or age, thereby fostering financial inclusion. Originality/value: To the best of the authors' knowledge, this study is the first to explore the intention to use Paytech services in two Islamic countries: Saudi Arabia and Palestine. From a theoretical perspective, this work contributes to the academic literature by analyzing the mediating effects of two external variables, religiosity and social influence. [ABSTRACT FROM AUTHOR]

Purpose: Financial inclusion plays an essential role in today's modern era. There has been a growing recognition that financial inclusion is an important enabler in poverty reduction. It is an essential tool in enabling inclusive growth and reducing poverty. This study aims to identify the barriers that limit customers to use digital financial services (DFS) in Pakistan. Second, this study aims to spread awareness of DFS and benefits of digital financial inclusion and services to retain customers in Pakistan. Third, the study purposes to retain old customers toward DFS in Pakistan. Design/methodology/approach: This study is qualitative phenomenology study. The data were collected through interviews (i.e., online or face-to-face, depending on participants convenience). The sample comprised respondents with different age and different nature of work. Before conducting actual interviews, the interview questions were validated by three experts working in the State Bank of Pakistan in the relevant field. The interviews took from those individuals who were have digital financial account, but not using it due to some reasons. Data analysis carried out by using the NVivo software to deliver the themes after analyzing the data by querying, visualizing and coding. Findings: The study categorized s6 themes as second order themes including dependency, illiteracy, lack of trust, cost, lack of access to financial services and financial instability by emerging 16 subject themes as 1st order themes. It including financial illiteracy, digital illiteracy, lack of knowledge, depend on spouse, depend on parents/children, depend on siblings, fear, security issues, privacy issues, lack of internet access, lack of account access, unemployment, low income, high expenses, other cost and transaction cost. These barriers limit DFS adoption and its use. This study found that 90% respondents were financial illiterate and 80% respondents do not have the knowledge of new recent e-payment system. Originality/value: However, this study contributes to reducing these barriers and spreading knowledge about financial inclusion and DFS. From a managerial perspective, additional attention needs to be devoted to the adoption of financial inclusion and innovation in DFS. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to provide evidence on the relationship between artificial intelligence (AI) and financial inclusion to achieve sustainable development goals (SDGs), an agenda set by United Nations for 2030. Financial inclusion is an enabler of 8 of the 17 SDGs. This paper emphasizes the introduction of AI in the financial sector, which is indispensable for achieving financial inclusion and plays a crucial role in the achievement of SDGs. Design/methodology/approach: This study adopts qualitative research methodology to highlight the significance of AI in achieving high levels of financial inclusion in an economy. Both narrative and comparative approaches are used to provide empirical evidence for reaching the UN SDGs target through AI-assisted financial inclusion. Findings: AI implementation in finance enables people to take part in the formal financial sector and thus, enhances economic growth and reduces poverty. Research limitations/implications: This research is limited in its data. Only five top AI applications are chosen and comparison is made between two countries only. Future research should consider it as an established concept and include more data to strengthen the evidence. Practical implications: The results of this paper will help policymakers convince governments and institutions to put their efforts toward AI implementation in financial infrastructure of countries. Originality/value: This research is unique in providing real-life examples and cases demonstrating the significance of AI implementation in the financial sector. Recent literature lacks evidence on the relationship of AI, financial inclusion and SDGs. This study adds to the existing literature by compiling data on top AI applications and comparing the performance of countries in achieving financial inclusion with the help of AI. [ABSTRACT FROM AUTHOR]

Recognizing that a large portion of society endures financial exclusion, this paper examines macromarketing issues regarding ensuring financial inclusion to achieve higher levels of consumer well-being and improved quality of life. Socially responsible marketing (SRM) requires efforts toward social sustainability as some segments of society are vulnerable, and often financially excluded and subject to exploitation. Fintech services have the capability of increasing financial inclusion, which provides many benefits to society. An important approach to achieving socially responsible fintech is by using open social innovation, which utilizes both inbound and outbound open innovation strategies. However, open innovation strategies present significant ethical challenges regarding fairness, trust, knowledge sharing, etc. We examine how the five elements of the Integrative Justice Model (IJM) can be applied to the six stages of the Open Social Innovation (OSI) framework to provide guidelines to achieve socially responsible fintech. Ensuring processes to protect the interests of all fintech stakeholders will increase the chance of obtaining systemic change, the ultimate goal of social innovation. [ABSTRACT FROM AUTHOR]

The innovative and versatile nature of advanced technology in financial services is examined through the lens of financial technology (FinTech), such as digitized mobile financial services (MFS). By integrating the technology acceptance model (TAM) and information systems success (ISS) model, this study investigates users’ intention to use FinTech services in the context of a developing country, while considering the moderating influence of gender on the factors impacting MFS usage intention. This quantitative study gathered data from 308 participants in Bangladesh through a structured questionnaire survey. Confirmatory factor analysis and structural equation modeling were utilized for hypothesis testing. The results indicate that all variables in the TAM and ISS models have a notable positive influence on users’ intentions to accept MFS. The study also shows significant gender influences on user usage intention in the adoption of MFS. Financial institutions and MFS providers may find the data useful in developing future plans to improve MFS services by removing current obstacles and gaps in the wake of COVID-19. [ABSTRACT FROM AUTHOR]

Considering how important financial inclusion and gender equality is in the United Nations’ 2030 sustainable development goals (SDGs), we formulate a new gender equality-based financial inclusion index by incorporating its three dimensions: access, use, and quality. Using panel data for year 2020 and 2021 observations from 55 countries in Asia and Africa, we explore whether education, the use of mobile banking technology, and access to credit (borrowing) are related to the financial inclusion index. Additionally, we use the interaction effects of the stringency index to represent the restrictions introduced by the governments during COVID-19. This study employed a “Two stage least square instrumental variable” (2SLS IV) regression econometric approach. Considering the endogeneity issue and confirming its robustness, this research supports that education, borrowing (access to credit), income distribution inequality, use of technology (mobile banking), and the human development index are all factors that influence financial inclusion based on gender equality in Asia and African region. The majority of women in Asia and African regions, due to their lack of education, face problems of access to and actual use of financial services. However, several plans are underway to enhance their accessibility for financial products. Specific plans regarding financial inclusion may be changed to make it easier to use technology and get loans. The study findings are helpful for designing and executing education promotional and women empowering specific policies. [ABSTRACT FROM AUTHOR]