The pyrrhic victory of FinTech and its implications for achieving the Sustainable Development Goals: evidence from fieldwork in rural Zambia

PurposeThis study investigates the possible effect of mobile money services, which forms part of FinTech, in achieving the Sustainable Development Goals (SDGs).Design/methodology/approachThis study uses field data from the Chongwe district of Zambia. The data were collected in 2019.FindingsThe findings strongly suggest that (1) the factors that hinder access to credit and savings by the poor do not simply recede following the adoption of mobile money services and (2) that mobile money is not a silver bullet of ending financial exclusion but merely a tool which contributes to other financial inclusion strategies.Practical implicationsThis study argues that mobile money is winning the battle but losing the war – implying that the service is mainly used to transfer funds (OTC transactions) among users.Originality/valueThis is the first study to have been conducted in Zambia to assess the possible contributing effect of FinTech (mobile money) on SDGs.