Role of financial inclusion and ICT for sustainable economic development in developing countries

Hussain, Shahzad; Gul, Raazia; Ullah, Sabeeh

doi:10.1016/j.techfore.2023.122725

Cited by 31 publications

(20 citation statements)

References 73 publications

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“…In terms of inflation, school enrollment, and age dependency, their coefficients demonstrate significant negative impact on sustainable development in certain specifications. On the other hand, coefficients associated with urban population and trade display non-significant positive effect on sustainable development, which is consistent with the results reported by Hussain et al (35).…”

Section: Discussionsupporting

confidence: 92%

“…Several studies have examined the relationship between financial inclusion and various aspects of sustainable development. Hussain et al (35) analyzed 110 developing countries from 2004 to 2020, focusing on financial inclusion and information communication technology (ICT) indicators. Robust statistical techniques (Driscoll-Kraay standard errors, generalized linear model, feasible general least squares, and difference GMM) were used to address statistical issues.…”

Section: Empirical and Model Literaturementioning

confidence: 99%

“…The model equations used in this study are constructed following Demire et al (76), Chinoda and Mashamba (82), Arner et al (51), Makina and Walle (124), Hussain et al (35), and Dietz et al (24). The model is specified by including sustainable development which represented, as dependent variable, by GS_GNI (denotes the Gross Saving as percentage of GNI) and ANS_GNI (denotes the Adjusted Net Savings as percentage of GNI).…”

Section: Model (Estimation Technique)mentioning

confidence: 99%

“…Contemporary researchers assert that beyond fostering technological progress and sustainable economic growth, financial inclusion equally impacts the environment, notably in terms of carbon emissions. The transition to carbon neutrality and environmental sustainability is impossible without improving financial services, resources, and markets [ (35,36)]. In summary, the findings underscore the potential of financial inclusion as a valuable tool in advancing sustainable practices and contributing to global initiatives aimed at combating climate change (37).…”

Section: Introductionmentioning

confidence: 99%

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Fintech, financial inclusion, and sustainable development in the African region

Tidjani,

Madouri

2024

Front. Appl. Math. Stat.

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In this study, we explore the nexus between sustainable development and finance, with a specific focus on the African region–a critical yet underexplored context in the existing literature. Against the backdrop of evolving challenges in financial inclusion, improved access, and the growing prevalence of financial technology (FinTech), we aim to fill a research gap by investigating the connection between FinTech, financial inclusion, and sustainable development. The empirical exploration spans 25 African countries from 2011 to 2019, employing econometric methods such as dynamic panel (SGMM two-steps) and static panel (OLS, FE, LSDV). Utilizing key indicators like Adjusted Net Savings (ANS) and Gross Saving rate (GS), our findings reveal a substantial positive impact of financial inclusion and FinTech on sustainable development. However, an intriguing discovery emerges as the interaction between these variables exhibits a weak negative and significant effect. As a unique contribution to the existing literature, we estimate marginal effects at various levels of FinTech and financial inclusion on sustainable development. Beyond insights, our study offers vital policy recommendations, emphasizing the necessity for improved collaboration among financial service providers to avoid redundancy. Furthermore, we highlight the critical need to expand financial infrastructure, advocate for FinTech promotion, and foster inter-African cooperation.

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Section: Discussionsupporting

confidence: 92%

Section: Empirical and Model Literaturementioning

confidence: 99%

Section: Model (Estimation Technique)mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Fintech, financial inclusion, and sustainable development in the African region

Tidjani,

Madouri

2024

Front. Appl. Math. Stat.

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“…Some of the challenges that hinder the uptake and access to the financial ecosystem include geographical location, limited physical banking infrastructure, transaction costs and account maintenance costs (Isukul and Tantua, 2021). However, FinTech can address these challenges by lessening inequality and strengthening inclusive economic growth for marginalized, unbanked populations (Hussain et al, 2023). An example of the success story of FinTech is mobile money services in Kenya and Tanzania, which has set standards for other developing countries to learn from Adjasi et al (2023).…”

Section: Literature Review Fintech Financial Inclusion and Environmentmentioning

confidence: 99%

Expediting financial inclusion in Tanzania using FinTech: the perspective of diffusion of innovation theory

Koloseni,

Mandari

2024

TECHS

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PurposeThe purpose of this paper is examining how financial inclusion can be enhanced in rural and remote areas in emerging economies through the adoption of Financial technologies. The study examines the direct influence of technological characteristics, facilitating conditions, trust and perceived risk on adoption of FinTech. Furthermore, the study examines the mediating effects of facilitating conditions and moderating effects of education level in adoption of FinTech.Design/methodology/approachThe study employed quantitative research design. Stratified and simple random sampling were employed to identify areas in which respondents will be collected. Drop and Pick method was further employed to collect 275 valid and reliable responses. Structural equation modeling was used to analyze the data and assess the reliability and validity of the measurement model. Structural model analysis was employed to examine the hypothesized relationship.FindingsThe results show that compatibility, complexity agent trust, perceived risk and facilitating have significant influence on adoption of FinTech. Furthermore, the findings show that facilitating conditions mediate the relationship between all technological characteristics and FinTech adoption except the relationship between compatibility and FinTech. The study also has found that education level moderates the relationship between observability and FinTech adoption as well as trialability and FinTech adoption.Research limitations/implicationsThis study employed cross-sectional research-based techniques in collecting data for analyzing the hypothesized relationship. However, the drawback of cross-sectional may impact the findings of this study over a long time. Therefore, future studies must consider conducting longitudinal studies which may collect data over some time for analysis of the FinTech adoption. Furthermore, the generalization of these findings should be considered carefully by other countries which are not economically similar to Tanzania and developed countries. This also provides room for future studies to examine the same area in countries with different economic development.Originality/valueThis study contributes to knowledge into two folds: First there is limited knowledge on adoption of FinTech in emerging economies; the study addresses the knowledge gap by providing empirical findings which will help scholar. Furthermore, less studies have examined the moderating effects of facilitating condition in adoption of technology. This study addresses the knowledge gap by examining the moderating influence of moderating influence of facilitating conditions. Also, this study provides empirical findings which will help policymakers to implement strategy that will speed-up financial inclusion in rural and isolated areas in emerging economies.

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Research Agenda for Financial Services

Soetan,

Mogaji

2024

Sustainable Development Goals Series

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Role of financial inclusion and ICT for sustainable economic development in developing countries

Cited by 31 publications

References 73 publications

Fintech, financial inclusion, and sustainable development in the African region

Fintech, financial inclusion, and sustainable development in the African region

Expediting financial inclusion in Tanzania using FinTech: the perspective of diffusion of innovation theory

Research Agenda for Financial Services

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