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Review of Bridging the Financial Inclusion Gap: A Strategic Framework for Digital Financial Management Solutions
American Journal of Economics and Business Management,
Vol. 7 No. 4 (2024): April
Abstract
Purpose – The main task of this evaluation is to provide a comprehensive strategy guideline that could, without any doubt, fill the void for financial exclusion by digital financial management solutions. The aim is to evaluate how digital innovations can provide a platform for the financially disadvantaged to be incorporated into the financial system through more equitable economic growth and development.
Design/Methodology/Approach – his study will deal solely with the content through a comprehensive review of related literature and case studies of successful implementations in various regions. Therefore, this study's methodology is blended in that it brings out both quantitative concerning the effects and qualitative evaluations that shed light on participation and acceptability. The framework development is iterative and inclusive, airing opinions authentic from stakeholders such as fintech startups, financial institutions, and community groups.
Findings – They concluded that building superior digital financial management systems depends on a user-oriented approach, robust regulatory environments, and inter-policy coordination among banks, tech companies, and financial government institutions. Among the outcomes are easier access to financial services, disseminated financial literacy, and historically ignored communities, i.e. economic inclusion.
Originality/Value – It also enhances understanding of the academic and practical aspects of financial inclusion technology components and regulations, as brought up in my new model. It ensures that those involved in financial inclusion are informed about the logistics and the best technology tools for implementing greater financial inclusion.
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- Ansong, D., Okumu, M., Huang, J., Sun, S., Huseynli, A., Koomson, I., . . . Sherraden, M. (2023). Financial capability and asset building: Innovations in social protection and development. In Handbook on Social Protection and Social Development in the Global South (pp. 308-330): Edward Elgar Publishing.
- Bisbey, J., Nourzad, S. H. H., Chu, C.-Y., & Ouhadi, M. (2020). Enhancing the efficiency of infrastructure projects to improve access to finance. Journal of Infrastructure, Policy and Development, 4(1), 27-49.
- De Haas, H. (2021). A theory of migration: the aspirations-capabilities framework. Comparative migration studies, 9(1), 8.
- Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2020). The Global Findex Database 2017: Measuring financial inclusion and opportunities to expand access to and use financial services. The World Bank Economic Review, 34(Supplement_1), S2-S8.
- Galetsi, P., Katsaliaki, K., & Kumar, S. (2023). Exploring benefits and ethical challenges in the rise of mHealth (mobile healthcare) technology for the common good: An analysis of mobile applications for health specialists. Technovation, 121, 102598.
- GEZER, S. (2023). High Policy Analysis From the Copenhagen School Perspective: The Securitization of the Post-Cold War Climate Crisis.
- Gill, J. C., Taylor, F. E., Duncan, M. J., Mohadjer, S., Budimir, M., Mdala, H., & Bukachi, V. (2021). Invited perspectives: Building sustainable and resilient communities–recommended actions for natural hazard scientists. Natural Hazards and Earth System Sciences, 21(1), 187-202.
- Islam, M. M. (2021). Social dimensions in designing and managing marine protected areas in Bangladesh. Human Ecology, 49(2), 171-185.
- Jameaba, M.-S. (2020). Digitisation revolution, FinTech disruption, and financial stability: Using the case of the Indonesian banking ecosystem to highlight wide-ranging digitisation opportunities and major challenges. FinTech Disruption and Financial stability: Using the Case of Indonesian Banking Ecosystem to highlight wide-ranging digitisation opportunities and major challenges (July 16 2, 2020).
- Kelkar, N., & Arthur, R. I. (2022). A review of governance and tenure in India's inland capture fisheries and aquaculture systems.
- Lecegui, A., Olaizola, A. M., López-i-Gelats, F., & Varela, E. (2022). Implementing the livelihood resilience framework: an indicator-based model for assessing mountain pastoral farming systems. Agricultural Systems, 199, 103405.
- Macht, S. A., & Weatherston, J. (2014). The benefits of online crowdfunding for fund‐seeking business ventures. Strategic Change, 23(1‐2), 1-14.
- March, A., & Failler, P. (2022). Small-scale fisheries development in Africa: Lessons learned and best practices for enhancing food security and livelihoods. Marine Policy, 136, 104925.
- Mendenhall, E., Hendrix, C., Nyman, E., Roberts, P. M., Hoopes, J. R., Watson, J. R., . . . Sumaila, U. R. (2020). Climate change increases the risk of fisheries conflict. Marine Policy, 117, 103954.
- Mohamed Shaffril, H. A., Samsuddin, S. F., & Abu Samah, A. (2021). The ABC of systematic literature review: the basic methodological guidance for beginners. Quality & Quantity, 55, 1319-1346.
- Mohd Nor, S., Abdul-Majid, M., & Esrati, S. N. (2021). The role of blockchain technology in enhancing Islamic social finance: the case of Zakah management in Malaysia. foresight, 23(5), 509-527.
- N'dri, L. M., & Kakinaka, M. (2020). Financial inclusion, mobile money, and individual welfare: The case of Burkina Faso. Telecommunications Policy, 44(3), 101926.
- Nan, W., Zhu, X., & Lynne Markus, M. (2021). What we know and don't know about the socioeconomic impacts of mobile money in Sub‐Saharan Africa: A systematic literature review. The Electronic Journal of Information Systems in Developing Countries, 87(2), e12155.
- Owen, G. (2020). What makes climate change adaptation effective? A systematic review of the literature. Global Environmental Change, 62, 102071.
- Puras, D. (2022). Report of the Special Rapporteur on everyone's right to enjoy the highest attainable physical and mental health standard. Phil. LJ, 95, 274.
- Short, R. E., Gelcich, S., Little, D. C., Micheli, F., Allison, E. H., Basurto, X., . . . Cao, L. (2021). Harnessing the diversity of small-scale actors is key to the future of aquatic food systems. Nature Food, 2(9), 733-741.
- Siano, A., Raimi, L., Palazzo, M., & Panait, M. C. (2020). Mobile banking: An innovative solution for increasing financial inclusion in Sub-Saharan African Countries: Evidence from Nigeria. Sustainability, 12(23), 10130.
- Singh, V. K., Singh, P., Karmakar, M., Leta, J., & Mayr, P. (2021). The journal covers Web of Science, Scopus and Dimensions: A comparative analysis. Scientometrics, 126, 5113-5142.
- South, J., Stansfield, J., Amlot, R., & Weston, D. (2020). Sustaining and strengthening community resilience throughout the COVID-19 pandemic and beyond. Perspectives in Public Health, 140(6), 305-308.
- Stacey, N., Gibson, E., Loneragan, N. R., Warren, C., Wiryawan, B., Adhuri, D. S., . . . Fitriana, R. (2021). Developing sustainable small-scale fisheries livelihoods in Indonesia: Trends, enabling and constraining factors, and future opportunities. Marine Policy, 132, 104654.
- Wakeling, S., Spezi, V., Fry, J., Creaser, C., Pinfield, S., & Willett, P. (2019). Academic communities: The role of journals and open-access mega-journals in scholarly communication. Journal of Documentation, 75(1), 120-139.
References
Ansong, D., Okumu, M., Huang, J., Sun, S., Huseynli, A., Koomson, I., . . . Sherraden, M. (2023). Financial capability and asset building: Innovations in social protection and development. In Handbook on Social Protection and Social Development in the Global South (pp. 308-330): Edward Elgar Publishing.
Bisbey, J., Nourzad, S. H. H., Chu, C.-Y., & Ouhadi, M. (2020). Enhancing the efficiency of infrastructure projects to improve access to finance. Journal of Infrastructure, Policy and Development, 4(1), 27-49.
De Haas, H. (2021). A theory of migration: the aspirations-capabilities framework. Comparative migration studies, 9(1), 8.
Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2020). The Global Findex Database 2017: Measuring financial inclusion and opportunities to expand access to and use financial services. The World Bank Economic Review, 34(Supplement_1), S2-S8.
Galetsi, P., Katsaliaki, K., & Kumar, S. (2023). Exploring benefits and ethical challenges in the rise of mHealth (mobile healthcare) technology for the common good: An analysis of mobile applications for health specialists. Technovation, 121, 102598.
GEZER, S. (2023). High Policy Analysis From the Copenhagen School Perspective: The Securitization of the Post-Cold War Climate Crisis.
Gill, J. C., Taylor, F. E., Duncan, M. J., Mohadjer, S., Budimir, M., Mdala, H., & Bukachi, V. (2021). Invited perspectives: Building sustainable and resilient communities–recommended actions for natural hazard scientists. Natural Hazards and Earth System Sciences, 21(1), 187-202.
Islam, M. M. (2021). Social dimensions in designing and managing marine protected areas in Bangladesh. Human Ecology, 49(2), 171-185.
Jameaba, M.-S. (2020). Digitisation revolution, FinTech disruption, and financial stability: Using the case of the Indonesian banking ecosystem to highlight wide-ranging digitisation opportunities and major challenges. FinTech Disruption and Financial stability: Using the Case of Indonesian Banking Ecosystem to highlight wide-ranging digitisation opportunities and major challenges (July 16 2, 2020).
Kelkar, N., & Arthur, R. I. (2022). A review of governance and tenure in India's inland capture fisheries and aquaculture systems.
Lecegui, A., Olaizola, A. M., López-i-Gelats, F., & Varela, E. (2022). Implementing the livelihood resilience framework: an indicator-based model for assessing mountain pastoral farming systems. Agricultural Systems, 199, 103405.
Macht, S. A., & Weatherston, J. (2014). The benefits of online crowdfunding for fund‐seeking business ventures. Strategic Change, 23(1‐2), 1-14.
March, A., & Failler, P. (2022). Small-scale fisheries development in Africa: Lessons learned and best practices for enhancing food security and livelihoods. Marine Policy, 136, 104925.
Mendenhall, E., Hendrix, C., Nyman, E., Roberts, P. M., Hoopes, J. R., Watson, J. R., . . . Sumaila, U. R. (2020). Climate change increases the risk of fisheries conflict. Marine Policy, 117, 103954.
Mohamed Shaffril, H. A., Samsuddin, S. F., & Abu Samah, A. (2021). The ABC of systematic literature review: the basic methodological guidance for beginners. Quality & Quantity, 55, 1319-1346.
Mohd Nor, S., Abdul-Majid, M., & Esrati, S. N. (2021). The role of blockchain technology in enhancing Islamic social finance: the case of Zakah management in Malaysia. foresight, 23(5), 509-527.
N'dri, L. M., & Kakinaka, M. (2020). Financial inclusion, mobile money, and individual welfare: The case of Burkina Faso. Telecommunications Policy, 44(3), 101926.
Nan, W., Zhu, X., & Lynne Markus, M. (2021). What we know and don't know about the socioeconomic impacts of mobile money in Sub‐Saharan Africa: A systematic literature review. The Electronic Journal of Information Systems in Developing Countries, 87(2), e12155.
Owen, G. (2020). What makes climate change adaptation effective? A systematic review of the literature. Global Environmental Change, 62, 102071.
Puras, D. (2022). Report of the Special Rapporteur on everyone's right to enjoy the highest attainable physical and mental health standard. Phil. LJ, 95, 274.
Short, R. E., Gelcich, S., Little, D. C., Micheli, F., Allison, E. H., Basurto, X., . . . Cao, L. (2021). Harnessing the diversity of small-scale actors is key to the future of aquatic food systems. Nature Food, 2(9), 733-741.
Siano, A., Raimi, L., Palazzo, M., & Panait, M. C. (2020). Mobile banking: An innovative solution for increasing financial inclusion in Sub-Saharan African Countries: Evidence from Nigeria. Sustainability, 12(23), 10130.
Singh, V. K., Singh, P., Karmakar, M., Leta, J., & Mayr, P. (2021). The journal covers Web of Science, Scopus and Dimensions: A comparative analysis. Scientometrics, 126, 5113-5142.
South, J., Stansfield, J., Amlot, R., & Weston, D. (2020). Sustaining and strengthening community resilience throughout the COVID-19 pandemic and beyond. Perspectives in Public Health, 140(6), 305-308.
Stacey, N., Gibson, E., Loneragan, N. R., Warren, C., Wiryawan, B., Adhuri, D. S., . . . Fitriana, R. (2021). Developing sustainable small-scale fisheries livelihoods in Indonesia: Trends, enabling and constraining factors, and future opportunities. Marine Policy, 132, 104654.
Wakeling, S., Spezi, V., Fry, J., Creaser, C., Pinfield, S., & Willett, P. (2019). Academic communities: The role of journals and open-access mega-journals in scholarly communication. Journal of Documentation, 75(1), 120-139.