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Crowdfunding platforms and financial inclusion: Fulfilled promise or disillusion?

Author

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  • Fareed, Fozan
  • Viotto, Jordana

Abstract

Pro-social crowdfunding platforms offer a promising path for financial inclusion in developing countries. The literature on crowdfunding lacks evidence of whether and to what extent pro-social crowdfunding platforms fulfil this promise. Employing different techniques to tackle endogeneity, we show that, while crowdfunding platforms expand access to capital to more borrowers, the service to more vulnerable individuals does not improve. We also find that interest rates remain unchanged. Our results allow us to provide recommendations to policymakers regarding the connection between digital technologies like crowdfunding platforms and financial inclusion.

Suggested Citation

  • Fareed, Fozan & Viotto, Jordana, 2025. "Crowdfunding platforms and financial inclusion: Fulfilled promise or disillusion?," Finance Research Letters, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:finlet:v:73:y:2025:i:c:s1544612324016714
    DOI: 10.1016/j.frl.2024.106642
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    Keywords

    Fintech; Crowdfunding; Kiva; Financial inclusion; Microenterprises; Microfinance;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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