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Financial inclusion washing

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  • Peterson K. Ozili

Abstract

Purpose - Financial inclusion washing has not been considered to be a crime although it should be. This paper aims to present a discussion about financial inclusion washing. It was argued that financial inclusion washing is the deliberate or unintentional use of exaggerated claims or misleading claims to describe an entity’s commitment to increase the level of financial inclusion. Design/methodology/approach - This paper used the conceptual discourse analysis methodology. Findings - This paper showed that many entities are at risk of practicing financial inclusion washing such as international development organizations, aid organizations, government agencies, central banks, financial institutions, financial inclusion support groups and associations, among others. This paper also highlighted the manifestations, motivations and consequences of financial inclusion washing. This paper also identified ways through which entities can avoid financial inclusion washing. Originality/value - The literature has not examined how exaggerated claims about financial inclusion efforts mislead people.

Suggested Citation

  • Peterson K. Ozili, 2022. "Financial inclusion washing," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 30(5), pages 1140-1149, August.
    • Handle: RePEc:eme:jfcpps:jfc-07-2022-0159
    DOI: 10.1108/JFC-07-2022-0159
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    References listed on IDEAS

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    1. Allen, Franklin & Demirguc-Kunt, Asli & Klapper, Leora & Martinez Peria, Maria Soledad, 2016. "The foundations of financial inclusion: Understanding ownership and use of formal accounts," Journal of Financial Intermediation, Elsevier, vol. 27(C), pages 1-30.
    2. Ozili, Peterson Kitakogelu, 2021. "Financial inclusion-exclusion paradox: how banked adults become unbanked again," MPRA Paper 108494, University Library of Munich, Germany.
    3. Ahmad Hassan Ahmad & Christopher Green & Fei Jiang, 2020. "Mobile Money, Financial Inclusion And Development: A Review With Reference To African Experience," Journal of Economic Surveys, Wiley Blackwell, vol. 34(4), pages 753-792, September.
    4. Weidong Chen & Xiaohui Yuan, 2021. "Financial inclusion in China: an overview," Frontiers of Business Research in China, Springer, vol. 15(1), pages 1-21, December.
    5. Mr. Adolfo Barajas & Thorsten Beck & Mohammed Belhaj & Sami Ben Naceur, 2020. "Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn?," IMF Working Papers 2020/157, International Monetary Fund.
    6. Ozili, Peterson K, 2022. "Fault Lines in Financial Inclusion," MPRA Paper 115777, University Library of Munich, Germany.
    7. Purva Khera & Miss Stephanie Y Ng & Ms. Sumiko Ogawa & Ms. Ratna Sahay, 2021. "Is Digital Financial Inclusion Unlocking Growth?," IMF Working Papers 2021/167, International Monetary Fund.
    8. Peterson K. Ozili, 2018. "Impact of digital finance on financial inclusion and stability," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 18(4), pages 329-340, December.
    9. Loretta J. Mester, 2020. "Fintech, Bigtech, and Financial Inclusion," Speech 89015, Federal Reserve Bank of Cleveland.
    10. Philip Mader, 2018. "Contesting Financial Inclusion," Development and Change, International Institute of Social Studies, vol. 49(2), pages 461-483, March.
    11. Ozili, Peterson Kitakogelu, 2018. "Impact of Digital Finance on Financial Inclusion and Stability," MPRA Paper 84771, University Library of Munich, Germany.
    12. Sheri Markose & Thankom Arun & Peterson Ozili, 2022. "Financial inclusion, at what cost? : Quantification of economic viability of a supply side roll out," The European Journal of Finance, Taylor & Francis Journals, vol. 28(1), pages 3-29, January.
    13. Tania Lopez & Adalbert Winkler, 2018. "The challenge of rural financial inclusion – evidence from microfinance," Applied Economics, Taylor & Francis Journals, vol. 50(14), pages 1555-1577, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Financial inclusion washing; Financial inclusion; Formal accounts; Banked adults; Access to finance; Exaggerated claims; Crime;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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