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Financial Inclusion Trajectories: Geographical Dispersion, Convergence, and Development Implications

Author

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  • Sonia Kumari Selvarajan

    (Universiti Malaya)

  • V. G. R. Chandran

    (Universiti Malaya)

Abstract

The profound attempts to promote financial inclusion (FI) need more scrutiny for better policy insights. This paper, therefore, assesses the nature of FI in terms of geographical dispersion, convergence, and implications on development goals using various FI measures for a large cross-section of countries. The findings indicate that FI is multifaceted, accounting for a diverse geographical dispersion across countries in terms of financial access and use. FI, over the years, has progressed significantly while mobile money transition in developing countries shows a gradual progress, focusing on certain regions. We observe FI convergence across countries, albeit at a slower rate. FI can act as a tool for promoting income per capita and human development index, especially in developing countries. Nevertheless, the impact of FI on inequality is limited, requiring policymakers to formulate a better governance system to promote FI as a catalyst. Policy implications are further discussed.

Suggested Citation

  • Sonia Kumari Selvarajan & V. G. R. Chandran, 2024. "Financial Inclusion Trajectories: Geographical Dispersion, Convergence, and Development Implications," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 36(4), pages 897-924, August.
    • Handle: RePEc:pal:eurjdr:v:36:y:2024:i:4:d:10.1057_s41287-023-00616-7
    DOI: 10.1057/s41287-023-00616-7
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    More about this item

    Keywords

    Financial inclusion; Financial institutions; Inclusive growth; Mobile money; Developing countries;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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