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Financial Inclusion, Sustainability and Sustainable Development

In: Smart Analytics, Artificial Intelligence and Sustainable Performance Management in a Global Digitalised Economy

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  • Peterson K. Ozili

Abstract

Purpose: This conceptual paper aims to identify how financial inclusion relates to sustainability and the level of sustainable development. Methodology: The paper used discourse analysis to identify how financial inclusion relates to sustainability and the level of sustainable development. Finding: The paper argued that granting access to basic formal financial services contributes to greater sustainable development by ensuring that access to finance is guaranteed sustainably, and basic financial services are provided sustainably and based on sustainability principles to yield a lasting impact for sustainable development. The paper also argued that financial inclusion increases the level of sustainable development because financial inclusion increases the economic opportunities and social welfare of banked adults while it only provides limited benefits for the environment. This approach links financial inclusion to sustainable development by adopting sustainability principles in offering basic financial services to banked adults. Implication: Consequently, a synergy between financial inclusion and sustainable development is needed. The synergy should be based on sustainability principles, requiring policies integrating financial inclusion into the sustainable development agenda. Originality: This paper is the first to identify the relationship between the financial inclusion agenda, the sustainable development agenda and the sustainability agenda.

Suggested Citation

  • Peterson K. Ozili, 2023. "Financial Inclusion, Sustainability and Sustainable Development," Contemporary Studies in Economic and Financial Analysis, in: Smart Analytics, Artificial Intelligence and Sustainable Performance Management in a Global Digitalised Economy, volume 110, pages 233-241, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-37592023000110a012
    DOI: 10.1108/S1569-37592023000110A012
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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. Peter Dittus & Michael Klein, 2011. "On harnessing the potential of financial inclusion," BIS Working Papers 347, Bank for International Settlements.
    3. Helena Susana Amaral Geraldes & Ana Paula Matias Gama & Mário Augusto, 2022. "Reaching Financial Inclusion: Necessary and Sufficient Conditions," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 162(2), pages 599-617, July.
    4. Costanza, Robert & Patten, Bernard C., 1995. "Defining and predicting sustainability," Ecological Economics, Elsevier, vol. 15(3), pages 193-196, December.
    5. Maria Manta Conroy & Philip R Berke, 2004. "What Makes a Good Sustainable Development Plan? An Analysis of Factors That Influence Principles of Sustainable Development," Environment and Planning A, , vol. 36(8), pages 1381-1396, August.
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    More about this item

    Keywords

    Sustainable development; financial inclusion; sustainability; financial institutions; unbanked adults; access to finance; poverty reduction; economic dimension; social dimension; sustainable development goals; United Nations; Q56; G21;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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