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The Future of Financial Inclusion

In: Economic Inclusion in Post-Independence Africa

Author

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  • Peterson K. Ozili

    (Central Bank of Nigeria)

Abstract

This chapter provides insights into the trends to expect in the future of financial inclusion. The author identifies the past and recent changes occurring in the financial inclusion space, and based on these changes, makes predictions about what to expect in the future of financial inclusion. The author predicts that, in the future, financial inclusion will witness increased digitalization; increased personalization of formal financial services; the provision of a wide range of formal financial services from a single platform; a shift from account numbers to a mobile numbers to drive financial inclusion; more women will become financially empowered and financially independent; the government will become more directly involved in delivering basic financial services to the poor; and the emergence of new financial innovations that continuously reduce transaction cost. These future trends will have implications for financial inclusion in Asia, Europe, and particularly in Africa where the level of financial inclusion is relatively low.

Suggested Citation

  • Peterson K. Ozili, 2023. "The Future of Financial Inclusion," Advances in African Economic, Social and Political Development, in: David Mhlanga & Emmanuel Ndhlovu (ed.), Economic Inclusion in Post-Independence Africa, chapter 0, pages 167-177, Springer.
    • Handle: RePEc:spr:aaechp:978-3-031-31431-5_9
    DOI: 10.1007/978-3-031-31431-5_9
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    References listed on IDEAS

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    1. Matthieu Chemin, 2008. "The Benefits and Costs of Microfinance: Evidence from Bangladesh," Journal of Development Studies, Taylor & Francis Journals, vol. 44(4), pages 463-484, April.
    2. Rishi Kumar & D. C. Pathak, 2022. "Financial awareness: a bridge to financial inclusion," Development in Practice, Taylor & Francis Journals, vol. 32(7), pages 968-980, October.
    3. Izabela Karpowicz, 2016. "Financial Inclusion, Growth and Inequality: A Model Application to Colombia," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(6), pages 68-89, June.
    4. Maricruz Lacalle†Calderon & Manuel Perez†Trujillo & Isabel Neira, 2018. "Does Microfinance Reduce Poverty among the Poorest? A Macro Quantile Regression Approach," The Developing Economies, Institute of Developing Economies, vol. 56(1), pages 51-65, March.
    5. Lee, Chien-Chiang & Wang, Chih-Wei & Ho, Shan-Ju, 2022. "Financial aid and financial inclusion: Does risk uncertainty matter?," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
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    Cited by:

    1. Banna Banik, 2023. "Unlocking the Path to Inclusive Growth: Examining the Impact of Financial Inclusion in Developing Economies," International Journal of Science and Business, IJSAB International, vol. 26(1), pages 233-247.

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    More about this item

    Keywords

    Financial inclusion; Digital finance; Fintech; Access to finance; Central bank digital currency; Women;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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