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Financial Inclusion in Developing Countries: Applying Financial Technology as a Panacea

In: Economic Growth and Financial Development

Author

Listed:
  • Araniyar Isukul

    (Rivers State University of Science and Technology)

  • Ben Tantua

    (Niger Delta University)

Abstract

Traditional banking methods of addressing the problem of financial inclusion in developing countries are not working efficiently. As it is becoming obvious, opening operational and functional banking business offices in many developing countries is not a financially viable option. Banking offices need an enormous amount of resources, equipment, and personnel to run efficiently. In most developing countries where low income is the norm rather than the exceptions, it is not possible to sustain a policy objective that employs the use of banking offices to address the problem of financial inclusion. Such initiative could start out well; however, the possibility of sustainability is called into question. Thus, whatever meaningful gains have been garnered from such policy will be reversed or lost over time. To address the financial inclusion problem, financial technology offers the instrument, tools, and mechanism to drive financial inclusion in ways traditional methods of banking cannot. Financial technology offers cost-effective and cheaper means of driving financial development. This chapter suggests that financial technology should be used as a means of driving financial development in developing countries as it offers a more sustainable and cost-effective solution to the problem of financial inclusion. Developing countries should embrace, adopt, and adapt financial technologies to address their financial development issues.

Suggested Citation

  • Araniyar Isukul & Ben Tantua, 2021. "Financial Inclusion in Developing Countries: Applying Financial Technology as a Panacea," Springer Books, in: Muhammad Shahbaz & Alaa Soliman & Subhan Ullah (ed.), Economic Growth and Financial Development, pages 1-21, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-79003-5_1
    DOI: 10.1007/978-3-030-79003-5_1
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    Cited by:

    1. Vuković, Darko B. & Hassan, M. Kabir & Kwakye, Bernard & Febtinugraini, Armike & Shakib, Mohammed, 2024. "Does fintech matter for financial inclusion and financial stability in BRICS markets?," Emerging Markets Review, Elsevier, vol. 61(C).
    2. Zakaria Elouaourti & Aomar Ibourk, 2024. "Unveiling the drivers of Africa's digital financial inclusion journey," African Development Review, African Development Bank, vol. 36(1), pages 84-96, March.
    3. NGONYANI, Danstun, 2022. "Financial Inclusion In Developing Countries. A Review Of The Literature On The Costs And Implications," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(1), pages 54-77, March.

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