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The Future of Financial Inclusion

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  • Ozili, Peterson K

Abstract

This paper provides insight 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, make 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 number to mobile number to drive financial inclusion; more women will become financially empowered and financially independent; government will become more directly involved in delivering basic financial services to the poor; and we will witness the emergence of new financial innovations that continuously reduce transaction costs. These future trends will have implications for financial inclusion in Asia, Europe and particularly in Africa where the level of financial inclusion is low.

Suggested Citation

  • Ozili, Peterson K, 2023. "The Future of Financial Inclusion," MPRA Paper 118800, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:118800
    as

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    File URL: https://mpra.ub.uni-muenchen.de/118800/1/MPRA_paper_118800.pdf
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    References listed on IDEAS

    as
    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. 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.
    4. 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).
    5. 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.
    Full references (including those not matched with items on IDEAS)

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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
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs

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