Abstract
Different countries across the globe are trying hard to address the challenges of poverty alleviation. Various studies conducted in the past have highlighted the essence of financial inclusion in poverty alleviation. Adoption of financial inclusion acts as a major trigger for developing countries to foster economic growth as it helps in fostering saving, investment, and helps society in attaining financial independence. Economies across the globe are striving hard to accomplish sustainable development goals. The speedy compliance with SDG goals can only be realized through the adoption of ICT. Some of the SDG goals like reduced inequalities (SDG10), quality education (SDG 4), and industry innovation and infrastructure (SDG 9) cannot be attained without the adoption of technology. Effective blend of technology helps countries in achieving targets like digital financial inclusion, digital education, advanced healthcare services, green energy, and addressing other climate related issues. Financial inclusion consists of providing sufficient access to a diverse range of financial products and services. In an era of information technology, digital transformation has brought a major shift in demand and supply side of financial inclusion. In order to understand the progress of the past 23 years in digital financial inclusion, the study has conducted a systematic review and bibliometric analysis of digital financial inclusion domain. The study intends to explore the present status of digital financial inclusion, most prominent studies published in this domain, influential countries, influential authors, and collaborative tendencies between authors. Through Biblioshiny R and Vos-viewer software, the study intends to conduct temporal analysis of influential authors and countries as it helps to understand the emergence of new researchers, institutions, and countries over a time. The study also intends to explore thematic analysis of digital financial inclusion domain, influential theories derived from literature, and assessment of influential studies published for the past 23 years. In the final phase, the study intends to propose various antecedents of digital financial inclusion that have been identified through in-depth scrutiny of literature.
TopIntroduction
Financial inclusion refers to the availability of practical and reasonably priced financial goods and services for the “individuals and businesses have access to useful and affordable financial products and services that meet their needs transactions, payments, savings, credit and insurance delivered in a responsible and sustainable way” (World Bank, 2021). More than 55 nations have committed to financial inclusion since 2010, while more than 60 countries have initiated or are developing national strategies (World bank, 2022). The phrase “financial inclusion (FI)” has gained relevance since the early 2000s (Ozili, 2021). FI has advanced significantly during the past twenty-three years: between 2000 and 2023, 515 million more people had access to financial services (Huang et al., 2023; Chisadza & Biyase, 2023). The creation of an inclusive financial system is an area of policy emphasis and priority because access to finance has traditionally been seen as one of the key indicators of economic growth (Ozturk & Ullah, 2022). As a result, FI is widely regarded as one of the most significant forces driving economic growth specially for the impoverished are enormous. Its contributions to the gross domestic product, to the welfare of individuals and society especially underprivileged, and to the establishment and growth of businesses, particularly small and medium-sized businesses, have been well-documented (Tay et al., 2022; Demirgüç-Kunt & Klapper, 2012). Additionally, the COVID-19 problem has emphasized the need for greater financial inclusion online. Digital financial inclusion entails the use of cost-effective digital means to provide populations that are currently underserved and financially excluded with a variety of formal financial services that are responsibly delivered at a cost that is affordable for customers and sustainable for providers (Dwivedi et al., 2022). Many stakeholders, including politicians, academics, and practitioners, have expressed concern about the need to establish an inclusive financial industry (Ullah et al., 2022). This has increased the necessity for developing various solutions to address noted constraints preventing the delivery of traditional financial services to remote areas and their adoption in most developing nations. Formal financing access can improve investments in human capital, decrease susceptibility to economic shocks, and promote the development of jobs. Financial inclusion is seen by seven of the Sustainable Development Goals (SDG) of the United Nations for 2030 as a critical facilitator for attaining global sustainable development. The creation of a National Strategy for Financial Inclusion (NSFI) is necessary to accomplish the goals in a coordinated and timely manner (RBI, 2020). More than 1.2 billion individuals have gained access to financial services since 2011, giving them a better chance to improve their lives (World Bank, 2022). In addition, more than fifty nations have implemented FI plans and strategies (United Nations, 2021). On the other hand, an estimated 1.7 billion individuals globally still lack access to fundamental financial services and banking. Therefore, the United Nations have proposed sustainable developmental goals and initiates for all the developing and underdeveloped nations. Financial inclusion has been identified as a key facilitator for seven of the 17 Sustainable Development Goals by United Nations, including SDG 1 (eliminate extreme poverty), SDG 2 (reduce hunger and promote food security), SDG 3 (achieve good health and well-being), SDG 4 (foster quality education), SDG 5 (enhanced women empowerment is the key to promoting gender equality), SDG 8 (promote shared economic growth), and SDG 9 (promote innovation and sustainable industrialization) (World Bank, 2021).