Exploring the impact of fintech on financial inclusion: Literature review

Abstract:
Financial inclusion refers to providing financial products and services to households and small businesses that
were previously excluded, as a means of promoting more inclusive growth. This includes access to savings,
investment, consumption smoothing, and insurance. Fintech is the use of software, applications, and digital
platforms to provide financial services to consumers and businesses through digital devices like smartphones. It
has gained recognition as a promising way to promote financial inclusion. This paper examines the impact of
financial technology (fintech) on financial inclusion through a literature review following the Preferred Reporting
Items for Systematic Reviews and Meta-Analysis (PRISMA) to identify the ways in which fintech contributes to
and can potentially contribute to increased financial inclusion. The paper provides a brief history of fintech,
reviews the literature on fintech and financial inclusion, and discusses how fintech can increase access to financial
services, promote financial literacy and consumer protection, and support the growth of micro and small
enterprises. The paper concludes with empirical evidence on the impact of fintech on financial inclusion.

Keywords: Fintech, Financial inclusion, Digital finance, Innovation, Systematic review.
Classification JEL: G23
Paper type: Theoretical Research