The pyrrhic victory of FinTech and its implications for achieving the Sustainable Development Goals: evidence from fieldwork in rural Zambia
World Journal of Science, Technology and Sustainable Development
ISSN: 2042-5945
Article publication date: 21 October 2020
Issue publication date: 2 December 2020
Abstract
Purpose
This study investigates the possible effect of mobile money services, which forms part of FinTech, in achieving the Sustainable Development Goals (SDGs).
Design/methodology/approach
This study uses field data from the Chongwe district of Zambia. The data were collected in 2019.
Findings
The findings strongly suggest that (1) the factors that hinder access to credit and savings by the poor do not simply recede following the adoption of mobile money services and (2) that mobile money is not a silver bullet of ending financial exclusion but merely a tool which contributes to other financial inclusion strategies.
Practical implications
This study argues that mobile money is winning the battle but losing the war – implying that the service is mainly used to transfer funds (OTC transactions) among users.
Originality/value
This is the first study to have been conducted in Zambia to assess the possible contributing effect of FinTech (mobile money) on SDGs.
Keywords
Acknowledgements
The author would like to thank, without implications, Bank of Zambia, Frank Chansa, Olivia Chichenga, Wiza Simwanda, Allam Ahmed (the editor), Jennifer Hornett, and anonymous referees for helpful comments on earlier drafts. The author is also grateful for comments and suggestions from seminar/conference participants at the University of Cape Town. This paper’s findings, interpretations and conclusions are solely those of the author and cannot be taken to represent those of the University of Cape Town. The author acknowledge the academic support rendered by the University of Cape Town. The author declares that there are no known conflicts of interest associated with this article and there has been no financial support for this work that could have influenced its outcome. The usual caveats apply.
Citation
Chikalipah, S. (2020), "The pyrrhic victory of FinTech and its implications for achieving the Sustainable Development Goals: evidence from fieldwork in rural Zambia", World Journal of Science, Technology and Sustainable Development, Vol. 17 No. 4, pp. 329-340. https://doi.org/10.1108/WJSTSD-06-2020-0058
Publisher
:Emerald Publishing Limited
Copyright © 2020, Emerald Publishing Limited