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Financial inclusion washing has not been considered to be a crime although it should be. This paper aims to present a discussion about financial inclusion washing. It was argued that financial inclusion washing is the deliberate or unintentional use of exaggerated claims or misleading claims to describe an entity’s commitment to increase the level of financial inclusion.
This paper used the conceptual discourse analysis methodology.
This paper showed that many entities are at risk of practicing financial inclusion washing such as international development organizations, aid organizations, government agencies, central banks, financial institutions, financial inclusion support groups and associations, among others. This paper also highlighted the manifestations, motivations and consequences of financial inclusion washing. This paper also identified ways through which entities can avoid financial inclusion washing.
The literature has not examined how exaggerated claims about financial inclusion efforts mislead people.
Purpose: This chapter examines some policy ideas on how to achieve high levels of financial inclusion. It explores policy options that can be used to achieve greater…
Purpose: This chapter examines some policy ideas on how to achieve high levels of financial inclusion. It explores policy options that can be used to achieve greater levels of financial inclusion.
Methodology: The chapter uses a discursive approach to analyse the steps to achieving full financial inclusion.
Findings: The chapter offers some suggestions on how to achieve full financial inclusion. They include reducing interest rates, introducing conditional low-interest rates, supporting monetary policies with social security payments, reducing taxes, using targeted government spending, supporting fiscal policies with conditional tax rebate and tax exemptions, financial inclusion–environment decoupling, de-risking the financial system, and ring-fencing banking for the poor.
Originality: This study contributes to the financial inclusion literature by exploring additional ways to achieve high levels of financial inclusion.
This chapter examines various conditions for optimality in financial inclusion. The optimal level of financial inclusion is achieved when basic financial services are provided to members of the population at a price that is affordable and that price is also economically sufficient to encourage providers of financial services to provide such financial services on a continual basis. Any level of financial inclusion that does not meet these conditions is sub-optimal and incentive-inefficient both for users and providers of financial services.
Purpose: This chapter aims to present the arguments for and against central bank digital currency (CBDC) increasing financial inclusion. Financial inclusion is one of the…
Purpose: This chapter aims to present the arguments for and against central bank digital currency (CBDC) increasing financial inclusion. Financial inclusion is one of the many reasons for issuing a CBDC.
Need for the study: There is a need to offer a critical perspective on the proposed financial inclusion benefits of CBDC. This is the first paper to present arguments supporting and statement against CBDC for financial inclusion.
Method: This chapter uses discourse analysis methodology to identify the arguments about CBDC promoting financial inclusion
Findings: The arguments in support of CBDC increasing financial inclusion are that CBDCs can digitise value chains, CBDCs can improve access to digital financial services, CBDCs can help to enlarge the digital economy, CBDCs can enhance the efficiency of digital payments, CBDCs can be used offline when there is no internet coverage, and CBDCs have low transaction costs. Some criticisms are that CBDC may not prioritise financial inclusion, a high price to purchase digital devices for holding a CBDC, non-interest-bearing CBDCs, the strong preference for cash over digital currency, the burdensome identification and regulatory requirements, and the imposition of transaction costs.
Implications: Overall, the arguments presented in this chapter show that there is still disagreement over whether a central bank’s digital currency can increase financial inclusion. Nevertheless, in the light of recent events, many central banks are determined to issue a CBDC for many reasons. Even though CBDCs do not achieve the intended financial inclusion objective, at least the other goals for publishing a CBDC will be performed, such as a significant reduction in cash management costs and the effective conduct of monetary policy.
Purpose: This chapter revisits digital financial inclusion as an international development agenda and discusses everything you need to know about digital financial inclusion.
Methodology: This chapter uses conceptual discourse methodology to explain digital financial inclusion.
Findings: This chapter identifies the definitions of digital financial inclusion, the goal of digital financial inclusion, the components of digital financial inclusion, the types of providers of digital financial services, the instruments for digital financial inclusion, the benefits of digital financial inclusion, the risks of digital financial inclusion, and the regulatory issues associated with digital financial inclusion. It also proposes suggestions on how to make digital financial inclusion work for the good of all. This chapter concludes by offering some implications for policymaking and practice in the digital finance ecosystem.
This paper aims to investigate the association between financial inclusion and sustainable development in a global context.
This paper aims to investigate the association between financial inclusion and sustainable development in a global context.
The study used two datasets, and employed the Pearson correlation analysis and granger causality test to examine the correlation and pairwise causality between financial inclusion and sustainable development.
High levels of financial inclusion (in terms of higher commercial bank branches per 100,000 adults) is significantly associated with higher electricity production from renewable sources, higher industry productivity, higher adult literacy rate and higher renewable electricity output. Also, higher financial inclusion is significantly associated with low combustible renewables and waste. There is a uni-directional granger causality between global interest in internet information about sustainable development and global interest in internet information about financial inclusion, particularly in the period after the global financial crisis but before the COVID-19 pandemic.
The correlation between financial inclusion and sustainable development depends on the indicators employed to measure financial inclusion and sustainable development. The results support global calls for greater financial inclusion and the speedy attainment of the sustainable development goals for the good of all people, the environment and for the planet.
This paper is the first study in the literature to analyze the link between financial inclusion and sustainable development using global data. This study contributes to the existing literature by investigating the association between financial inclusion and sustainable development in a global context.
In recent times, various governments in the developing and emerging markets are increasingly embracing financial technology to help improve financial inclusion and…
In recent times, various governments in the developing and emerging markets are increasingly embracing financial technology to help improve financial inclusion and integration within the governments' countries. One of the primary goals of using such technology is to reduce poverty. This paper explores Fintech innovations' effectiveness in developing and emerging markets in driving financial inclusion using Nigeria as a case study. The paper explores the challenges militating against financial inclusion and the role of government, financial institutions, and fintech companies in ensuring financial inclusion for the vast majority of the unbanked population in the developing and emerging markets.
This paper is based on doctrinal, sociological, and comparative research methodologies. The researchers conducted a content analysis drawing on data from both primary and secondary sources, including existing legislation, journal articles, newspaper reports, and policy documents.
The research showed that the financial inclusion gap has expanded despite the government, regulators, and financial institutions' various efforts by developing various digital platforms, including encouraging the use of smartphones for mobile payments and automated teller machines (ATMs) and mobile money. Several reasons are responsible for the gap in financial inclusion: illiteracy, poor infrastructural facilities, intermittent power supply, poor mobile receptions, especially in rural areas, constant banks' network failures, unnecessary charges, information asymmetry and data privacy breaches, amongst others.
Financial inclusion through fintech is essential in eradicating poverty in developing and emerging markets if adequately implemented. Therefore, this paper will be useful to researchers exploring how technology influences financial inclusion. The paper will also aid policymakers and practitioners in financial technology regulation to improve the effectiveness of policymakers and practitioners' policies and implementation strategies of financial inclusion in developing and emerging markets.
This research is significant, especially in developing and emerging markets, by exploring issues and challenges of fintech in promoting financial inclusion in challenging institutional contexts. This paper suggested potential areas for further research, particularly women's attitudes and expectations towards services provided by fintech companies and other financial institutions.
Purpose: This purpose of this chapter is to present several theories of financial inclusion. Financial inclusion is the ease of access to, and the availability of, basic financial services to all members of the population. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs in a responsible and sustainable way. Financial inclusion practices vary from country to country, and there is need to identify the underlying principles or propositions that can explain the observed variation in financial inclusion practices. These set of principles or propositions are called theories.
Methods: The chapter uses conceptual discussions to formulate alternative theories of financial inclusion.
Findings: The study shows that financial inclusion theories are explanations for observed financial inclusion practices. It also shows that the ideas and perspectives on financial inclusion can be grouped into theories to facilitate meaningful discussions in the literature.
Originality/value: Currently, there are no observed or elaborate theories of financial inclusion in the policy or academic literature. This chapter is the first attempt to develop theories of financial inclusion. The theories are intended to be useful to researchers, academics and practitioners. The resulting contributions to theory development are useful to the problem-solving process in the global financial inclusion agenda.
Purpose: This chapter presents criticisms of financial inclusion.
Methodology: This chapter uses critical discourse analysis to critique the modern financial inclusion agenda.
Findings: The findings reveal that (i) financial inclusion is an invitation to live by finance and leads to the financialization of poverty; (ii) some of the benefits of financial inclusion disappear after a few years; (iii) financial inclusion ignores how poverty affects financial decision-making; (iv) it promotes digital money which is difficult to understand; (v) financial inclusion promotes the use of transaction accounts; (vi) digital money is difficult to understand; and that (vii) some financial inclusion efforts bear a resemblance to a campaign against having cash-in-hand.
Implication: This study will help policymakers in their assessment of the economic, social, political, and cultural factors that hinder financial inclusion as well as the consequence of financial inclusion for society. For academics, this study will provide a critical perspective to on-going financial inclusion debates in the large positivist literature on financial inclusion.
Originality: Currently, there are no studies that use critical discourse analysis to analyze the broader concept of financial inclusion. This chapter is the first study that uses critical discourse analysis to critique some aspects of the modern financial inclusion agenda.
Purpose: This chapter analyzes several indicators of financial inclusion in Nigeria.Method: This chapter uses trend analyses to examine the indicators of financial…
Purpose: This chapter analyzes several indicators of financial inclusion in Nigeria.
Method: This chapter uses trend analyses to examine the indicators of financial inclusion in Nigeria.
Findings: The findings reveal that people with a secondary education and unemployed people had higher levels of debit card ownership, higher levels of account ownership of any type, and higher levels of account ownership in a financial institution. Borrowings from family or friends decreased during the period. The level of savings and borrowings was higher for adults with at least a secondary education while the level of savings, using a savings club or persons outside the family, decreased among females, poor people and among people with a primary education. Credit card ownership was low among unemployed people, while credit card ownership was much higher among employed people, the richest people and among people with at least a secondary education. Finally, borrowings and savings using family, friends, or saving clubs significantly contributed to economic growth than borrowings and savings through financial institutions.
Implications: It shows that Nigerian authorities should increase the number of formal account ownership by removing obstacles such as income and education bias and gender discrimination in the delivery and use of financial services.
Originality: Recent studies in the literature have investigated financial inclusion in developing economies, but little attention has been paid on the determinants and challenges of financial inclusion in Nigeria. This chapter aims to fill this gap by providing a comprehensive understanding and analysis of financial inclusion in Nigeria.