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The main purpose of this study is to test for the interaction effect of digital literacy in the relationship between financial technologies (FinTechs) of biometrics and mobile money and digital financial inclusion among the unbanked poor women, youth and persons with disabilities (PWDs) in rural Uganda.

Covariance-based structural equation modeling was used to construct the interaction effect using data collected from the unbanked poor women, youth and PWDs located in the four regions in Uganda as prescribed by Hair et al. (2022).

The findings from this study are threefold: first; the results revealed a positive interaction effect of digital literacy between FinTechs of biometrics and mobile money and digital financial inclusion. Second; the results also confirmed that biometrics identification positively promotes digital financial inclusion. Lastly; the results showed that mobile money positively promotes digital financial inclusion. A combination of FinTechs of biometrics and mobile money together with digital literacy explain 29% variation in digital financial inclusion among the unbanked poor women, youth and PWDs in rural Uganda.

The data for this study were collected mainly from the unbanked poor women, youth and PWDs. Further studies may look at data from other sections of the vulnerable population in under developed financial markets. Additionally, the data for this study were collected only from Uganda as a developing country. Thus, more data may be obtained from other developing countries to draw conclusive and generalized empirical evidence. Besides, the current study used cross sectional design to collect the data. Therefore, future studies may adopt longitudinal research design to investigate the impact of FinTechs on digital financial inclusion in the presence of digital literacy across different time range.

The governments in developing countries like Uganda should support women, youth, PWDs and other equally vulnerable groups, especially in the rural communities to understand and use FinTechs. This can be achieved through digital literacy that can help them to embrace digital financial services and competently navigate and perform digital transactions over digital platforms like mobile money without making errors. Besides, governments in developing countries like Uganda can use this finding to advocate for the design of appropriate digital infrastructures to reach remote areas and ensure “last mile connectivity for digital financial services' users.” The use of off-line solutions can complement the absence or loss of on-line network connectivity for biometrics and mobile money to close the huge digital divide gap in rural areas. This can scale-up access to and use of financial services by the unbanked rural population.

This paper sheds more light on the importance of digital literacy in the ever complex and dynamic global FinTech ecosystem in the presence of rampant cyber risks. To the best of the authors' knowledge, limited studies currently exist that integrate digital literacy as a moderator in the relationship between FinTechs and digital financial inclusion, especially among vulnerable groups in under-developed digital financial markets in developing countries. This is the novelty of the paper with data obtained from the unbanked poor women, youth and PWDs in rural Uganda.

This paper presents a qualitative study on mobile banking technology acceptance by the rural unbanked. The number of mobile phone users has long exceeded the number of people with bank accounts across the world. The purpose of this paper is to determine the factors that will affect the acceptance of mobile banking by the rural unbanked.

The main purpose of this qualitative research is to discover the deeper motivations and associations that underlie an unbanked consumer's intentions to adopt mobile banking services. The use of open‐ended questions in the group discussions allowed participants to explain, comment and share experiences, attitudes, opinions, and beliefs, with specific focus on the consumer (his cognition and emotions as a result of the consumption intentions). Focus groups provide an opportunity to capture the meaning that consumers give to different aspects of reality they live in through group dynamics and interactions.

The findings of the study indicate that perceived usefulness and perceived ease of use from the technology acceptance model, economic factors and trust influence the rural unbanked's intention to adopt and use mobile banking services.

Although the qualitative study brings out the underlying motives of the rural unbanked, it does not statistically test the extension of the technology acceptance constructs and its antecedents that are discovered. Also, there was a limitation in the use of language and transcribing from a native language into English.

The demand for mobile banking services by the unbanked can be linked to their demand for savings and loan services. Therefore, for successful adoption of mobile banking by the unbanked, operators should promote the use of mobile banking services for savings and loans. Firms should further consider educating consumers through demonstrations and training to better equip them to master mobile banking systems. Once consumers feel more competent in utilizing the system, they would find it easier to use and will be encouraged to use it.

The value of the paper lies in the use of a focus group discussion to unveil new determinants of technology acceptance by the rural unbanked and the identification of convenience and affordability as antecedents to perceived usefulness.

The present study aims to propose and validate a model to measure certain variables that may contribute to increasing the bankarization rate (uptake of retail banking services) among developing-economy populations characterized by poor financial literacy and low income levels.

A quantitative empirical study is carried out in the retail banking sector of a country with low-bankarization rates. Using a self-administered questionnaire distributed online, structural equation modeling is applied to analyze the relationships between value co-creation, brand experience, brand equity and reputation.

The results show that brand equity is an antecedent of reputation that values co-creation, and brand experience positively influences brand equity and that values co-creation that positively influences brand experience.

The bankarization rate of a developing country is generally taken as an indicator of the socioeconomic wellbeing of its population. Where there is a low-bankarization rate, this renders it more difficult for financial institutions to build their reputation to attract new customers and retain existing ones. Strategies are, therefore, proposed to improve the reputation of financial institutions in such settings and, thus, contribute to increasing the bankarization rate.

The findings of this study provide an original perspective that offers a deeper understanding of the mechanisms that enable banks operating in low-bankarization markets to enhance their reputation through strategies based on customer–company interaction and branding (with the variables of brand equity, brand experience and value co-creation).

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.

This study aims to empirically investigate the effect of digital currency development (digital finance) on financial inclusion in Nigeria for the period. Nigeria undertook her digital currency development to rip the benefits of financial inclusion, safer remittances and exchange rate regularization among others.

The researchers developed high-frequency quarterly data for the analysis from 2006:1 to 2020:4 in a weighted stepwise forward regression. A model similar to the one used by Demir et al. (2020) and Altunbas and Thornton (2019) with some modifications was developed.

Findings suggest that (1) a unit rise in the usage of automated teller machines by citizens spontaneously raised financial inclusion in a quarter in Nigeria by 0.012 units and were statistically significant; (2) a percentage rise in the use of point of sales transaction by citizens in the country also raised financial inclusion in Nigeria by approximately 1%; (3) a percentage increase by mobile payment users in Nigeria will spontaneously increase financial inclusion by at least 0.4%; (4) a percentage rise in web payment services reduces financial inclusion by 22% in Nigeria; (5) Cumulative positive effect of digital finances on financial inclusion in Nigeria was approximately 7%.

The researches show, using in-sample forecast, that while financial inclusion will grow in Nigeria, it will not be without systemic fluctuations. Based on the outcome, it is proposed that if the present digital currency penetration for the country is sustained at the present growth rate, the country may be more financially inclusive by 2% additionally by 2025 and 4% more by 2030.

Originally, it is found that digital currency development are positive derivatives for financial inclusion in Nigeria. Cumulatively, the effect of digital finances on financial inclusion in Nigeria is approximately 7% positive.

Purpose: The advent of the fintech revolution has brought a tremendous increase in the dissemination of digital financial services. Although digital financial services increase financial inclusion through financial intermediation, it also increases the chances of systematic risk.

Need: In the quest to satisfy the curious minds, the authors have examined the influence of digital financial services on banking stability and efficiency.

Methodology: To achieve the above objectives, the authors have used the Auto-Regressive Distribution Lag (ARDL) estimation technique on the annual data set of India and the United States from 2004 to 2018. In addition, to estimate the long-run cointegration, the ARDL bound approach is also used.

Findings: The empirical analysis concludes that in the short run, the expansion of digital financial services in India in the form of internet-based transactions and mobile money transactions creates a negative and significant impact on banking efficiency and stability. Meaning, banking sector efficiency and stability fall by 0.09% and 0.05% with a 1% increase in digital financial services. However, in the long run, digital financial services enhance banking stability and efficiency in India. Besides, the study also reveals that in a developed country like the United States, both in the short run and long run, expansion of digital financial services helps in improving banking efficiency and stability. Furthermore, in context to control variables, the findings suggest that in the short run, industrial productivity has a negative influence on the Indian banking sector efficiency and stability, compared to the positive impact in the long run. This is unlike the United States, where both in the long-run and short-run, industrial productivity has a positive influence on the banking sector’s efficiency and stability.

Practical implication: The findings reveal several policy implications and suggest policy synergies between digital financial services, banking stability and efficiency.

The rapid rise of Islamic crypto assets, underpinned by blockchain technology, has introduced a novel dimension to the Islamic financial landscape, raising questions about their potential as safe havens within emerging Islamic economies. However, the opportunities and challenges associated with this phenomenon remain insufficiently explored. In this context, this study aims to empirically investigate the extent to which blockchain technology can establish Islamic crypto assets as safe havens in equity markets within Islamic economies.

This study addresses the need for rigorous empirical analysis to understand the dynamics between Islamic crypto assets and stock markets in emerging Islamic economies, focusing on the transmission of volatility. While the evolving nature of the Islamic financial sector demands reliable data, the reliance on the most available data offers insights into the expected future trends in this emerging field. The research specifically focuses on three essential assets in the Islamic financial portfolio: OneGram Coin and X8XToken, both backed by gold and MRHB DeFi, an Islamic DeFi asset lacking gold backing. These crypto assets are compared with corresponding assets in seven stock markets of emerging Islamic economies. Using daily log returns of the Islamic crypto assets from various sources and seven Islamic stock indices. The data covers the period from December 27, 2021, to December 28, 2022, capturing the fluctuations in Islamic stocks and cryptocurrency markets during the post-COVID-19 era. This research uses advanced econometric techniques, including pairwise dynamic correlation and the DCC GARCH model.

The findings indicate that Islamic crypto assets exhibit distinct characteristics, with lower volatility and low correlations compared to their conventional counterparts in non-Islamic contexts. This outcome suggests that these Islamic crypto assets could potentially serve as safe havens within Islamic stock markets, offering valuable insights for various stakeholders, including investors, governments and policymakers.

The findings are based on a specific set of Islamic crypto assets and may vary with a different selection. Market dynamics can also influence the relationships observed. Nevertheless, the outcomes provide valuable insights for investors, policymakers and researchers interested in the intersection of Islamic finance, cryptocurrency and technology.

In essence, this research not only unveils the potential of Islamic crypto assets as stabilizing forces but also delineates a trajectory for subsequent research endeavours within the realm of emerging Islamic Fintech, elucidating the challenges, opportunities and benefits that lie therein. With a discerning eye on circumventing the pitfalls entrenched within conventional crypto finance, this study contributes to a heightened comprehension of the transformative role that Islamic crypto assets can assume, ultimately enriching the financial resilience of Islamic economies.

Information system continuance model has been used in a number of studies to explain information system continuance in different contexts. However, very little research attention has been given to continuous use of mobile financial services (MFS). The purpose of this study is to fill this research gap by identifying the main factors that influence the continual use of MFS.

A sample was randomly taken from MFS registered accounts or mobile wallets. A five-point Likert scale survey was conducted in Ghana. Structural equation modelling was used to test the data. Constructs such as continual use, satisfaction, perceived usefulness and confirmation were adapted from information system continuance model to suit the requirement of MFS. A pilot study was then carried out after the questionnaire was developed to gauge the appropriateness of the survey questions.

Results from the survey indicated that user satisfaction has the greatest impact on the continual use of mobile financial services. Good agent quality and satisfaction were the second most influential determinant. Satisfaction was, in turn, confirmed to be determined by perceived usefulness. Another important contributor to MFS continual use was found to be perceived ease of use (PEOU) with an impact surprisingly higher than that of perceived usefulness. There was a significant impact of good agent quality on satisfaction, which could be attributed to the characteristics of the technology for the study.

Although a relatively high R2 (71%) was indicated by the proposed model, there is need for additional factors to be identified to improve the ability to predict and explain the continual use of MFS. A longitudinal study would have enhanced the identification of determinants and the understanding of their inter-relationships to influence MFS continual use.

To ensure continual use of MFS, PEOU as identified by the study is important to ensure that customers can use the service with little effort. Good agent quality can promote PEOU in the sense that competent agents can render relevant tutorials to customers’ right after the registration process. This will address a major barrier to continual use, which is the lack of understanding of how MFS operate.

This study contributes to ensuring financial inclusion such that the unbanked can have access to financial services and also improve digital inclusion.

The study provides empirical evidence to support the substantive differences between acceptance and continual use behaviours, integrating the constructs of good agent quality and PEOU into our understanding of information system continual use literature. The authors also theorized and evaluated a model of MFS continual use.

Even if digital financial services have a positive impact on financial inclusion, it creates a digital as well as gender divide within and across countries, creating regional disparity even within developing nations. Though pandemic has initiated digitalization of various services, there has been scanty research on whether digital transfer of income can improve digital financial inclusion in post-pandemic era, especially in developing countries. The purpose of the current study is to explain the regional disparity within developing countries from three regions East Asia Pacific, South Asia and Sub-Saharan Africa, using latest World Findex data, 2021.

The author takes an instrumental variable approach to run bivariate probit model to find the factors that motivate the users to make digital payments.

The study observes that electronic transfer of wages, government transfers and remittances can motivate individuals to make use of digital mode of transactions and mobile. The practice of formal saving and borrowings are the prerequisites. However, this mechanism holds good for East Asia Pacific and not for South Asia and Sub-Saharan Africa, which are poor in information and communication technology infrastructure. Women are lagging behind men, but digital transfer of wages motivate them to make digital transaction.

Digitalization of all government services and provision of affordable mobile network and internet services are necessary for regions like South Asia and Sub-Saharan Africa. In East Asia Pacific region, data protection, data governance and better regulatory framework are required. Higher female labor force participation with digital transfer of wages and empowerment with smartphones are key to reducing the Gender gap.

The current study corrects for the possible endogeneity issue, which the extant literature has not paid attention to, and provides region-specific and gender-specific policy recommendations for an improved digital inclusion.