Heliyon 8 (2022) e09766

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Heliyon
journal homepage: www.cell.com/heliyon

Review article

Digital financial inclusion: A gateway to sustainable development

Lee-Ying Tay *, Hen-Toong Tai, Gek-Siang Tan
Faculty of Business, Multimedia University, Jalan Ayer Keroh Lama, 75450 Bukit Beruang, Melaka, Malaysia

A R T I C L E I N F O A B S T R A C T

Keywords: The covid-19 pandemic revolutionises digital financial services, and hence digital financial inclusion is essential
Digital financial inclusion to ensure everyone can access digital financial services and thus promote sustainable economic growth. The
Development development and activities promoting digital financial inclusion must align and help attain 2030 Sustainable
Mechanism
Development Goals (SDGs). While the pandemic is anticipated to increase the usage of digital financial services, it
Systematic literature review
has also created challenges for certain countries. Hence, a systematic literature review explores digital financial
inclusion across countries. This research finds that developing countries, mainly Asian countries, embrace and
improve digital financial inclusion to help reduce poverty. However, the results indicate that in developing
countries, a persistent divide exists between gender, the wealthy and the poor, and urban and rural areas
regarding access to and usage of digital financial services. At the end of the study, we propose a few recom-
mendations, focusing on improving digital infrastructure, simplifying the complicated banking procedures, and
stressing the importance of financial education, enabling the smooth implication of digital financial inclusion
across countries.

1. Introduction minimise the danger of virus transmission via currency handling, thus
providing new possibilities for potential digital financial inclusion
The COVID-19 pandemic has caused significant and long-term dis- adoption. Mobile money services, internet banking, and other financial
ruptions to people's livelihoods all across the globe, both in developing technology advances could ease small businesses and low-income
and developed countries. Countries have adopted lockdowns and curfews families' livelihood [2].
as a preventive way to stop the virus outbreak. As a result, many busi- Given the disruptions caused by COVID-19, this accelerated drive
nesses' revenues are affected as they cannot resume their business toward digitising financial services may be an unanticipated advantage
operation. In addition, it poses challenges to organisations to maintain a for digital financial inclusion. For those isolated and financially under-
large workforce and thus slashes the employees, which leads to a higher privileged, digital banking (especially mobile money) has already been
unemployment rate. It is reported that the global economy decreased by shown to be the foundation of financial inclusion in developing countries
4.3 per cent in 2020, and the global unemployment rate reached its [3]. In the aftermath of the pandemic, the fast rise in demand for fintech
highest level in a decade [1]. All layers of society, especially those from solutions by governments, businesses, and the general public is expected
middle-and low-income groups, have felt the most and suddenly found to provide more opportunities for digital channels to promote global
themselves stripped of their economic livelihood. They have now fallen financial inclusion. When offered ethically and sustainably in a
into the new poor group and are trapped in poverty. well-regulated environment, digital financial inclusion encourages
Access to financial services is critical during the pandemic, espe- development and accelerates progress toward the Sustainable Develop-
cially for the poor and those who need financing to sustain their busi- ment Goals (SDGs). However, the concern is that SDG attainment to
ness operation or livelihood. Financial inclusion thus remains a key eradicate poverty across countries needs effort and collaboration from
development concern, which has become more acute with the COVID- worldwide, be it developed or developing countries. The accessibility
19 pandemic. At the same time, the COVID-19 pandemic has acceler- and usage rate of essential financial products and online banking by
ated the transformation of financial services digitally. Government young people in developed countries are almost 90% and above [4].
authorities and health practitioners promote the use of cashless, con- Meanwhile, individuals who may be unable to use digital financial ser-
tactless modes of payment and other digital financial services to vices, such as rural residents, the poor, the elderly, will slow down the

* Corresponding author.
E-mail address: lytay@mmu.edu.my (L.-Y. Tay).

https://doi.org/10.1016/j.heliyon.2022.e09766
Received 3 January 2022; Received in revised form 22 March 2022; Accepted 16 June 2022
2405-8440/© 2022 The Author(s). Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-
nc-nd/4.0/).
L.-Y. Tay et al. Heliyon 8 (2022) e09766

progress of digital financial inclusion and thus not be on track to meet the written in English, and (2) articles must be published in peer-reviewed
SDGs by 2030. journals or relevant reports from official website, (3) articles should
Digital financial inclusion potentially plays a vital role in mitigating discuss the revolution/development of digital financial inclusion and/or
the economic and social impacts of the present COVID-19 issue. mechanisms to develop digital financial inclusion, and (4) full text of the
Increasing the financial access of low-income families and small enter- identified articles should be open access for further study and analysis.
prises might also contribute to a more inclusive financial recovery. These
potentials, however, should not be taken for granted since the pandemic 2.3. Search results
might exacerbate pre-existing concerns of financial exclusion and intro-
duce new dangers to the use of digital financial services [5]. Hence, a The search results yielded 111 articles via a search of the title, abstract,
mechanism that enables digital financial inclusion for both developed and keywords of articles indexed by ProQuest, Scopus, Springer, Science
and developing countries is crucial to enhance financial inclusion prog- Direct, and Emerald (Figure 1). After considering the first and second in-
ress at different stages of development and make meaningful progress clusion criteria, the search was restricted to English-language journal ar-
toward achieving SDGs. ticles and official reports, producing 80 results. Two authors reviewed the
Thus, the purpose of this study is to provide an overview of how the title and abstracts of 80 identified articles based on exclusion and inclusion
COVID-19 pandemic has affected digital financial ecosystems by criteria. Some articles were resolved by consensus after discussion among
speeding up the broad-based digitalisation process for financial services, all authors during the reviewing process. The initial screen, based on titles
which has already partly been carried out in developed and developing and abstracts, yielded 39 articles. Eight articles were eliminated on the
countries [6]. Besides, this study also helps to identify the mechanism to next screen due to not fulfilling the inclusion criteria and lack of full-text
support digital financial inclusion. The systematic literature review availability. Lastly, three articles were added by checking the references of
technique is employed in this study to address the following research previously included articles. In total, 34 articles relating to the revolution/
questions: development of digital financial inclusion and mechanism to promote
digital financial inclusion were discovered.
1. What is the present stage of the development of digital financial in- Figure 2 below shows the number of cited journals based on year. The
clusion in developed and developing countries? cited journals from five main databases show an upward trend from 2015
2. What are the essential key elements for a comprehensive digital to 2021. The results reaffirm the importance of financial inclusion. It has
financial inclusion mechanism? received increasing attention from researchers and policymakers in the
past six years as a potential source of benefits to the economy.
This study adds to the existing literature by clarifying the present Table 1 summarises the distribution of 34 reviewed articles based on
stage of development of digital financial inclusion in developed and gender issues and developed/developing countries.
developing countries. By reviewing this, policymakers may use the Thirteen articles related to gender issues. Meanwhile, 18 articles
findings of this study to anticipate and mitigate any difficulties connected covered only developing countries, two articles covered only developed
with the implementation of existing policies and practices to reduce countries while 11 articles covered both developing and developed
potential disparities in digital financial inclusion resulting from their countries. Nevertheless, three articles are general review papers that
efforts. A pandemic may create gaps in current and future trends for describe financial inclusion, indicator formation and its contribution in
digital financial services. Hence, incumbent financial service providers achieving respective SDGs.
such as financial institutions, insurance companies can bridge the gaps by To date, 1.7 billion people around the globe remain unbanked and 56%
increasing the supply of customised digital financial products and of the total unbanked adults are women [14]. Compare to men, adoption
fostering digital financial inclusion. of digital payment and internet banking is lower for women [7, 14]. In
addition, women are more likely to be financially excluded especially
2. Systematic review protocol those working in informal sector e.g., homebased worker [14]. Besides
that, women who possess higher level of trust in banking system increases
The systematic review follows the PRISMA (Preferred Reporting their bank account ownership [11]. Interestingly, past study revealed that
Items for Systematic Reviews and Meta-Analyses) criteria. The identified firm financial performance is much better if it is led by women [14].
articles were screened using the content-centric analysis technique to Developing countries are facing issues such as low awareness on cashless
respond to the study's research questions: (1) the recent financial inclu- policy [37]. As such, leaders of developing countries should include finan-
sion revolution and its development across countries; (2) the mechanism cial innovations into national policy to help alleviating poverty and achieve
of digital financial inclusion to promote SDGs and economic growth. The SDGs [9]. For example: people should be encouraged to adopt cashless
following three sub-sections describe the search terms, inclusion and payment which provides safer payment mode while financial institutions
exclusion criteria, and search results. should invest in FinTech services which would yield higher returns [9].
Increasing reliance on informal source of financing in developing and
2.1. Database and search terms developed countries is attributed by public mistrust in financial institutions
[17]. In addition, a person's reliance on informal source of financing in-
In this study, five main databases, namely ProQuest, Scopus, Springer, creases when he or she records low credit rating which further leads to
Science Direct and Emerald, were used to extract articles related to the refusal in dealing with banks [34]. Since financial inclusion is a lubricant for
revolution of digital financial inclusion and the mechanism to develop the entire economic system, it is suggested that in developing countries,
digital financial inclusion among countries. These five databases were bank should extend and promotes updated financial products and services
selected as they are reliable databases of peer-reviewed journals. Using especially to people in rural area and SMEs [23]. Financial literacy, infra-
search terms ("Financial Inclusion") AND ("Digital" OR "Digital Financial structure, financial tools which enhanced security protection, and local
Inclusion") AND ("Factors" OR "Mechanism" OR "Instruments") AND government support are crucial for developing country like China to ensure
("COVID-1900 OR "COVID-19 Pandemic" OR "Coronavirus Pandemic"), we its nation to be financially included [28].
performed a search of article's title, abstract, and keywords of articles.
3. The review of digital financial inclusion
2.2. Criteria for article inclusion and exclusion
The flow of writing of this study has three main sections to simplify
The following inclusion and exclusion criteria were developed to help future referencing to different readers or researchers while achieving the
filter the articles and identify the most related works: (1) Papers must be research objectives simultaneously.

2
L.-Y. Tay et al. Heliyon 8 (2022) e09766

Figure 1. Flow diagram of the article search and selection process.

3.1. The background of digital financial inclusion and companies. Besides, financial inclusion also ensures that formal
financial services are accessible and used by people and companies
This section defines financial inclusion and digital financial inclusion, [38]. Additionally, the objective of financial inclusion targets vulner-
including an overview of digital financial inclusion. At the same time, able communities, including low-income groups, to be financially
this section will also discuss the significance of digital financial inclusion included while having accessible financial services. Financial services
and its impact on a country's economic objectives and sustainable include credit, insurance, and other forms of equity [39]. On the other
development goals (SDGs). This section also emphasises the effect of hand, financial inclusion is also defined as formally possessing an ac-
digital financial inclusion on vulnerable groups such as the rural popu- count from a recognised financial institution [40]. Individuals and
lation and the poor. companies may use the financial account to perform regular savings and
borrowing and insurance and payment services. Therefore, financial
3.1.1. Definitions of digital financial inclusion inclusion must be part of a country's economic growth while assisting
Financial inclusion is known as a process of encouraging the disadvantaged communities by improving their income and job
accessibility and utility of formal financial services among public users opportunities.

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L.-Y. Tay et al. Heliyon 8 (2022) e09766

Number of Cited Journals from Year 2015 - 2021

20
19
18
16
No. of cited journals 14
12
10
8 6
6 4
3
4
1 1
2
0
2015 2016 2018 2019 2020 2021
Year

Figure 2. Number of cited journals from 2015 – 2021.

In 2014, financial industry policymakers identified digital financial 3.1.3. The role of digital financial inclusion in meeting the SDGs
inclusion's "game-changing" potential. Digital financial inclusion is a low- Financial inclusion plays a role in ensuring all nations' accessibility
cost digital means of providing formal financial services to previously and usage of financial products to avail economic benefits [11]. As new
underserved populations [41]. At least 80 countries have initiated digital payment and mobile phone technologies have developed in recent
state-of-the-art digital financial services using mobile devices [42]. The years, the formal financial system has been re-engineered [7]. An in-
initiative aims to reassure the confidence of underserved individuals to clusive digital finance goal is to provide financial services in mobile
embrace digital financial services entirely rather than cash-based trans- money, internet banking, electronic transfers, insurance, and loan and a
actions. Customisation on digital financial inclusion to a specific and combination of these and newer fintech apps that reach out to previously
compelling programme could help serve former underserved populations excluded populations [10]. Everyone should be part of the economy
if they understand and believe the full benefits of digital financial in- where financial services are customised to specific needs and demands at
clusion. The programme could also be designed to be supplied at a sus- a reasonable cost [9].
tainable cost for service providers, making it more affordable for The delivery of financial services via digital platforms promotes
customers [32]. financial inclusion. In addition, digital financial inclusion is also one of
the stepping stones to attain the Sustainable Development Goals (SDGs)
3.1.2. Overview of digital financial inclusion by 2030. Effective execution of digital financial inclusion helps to reach
Digital financial inclusion is the fourth stage of the financial revo- 13 out of 17 SDGs. Table 2 provides the 13 listings of SDGs that describes
lution after developing microcredit, microfinance, and financial inclu- how digital financial inclusion could help achieving the respective SDGs
sion [28]. Compared to financial inclusion, digital financial inclusion and the relevant articles.
places more importance on technology to broaden the accessibility to G20 leaders, the Alliance for Financial Inclusion (AFI), the Consul-
formal financial services. Initially, the term "microcredit" refers to a tative Group to Assist the Poor (CGAP), and the International Finance
small loan offered by financial institutions to businesses and in- Corporation (IFC) committed to launch a Global Partnership for
dividuals. In the 1990s, the word "microcredit" had been replaced by Financial Inclusion (GPFI) to strengthen the development of financial
"microfinance," which covers more immense scopes of financial services inclusion around the world. GPFI will serve as an action to coordinate
such as savings, mutual funds, insurance, and loans. Another significant and implement financial inclusion systematically. Furthermore, the
revolution is shifting from "microfinance" to "financial inclusion". Financial Inclusion Expert Group (FIEG), formed in 2010, aims to
Financial inclusion is a concept that seeks to guarantee that formal provide a forum for peer learning, information exchange, policy setting,
financial services are accessible to all people. However, microcredit, and synchronisation on financial inclusion for all G20 and developing
microfinance, and financial inclusion initiatives are manual and countries [24].
field-based operations [13]. Thus, it limits the effectiveness of helping During the G20 meeting in May 2010, the FIEG, finance ministers,
the poor. Lately, ICT has led financial inclusion to advance to the fourth and central bank governors from G20 countries released a set of princi-
stage: digital financial inclusion. This radical innovation has the po- ples to foster financial inclusion. The guidelines to improve financial
tential to transform the lives of those at the bottom of the economic inclusion implementation worldwide are based on nine key aspects,
ladder. which are stated in Table 3 with its relevant articles.
Digital financial inclusion aims to eradicate obstruction to encourage Financial inclusion is assessed on three dimensions: (i) access to
individuals' participation in the financial services offered by financial financial services, (ii) financial service use, and (iii) product and service
institutions and benefiting from it. Due to fast technological advances, quality. In addition, financial inclusion also includes some essential
cell phones and social media have a very high penetration rate in today's characteristics such as financial literacy and competency, market conduct
internationally linked economy. Many nations across the globe have a and consumer rights, and overcoming impediments to financial measure
tremendous potential to enhance their countries' economic development usage. The fundamental principles of digital financial inclusion serve as
and financial stability by embracing financial inclusion via mobile pay- the foundation for digitising financial services. Additionally, they
ment systems [17, 32, 23]. conform to the GPFI's standards and other widely recognised documents.

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L.-Y. Tay et al. Heliyon 8 (2022) e09766

Table 1. Distribution of articles based on gender, developed/developing countries.

Source Year Gender Issues Country

Developing Developed
Asongu, Biekpe & Cassimon [2] 2021 ✓ ✓
Aziz & Naima [7] 2021 ✓ ✓
Emara & Moheildin [8] 2021 ✓ ✓ ✓
Feghalia, Moraa & Nassifb [9] 2021 ✓ ✓ ✓
Frączek & Urbanek [10] 2021 ✓
Ghosh [11] 2021 ✓ ✓
Gutierrez-Romero, & Ahamed [12] 2021 ✓ ✓
Hasan, Le, & Hoque [13] 2021 ✓ ✓
Huang, Kale, Paramati & Hesary [14] 2021 ✓ ✓
Kanungo & Gupta [15] 2021 ✓
Lu, Niu & Zhou [16] 2021 ✓ ✓ ✓
Lutfi, Al-Okaily, Alshirah, Alshira'h, Abutaber, & Almarashdah [17] 2021 ✓
Malik, Md Isa, Jais, Rehman, & Khan [18] 2021 ✓ ✓
Pradhan, Arvin, Nair, Hall, & Bennett [19] 2021 ✓ ✓
Safari, Bisimwa, & Armel [20] 2021 ✓ ✓
Shen, Hu, & Hueng [21] 2021 ✓ ✓
Tram, Lai, & Nguyen [3] 2021 ✓
Undale, Kulkarni, & Patil [22] 2021 ✓ ✓
Vo, Nguyen, & Van [23] 2021 ✓ ✓
Bede Uzoma, Omankhanlen, Obindah, Arewa, & Okoye [24] 2020 ✓
Kitzmann [25] 2020 ✓ ✓
Li, Wu, & Xiao [26] 2020 ✓
Soekarno, Mambea, & Setiawati [27] 2020 ✓ ✓
Wang & He [28] 2020 ✓
Xu [29] 2020 ✓ ✓
Ferrata [30] 2019 ✓ ✓ ✓
Naumenkova, Mishchenko, & Dorofeiev [31] 2019 ✓
Nguyen [32] 2019 ✓ ✓
Dawei, Anzi, & Gen [33] 2018 ✓
Kabakova & Plaksenkov [6] 2018 ✓
Ozili [34] 2018 General review
UNSGSA [35] 2018 General review
GPFI [36] 2016 General review
Bayero [37] 2015 ✓

In addition, the remote model also needs interoperability, payment sovereign countries requiring comprehensive integration of inclusive
systems accessibility and communication infrastructure, and compliance financial security and economic development by 2030, it is critical to
with regulations for the security of clients' data and financial institution close the growing gap between the rich and poor, especially in suburban
information (Naumenkova, Mishchenko & Dorofeiev, 2019). In 2016, regions.
GPFI presented a revised version of the G20 financial inclusion indicators A study conducted in Indonesia on the gender dimension in digital
by adding digital component measurements to ensure financial inclusion, financial inclusion showed that women in Indonesia tend to have digital
such as cashless transactions, digital payments, debit card ownership, financial inclusion in their daily life [27]. The authors also suggested that
and access to the digital infrastructure [36]. digital financial education is critical for women to achieve digital
financial inclusion. Apart from that, digital money and mobile technol-
3.1.4. The impacts of digital financial inclusion on vulnerable groups ogies enable small transactions cheaper, benefiting small companies and
To make a living, everyone has to have access to financial services. vulnerable populations [33, 22]. Many developing countries, including
However, financial exclusion continues to be a significant issue, partic- Brazil, India, Nigeria, and other African countries such as Kenya and
ularly among the most vulnerable. A vulnerable group refers to people Zimbabwe, have adopted digital technology to combat the issue of
who lack the financial capability, documentation, or the opportunities financial exclusion [37].
(economic, physiological, psychological, and cultural) to access financial
services [25]. Groups at the risk of financial exclusion are overindebted, 3.2. Evidence of digital financial inclusion across countries
homeless, unemployed, women, elderly, migrants, and prison inmates.
The study related to financial inclusion has been examined in many This section exhibits a different level of progress of digital financial
developing countries [24]. The research discovered a significant inclusion in developing and developed nations (as depicted in Table 4).
disparity in the level of accessibility to formal financial products between This section will also highlight the lack of procedures for implementing
the wealthy and underprivileged, sub-urban and city populations, and digital financial inclusion and its impact on the countries. Lastly, this
women and males. The report also claimed the majority of the poorest section also emphasises the increased use of digital financial services
40% of people in developing nations lack official accounts and that 35% during the Covid-19 pandemic and the opportunities and challenges
of new businesses struggle to get bank financing. With nearly all incumbent service providers and consumers face.

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L.-Y. Tay et al. Heliyon 8 (2022) e09766

Table 2. The contributions of digital financial inclusion towards sustainable development goals (SDGs) and relevant articles.

Sustainable Development Contributions of Digital Financial Inclusion towards Sustainable Development Goals (SDGs) Articles
Goals (SDGs)
SDG 1: No poverty Low-cost digital financial services (e.g., credit, payments, wages, pensions or even allow government transfer) could [2, 7, 24, 8, 9]
help low-income households increase the standard of living and fuel business models. [30, 11, 12, 13]
[14, 6, 25, 26]
[16, 17, 18, 31]
[34, 19, 20, 3, 23, 28, 29]
SDG 2: Zero hunger Digital financial services could help vulnerable groups (e.g., the poor, farmers, immigrants, etc.) to produce greater [7, 24, 8, 30, 25]
productivity, safer and more reliable social transfers or remittances. [26, 31, 23, 28]
SDG 3: Good health and well- Digital financial services may assist families in preparing for and dealing with unexpected healthcare costs in the [8, 10, 9, 12]
being event of a health emergency. Besides, promoting low-cost digital public and private micro health insurance makes [15, 18, 31, 20]
healthcare insurance more viable to the poor.
SDG 4: Quality education Lower-income families may better manage their education costs using digital finance, while institutions and national [7, 8, 10, 9],
education systems can enhance their financial management. As a result, digital finance may aid in allocating funds for [13, 14, 15, 16],
instructors, resources, and technology that improve educational outcomes. [19]
SDG 5: Gender equality Women may have more control over their money and develop assets with the help of digital financial services. Gender [7, 8, 9, 11]
equality and economic development are aided by increased financial power. [14, 16, 19, 27]
SDG 6: Clean water and Water and sanitation providers may now provide services to low-income households via digital financing, which [25]
sanitation lowers operating expenses while simultaneously promoting the long-term development of power networks into rural
areas.
SDG 7: Affordable and clean Digital finance and digital payments could offer low-income households, especially those in Africa and Asia countries [14, 25]
energy with low cost, prepaid, or pay-as-you-go services that help to increase financial viability.
SDG 8: Decent work and Digital financial services power low-cost business strategies. (e.g., digitising salary, trade payments, credit) especially [8, 10, 11, 12]
economic growth for micro, small and medium enterprises (MSMEs), potentially creating 95 million new jobs and increasing the global [13, 14, 6, 26]
GDP by 6% by 2025. [31, 32, 34, 19]
[21, 3, 23, 29]
SDG 9: Industry, innovation Small businesses may use digital financing to develop, innovate., enter new markets, and attract more young talent to [10, 13, 14, 15]
and infrastructure the digital economy. [26, 32, 19]
SDG 10: Reduced inequalities Digital finance can create an equalising force giving low-income households to access low-cost digital finance and [2, 7, 8, 9, 12]
improve financial resilience. [14, 6, 25, 26]
SDG 11: Sustainable cities and Cities that still rely on cash transactions on public services such as public transit are inefficient and costly. As a result, [37, 33, 22]
communities digitising payments may aid in the reduction of unnecessary expenses.
SDG 13: Climate action Individuals, communities, companies, and governments may benefit from digital finance in combating and preparing None
for the harmful impacts of climate change, primarily through increasing resilience and encouraging sustainable
investments.
SDG 16: Peace, justice and Digital payments significantly improve the transparency of government transactions. As a result, this may increase the [8, 6, 25, 31]
strong institutions accountability of the government and other parties on the usage of public funds.

Source [35].

Table 3. The nine keys aspects to foster financial inclusion.

Key Aspect (s) Descriptions Articles

Leadership Strong leadership helps in implementing numerous financial regulations and payment security rules. Simultaneously, financial education is [30, 18, 23]
critical for ensuring consumer safety and, as a result, broader financial inclusion.
Diversity Financial inclusion is associated with various channels (e.g. microfinance offerings, the role of information communication technology (ICT) [37, 24, 30, 26, 16]
and conventional banks, as well as the role of the government in establishing financial laws) and instruments that facilitate and encourage [32, 19, 28]
entrance into the financial system.
Innovation It refers to technical, institutional, and infrastructural progress, which benefits by removing physical barriers connected with distances and [2, 7, 37, 24, 10]
lowering associated costs. [9, 13, 14, 6]
[15, 25, 26, 17]
[19, 20, 22, 28]
Protection To protect customers from fraud and abuse, focusing on human and technological safeguards. It also entails the establishment of sufficient [8, 25, 18, 22]
infrastructure, adopting laws that enhance pricing and service transparency, and the nomination of a consumer-protection-minded institutional [29]
figure.
Empowerment To fully utilise these instruments ' potential based on their specific requirements, basic financial knowledge must be provided to customers and [11, 13, 25, 27]
comprehend financial products and services.
Cooperation Various government entities, including central banks and ministries, should collaborate and form partnerships with private and public [2, 7, 11, 12, 6]
institutions to facilitate decision-making on financial inclusion-related issues. [18, 32, 34, 19]
[21, 23]
Knowledge The necessity to gather and analyse data generated by financial inclusion initiatives, assess the efficacy of financial inclusion policy [10, 12, 13, 14]
implementation and provide suggestions and feedback. [15, 25, 26, 17]
[31, 32]
Proportionality In constructing a new regulatory model capable of protecting the present financial system, the pursuit of balance is essential. [36, 31]
Framework The ability to develop a regulatory framework in compliance with international money laundering and transaction tracing requirements [7, 33, 8, 9]
[12, 13, 25, 26]
[18, 31, 34, 23]

Source [30].

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L.-Y. Tay et al. Heliyon 8 (2022) e09766

Table 4. List of reviewed articles.

Source Year Database Description Journal Ranking

Australian Business Scopus

Deans Council (ABDC)
Asongu, Biekpe & 2021 Science Direct This study investigates the connection between the growth of mobile C C
Cassimon [2] money and financial inclusion.
Aziz & Naima [7] 2021 Scopus By establishing a comprehensive framework for digital financial C C
inclusion, the study aimed to bridge the divide between financial
inclusion discourse assumptions and notions of access to and use of digital
technology.
Emara & Moheildin [8] 2021 Science Direct The research conducts an empirical examination of the relationship NA NA
between financial inclusion, governance, and economic growth in the
MENA region.
Feghalia, Moraa & 2021 Science Direct The research emphasises the effect of a broad definition of financial NA NA
Nassifb [9] services on financial stability due to incorrect financial inclusion
measures.
Fraczek & Urbanek [10] 2021 Science Direct The study explains the growth of digital payments in passenger transport C C
and analyses the different variables that influence the degree of digital
ticketing and payment adoption in this sector.
Ghosh [11] 2021 Science Direct The research examines the critical role of trust in financial inclusion. A A
Gutierrez-Romero, & 2021 Science Direct The study explores to what extent financial inclusion could help mitigate A A
Ahamed [12] the increase in poverty
Hasan, Le, & Hoque [13] 2021 Springer This study sought to ascertain the impact of financial education on NA NA
financial access through banking, microfinance, and fintech.
Huang, Kale, Paramati & 2021 Science Direct This research aims to ascertain the impact of financial inclusion and trade B B
Hesary [14] openness on economic development in the 27 member nations of the
European Union (EU).
Kanungo & Gupta [15] 2021 Science Direct The study investigated the impact of digitalisation on overall social and A A
economic well-being among Indian communities and socially excluded.
Lu, Niu & Zhou [16] 2021 Science Direct The study focuses on individualism, one of the most prominent cultural NA NA
characteristics, on household financial inclusion.
Lutfi, Al-Okaily, Alshirah, 2021 ProQuest This study determined the factors that led to Jordan Mobile Payment NA NA
Alshira'h, Abutaber, & (JoMoPay) using a modified TAM model.
Almarashdah [17]
Malik, Md Isa, Jais, 2021 Science Direct This research analyses the effect of governance quality on maintaining NA NA
Rehman, & Khan [18] financial stability and promoting financial inclusion in Asian countries
using the stakeholder theory.
Pradhan, Arvin, Nair, 2021 Science Direct From 1991 through 2018, the research analyses the short- and long-run A A
Hall, & Bennett [19] economic growth trends, financial inclusion initiatives, and ICT
infrastructure development in twenty Indian states.
Safari, Bisimwa, & Armel 2021 Emerald This research looks at consumers' views and intentions regarding online NA NA
[20] banking in the banking industry.
Shen, Hu, & Hueng [21] 2021 Science Direct The study investigated the economic impact of digital financial inclusion NA NA
in 105 countries.
Tram, Lai, & Nguyen [3] 2021 Science Direct This study aims to develop a composite financial inclusion index (FI NA NA
index) by including data linked to "mobile money" into the three
dimensions of financial inclusion to represent a country's financial
inclusion level accurately.
Undale, Kulkarni, & Patil 2021 Emerald The purpose of this research is to determine the impact of demographic NA NA
[22] factors such as gender and income on the perceived "security worry" and
"comfort" associated with the use of an e-Wallet.
Vo, Nguyen, & Van [23] 2021 Science Direct This research examines the link between financial inclusion and financial NA NA
market stability using 3071 bank datasets.
Bede Uzoma, 2020 ProQuest The purpose of this research is to determine if financial innovation NA NA
Omankhanlen, Obindah, enabled by digital inclusion may assist 27 Sub Saharan African (SSA)
Arewa, & Okoye [24] nations in achieving the Social Development Goals of hunger elimination,
poverty reduction, and job creation.
Kitzmann [25] 2020 Articles added by This article emphasised the issues of financial exclusion, over- NA NA
cross-references indebtedness, and the implications for some of our society's most
vulnerable groups, which have gotten worse since the pandemic.
Li, Wu, & Xiao [26] 2020 Science Direct The research investigated the effects of digital financial inclusion on A A
household spending and its mechanisms. The findings indicate that digital
financial inclusion can increase household spending.
Soekarno, Mambea, & 2020 ProQuest The purpose of this study was to examine the influence of gender in NA NA
Setiawati [27] Indonesia's digital financial inclusion.
Wang & He [28] 2020 ProQuest This research examined the effect of digital financial inclusion on farmers' NA NA
vulnerability in China using survey questionnaires.

(continued on next page)

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L.-Y. Tay et al. Heliyon 8 (2022) e09766

Table 4 (continued )
Source Year Database Description Journal Ranking

Australian Business Scopus

Deans Council (ABDC)
Xu [29] 2020 Science Direct The research investigates the relationship between social trust and A A
financial inclusion using financial inclusion data from the Global Findex
database and trust measures from the World Values Survey.
Ferrata [30] 2019 ProQuest Financial inclusion, defined as access to financial services, allows the most NA NA
disadvantaged to contribute to the SDGs' achievement and improve their
living conditions, as shown in this study.
Naumenkova, 2019 ProQuest This study determines the effect of Ukraine's present stage of economic NA NA
Mishchenko, & Dorofeiev digitalisation on financial inclusion.
[31]
Nguyen [32] 2019 Emerald This study aims to assess the sensitivity of production and prices to NA NA
interest rates (IR) in emerging countries with varying degrees of financial
inclusion (FI) from 2007 to 2017.
Dawei, Anzi, & Gen [33] 2018 Scopus This research emphasised the critical significance of digital currency and NA NA
mobile technology in enabling low-cost, small-scale transactions that
benefit small businesses and disadvantaged people.
Kabakova & Plaksenkov 2018 Science Direct This research aims to analyse the ecosystems of 43 countries to identify A A
[6] which ecosystem components promote financial inclusion and which
contribute to financial exclusion.
Ozili [34] 2018 Science Direct This study discusses several issues concerning digital money and NA NA
ascertains the impact of digital finance on financial inclusion and system
stability.
UNSGSA [35] 2018 Articles added by This study details how digital financial inclusion can accelerate progress NA NA
cross-references toward the Sustainable Development Goals and have a long-lasting social
and economic impact on millions worldwide.
GPFI [36] 2016 Articles added by This article aims to provide a complete list of financial inclusion NA NA
cross-references indicators produced by the Global Partnership for Financial Inclusion
(GPFI) to increase awareness of the financial inclusion landscape.
Bayero [37] 2015 Science Direct The research investigates how a cashless policy based on a few chosen NA NA
variables contributes to Nigeria's financial inclusion.

3.2.1. Evidence of digital financial inclusion in developing countries In recent years, the digital banking industry has come up with nearly
Digital financial inclusion has been a critical determinant or driver of 85% of digital platforms innovations, showing that access to banking is
financial inclusion in many countries in recent years. However, previous progressing in the emerging markets (Van Der Boor et al., 2014). Banks
studies show that there are given various determinants in fostering the have an imperative role in advocating financial inclusion, especially in
financial inclusion process across countries, which is either in low- developing nations [48, 20]. Moreover, developing countries will boost
income countries, developing countries or developed countries. inclusive growth and continue development through the benefits of
There are enormous numbers of people in low or middle-income level technological innovations [49]. The empirical results demonstrate a high
countries that remain unbanked [31]. Based on the finding, financial interdependence between ICT infrastructure development and financial
inclusion was found to have a positive relationship with ICT diffusion, inclusion programs. The results indicate that strong economic growth
while a negative relationship was found between poverty and inequality together with financial inclusion initiatives will significantly impact ICT
[43]. Respective countries' governments must promote information and infrastructure development in the Indian states in the long run [15, 19].
communication platforms and the facilities to equip the nation for a Mobile banking and e-payments have recently increased financial
higher saturation in digital financial inclusion. inclusion among developing countries [50]. For example, as a developing
Studies showed a significant relationship between enhancement in country, China found that digital financial inclusion has accelerated the
financial inclusion and institutions [44, 45, 46]. Financial inclusion is emergence of financial inclusions through household consumption such
recognised internationally as a factor to sustainable development due to a as online shopping and digital payments (Li, Wu, & Xiao, 2020). None-
more efficient and safer financial transaction; providing the poor with an theless, despite many developing countries having achieved revolution-
opportunity through educating them in managing financial risk will help ary financial inclusion, the e-payment system must evolve further to
eradicate poverty [47, 38, 12]. Acquisition by most adults on such solve challenges such as consumer protection, data inequality, and reg-
financial services has positively impacted the economy's financial system ulatory arbitrage [16].
[21]. However, such privileges are only apparent in developed countries
as most developing countries are inaccessible to the formal financial 3.2.2. Evidence of digital financial inclusion in developed countries
system. A study showed that the adult population of developing econo- A study found that the development in terms of financial inclusion is
mies that do not own any accounts at financial institutions amounts to raised from the technology and governance in tune with society and
37%, further emphasising the importance of financial inclusion for education needs, which is applied in Brazil and South Korea, respectively
developing countries [38]. [8, 51]. Developed countries such as South Korea are provided with a
Moreover, it is significant to research the relationship between digital higher financial inclusion and competitiveness than Brazil, categorised as
financial inclusion and ICT bridging the financial infrastructure gap. a developing country.
According to research, Bangladeshi commercial banks made a substantial Due to the obvious anticipated benefits of financial inclusion and
investment in technology infrastructure to ensure a better flow of digital finance, governments in several developed countries have used
transactions and client access [7]. In addition, developing countries with ultimatums to compel individuals, businesses, and bank account holders
higher digital financial inclusion can reduce poverty and provide a higher to use digital financial services, such as setting limits on daily cash
financial inclusion rate in society. withdrawals, charging high fees for cash withdrawals exceeding a certain

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L.-Y. Tay et al. Heliyon 8 (2022) e09766

amount, and so on. Certain groups of people, however, continue to be 3. Government initiatives on ICT should prioritise digital inclusion initia-
voluntary financial exclusion. It is a group that is often described as an tives that guarantee affordable and fast Internet access in rural areas [7];
unwillingness or reluctance to use online, fintech, or virtual cards to 4. The government should prioritise a digital financial inclusion strategy
perform financial transactions due to intense practice and habits of "cash- based on digital skills and financial literacy. Having the proper digital
in-hand" or ex-post data security issues [34]. The study further said that skill and understanding of the use of each financial service and
introducing a forced financial inclusion strategy in the country will product will significantly affect financial opportunity access, partic-
prompt governments in developed countries to establish financial re- ularly the growth of the usage of financial services other than saving
quirements through a regulator, therefore normalising the usage of dig- and withdrawing money [13].
ital financial services among financial service consumers [34].
Some studies have analysed and discussed the factors promoting digital Suggestions for financial institutions or financial service providers:
financial inclusion in EU countries. According to a survey, EU countries are
classified into high-income and low-income EU countries, old and new EU 1. The need to establish a one-to-one financial service agent mentorship
countries [14]. This distinction provides the study with a more solid and programme and to target vulnerable groups to teach them basic
practical policy implication. Consequently, they found a more significant abilities for mobile and online engagement to combat financial fraud
positive economic effect of financial inclusion on lower-income, old-EU and related risks;
countries than new-EU countries with higher pay. Apart from that, the 2. To reduce transaction costs, which encourage low-income individuals
increased financial transaction cost is one of the factors discouraging the to use financial services;
process of accelerating financial inclusion in the region, especially in 3. Reassess banking rules considering the rural consumers. Complicated
low-income EU countries and newly joint EU countries. banking procedures (such as identifying papers and maintaining a
Besides that, a study shows that enhancing digital skills and the minimum balance in an account) often prevent rural consumers and
affordability of digital tools for people can promote a higher digital in- previously excluded groups from accessing relevant financial services.
clusion rate in Australia [52]. Moreover, a positive linkage was found
between financial inclusion and poverty reduction and significantly 4. Conclusion and future research scope
increased institutional quality. However, the influence of institutional
quality on poverty reduction through financial inclusion is more visible To conclude, digital financial inclusion refers to a situation where all
in developing countries [53]. societies could enjoy cost-saving financial services or products digitally.
In a simpler term, digital financial inclusion allows the country's financial
3.3. Discussion and future research recommendations system to serve a community from all walks of life, particularly the poor
or previously financially excluded people. Effective financial systems
The worldwide expansion of financial and digital technology has encourage new and existing businesses to grow. In addition, the acces-
allowed vulnerable people to benefit from greater financial inclusion via sibility rate of financial services may stimulate economic growth and
more efficient and affordable digital financial services, which are development. Although the COVID-19 pandemic exacerbates the demand
becoming more widely available. Today, many countries work on digital for and acceptance of digital financial inclusion, obstacles like poor
financial inclusion and setting it as a priority goal. Both the developing digital financial literacy and weak ICT infrastructure, which is reciprocity
and developed countries are aware of the contribution of digital financial to digital financial inclusion, continue to impede nations' adoption of
inclusion towards reducing poverty and boosting up country's economy. digital financial services.
Besides, over 50 countries' leaders and members of global financial sector The more financially inclusive the country is, the more likely the
standard-setting bodies (SSB) are dedicated to the global and local vulnerable groups do not opt for informal financial services, which leads
agenda for digital financial inclusion [1]. to bumpy economic growth. Hence, an integrated framework that needs
Although all these efforts have been made, developing countries are cooperation from government, regulator, policymakers and financial
still challenged with issues such as many populations remaining institutions are required to provide greater clarity and connection to the
unbanked and low acceptance rates from the community due to the ideas and multifaceted elements of digital financial inclusion. A country's
absence of technological framework, loose financial inclusion policy, the financial system should provide localised financial services to fit into
worries of ex-post data security issues that may contribute to insufficient local settings. With this respect, digital financial inclusion can benefit the
a) support from key stakeholders; b) holistic policies and regulations, and community, country and economy as a whole.
consumer protections; c) ICT infrastructure, and d) engagement from
financial institutions. Declarations
When the Covid-19 pandemic struck, lockdowns and curfews were
imposed in many countries. It brings an awareness of the use of advanced Author contribution statement
technology in the financial system. Due to the pandemic, apparent
changes have occurred from all perspectives, and digital access to All authors listed have significantly contributed to the development
financial services is an urgent priority [54]. Substantial inequalities in and the writing of this article.
developed and developing countries across vulnerable groups such as the
poor, women, and the rural population still face low digital skills and Funding statement
financial incapability to own and use digital financial services [27]. Thus,
worldwide cooperation between policymakers, regulators, and financial MS LEE YING TAY was supported by Multimedia University [MMUI/
institutions is essential. The suggestions are listed as below: 120046].

Suggestions for government, regulators and policymakers: Data availability statement

1. Financial inclusion does not get sufficient attention in the govern-
ment's policy framework. The government should examine the factors The authors are unable or have chosen not to specify which data has
contributing to each country's degree of digital financial exclusion been used.
and implement a systematic plan for digital financial inclusion;
2. Since most ICT policies are top-down and supply-driven, pro-poor Declaration of interest's statement
financial goods and services should be customised based on people's
needs. The authors declare no conflict of interest.

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L.-Y. Tay et al. Heliyon 8 (2022) e09766

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