The Effectiveness of Digital Financial Inclusion in Improving Financial Capability

• Published in: International Journal of Professional Business Review 2023-01, Vol.8 (5), p.e0839-18
• Main Authors: Kasiisii, Athikho Stephen, Mariadoss, Siluvaimuthu, Golden, Selvaraj Anthony Rahul
• Format: Article
• Language: English
• Subjects: Digital Financial Inclusion; digital technologies; Financial inclusion; G20; G28; G29; H50; H53; JEL Classifications: E58
• ISSN: 2525-3654; 2525-3654
• DOI: 10.26668/businessreview/2023.v8i5.839

Purpose: The aim of the study is to identify by exploring why digital financial inclusion has become more difficult recently. To find out what challenges faced by people where issues of financially excluded, deep-rooted problems have arisen in the path of inclusive economic development.   Theoretical Framework: The financial success of the digital age is inspiring people. The digital revolution unfolds more opportunities for stakeholders to increase the inclusivity in finance of all eligible individuals with the help of technology.   Design/Methodology/Approach: Any technological advancement will inevitably have both beneficial and bad effects.  It is apt to focus on minimising any potential drawbacks. A wide range of assessments of the concept of digital financial inclusion, a literature review culminates as the foundation for the research design and subsequently highlights some pertinent issues.   Findings: The study observed that the development of digital technology has made it a potent weapon for financial inclusion. The study points out ample space for adopting and adapting some uniqueness and good practices in the context of the place. Initiatives like Governmental person-to-person payments, domestic remittances, etc have a special significance for the financial inclusion of disadvantaged populations.   Practical & Social implications: Create a digital platform to increase gender equality, minimize poverty, and enhance educational access. Greater disclosure of information and call for ingenious financial product designs.   Originality/Value: Revisiting and restructuring frameworks for banking and financial institutions. Key players need to come together and collaborate in the process of a comprehensive reformative path.