Is Digital Financial Inclusion Unlocking Growth? PDF Download

Author: Purva Khera
Publisher: International Monetary Fund
ISBN: 1513584669
Category : Business & Economics
Languages : en
Pages : 30

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Book Description
Digital financial services have been a key driver of financial inclusion in recent years. While there is evidence that financial inclusion through traditional services has a positive impact on economic growth, do the same results carry over for digital financial inclusion? What drives digital financial inclusion? Why does it advance more in some countries but not in others? Using new indices of financial inclusion developed in Khera et. al. (2021), this paper addresses these questions for 52 developing countries. Using cross-sectional instrument variable procedure, we find that the exogenous component of digital financial inclusion is positively associated with growth in GDP per capita during 2011-2018, which suggests that digital financial inclusion can accelerate economic growth. Fractional logit and random effects empirical estimation identifies access to infrastructure, financial and digital literacy, and quality of institutions as key drivers of digital financial inclusion. These findings are then used to help inform policy recommendations in areas related to the digitization of financial services to promote financial inclusion.

Author: Benni, N.
Publisher: Food & Agriculture Org.
ISBN: 9251336237
Category : Technology & Engineering
Languages : en
Pages : 94

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Book Description
The COVID-19 pandemic has impacted digital financial inclusion trends across the world in many and complex ways. In developing and emerging contexts, this crisis also holds the potential to propel an unprecedented acceleration in the process of financial digitization and turn out to be a game-changer for digital financial inclusion. The aim of this study is to illustrate the opportunities and risks associated with the surge in uptake and use of digital financial service, providing ideas on how to leverage the paradigm changes affecting the overall approach and perspective towards digital financial services – on the part of various stakeholders – to advance financial inclusion and development. It also seeks to showcase how digital financial services have been used – in both traditional and innovative ways – to mitigate the impact of the COVID-19 crisis on economies and societies, by both public and private actors.

Author: Ms.Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1513512242
Category : Business & Economics
Languages : en
Pages : 83

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Book Description
Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.

Author: Ananda S.
Publisher: Springer Nature
ISBN: 9811626529
Category : Business & Economics
Languages : en
Pages : 343

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Book Description
This book discusses ideas for stakeholders to develop strategies to access and use financial products and services such as deposits, loans, and fund transfer mechanism, insurance, payment services, and intermediaries, distribution channels at economical prices in order to cater to the needs of the poor and underprivileged people. Financial inclusion ensures ease of access, availability, and usage of the financial products and services to all the sections of the society. The book will help in recognizing the role of financial inclusion as one of the main drivers in reducing income inequality and thus supporting sustainable economic growth of the countries, especially of an emerging economy. The book provides conceptual and practical ideas from the practitioners, best practices from the experts, and empirical views from the researchers on the best practices and how to mitigate the challenges and issues plaguing the development of the financial inclusion.

Author: Howard Thomas
Publisher: Emerald Group Publishing
ISBN: 1789737818
Category : Business & Economics
Languages : en
Pages : 152

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Book Description
The book outlines a journey from enabling models of government and business to strategies for creating both financial and social inclusion and entrepreneurism as mechanisms for sustainable and inclusive growth.

Author: zepu zhang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
In recent years, the continuous development of digital inclusive finance has provided favorable opportunities to improve residents' consumption level and stimulate economic growth. According to the theory of financial development and deepening, this paper studies the mechanism and effect of digital financial inclusion on rural residents' consumption and economic growth. The results show that digital inclusive finance significantly promotes rural residents' consumption, and rural residents' consumption significantly promotes economic growth, that is, digital inclusive finance indirectly promotes economic growth by promoting rural residents' consumption. At the same time, digital financial inclusion can also directly promote economic growth, specifically, its breadth, depth of use, and degree of digitalization have diminished economic growth effects. When digital financial inclusion is at different levels of development, rural residents' consumption can affect economic growth nonlinearly. Therefore, we should continue to strengthen the grassroots service capacity of digital inclusive finance, reduce the entry threshold and consumption costs, optimize the service environment, and provide high-quality financial services for rural economic entities.

Author: Vinay Kandpal
Publisher: Springer Nature
ISBN: 3031227239
Category : Science
Languages : en
Pages : 218

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Book Description
This book presents an assessment of endeavors towards Financial Inclusion and its role in Sustainable development. An attractive feature is that it deals with almost all the contemporary issues essential for reaching UN Sustainable Development Goals. This book would be an exclusive and authentic source to the students of undergraduates, postgraduates and professional courses in Commerce and Management. This manuscript is divided into nine chapters. The book looks at various salient topics, including financial inclusion measurement, the impact of various financial inclusion indicators on development outcomes and macroeconomic volatility using aggregate data, and the effects of financial inclusion on poverty and development outcomes using microdata. Using the recently adopted Sustainable Development Goals as an overall framing of the issues, it exhibits how poor and disadvantaged women and men can be bankable if the adequate facilitation for maximizing opportunities and addressing constraints. This book attempts to cover different dimensions of Financial Inclusion towards attaining Sustainability and Circular Economy through financing instruments and investments. This book highlights different goals of UN SDG as an Initiative towards Inclusive Growth and Circular Economy, which is also influenced by Micro Finance Institutions and NBFCs. This book will be an indispensable source for the Students of PG and UG programs, Researchers and practitioners from areas of Commerce, Economics and Management and the faculty members and professionals like bankers and financial consultants. We hope this book will meet the requirement of all the categories of readers.

Author: Immaculate Nafula Machasio
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
The COVID-19 (coronavirus) pandemic and resulting containment measures are likely to cause an economic contraction of about 2.8 percent in Sub-Saharan Africa (SSA) in 2020 according to the Global Economic Prospects. Among the many adverse effects in the global economy, the crisis is posing a deep threat to financial inclusion efforts globally. Lockdowns and curfews designed to curb the spread of the virus resulted in the closure of bank branches and halted operations of mobile money agents in compliance with restrictions. Government officials and health practitioners encouraged use of cashless and contactless modes of payment to reduce the risk of virus spread through handling of cash, thus creating new opportunities for potential adoption of Digital Financial Services (DFS). Small firms and low-income households can directly benefit from digital solutions such as mobile money services, online banking and other financial technology innovations. Recent evidence suggests that digital financial inclusion could significantly contribute to economic growth, reduce poverty and narrow income inequalities without necessarily causing adverse effects on financial stability given the appropriate regulatory framework. The brief focuses on the impact of COVID-19 on financial inclusion and the potential of robust policy responses. The authors drew on the Global Findex database to showcase policy options that harness maximum benefits from digital technology, promoting financial inclusion and mitigating adverse impacts during the pandemic and beyond. The poor and vulnerable groups, such as women, the rural poor and youth, are bearing the economic brunt of the socioeconomic consequences of the pandemic. Day laborers and those in the informal sector are also among the most affected categories of workers.

Author: Yusheng Kong
Publisher:
ISBN:
Category :
Languages : en
Pages : 10

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Book Description
The research focuses on Digital Financial Inclusion and tools to achieve this critical key to economic and sustainable development. The STAR Strategy Approach for Financial Inclusion with its four thematic area is proposed by the researchers that in any policy to have the complete and comprehensive effect of achieving the right mix of Financial Inclusion within the digital space, then the policy must have demonstrable and measurable traces of unlocking access, unlocking usage, embedded quality and innovation and minimizes risk.The research also extensively explains the STAR Strategy Approach for Financial Inclusion policy and planning for policymakers and implementing partners.The G20 High-level Principles for Digital Financial Inclusion adopted at the 2016 China Presidency is tested with the 4 thematic areas of the STAR Strategic Approach for financial inclusion and established the G20 High-level principles for digital financial inclusion meets the requirement of the thematic areas of the STAR Strategy Approach for which for specific financial inclusion actions and policies can be developed from.The paper also exposes that though G20 High-level principles for digital financial inclusion meets the 4thematic areas of the Star Strategic Approach to financial inclusion, it had Only one of its Eight principles, thus Principle 6: Strengthen Digital and financial literacy and awareness as efforts at improving quality.

Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292573594
Category : Business & Economics
Languages : en
Pages : 68

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Book Description
The challenging geography and poor infrastructure of many Pacific nations mean digital financial services (DFS) are a particularly effective means of enhancing financial inclusion in the region. However, a number of major challenges confront DFS in the Pacific, including the establishment of reliable agent networks and the building of sufficient consumer trust in DFS for it to become a viable payments channel. This report examines the current use of DFS in the Pacific, analyzes the issues that need to be addressed, and provides recommendations for increasing financial inclusion in the region. This publication was produced by the Pacific Private Sector Development Initiative, a regional technical assistance facility cofinanced by the Asian Development Bank (ADB), the Government of Australia and the New Zealand government.