FinTech and financial inclusion in emerging and developing economies: a system GMM model
Open accessAbstract
This study explores the role of financial technology (FinTech) in promoting financial inclusion across 28 emerging and developing economies (EMDEs) from 2011 to 2021. While financial inclusion has been widely studied, limited research focuses on the concurrent impact of FinTech on financial access in multiple EMDEs. Using Principal Component Analysis (PCA), a new financial inclusion index was constructed, incorporating two dimensions: access and usage. A System Generalized Method of Moments (GMM) model was applied to examine the relationship between FinTech and financial inclusion, while the Ordinary Least Squares (OLS) technique was used to assess factors influencing barriers to inclusion. The results reveal that a 1% increase in FinTech leads to a 0.1772 unit rise in the financial inclusion index. Additionally, education, GNI per capita, and broad money to GDP were found to affect barriers to financial inclusion. This study underscores the importance of FinTech in achieving the United Nations’ Sustainable Development Goals (SDGs) and G20 principles for digital financial inclusion, recommending investment in digital infrastructure and stronger regulatory frameworks for FinTech development.
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Fintech has transformed access to financial resources for small and microentrepreneurs, particularly in developing countries such as Thailand.
“Financial Technology (Fintech) has transformed access to financial resources for small and microentrepreneurs, particularly in developing countries such as Thailand[1].”
From Enhancing Digital Financial Literacy and Digital Trust for Sustainable Online Loan Adoption among Micro-Entrepreneurs in Developing Economies (2026) · cites this paper as [1]
The Introduction says Fintech can improve access to financial services for previously excluded people in emerging and developing economies. The Review of empirical evidence also reports a positive relationship between Fintech and financial inclusion among small and medium enterprises. But the paper does not establish the claim for small and microentrepreneurs in Thailand; Thailand is absent from the study sample listed in Appendix A. (LLM, conf=0.88)
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- Authors
- Mashoene, M., Tweneboah, G., & Schaling, E.
- Affiliations
- South African Reserve Bank (ZA)
- University of Cape Coast (GH)
- University of the Witwatersrand (ZA)
- Corresponding author
- Mashoene, Motlanalo
- Venue
- Cogent Social Sciences
- Publisher
- Informa UK Limited
- Published
- 2025-04-15
- Volume
- 11
- Issue
- 1
- ISSN
- 2331-1886 (ISSN-L)
- OpenAlex
- W4409446269
- Cited by
- 18
- References
- 79
- Citations by year
- 2026: 16 · 2025: 2
- FWCI
- 24.20
- Type
- journal article
- Language
- en
- Open access
- gold
- doi.org
- Licence
- Locations
- Cogent Social Sciences (publishedVersion, cc-by)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Topics
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Microfinance and Financial Inclusion
- Physical Sciences › Computer Science › Information Systems › Economic Growth and Development
- Keywords
- fintech, financial inclusion, emerging and developing economies, financial inclusion index, barriers to financial inclusion, digital financial inclusion, GNI per capita, Sustainable Development Goals, fintech regulation, digital infrastructure
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