Financial inclusion and fintech: a state-of-the-art systematic literature review

“The Technology Acceptance Model (Davis 1989), an extension of the theory of reasoned action, considers the functionality and ease of use of technology and has become a prominent theoretical foundation for technology diffusion research (Coffie et al. 2021).”

“The Unified Theory of Acceptance and Usage of Technology (UTAUT) (Venkatesh et al. 2003) integrates eight theoretical models to explain the adoption and usage of technology.”

“The theory of planned behavior (Ajzen 1991) suggests that fintech usage is influenced by an individual’s intentions, which are shaped by their attitudes, norms, and perceived behavioral control.”

“The expanded UTAUT2 model (Venkatesh et al. 2012) includes additional constructs, such as habits, hedonic motivation, and price value.”

“We will employ bibliometric and network analysis methods to identify key studies, authors, and research themes, as well as to identify current research trends (Tranfield et al. 2003; Xu et al. 2018).”

“First, to identify the relevant papers, this study employs a systematic literature review methodology guided by the PRISMA framework (Page et al. 2021), ensuring transparency and reproducibility.”

“This study utilizes a systematic approach to co-occurrence analysis within the realms of fintech and financial inclusion, employing the VOSviewer software, a tool renowned for its efficacy in mapping and clustering based on bibliometric networks (Van Eck et al. 2010; Van Eck and Waltman 2014).”

“The fintech revolution includes the forces of innovation, disruption, and transformation in financial services (Gomber et al. 2018).”

“These models have been widely applied to explain the use of various communication technologies, including mobile banking (Zhou et al. 2010), mobile payments (Yang et al. 2012), e-government (Wang and Shih 2009), mobile phone technologies (Zhou 2011), Internet banking (Riffai et al. 2012), and…”

“The microfinance sector can provide smaller loans to economically disadvantaged individuals and those residing in rural areas who may find traditional banking inaccessible because of a lack of formal identification (Zhang and Liu 2012; Dodgson et al. 2015).”

“This study utilizes a systematic approach to co-occurrence analysis within the realms of fintech and financial inclusion, employing the VOSviewer software, a tool renowned for its efficacy in mapping and clustering based on bibliometric networks (Van Eck et al. 2010; Van Eck and Waltman 2014).”

“Coupled with Internet access, the possibilities for financial inclusion have broadened (Gabor and Brooks 2017).”

“We will employ bibliometric and network analysis methods to identify key studies, authors, and research themes, as well as to identify current research trends (Tranfield et al. 2003; Xu et al. 2018).”

“…the use of various communication technologies, including mobile banking (Zhou et al. 2010), mobile payments (Yang et al. 2012), e-government (Wang and Shih 2009), mobile phone technologies (Zhou 2011), Internet banking (Riffai et al. 2012), and health information systems (Kijsanayotin et al. 2009).”

“…key areas: creating metrics for financial inclusion (Sarma 2016; Mialou et al. 2017), exploring the factors that influence financial inclusion (Zins and Weill 2016; Kumar 2013; Kaba-kova and Plaksenkov 2018), and examining the impact of financial inclusion (Hannig and Jansen 2010; Adegbite…”

“…have been widely applied to explain the use of various communication technologies, including mobile banking (Zhou et al. 2010), mobile payments (Yang et al. 2012), e-government (Wang and Shih 2009), mobile phone technologies (Zhou 2011), Internet banking (Riffai et al. 2012), and health…”

“In the U.S. context, Bartlett et al. (2022) reveal how fintech may fail to eliminate lending discrimination against minority groups.”

“This report defines financial inclusion as the sustainable delivery of affordable and valuable financial services, particularly for low-income individuals, a definition widely adopted in subsequent studies (Muzigiti and Schmidt 2013; Ahamed and Mallick 2019).”

“While previous reviews touched on various aspects of financial inclusion (Duvendack and Mader 2020; Ozili 2021), our study focuses specifically on the role of fintech, a relatively new and rapidly developing field.”

“The theory of reasoned action (Fishbein et al. 1980; Bagozzi 1982) suggests that end users rationally evaluate potential consequences before engaging with a new technology.”

“…inclusion (Sarma 2016; Mialou et al. 2017), exploring the factors that influence financial inclusion (Zins and Weill 2016; Kumar 2013; Kaba-kova and Plaksenkov 2018), and examining the impact of financial inclusion (Hannig and Jansen 2010; Adegbite and Machethe 2020; Ghosh and Vinod 2017).”

“Mobile money access can significantly enhance household well-being as measured by real per capita consumption (Munyegera and Matsumoto 2016).”

“…costs, and broad accessibility because transactions can be performed instantly from any location, at any time, for a small fee (Dong et al. 2018; Lashitew et al. 2019; Senyo and Osabutey 2020; Senyo et al. 2020; David-West et al. 2022; Hamdan et al. 2022; Avom et al. 2023; Shaikh et al. 2023).”

“…on the impact of mobile money and electronic payments on financial inclusion (Bernards 2019a; Demir et al. 2022; Lagna and Ravishankar 2022; Demirgüç-Kunt et al. 2020; Pal et al. 2021), there is a lack of studies examining the specific roles and characteristics of mobile money agents in…”

“…the use of various communication technologies, including mobile banking (Zhou et al. 2010), mobile payments (Yang et al. 2012), e-government (Wang and Shih 2009), mobile phone technologies (Zhou 2011), Internet banking (Riffai et al. 2012), and health information systems (Kijsanayotin et…”

“However, some countries struggled with technological adaptability (Palmié et al. 2020; Knaack and Gruin 2021; Osabutey and Jackson 2024).”

“Based on these findings, a detailed content analysis was conducted to uncover critical insights and research gaps (Kim and So 2022).”

“…inclusion (Sarma 2016; Mialou et al. 2017), exploring the factors that influence financial inclusion (Zins and Weill 2016; Kumar 2013; Kaba-kova and Plaksenkov 2018), and examining the impact of financial inclusion (Hannig and Jansen 2010; Adegbite and Machethe 2020; Ghosh and Vinod 2017).”

“Recent studies of financial inclusion have primarily concentrated on three key areas: creating metrics for financial inclusion (Sarma 2016; Mialou et al. 2017), exploring the factors that influence financial inclusion (Zins and Weill 2016; Kumar 2013; Kaba-kova and Plaksenkov 2018), and examining…”

“The rise in fintech and the introduction of stablecoins and central bank digital currencies have important implications for the financial system (Allen et al. 2022).”

“This ensures greater access to funds for the wider population (Galak et al. 2011; Suri et al. 2021; Zhang and Liu 2012; Chu and Wei 2023).”

“Mobile money increases local economic activity in Kenya (Fabregas and Yokossi 2022) and smooths household consumption volatility in China by promoting entrepreneurship and reducing income volatility (Song et al. 2024).”

“P2P lending is a feasible solution to provide low-interest loans to individuals with low credit scores and those seeking small loans in areas with limited banking facilities (Michels 2012; Maskara et al. 2021).”

“…the use of various communication technologies, including mobile banking (Zhou et al. 2010), mobile payments (Yang et al. 2012), e-government (Wang and Shih 2009), mobile phone technologies (Zhou 2011), Internet banking (Riffai et al. 2012), and health information systems (Kijsanayotin et al. 2009).”

“…costs, and broad accessibility because transactions can be performed instantly from any location, at any time, for a small fee (Dong et al. 2018; Lashitew et al. 2019; Senyo and Osabutey 2020; Senyo et al. 2020; David-West et al. 2022; Hamdan et al. 2022; Avom et al. 2023; Shaikh et al. 2023).”

“Mader (2018) argues that financial inclusion can some-times prioritize the interests of financial institutions rather than benefiting the poor.”

“…inclusion (Sarma 2016; Mialou et al. 2017), exploring the factors that influence financial inclusion (Zins and Weill 2016; Kumar 2013; Kaba-kova and Plaksenkov 2018), and examining the impact of financial inclusion (Hannig and Jansen 2010; Adegbite and Machethe 2020; Ghosh and Vinod 2017).”

“This report defines financial inclusion as the sustainable delivery of affordable and valuable financial services, particularly for low-income individuals, a definition widely adopted in subsequent studies (Muzigiti and Schmidt 2013; Ahamed and Mallick 2019).”

“Using advanced technology, fintech platforms can mobilize small funds and distribute microloans, thereby creating a more inclusive financial ecosystem (Yang and Zhang 2022).”

“This ensures greater access to funds for the wider population (Galak et al. 2011; Suri et al. 2021; Zhang and Liu 2012; Chu and Wei 2023).”

“…metrics for financial inclusion (Sarma 2016; Mialou et al. 2017), exploring the factors that influence financial inclusion (Zins and Weill 2016; Kumar 2013; Kaba-kova and Plaksenkov 2018), and examining the impact of financial inclusion (Hannig and Jansen 2010; Adegbite and Machethe 2020;…”

“…costs, and broad accessibility because transactions can be performed instantly from any location, at any time, for a small fee (Dong et al. 2018; Lashitew et al. 2019; Senyo and Osabutey 2020; Senyo et al. 2020; David-West et al. 2022; Hamdan et al. 2022; Avom et al. 2023; Shaikh et al. 2023).”

“Financial literacy significantly boosts digital finance including mobile payments, online borrowing, and online financial products (Yang et al. 2023).”

“While previous reviews touched on various aspects of financial inclusion (Duvendack and Mader 2020; Ozili 2021), our study focuses specifically on the role of fintech, a relatively new and rapidly developing field.”

“For instance, Kim et al. (2018), Liu et al. (2020), Ali et al. (2023) focused solely on the WoS or Scopus and examined new products, such as mobile payment, microfinance, and blockchain.”

“Further research must provide appropriate explanations and practices that countries can implement to achieve financial inclusion and sustainable growth by leveraging the potential of inclusive digital financing (Zhang et al. 2024; Qiu 2022).”

“This is particularly beneficial for individuals in developing countries where traditional banking and capital markets are underdeveloped and financial inclusion is low (Pelletier et al. 2020; Hua and Huang 2021; Lorenz and Pommet 2021).”

“The rise of fintech lending has the potential to improve the screening or monitoring of borrowers and increase financial inclusion, although it still accounts for only a small share of the total credit in developed economies such as the United States (Berg et al. 2022).”

“Additionally, fintech can mitigate the financial inclusion gaps in emerging economies by increasing women’s economic participation through access to financial services (Hua and Huang 2021; Chen et al. 2023).”

“Recent research shows that fintech supports eco-innovation and energy efficiency, lowers carbon emissions, and promotes environmental sustainability (Akram et al. 2023; Adebayo et al. 2024).”

“The deployment of fintech requires the development of robust platforms and infrastructure along with strong coordination among service providers (Kabakova et al. 2016; Rodima-Taylor and Grimes 2019; Iheanachor and Umukoro 2022).”

“For instance, Kim et al. (2018), Liu et al. (2020), Ali et al. (2023) focused solely on the WoS or Scopus and examined new products, such as mobile payment, microfinance, and blockchain.”

“Recent research shows that fintech supports eco-innovation and energy efficiency, lowers carbon emissions, and promotes environmental sustainability (Akram et al. 2023; Adebayo et al. 2024).”

“• Regulatory Considerations : Comprehensive, and context-specific regulations addressing urgent cybersecurity and investor protection can bolster financial stability (Gelb 2016; Venet 2019).”

“Fintech and financial inclusion are synergistic and contribute to anti-money laundering and counterterrorism funding by increasing transparency (De Koker and Jentzsch 2013).”

“Fintech’s revolutionary impact suggests that digital platforms could cater to individuals lack - ing bank accounts or credit history, thereby addressing the needs for those considered high-risk by conventional lending standards (Kaminska 2015).”

“Based on conventional standards, P2P platforms that use nontraditional data can allow subprime customers to secure loans at a reduced cost (Maskara et al. 2021; Abbasi et al. 2021; Erel and Liebersohn 2022).”

“Sustainable usage of mobile payments and its contributions to financial inclusion depends on long-term adoption that persists beyond initial incentives (Pal et al. 2021).”

“Bernards (2019a) highlights the crucial role that credit information systems-charac-terized by key infrastructural features-play in facilitating credit flows.”

“P2P lending fintech, in particular, can increase access to finance for SMEs (Abbasi et al. 2021).”

“Tian et al. (2023) demonstrates that fintech innovation, combined with green transfor-mational leadership, significantly enhances green innovation, offering a new perspective on the role of technology and leadership in ecological modernization.”

“Bateman et al. (2019) critique the optimistic views on mobile money, suggesting that platforms like M-Pesa may increase economic dependency in the Global South.”

“However, some countries struggled with technological adaptability (Palmié et al. 2020; Knaack and Gruin 2021; Osabutey and Jackson 2024).”

“Mobile money networks offer an appealing alternative to suppliers because of their lower capital and operational expenses, and fewer institutional restrictions (Economides and Jeziorski 2017).”

“Such an ecosystem is typically developed through partnerships between governments, financial service providers, and startups (Senyo et al. 2022; Coffie and Hongjiang 2023; Iheanachor and Umukoro 2022).”

“Mobile money has improved household financial resilience, especially in female-headed and rural households (Sakyi-Nyarko et al. 2022).”

“A strong correlation has been observed between mobile phone penetration and economic inclusion at both the national and international levels (Demirgüç-Kunt Even basic mobile phones can provide access to mobile money accounts and other financial services (Dodgson et al. 2015).”

“These concerns highlight the need for a balanced understanding of fintech’s role in fostering inclusion, especially in the Global South, where inequalities can be maintained (Langley and Leyshon 2022; Akolgo 2023).”

“It has also been argued that access to financial services is crucial for growth because it promotes the mobilization of capital for productive investment and consumption smoothing (Munyegera and Matsumoto 2016; Apeti 2023).”

“For example, the spread of mobile money services has significantly enhanced financial transactions in sub-Saharan Africa by providing financial access to previously unbanked populations (Lashitew et al. 2019; Koomson et al. 2021).”

“The deployment of fintech requires the development of robust platforms and infrastructure along with strong coordination among service providers (Kabakova et al. 2016; Rodima-Taylor and Grimes 2019; Iheanachor and Umukoro 2022).”

“Additionally, Bhagat and Roderick (2020) argues that the direct transfer of aid funds to refugees starting small enterprises, with an expectation of loan repayment, masks profit and corporate dominance.”

“The UN 2030 Agenda for Sustainable Development and the G20 High-Level Principles for Digital Financial Inclusion highlight the positive influence of fintech in this context (Demir et al. 2022; Avom et al. 2023).”

“Fintech can facilitate access to financial resources for impover-ished households and enhance healthcare (Ahmed and Cowan 2021), thus supporting the fight against poverty (Abiona and Koppensteiner 2022; Sakyi-Nyarko et al. 2022).”

“Evidence suggests that individuals in U.S. states with greater distrust in banks are more likely to fund P2P loans and lend higher amounts, especially small loans or borrowers with less banking access (Saiedi et al. 2022).”

“Competition from fintech payment providers disrupts the information spillover that occurs when a monopolist bank uses payment data to learn about consumer credit quality, which affects its pricing and loan offers (Parlour et al. 2022).”

“The government, mobile phones, telcos, mobile money agents, customers, and traditional banks have been identified as key actors in the fintech market (Coffie and Hongjiang 2023).”

“However, merely measuring the distance to agents overshadows the fact that agents are a heterogeneous group offering different services and abilities to customers, which can affect mobile money adoption (Iheanachor et al. 2021; Sinha et al. 2024).”

“This rapid evolution has made it easier to implement easily accessible financial services, such as mobile money, particularly in regions where traditional banking is not easily accessible (Pelletier et al. 2020; Senyo et al. 2020).”

“This has opened opportunities for unbanked populations (Figueroa-Armijos and Berns 2021) and SMEs (Jancenelle and Javalgi 2018).”

“Mobile money increases local economic activity in Kenya (Fabregas and Yokossi 2022) and smooths household consumption volatility in China by promoting entrepreneurship and reducing income volatility (Song et al. 2024).”

“The widespread adoption of mobile money is attributed to factors such as cost reduction, convenience (Dong et al. 2018), and the success of systems such as M-Pesa in Kenya (Duncombe and Boateng 2009; Lashitew et al. 2019; Oborn et al. 2019; Lagna and Ravishankar 2022; Lai and Samers 2021).”

“Bernards (2019a) highlights the crucial role that credit information systems-charac-terized by key infrastructural features-play in facilitating credit flows.”

“This benefit comes from the convenience of remittances; households using these services are likely to receive remittances more frequently and in larger amounts than those that do not (Lashitew et al. 2020).”

“Schumacher’s appropriate technology theory (Schumacher 1973; Pal et al. 2020) builds on Sen’s perspective, highlighting the need for technology that enhances users’ existing skills and capabilities and promotes sustainable people-oriented development in ICT4D.”

“Using VOSviewer, we conduct a bibliometric analysis that reveals key thematic clusters in the fintech and financial inclusion literature (Tranfield et al. 2003; Xu et al. 2018; Dawood et al. 2022).”

“P2P lending platforms can enhance financial inclusion by offering an alternative to traditional financial institutions, particularly in rural communities with fewer bank branches and urban areas with limited access to fringe banking services (Maskara et al. 2021).”

“A well-developed ecosystem built on effective partnerships is critical in driving financial inclusion (Lashitew et al. 2022; Visconti-Caparrós and Campos-Blázquez 2022; Macartney et al. 2022).”

“This is particularly beneficial for individuals in developing countries where traditional banking and capital markets are underdeveloped and financial inclusion is low (Pelletier et al. 2020; Hua and Huang 2021; Lorenz and Pommet 2021).”

“This perspective suggests that while fintech offers opportunities for expanding financial services, its implementation can also replicate historical patterns of exclusion, particularly in marginalized regions (Campbell-Verduyn and Giumelli 2022).”

“Each participant contributes to the evolution and advancement of the ecosystem (Palmié et al. 2020; Zhao et al. 2022; Huarng and Yu 2022; Ehret and Olaniyan 2023).”

“However, only approximately half of the agents offer account-opening services or are formally trained, indicating room for improvement for further financial inclusion (Johnen et al. 2023).”

“Training programs significantly boost mobile-banking adoption among migrants, effectively reducing the gender gap, although men may increase digital remittances more than women (Lee et al. 2022).”

“Further, Rahman (2024) identify energy poverty as a key moderator in the relationship between financial inclusion, fintech lending, and economic growth, offering insights into energy and finan - cial policy.”

“Each participant contributes to the evolution and advancement of the ecosystem (Palmié et al. 2020; Zhao et al. 2022; Huarng and Yu 2022; Ehret and Olaniyan 2023).”

“…this goal, this study employs an integrated methodological approach-systematic literature review, bibliometric analysis, and content analysis-to ensure a comprehensive exploration of the fintech landscape, providing robust findings that guide future research (Kim and So 2022; Jain et al. 2023).”

“While academic research has begun delving into the influence of regulations at various levels on fintech-enabled financial inclusion (Tyce 2020; Lagna and Ravishankar 2022), numerous questions persist.”

“This could provide the impoverished with access to financial services and assist in reducing poverty (Lagna and Ravishankar 2022; Avom et al. 2023; Djahini-Afawoubo et al. 2023).”

“Fintech can facilitate access to financial resources for impover-ished households and enhance healthcare (Ahmed and Cowan 2021), thus supporting the fight against poverty (Abiona and Koppensteiner 2022; Sakyi-Nyarko et al. 2022).”

“Fintech has been recognized as a potential mechanism for the impoverished population access to financial services, thereby aiding their escape from poverty (Bernards 2019b; Lagna and Ravishankar 2022; Agarwal and Assenova 2023; Gabor and Brooks 2017; Lagna and Ravishankar 2022).”

“Such an ecosystem is typically developed through partnerships between governments, financial service providers, and startups (Senyo et al. 2022; Coffie and Hongjiang 2023; Iheanachor and Umukoro 2022).”

“Similarly, Loubere (2017) show that in China, digital finance may exacerbate inequalities and reinforce government social control rather than empower disadvantaged groups.”

“However, merely measuring the distance to agents overshadows the fact that agents are a heterogeneous group offering different services and abilities to customers, which can affect mobile money adoption (Iheanachor et al. 2021; Sinha et al. 2024).”

“For instance, Kim et al. (2018), Liu et al. (2020), Ali et al. (2023) focused solely on the WoS or Scopus and examined new products, such as mobile payment, microfinance, and blockchain.”

“Aspects such as the costs and benefits of adopting mobile money are critical (Senyo et al. 2020).”

“Online P2P lending has emerged as an innovative fintech platform that can make financial services more inclusive and affordable than those offered by traditional financial institutions (Chung et al. 2023).”

“The interaction effect of digital literacy in the relationship between the fintech of biometrics and mobile money and digital financial inclusion among unbanked poor women, youth, and persons with disabilities in rural Uganda has been demonstrated (Okello Candiya Bongomin et al. 2024).”

“When designing two-sided crowdfunding and microfinance systems, it is crucial to consider the incentives of agents on both sides of the platform and those of other ecosystem stakeholders (Bollinger and Yao 2018; Adbi and Natarajan 2023).”

“However, some countries struggled with technological adaptability (Palmié et al. 2020; Knaack and Gruin 2021; Osabutey and Jackson 2024).”

“Jancenelle and Javalgi (2018) suggests that this crowdfunding type could positively influence financial inclusion.”

“…influence financial inclusion (Demirgüç-Kunt et al. 2020; Senyo et al. 2022) and mitigate the financial inclusion gaps in emerging economies, such as gender and wealth disparities (Demirgüç-Kunt et al. 2020; Hua and Huang 2021; Asongu and Le Roux 2023b; McBride and Liyala 2023; Chen et al. 2023).”

“Addressing these issues through appropriate regulations and policies is key to realizing the full potential of mobile money for financial inclusion and economic development (Asongu et al. 2021; Lagna and Ravishankar 2022).”

“Economic theories on supply and demand, along with theoretical frameworks for product, technology, and service bundling, emphasize the potential of fintech to complement technological and service innovations in the financial sector (Dong et al. 2018).”

“As Kiconco et al. (2020) point out, cognitive abilities and skills are crucial for the effective use of mobile money services in underdeveloped nations.”

“These concerns highlight the need for a balanced understanding of fintech’s role in fostering inclusion, especially in the Global South, where inequalities can be maintained (Langley and Leyshon 2022; Akolgo 2023).”

“…influence financial inclusion (Demirgüç-Kunt et al. 2020; Senyo et al. 2022) and mitigate the financial inclusion gaps in emerging economies, such as gender and wealth disparities (Demirgüç-Kunt et al. 2020; Hua and Huang 2021; Asongu and Le Roux 2023b; McBride and Liyala 2023; Chen et al. 2023).”

“These reputational signals from MFIs can increase entrepreneurial financing and democratize resource acquisition among financially excluded refugee entrepreneurs (Gama et al. 2023).”

“When designing two-sided crowdfunding and microfinance systems, it is crucial to consider the incentives of agents on both sides of the platform and those of other ecosystem stakeholders (Bollinger and Yao 2018; Adbi and Natarajan 2023).”

“Countries that prioritize microfinance, such as Bolivia, Nicaragua, Morocco, Pakistan, and Bosnia, have experienced increasing bankruptcy rates (Bateman 2014).”

“Mobile money increases local economic activity in Kenya (Fabregas and Yokossi 2022) and smooths household consumption volatility in China by promoting entrepreneurship and reducing income volatility (Song et al. 2024).”

“Simultaneously, some microfinance institutions have begun to emphasize high-profit, high-interest loans for high-risk projects with swift payback periods, excluding disadvantaged individuals (Elliot et al. 2018).”

“…influence financial inclusion (Demirgüç-Kunt et al. 2020; Senyo et al. 2022) and mitigate the financial inclusion gaps in emerging economies, such as gender and wealth disparities (Demirgüç-Kunt et al. 2020; Hua and Huang 2021; Asongu and Le Roux 2023b; McBride and Liyala 2023; Chen et al. 2023).”

“Each participant contributes to the evolution and advancement of the ecosystem (Palmié et al. 2020; Zhao et al. 2022; Huarng and Yu 2022; Ehret and Olaniyan 2023).”

“Mobile money, a popular fintech innovation for transactions, enables financial trans-actions through mobile devices (Senyo and Osabutey 2020; Koomson et al. 2021; Asongu and Le Roux 2023a; Mohamed 2023).”

“However, fintech lending primarily reduces borrowers’ expected interest rates (Chu and Wei 2023).”

“This technology reduces the cost of financial transactions, eliminates the need for physical infrastructure, such as bank branches, and provides an easy-to-use interface for users (Dong et al. 2018; Choi and Loh 2023; Konte and Tetteh 2023).”

“Decentralized finance, which uses smart contracts in decentralized ledgers, has the potential to reduce costs and improve financial inclusion, although challenges related to collateral volatility and oracles’ reliability remain (Chiu et al. 2022).”

“The deployment of fintech requires the development of robust platforms and infrastructure along with strong coordination among service providers (Kabakova et al. 2016; Rodima-Taylor and Grimes 2019; Iheanachor and Umukoro 2022).”

“In corporate bond trading, the introduction of fintech combined with state interventions and post-crisis regulations, has created a competitive market landscape (Macartney et al. 2022).”

“The introduction of new technologies has significantly influenced banking and financial sectors (Bernards 2019a; Bhagat and Roderick 2020; Stringham 2023).”

“Developing robust fintech ecosystems requires collaboration among stakeholders to address challenges and take advantage of opportunities in the fintech landscape (Palmié et al. 2020; Dong et al. 2023).”

“Advancements in technology, particularly in mobile transactions, have been recognized for their potential to significantly decrease the associated costs (Bernards 2019a; Demir et al. 2022; Pham and Luu 2023).”

“These findings are consistent with broader systematic reviews on the role of fintech in advancing financial inclusion, which caution against equating access with digital readiness (Dao Ha et al. 2025).”

“This paper offers a comprehensive synthesis of recent scholarly findings, identifies thematic patterns and divergences across studies, and presents relevant policy recommendations along with a proposed research agenda (Nguyen & Luong, 2023; Ha et al., 2025).”

“Moreover, while FinTech has been recognized as a key enabler for financial inclusion (Apiors& Suzuki, 2018; [6]), there is limited research exploring the interplay between user perception, regulatory challenges, and socio-cultural factors affecting its widespread adoption [24–26].”

“Financial literacy and financial inclusion are crucial in increasing MSMEs’ access to formal services such as credit, savings, and insurance (Ha et al., 2025; Is et al., 2025; Prayoga et al., 2025).”

“The results also demonstrated that FinTech innovation improves bank capital and management efficiency [30, 42].”

“As several scholars argue (e.g., Gabor & Brooks, 2017; Schilirò, 2021; Ha et al., 2025; Demirgüç-Kunt et al., 2022), FinTech innovations such as mobile banking, digital wallets, and peer-to-peer lending can reduce barriers to entry and expand access for disadvantaged groups, thus democratizing…”

“This emphasis aligns with the work of Ha, Le and Nguyen [2], who highlight the importance of analytics skills, technology readiness, and algorithmic accountability in professional upskilling.”

“Ha et al. (2025) argue that inclusion-driven transformation reshapes traditional finance through interconnected mechanisms, including innovative delivery models, market restructuring, and multi-stakeholder collaboration.”

“[54] explains that agent banking depends on tools like digital identity checks (KYC), mobile wallets, and fingerprint systems, all elements of FinTech.”

“Recent studies have cited such fintech-based solutions as important examples of financial inclusion (Banna et al., 2021; Demir et al., 2022; Ha et al., 2025).”

“…phase, an initial search was conducted in the Web of Science (WoS) and Scopus databases, which are commonly used together in systematic literature reviews (Ha et al. 2025; Tello-Gamarra et al. 2022) due to their broad and partially over-lapping coverage of high-quality academic journals.”

“Similarly, Ha et al. (2025) synthesize global findings, showing that FinTech fosters FIN by expanding digital payment systems, mobile banking, and online credit, though the benefits are uneven across income groups.”

“On the other hand, IEEE Xplore concentrates mostly on fintech and digital banking but overlooks economic and social factors [39].”

“…and operational risks (Chu et al., 2023; Q. Zhang et al., 2023) Recently, a significant part of the literature has examined the growing role of Fintech and financial inclusion in influencing financial stability (Ha et al., 2025; Sant’Anna & Figueiredo, 2024; Safiullah & Paramati, 2024).”

“Integration with increasingly developing technology in the financial sector increases financial inclusion by providing services that are accessible to everyone (Ha et al., 2025).”

“By reducing financial frictions, FinTech creates an enabling environment for AI startups, accelerates technological diffusion, and enhances digital inclusion [4].”

“Recent FI literature highlights the growing role of financial technology in advancing developmental goals, particularly when designed to align with users’ needs and capabilities (Ha, Le, and Nguyen 2025; Hasan et al. 2024; Van and Le Quoc 2024).”

“This approach aligns with established methodological standards for review papers in Q1 journals (Ha et al., 2025; Tay et al., 2022; Jha & Dangwal, 2024).”

“Recent systematic evidence confirms the centrality of fintech in advancing financial inclusion (Dao et al., 2025).”

“Moreover, by automating workflows and enabling paper-free transactions, FinTech ecosystems have substantially minimised procedural bottlenecks and administrative delays, that once characterised traditional finance ecosystem (Ha et al., 2025).”

“The findings can provide key policy implications for making digital financial solutions useful as a means of poverty reduction and equal development across EU countries. especially in geographies where formal banking is still nascent [5–7].”

“Furthermore, as highlighted by Ha et al. (2025) FinTech applied in finance can bring needed finance access to the disadvantaged urban and rural communities to support environmentally sustainable economic development.”

“Furthermore, the importance of collaboration between regulators, financial institutions, and technology providers is highlighted to ensure interoperability, consumer protection, and service sustainability (Ha et al., 2025).”

“Konsep Financial Empowerment memberikan prespektif integratif yang menggabungkan pengetahuan keuangan, niat pelaku dan adopsi teknologi sebagai tiga pilar pemberdayaan pelaku UMKM (Anggraini et al., 2025; Ha et al., 2025; Sherraden, 2010).”

“These conditions underscore the role of fintech as an increasingly relevant financing alternative [19].”

“Ha et al. [3] provided an overview of the state of the art on financial inclusion and fintech and concluded that the literature has converged on the view that digital technology reduces the unit cost of screening and monitoring borrowers who lack conventional credit histories.”

“Ha et al. (2025) sostienen que estas empresas suelen presentar menores posibilidades de acceder al financiamiento debido a la falta de garantías, información financiera suficiente e historial crediticio, lo que reduce sus posibilidades de inversión y crecimiento.”

“…a practical transaction alternative while also generating records that can support revenue recording, cash flow monitoring, transaction transparency, and broader access to formal financial services (Ha et al., 2025; Karim et al., 2022; Kilay et al., 2022; Kraus et al., 2022; Najib et al., 2021).”

“Thus, the study (Ha et al., 2025) substantiates the importance of improving regulatory measures concerning the role of the state in the development of the FinTech environment through the establishment of a regulatory framework for protecting the rights of consumers and investors.”

“The Theory of Planned Behavior is an extension of the Theory of Reasoned Action developed by Ha et al .”

“…indicates that financial capability enhances household resilience, reduces financial vulnera - bility and supports more stable financial systems, particularly when combined with improved access to formal services (Ha et al. 2025; Despard et al. 2020 ; Grohmann et al. 2017; Hosen et al. 2025).”

“Over the years, FinTech has attracted substantial attention due to its rapid evolution and its transformative impact across various aspects of society (Ha et al., 2025).”

“Ha, Le, and Nguyen (2025) presented a systematic review examining the contribution of FinTech to financial inclusion across different economies.”

“Selain itu, tinjauan sistematis Ha et al. (2025) menegaskan bahwa riset fintech dan inklusi keuangan masih perlu memperhatikan isu regulasi, keamanan, perlindungan konsumen, dan keberlanjutan penggunaan layanan keuangan digital.”

“…en que el acceso tecnológico por sí solo no garantiza un uso adecuado de los servicios financieros digitales, sino que se requiere un conjunto de competencias integrales que articulen saberes financieros y destrezas tecnológicas para la toma de decisiones en entornos virtuales (Ha et al., 2025).”

“Mobile-based FinTech services such as mobile money, digital credit, and mobile savings are gaining popularity because of the limited availability of banks in many low-and middle-income countries (Lahnech & Chami, 2025; Dao et al., 2025).”

“…a lack of long-term panel data combined with institutional indicators; a limited number of studies using SEM and systematic identification of cause-and-effectchains; and insufficient attention to gender and social dynamics in the context of FinTech (Hasan et al., 2024b; Ha et al., 2025).”

“However, amidst this acceleration of innovation, fundamental challenges have emerged regarding ethical crises, distributional inequalities, and a lack of accountability within the digital economic system (Ha et al., 2025; Gafsi et al., 2026).”

“In the object-oriented approach, on the other hand, it refers to all technologies used in the process of providing financial services (Ha, Le & Nguyen, 2025; Paw ł owska, 2023).”

“FinTech and DeFi converge through various theoretical frameworks, such as finan - cial intermediation theory, diffusion of innovation theory, and institutional theory (Ha et al., 2025 ).”

“Moreover, fintech-driven innovation has been linked to the creation of new market ecosystems that promote participation and growth across multiple stakeholder groups (Ha, 2025).”

“Ha et al. [7], in a state-of-the-art systematic literature review of fintech and financial inclusion, show that recent research has increasingly emphasized three major themes: the emergence of new digital financial services, the transformation of financial markets, and the role of stakeholders in…”

“According to Ha et al (2025), fintech and financial inclusion is a nascent and rapidly growing field of study, and fintech could create a more efficient way of delivering services and reduce service costs for the underserved.”

“A systematic review of 96 studies confirms that FinTech is broadly a driving force of financial inclusion worldwide, though its effects are strongest when combined with traditional banking and complementary policy (Ha et al., 2025).”