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…”

“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).”