The Future of Financial Inclusion

Ozili, Peterson K (2023): The Future of Financial Inclusion. Forthcoming in:

Abstract

This paper provides insight into the trends to expect in the future of financial inclusion. The author identifies the past and recent changes occurring in the financial inclusion space, and based on these changes, make predictions about what to expect in the future of financial inclusion. The author predicts that, in the future, financial inclusion will witness increased digitalization; increased personalization of formal financial services; the provision of a wide range of formal financial services from a single platform; a shift from account number to mobile number to drive financial inclusion; more women will become financially empowered and financially independent; government will become more directly involved in delivering basic financial services to the poor; and we will witness the emergence of new financial innovations that continuously reduce transaction costs. These future trends will have implications for financial inclusion in Asia, Europe and particularly in Africa where the level of financial inclusion is low.

• Item Type: MPRA Paper
• Language: English
• Keywords: Financial inclusion, digital finance, Fintech, access to finance, central bank digital currency, women.
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; I - Health, Education, and Welfare > I3 - Welfare, Well-Being, and Poverty > I31 - General Welfare, Well-Being; I - Health, Education, and Welfare > I3 - Welfare, Well-Being, and Poverty > I38 - Government Policy ; Provision and Effects of Welfare Programs

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