Munich Personal RePEc Archive

Dangers of Digital-Only Financial Inclusion

Ozili, Peterson K (2024): Dangers of Digital-Only Financial Inclusion. Forthcoming in:

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The literature has not extensively examined the dangers of digital-only financial inclusion. The purpose of this chapter is to highlight the dangers of digital-only financial inclusion (DOFI). Using the discourse analysis method, the study showed that digital-only financial inclusion may be difficult to achieve when there is uneven availability and uneven access to digital devices. It was also argued that digital-only financial inclusion could lead to high cost of internet broadband, and it places much emphasis on accelerating digital access rather than protecting users who use digital finance platforms. Furthermore, it pays little attention to risk mitigation, and produces digital ID schemes that enable government surveillance. It also prioritizes digital access rather than financial health; and makes it easier to perpetrate fraud using digital means. Finally, it can enable the endless pursuit of power, and it prioritizes a digital version of financial inclusion at any cost. As much as possible, the strategies used to advance financial inclusion should not be too dependent on digital technologies because they only offer digital access and more access but may not improve the financial health of users in a significant way.

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