Digital finance transformation and digital financial inclusion in Africa: the promise and challenges

Ozili, Peterson K (2026): Digital finance transformation and digital financial inclusion in Africa: the promise and challenges. Forthcoming in: International Journal of Financial Innovation in Banking , Vol. 4, No. 3 : pp. 321-333.

Abstract

Accelerating digital finance transformation initiatives across African countries is essential to develop the African continent. Using the conceptual discourse method and the global findex data, this article explores the on-going digital finance transformation in Africa, the benefits for digital financial inclusion in Africa as well as the challenges that lie ahead. The article emphasises the importance of the digital finance transformation in Africa and urges for coordination with stakeholders to accelerate the use of digital financial services in African countries. It also emphasises the need to balance digital finance transformation initiatives with the risks. This study contributes to ongoing discussions about the role of digital finance in transforming nations.

• Item Type: MPRA Paper
• Language: English
• Keywords: digital finance, financial inclusion, Africa, open banking, digital financial inclusion, fintech, digital public infrastructure, DPI, mobile money, financial literacy, MPesa, eNaira, flutterwave
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O31 - Innovation and Invention: Processes and Incentives; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O33 - Technological Change: Choices and Consequences ; Diffusion Processes

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