What's Next After Achieving 100% Level of Financial Inclusion?

Ozili, Peterson K (2025): What's Next After Achieving 100% Level of Financial Inclusion? Forthcoming in:

Abstract

This study considers a world where it is possible to attain full financial inclusion where full financial inclusion means achieving a 100% level of financial inclusion in whichever way financial inclusion is measured. It was argued that increasing the level of financial inclusion is a priority for policymakers in developing countries while many developed countries have already attained a high level of financial inclusion. After the highest possible level of financial inclusion has been attained, countries that have achieved such a feat will think about what next can be done about financial inclusion. This article addresses this issue and offers insights into the course of action that countries can take after achieving full financial inclusion in whichever way financial inclusion is measured. This study also explores the philosophical nature of this question by casting some light into whether attaining full financial inclusion is a worthwhile goal for policymakers to focus on. The insights offered in this study are useful to scholars, policymakers and those responsible for increasing financial inclusion in their countries.

• Item Type: MPRA Paper
• Language: English
• Keywords: financial inclusion, digital financial inclusion, full financial inclusion, criticism
• 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 > G28 - Government Policy and Regulation

References

Aga, G., & Martinez Peria, M. S. (2014). International remittances and financial inclusion in Sub-Saharan Africa. World Bank Policy Research Working Paper, (6991).

Ambarkhane, D., Singh, A. S., Venkataramani, B., & Marak, Z. (2022). Overcoming barriers to financial inclusion: empirical evidence from India. International Journal of Social Economics, 49(9), 1302-1323.

Broekhoff, M. C., van der Cruijsen, C., & de Haan, J. (2024). Towards financial inclusion: trust in banks’ payment services among groups at risk. Economic Analysis and Policy, 82, 104-123.

Capital, F. (2019). Strengthening collaboration and sharing lessons learned of financial inclusion initiatives supported by IDRC in Latin America.

Chakrabarty, M., & Mukherjee, S. (2022). Financial inclusion and household welfare: an entropy-based consumption diversification approach. The European Journal of Development Research, 34(3), 1486-1521.

Chandran, D. S. (2011). Financial inclusion strategies for inclusive growth in India. Available at SSRN 1930980.

Demirgüç-Kunt, A., Klapper, L. F., Singer, D., & Van Oudheusden, P. (2015). The global findex database 2014: Measuring financial inclusion around the world. World Bank Policy Research Working Paper, (7255).

Du, K. (2018). Complacency, capabilities, and institutional pressure: understanding financial institutions’ participation in the nascent mobile payments ecosystem. Electronic Markets, 28(3), 307-319.

Ediagbonya, V., & Tioluwani, C. (2023). The role of fintech in driving financial inclusion in developing and emerging markets: issues, challenges and prospects. Technological Sustainability, 2(1), 100-119.

Elzahi Saaid Ali, A. (2022). Overcoming financial inclusion challenges through digital finance. In Empowering the poor through financial and social inclusion in Africa: An Islamic perspective (pp. 119-136). Cham: Springer International Publishing.

Garz, S., Giné, X., Karlan, D., Mazer, R., Sanford, C., & Zinman, J. (2021). Consumer protection for financial inclusion in low-and middle-income countries: Bridging regulator and academic perspectives. Annual Review of Financial Economics, 13(1), 219-246.

Güngen, A. R. (2018). Financial inclusion and policy-making: Strategy, campaigns and microcredit a la Turca. New Political Economy, 23(3), 331-347.

Joshi, D. P. (2014, January). Strategy adopted for financial inclusion. In Speech Delivered at Workshop on (Vol. 24).

Khan, A., Mubarik, M. S., & Naghavi, N. (2023). What matters for financial inclusions? Evidence from emerging economy. International Journal of Finance & Economics, 28(1), 821-838.

Kim, H., & De Moor, L. (2017). The case of crowdfunding in financial inclusion: A survey. Strategic Change, 26(2), 193-212.

Kouladoum, J. C., Wirajing, M. A. K., & Nchofoung, T. N. (2022). Digital technologies and financial inclusion in Sub-Saharan Africa. Telecommunications Policy, 46(9), 102387.

Kulkarni, L., & Ghosh, A. (2021). Gender disparity in the digitalization of financial services: challenges and promises for women's financial inclusion in India. Gender, Technology and Development, 25(2), 233-250.

Kumar, R., & Pathak, D. C. (2022). Financial awareness: a bridge to financial inclusion. Development in Practice, 32(7), 968-980.Milana, C., & Ashta, A. (2020). Microfinance and financial inclusion: Challenges and opportunities. Strategic Change, 29(3), 257-266.

Mader, P. (2018). Contesting financial inclusion. Development and change, 49(2), 461-483.

Matsuo, M. (2022). Reflection on success in promoting authenticity and proactive behavior: A two-wave study. Current Psychology, 41(12), 8793-8801.