Fintech Inclusion: Bridging the GAP in Financial Accessibility

Author(s): Anil Kumar and Shiv Kumar

Abstract:

Financial inclusion has emerged as a key policy objective for achieving equitable and sustainable economic growth. Despite considerable progress in expanding traditional banking networks, significant sections of society-particularly low-income groups, rural populations, and small enterprises-remain excluded from formal financial systems. The advancement in Fintech inclusion represents a transformative shift in financial accessibility, particularly for underserved populations. The rise of FinTech offers transformative potential to bridge this gap by delivering affordable, accessible, and user-friendly financial services through digital platforms. This study explores how FinTech innovations-such as mobile banking, digital payments, peer-to-peer lending, and blockchain-based solutions-are driving the financial inclusion practices in developing economies. It analyzes the mechanisms through which technology reduces transactional barriers, enhances credit accessibility, and promotes financial literacy. The paper also examines policy initiatives, challenges, and the regulatory landscape influencing FinTech’s role in inclusive finance. Findings highlight that FinTech, when supported by sound governance and digital infrastructure, can significantly democratize financial access and empower marginalized populations, thus fostering inclusive economic development. This paper explores how fintech bridges gaps in traditional banking by offering innovative, affordable, and scalable solutions. Through a conceptual lens, it examines the role of mobile banking, digital wallets, blockchain, and AI-driven platforms in democratizing financial services. It also identifies the key barriers such as digital illiteracy, infrastructural deficits, and regulatory challenges, while highlighting fintech’s potential to foster inclusive economic growth. The study concludes by proposing a framework for sustainable fintech integration that aligns with financial inclusion goals.

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Pages: 51-53     |    2 View     |    0 Download