Mapping the Research Landscape of FinTech and Financial Inclusion in Emerging Markets
DOI:
https://doi.org/10.47941/ijf.3901Keywords:
FinTech, Financial Inclusion, Emerging Markets, Digital Financial Services, Mobile Money, Financial InnovationAbstract
Purpose: Financial technology (FinTech) has rapidly transformed the global financial landscape by introducing innovative digital solutions that expand access to financial services. This transformation is especially significant in emerging markets, where large segments of the population remain excluded from traditional financial systems. This study provides a systematic and bibliometric review of existing literature examining the relationship between FinTech and financial inclusion in emerging economies.
Methodology: Using the Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) framework, articles were collected from Scopus databases covering the period 20213-2025. After a rigorous screening process, 119 relevant studies were selected for analysis.
Findings: The findings reveal a significant growth in scholarly interest in the FinTech－financial inclusion nexus, especially following the global expansion of digital payment systems and mobile financial services. The literature highlights several mechanisms through which FinTech promotes inclusion, including mobile money platforms, digital lending technologies, and data-driven credit assessment models. However, the review also identifies persistent barriers such as regulatory uncertainty, digital infrastructural gaps, financial literacy limitations, and cybersecurity risks.
Unique Contribution to Theory, Policy and Practice: This study contributes to the literature by mapping the dominant research themes, identifying theoretical perspectives used in existing studies, and highlighting critical research gaps. The findings provide valuable insights for policymakers, financial institutions, and researchers seeking to leverage FinTech innovations to promote inclusive and sustainable financial systems in emerging economies.
Downloads
References
Ababio, J. O., Yiadom, E. B., Ofori-Sasu, D., & Sarpong–Kumankoma, E. (2024). Digital financial inclusion and inclusive development in lower-middle-income countries: the enabling role of institutional quality. Journal of Chinese Economic and Foreign Trade Studies, 17(2/3), 133–151. https://doi.org/10.1108/jcefts-02-2024-0017
Ahamed, M. M., & Mallick, S. K. (2017). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization, 157, 403–427. https://doi.org/10.1016/j.jebo.2017.07.027
Ali, A., & Marisetty, V. B. (2023). Are FinTech lending apps harmful? Evidence from user experience in the Indian market. The British Accounting Review, 101269. https://doi.org/10.1016/j.bar.2023.101269
Allen, F., Demirguc-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27, 1–30. https://doi.org/10.1016/j.jfi.2015.12.003
Allen, F., Xian, G., & Jagtiani, J. (2022). Fintech, cryptocurrencies, and CBDC: Financial structural transformation in China. Journal of International Money and Finance 124(3-4):102625. DOI: 10.1016/j.jimonfin.2022.102625
Al-Okaily, M. (2023). The influence of e-satisfaction on users’ e-loyalty toward e-wallet payment apps: a mediated-moderated model. International Journal of Emerging Markets. https://doi.org/10.1108/ijoem-08-2022-1313
Aloulou, M., Grati, R., Al-Qudah, A. A., & Al-Okaily, M. (2023). Does fintech adoption increase the diffusion rate of digital financial inclusion? A study of the banking industry sector. Journal of Financial Reporting & Accounting, 22(2), 289–307. https://doi.org/10.1108/jfra-05-2023-0224
Andrianaivo, M., & Kpodar, K. (2012). Mobile phones, financial inclusion, and growth. Review of Economics and Institutions, 3(2). https://doi.org/10.5202/rei.v3i2.75
Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020). Sustainability, fintech and financial inclusion. European Business Organization Law Review, 21(1), 7–35. https://doi.org/10.1007/s40804-020-00183-y
Banna, H., Hassan, M. K., & Rashid, M. (2021). Fintech-based financial inclusion and bank risk-taking: Evidence from OIC countries. Journal of International Financial Markets Institutions and Money, 75, 101447. https://doi.org/10.1016/j.intfin.2021.101447
Banna, H., Mia, M. A., Nourani, M., & Yarovaya, L. (2022). Fintech-based financial inclusion and risk-taking of microfinance institutions (MFIs): Evidence from Sub-Saharan Africa. Finance Research Letters, 45, 102149. https://doi.org/10.1016/j.frl.2021.102149
Bayar, A. A. (2023). The impact of financial development on income inequality and poverty. PLoS ONE, 18(10), e0291651. https://doi.org/10.1371/journal.pone.0291651
Becha, H., Kalai, M., Houidi, S., & Helali, K. (2025). Digital financial inclusion, environmental sustainability and regional economic growth in China: insights from a panel threshold model. Journal of Economic Structures, 14(1). https://doi.org/10.1186/s40008-025-00347-4
Bernards, N., & Campbell-Verduyn, M. (2019). Understanding technological change in global finance through infrastructures. Review of International Political Economy, 26(5), 773–789. https://doi.org/10.1080/09692290.2019.1625420
Brandl, B., & Dieterich, L. (2022). The exclusive nature of global payments infrastructures: the significance of major banks and the role of tech-driven companies. Review of International Political Economy, 30(2), 535–557. https://doi.org/10.1080/09692290.2021.2016470
Chen, Y., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13, e00151. https://doi.org/10.1016/j.jbvi.2019.e00151
Constantine, C. (2017). Economic structures, institutions and economic performance. Journal of Economic Structures, 6(1). https://doi.org/10.1186/s40008-017-0063-1
Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2020). Fintech, financial inclusion and income inequality: a quantile regression approach. European Journal of Finance, 28(1), 86–107. https://doi.org/10.1080/1351847x.2020.1772335
Ediagbonya, V., & Tioluwani, C. (2022). The role of fintech in driving financial inclusion in developing and emerging markets: issues, challenges and prospects. Technological Sustainability, 2(1), 100–119. https://doi.org/10.1108/techs-10-2021-0017
Emara, N. (2022). Asymmetric and threshold effects of FinTech on poverty in SSA countries. Journal of Economic Studies, 50(5), 921–946. https://doi.org/10.1108/jes-03-2022-0158
Gabor, D., & Brooks, S. (2017). The digital revolution in financial inclusion: international development in the fintech era. New Political Economy, 22(4), 423–436. https://doi.org/10.1080/13563467.2017.1259298
García-Lillo, F., Claver, E., Marco-Lajara, B., Seva-Larrosa, P., & Ruiz-Fernández, L. (2020). MNEs from emerging markets: a review of the current literature through “bibliographic coupling” and social network analysis. International Journal of Emerging Markets, 16(8), 1912–1942. https://doi.org/10.1108/ijoem-03-2019-0170
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220–265. https://doi.org/10.1080/07421222.2018.1440766
Hamarat, Ç., & Broby, D. (2022). Regulatory constraint and small business lending: do innovative peer-to-peer lenders have an advantage? Financial Innovation, 8(1). https://doi.org/10.1186/s40854-022-00377-y
Jain, D., Dash, M. K., & Thakur, K. S. (2021). Development of research agenda on demonetization based on bibliometric visualization. International Journal of Emerging Markets, 17(10), 2584–2604. https://doi.org/10.1108/ijoem-12-2019-1085
Lee, I., & Shin, Y. J. (2017). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Leong, C., Tan, B., Xiao, X., Ter Chian Tan, F., & Sun, Y. (2017). Nurturing a fintech ecosystem: The case of a youth microloan startup in China. International Journal of Information Management, 37(2), 92–97. https://doi.org/10.1016/j.ijinfomgt.2016.11.006
Liu, A., Urquía-Grande, E., López-Sánchez, P., & Rodríguez-López, Á. (2022). Research into microfinance and ICTs: A bibliometric analysis. Evaluation and Program Planning, 97, 102215. https://doi.org/10.1016/j.evalprogplan.2022.102215
Mhlanga, D. (2020). Industry 4.0 in Finance: The impact of Artificial intelligence (AI) on digital financial inclusion. International Journal of Financial Studies, 8(3), 45. https://doi.org/10.3390/ijfs8030045
Neelam, K., & Bhattacharya, S. (2022). Financial Technology Solutions for Financial Inclusion: A review and future agenda. Australasian Accounting Business and Finance Journal, 16(5), 170–184. https://doi.org/10.14453/aabfj.v16i5.11
Ocansey, E. O. N. D. (2025). Fintech and financial inclusion for economic transformation. International Journal of Economic Perspective, 19(6), 2564-2583.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Ozili, P. K. (2020). Financial inclusion research around the world: A review. Forum for Social Economics, 50(4), 457–479. https://doi.org/10.1080/07360932.2020.1715238
Ozili, P. K., & Ndah, H. (2021). Impact of financial development on bank profitability. Journal of Economic and Administrative Sciences, 40(2), 238–262. https://doi.org/10.1108/jeas-07-2021-0140
Pritchard, A. (1969). Statistical bibliography or bibliometrics. Journal of Documentation, 25, 348.
Schuetz, S., & Venkatesh, V. (2020). Blockchain, adoption, and financial inclusion in India: Research opportunities. International Journal of Information Management, 52, 101936. https://doi.org/10.1016/j.ijinfomgt.2019.04.009
Senyo, P., & Osabutey, E. L. (2020). Unearthing antecedents to financial inclusion through FinTech innovations. Technovation, 98, 102155. https://doi.org/10.1016/j.technovation.2020.102155
Sharif, S. P., Naghavi, N., Waheed, H., & Ehigiamusoe, K. U. (2022). The role of education in filling the gender gap in financial inclusion in low-income economies. International Journal of Emerging Markets, 18(12), 5755–5777. https://doi.org/10.1108/ijoem-07-2021-0991
Teigland, T., Iversen, M. M., Sangnes, D. A., Dimcevski, G., & Søfteland, E. (2017). A longitudinal study on patients with diabetes and symptoms of gastroparesis – associations with impaired quality of life and increased depressive and anxiety symptoms. Journal of Diabetes and Its Complications, 32(1), 89–94. https://doi.org/10.1016/j.jdiacomp.2017.10.010
Yang, Y., Su, X., & Yao, S. (2021). Nexus between green finance, fintech, and high-quality economic development: Empirical evidence from China. Resources Policy, 74, 102445. https://doi.org/10.1016/j.resourpol.2021.102445
Zhou, G., Zhu, J., & Luo, S. (2021). The impact of fintech innovation on green growth in China: Mediating effect of green finance. Ecological Economics, 193, 107308. https://doi.org/10.1016/j.ecolecon.2021.107308
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Evans O. N. D. Ocansey, Emmanuel Duffour, Rachael Amoah
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
