The Role of FinTech in Enhancing Financial Inclusion in Emerging Economies
DOI:
https://doi.org/10.64137/XXXXXXXX/IJFEMS-V1I1P105Keywords:
FinTech, Financial inclusion, Emerging economies, Mobile money, Digital wallets, Blockchain, Artificial intelligence, Microloans, Digital payments, Regulatory framework, Economic empowerment, Unbanked and Underbanked, Financial services, Digital literacyAbstract
Financial technology, or FinTech, is helping to include more people in financial services in emerging countries because conventional banks usually miss these regions. Mobile gadgets and greater internet use have made it possible for fintech to serve the unbanked and underbanked with mobile money, digital wallets, and new credit scoring. Mobile banking and the use of blockchain allow for lower spending, more safety for users, and easier access to financial services for those on the outskirts of civilization. Platforms like M-Pesa have made it possible for millions in Africa and Asia to take part in transactions, manage their savings, and get loans all through their phones. Microloans are now reaching individuals and small businesses through artificial intelligence-supported lending methods, allowing them to get the support they need and giving them access to new markets. Experience from around the world suggests that fintech benefits developing countries more than advanced economies, mainly if the regulatory environment is well-established and there is a focus on digital education. Although these developments have taken place, there are still issues, for example, ensuring consumer protection, helping people become more digital, and ensuring everyone is treated fairly through appropriate regulations. As fintech grows, it will be important for fintech companies to join efforts with governments and banks to use digital technology for financial inclusion in emerging markets fully
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