FinTech Adoption and Financial Inclusion in Emerging Economies: A Systematic Literature Review

Abstract

Context and Objective Financial technology (FinTech) has emerged as a game-changer in the financial systems transformation and financial inclusion, particularly in emerging economies. The literature review for this study is systematic, where the focus is on research literature published on existing factors, problems and results that impact on financial inclusion that impact the adoption of FinTech. Method This study was conducted using systematic literature review (SLR) and secondary analysis (qualitative) with the total number of 1139 records and 45 studies were selected after screening and eligibility assessment for synthesis. Results The results indicate the factors influencing the uptake of FinTech are technological availability, digital literacy, trust in technology and regulatory support and institutional capacity. The review also offers a few examples of how digital payments, and digital/mobile and technology-based financial services and banking products, have helped to transform access, affordability and usability of financial products. However, cybersecurity, digital inequity and regulatory restrictions continue to be significant challenges Conclusion The study provides theory and policy lessons on how to develop digital financial ecosystems in emerging markets that are more inclusive.