The Impact of Digital Financial Technology on Accelerating Financial Inclusion in Developing Economies

Africa is considered as one of the fastest growing, continental economies. Despite this, a major part of the population faces poverty and economic inequality which in turn impacts the overall economic growth. Financial inclusion remains a largely researched topic as it has the potential to improve livelihoods of low-income individuals. Major parts of the population in developing regions reside in rural areas which leads them to having limited access to financial services. Digital financial technology has been identified as a potential solution in accelerating developing markets towards financial inclusion. Substantial evidence has been provided in the previous literature which indicates that an acceleration towards financial inclusion can have a positive impact on the economy. The application of digital technology, inclusive of Artificial Intelligence, may serve as a powerful tool to help individuals in developing markets obtain access to financial institutions as well as the services they may provide.