FINANCIAL INCLUSION AND ECONOMIC DEVELOPMENT THROUGH FINANCIAL TECHNOLOGY (FINTECH)

Abstract

Fintech, or financial technology, is increasingly playing a transformative role in promoting financial inclusion and supporting global economic progress. By utilizing digital advancements like mobile wallets, online credit services, and blockchain-based systems, Fintech is removing traditional obstacles to accessing financial services. These innovations are making financial tools more inclusive, cost-effective, and easier to access, particularly for underserved and remote populations. This increased access empowers individuals and businesses, fostering greater participation in the formal economy. For individuals, financial inclusion through Fintech can lead to improved savings, easier access to credit, and enhanced financial resilience. For businesses, particularly SMEs, Fintech offers streamlined payment systems, alternative funding sources, and better financial management tools, fueling growth and job creation. Ultimately, the widespread adoption of Fintech for financial inclusion contributes significantly to broader economic development by reducing inequality, boosting economic activity, and fostering sustainable growth. Recognizing and strategically supporting the synergy between Fintech, financial inclusion, and economic development is crucial for policymakers and stakeholders aiming to build more prosperous and equitable societies.