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Attaining Sustainable Development Goals through Financial Inclusion: Exploring Collaborative Approaches to Fintech Adoption in Developing Economies

Author

Listed:
  • Sagir Danladi

    (Department of Accounting, Modibbo Adama University, P.M.B. 2076, Yola 640001, Nigeria
    GITAM School of Business, GITAM University, Visakhapatnam 530045, India)

  • M. S. V. Prasad

    (GITAM School of Business, GITAM University, Visakhapatnam 530045, India)

  • Umar Muhammad Modibbo

    (Department of Operations Research, Modibbo Adama University, P.M.B. 2076, Yola 640001, Nigeria)

  • Seyedeh Asra Ahmadi

    (Department of Logistics, Tourism and Service Management, German University of Technology in Oman, Muscat 1816, Oman)

  • Peiman Ghasemi

    (Department of Business Decisions and Analytics, University of Vienna, Kolingasse 14–16, 1090 Vienna, Austria)

Abstract

This study proposes a multi-stakeholder framework to enhance fintech use in Africa, aiming to improve financial inclusion and achieve the Sustainable Development Goals. This article analyzes past research and frameworks built to help stakeholders in developing nations adopt fintech, some of which have been tested in African states with limited success. The study recommends prioritizing national ownership, creating an enabling environment for private sector investment, partnering with multilateral development banks and other stakeholders, fostering innovation and digital literacy, and focusing on cost-effective, non-government-guaranteed financing. In accordance with the G20’s High-Level Principles for Digital Financial Inclusion, a country-specific strategy can boost financial technology and digital financial services uptake in Africa. Each government may build a legislative climate that supports innovation and competition, strengthens its digital infrastructure, increases digital literacy and awareness, and collaborates with private sector stakeholders to extend financial inclusion. Partnerships with businesses, international organizations, and other nations can help The Better Than Cash Alliance (TBTCA) promote fintech adoption. Countries can use fintech companies to build and implement national digital payment infrastructure by joining the Alliance. Finally, the mSTAR program advises cooperating with USAID to promote marginalized people, incorporate digital financial services, increase public–private engagement, and educate and train policymakers, practitioners, and technologists. These ideas can help African governments adopt fintech products faster and enhance financial inclusion.

Suggested Citation

  • Sagir Danladi & M. S. V. Prasad & Umar Muhammad Modibbo & Seyedeh Asra Ahmadi & Peiman Ghasemi, 2023. "Attaining Sustainable Development Goals through Financial Inclusion: Exploring Collaborative Approaches to Fintech Adoption in Developing Economies," Sustainability, MDPI, vol. 15(17), pages 1-14, August.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:17:p:13039-:d:1228384
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    2. Pandwe Aletha Gibson, 2023. "Shortening the Supply Chain through Smart Manufacturing and Green Technology," Sustainability, MDPI, vol. 15(22), pages 1-10, November.

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    More about this item

    Keywords

    fintech; financial inclusion; maximizing finance for development; the G20 high-level principles for digital financial inclusion; mSTAR; developing countries; sustainable development goals;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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