IDEAS home Printed from https://ideas.repec.org/a/spr/decisn/v52y2025i1d10.1007_s40622-025-00426-2.html
   My bibliography  Save this article

Digital financial literacy and financial inclusion in the global south for a sustainable future: A scoping review

Author

Listed:
  • Jeswin Jose

    (CHRIST University)

  • Nabanita Ghosh

    (CHRIST University)

Abstract

Financial literacy is the backbone of financial inclusion. In the post-COVID world, exploring how digital financial literacy (DFL) can contribute to financial inclusion is essential. This scoping review aims to synthesise existing knowledge on the relationship between DFL and financial inclusion specifically in the context of the global south and provide future avenues in the research domain in light of achieving sustainable development goals (SDGs). The review follows the PRISMA-ScR framework. Databases such as Scopus, Science Direct, Sage, Emerald, Taylor & Francis, and Wiley were systematically searched to identify relevant literature. Conceptual studies, literature reviews, and empirical studies (quantitative, qualitative, and mixed-method studies) were included in the review. The screening was conducted in two stages–title and abstract screening and full-text screening. The findings indicate a positive relationship between financial literacy and financial inclusion. Despite the importance of digital financial literacy and financial inclusion in the global south, the studies are minimal in this context, with an orientation to achieve SDG goals. Changes need to be implemented at the level of policy in order to ensure greater digital financial literacy and financial inclusion at both micro and macro levels, which will, in turn, help in achieving the SDG goals.

Suggested Citation

  • Jeswin Jose & Nabanita Ghosh, 2025. "Digital financial literacy and financial inclusion in the global south for a sustainable future: A scoping review," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 52(1), pages 129-148, March.
    • Handle: RePEc:spr:decisn:v:52:y:2025:i:1:d:10.1007_s40622-025-00426-2
    DOI: 10.1007/s40622-025-00426-2
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s40622-025-00426-2
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s40622-025-00426-2?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Pengpeng Yue & Aslihan Gizem Korkmaz & Zhichao Yin & Haigang Zhou, 2022. "The rise of digital finance: Financial inclusion or debt trap," Papers 2201.09221, arXiv.org.
    2. Andreou, Panayiotis C. & Anyfantaki, Sofia, 2021. "Financial literacy and its influence on internet banking behavior," European Management Journal, Elsevier, vol. 39(5), pages 658-674.
    3. Tarsem Lal, 2021. "Impact of financial inclusion on economic development of marginalized communities through the mediation of social and economic empowerment," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 48(12), pages 1768-1793, August.
    4. Shailesh Rastogi & Ragabiruntha E., 2018. "Financial inclusion and socioeconomic development: gaps and solution," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 45(7), pages 1122-1140, July.
    5. Luo, Yu & Peng, Yuchao & Zeng, Lianyun, 2021. "Digital financial capability and entrepreneurial performance," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 55-74.
    6. Ashenafi Fanta & Kingstone Mutsonziwa, 2021. "Financial Literacy as a Driver of Financial Inclusion in Kenya and Tanzania," JRFM, MDPI, vol. 14(11), pages 1-13, November.
    7. 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.
    8. Anshu Singh, 2021. "Exploring demand-side barriers to credit uptake and financial inclusion," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 48(6), pages 898-913, April.
    9. Peterson K. Ozili, 2022. "Financial inclusion and sustainable development: an empirical association," Journal of Money and Business, Emerald Group Publishing Limited, vol. 2(2), pages 186-198, September.
    10. Vinay Kandpal, 2023. "Dimensions of financial inclusion in India: a qualitative analysis of bankers perspective," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 16(4), pages 660-679, November.
    11. Mohamed Khalifa Sidi & Salina Kassim, 2023. "Investigation of constituent determinants of financial inclusion: evidence from Mauritania," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 17(4), pages 524-538.
    12. T Ravikumar & B Suresha & N Prakash & Kiran Vazirani & T.A. Krishna, 2022. "Digital financial literacy among adults in India: measurement and validation," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2132631-213, December.
    13. Adegbite, Olayinka O. & Machethe, Charles L., 2020. "Bridging the financial inclusion gender gap in smallholder agriculture in Nigeria: An untapped potential for sustainable development," World Development, Elsevier, vol. 127(C).
    14. Annamaria Lusardi, 2019. "Financial literacy and the need for financial education: evidence and implications," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 155(1), pages 1-8, December.
    15. Aziz, Abdul & Naima, Umma, 2021. "Rethinking Digital Financial Inclusion: Evidence from Bangladesh," SocArXiv 7sr5c, Center for Open Science.
    16. Yue, Pengpeng & Korkmaz, Aslihan Gizem & Yin, Zhichao & Zhou, Haigang, 2022. "The rise of digital finance: Financial inclusion or debt trap?," Finance Research Letters, Elsevier, vol. 47(PA).
    17. Muhammed Basid Amnas & Murugesan Selvam & Satyanarayana Parayitam, 2024. "FinTech and Financial Inclusion: Exploring the Mediating Role of Digital Financial Literacy and the Moderating Influence of Perceived Regulatory Support," JRFM, MDPI, vol. 17(3), pages 1-20, March.
    18. Sergio Luis Náñez Alonso & Javier Jorge-Vazquez & Ricardo Francisco Reier Forradellas & Elena Ahijado Dochado, 2022. "Solutions to Financial Exclusion in Rural and Depopulated Areas: Evidence Based in Castilla y León (Spain)," Land, MDPI, vol. 11(1), pages 1-19, January.
    19. Ruhee Mittal & Tanu Kathuria & Mohit Saini & Barkha Dhingra & Mahender Yadav, 2023. "Effect of financial inclusion and fintech on the effectiveness of Indian monetary policy: an empirical investigation," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 50(12), pages 1702-1718, June.
    20. repec:osf:socarx:7sr5c_v1 is not listed on IDEAS
    21. Peterson K. Ozili, 2018. "Impact of digital finance on financial inclusion and stability," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 18(4), pages 329-340, December.
    22. Yosuke Kakinuma, 2022. "Financial literacy and quality of life: a moderated mediation approach of fintech adoption and leisure," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 49(12), pages 1713-1726, June.
    23. Tough Chinoda & Forget Mingiri Kapingura, 2023. "The Impact of Digital Financial Inclusion and Bank Competition on Bank Stability in Sub-Saharan Africa," Economies, MDPI, vol. 11(1), pages 1-12, January.
    24. Munacinga Simatele & Loyiso Maciko, 2022. "Financial Inclusion in Rural South Africa: A Qualitative Approach," JRFM, MDPI, vol. 15(9), pages 1-22, August.
    25. Agnes Akpene Akakpo & Mohammed Amidu & William Coffie & Joshua Yindenaba Abor, 2022. "Financial literacy, financial inclusion and participation of individual on the Ghana stock market," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2023955-202, December.
    26. Falak Khan & Muhammad Ayub Siddiqui & Salma Imtiaz, 2022. "Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2034236-203, December.
    27. Hasanul Banna & M. Kabir Hassan & Rubi Ahmad & Md Rabiul Alam, 2021. "Islamic banking stability amidst the COVID-19 pandemic: the role of digital financial inclusion," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 15(2), pages 310-330, August.
    28. Esmael Abdu & Mohammd Adem & David McMillan, 2021. "Determinants of financial inclusion in Afar Region: Evidence from selected woredas," Cogent Economics & Finance, Taylor & Francis Journals, vol. 9(1), pages 1920149-192, January.
    29. Aziz, Abdul & Naima, Umma, 2021. "Rethinking digital financial inclusion: Evidence from Bangladesh," Technology in Society, Elsevier, vol. 64(C).
    30. Sergio Luis Náñez Alonso & Javier Jorge-Vazquez & Miguel Ángel Echarte Fernández & Konrad Kolegowicz & Wojciech Szymla, 2022. "Financial Exclusion in Rural and Urban Contexts in Poland: A Threat to Achieving SDG Eight?," Land, MDPI, vol. 11(4), pages 1-21, April.
    31. Ozili, Peterson Kitakogelu, 2018. "Impact of Digital Finance on Financial Inclusion and Stability," MPRA Paper 84771, University Library of Munich, Germany.
    32. Roseline Misati & Jared Osoro & Maureen Odongo & Farida Abdul, 2022. "Does digital financial innovation enhance financial deepening and growth in Kenya?," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 19(3), pages 679-705, July.
    33. Robert Jeyakumar Nathan & Budi Setiawan & Mac Nhu Quynh, 2022. "Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis," JRFM, MDPI, vol. 15(3), pages 1-19, March.
    34. Ajaya Kumar Nanda & Sasmita Samanta, 2018. "Mainstreaming tribals through financial literacy – a review of literature," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 45(2), pages 437-444, February.
    35. Hasanul Banna & M. Kabir Hassan & Rubi Ahmad & Md Rabiul Alam, 2021. "Islamic banking stability amidst the COVID-19 pandemic: the role of digital financial inclusion," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 15(2), pages 310-330, August.
    36. Shen Yap & Hui Shan Lee & Ping Xin Liew, 2023. "The role of financial inclusion in achieving finance-related sustainable development goals (SDGs): a cross-country analysis," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 36(3), pages 2212028-221, December.
    37. Luigi Ferrata, 2019. "Digital financial inclusion - an engine for „leaving no one behind“," Public Sector Economics, Institute of Public Finance, vol. 43(4), pages 445-458.
    38. Yanqi Wang & Muhammad Ali & Asadullah Khaskheli & Komal Akram Khan & Chin-Hong Puah, 2022. "The interconnectedness of financial inclusion and bank profitability in rising economic powers: evidence from heterogeneous panel analysis," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 50(9), pages 1217-1231, December.
    39. Morgan, Peter J. & Long, Trinh Quang, 2020. "Financial literacy, financial inclusion, and savings behavior in Laos," Journal of Asian Economics, Elsevier, vol. 68(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Foguesatto, Cristian Rogério & Righi, Marcelo Brutti & Müller, Fernanda Maria, 2024. "Is there a dark side to financial inclusion? Understanding the relationship between financial inclusion and market risk," The North American Journal of Economics and Finance, Elsevier, vol. 72(C).
    2. Guangshun Xu & Lin Feng & Wenzheng Wang & Qiaohui Liang, 2024. "Digital Financial Literacy and Rural Income Inequality," SAGE Open, , vol. 14(3), pages 21582440241, September.
    3. Guo, Jie & Chen, Leqi & Kang, Xia, 2024. "Digital inclusive finance and agricultural green development in China: A panel analysis (2013–2022)," Finance Research Letters, Elsevier, vol. 69(PA).
    4. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.
    5. Gallego-Losada, María-Jesús & Montero-Navarro, Antonio & García-Abajo, Elisa & Gallego-Losada, Rocío, 2023. "Digital financial inclusion. Visualizing the academic literature," Research in International Business and Finance, Elsevier, vol. 64(C).
    6. Yue, Sishi & Yang, Mo & Dong, Dayong, 2024. "Do enterprises adopting digital finance exhibit higher values? Based on textual analysis," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
    7. Hasan, Morshadul & Hoque, Ariful & Abedin, Mohammad Zoynul & Gasbarro, Dominic, 2024. "FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    8. Kodongo, Odongo, 2024. "Financial inclusion effects of engaging with the fintech ecosystem," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    9. Haibo Lei & Qin Su, 2023. "Does the Use of Digital Finance Affect Household Farmland Transfer-Out?," Sustainability, MDPI, vol. 15(16), pages 1-18, August.
    10. Qianwen Liu & Jianjie Zheng & Shihui Luo, 2025. "Digital financial inclusion, population structure, and consumption upgrades: Evidence from China," PLOS ONE, Public Library of Science, vol. 20(1), pages 1-20, January.
    11. Krzysztof Waliszewski & Ewa Cichowicz & £ukasz Gêbski & Filip Kliber & Jakub Kubiczek & Pawe³ Niedzió³ka & Ma³gorzata Solarz & Anna Warchlewska, 2023. "The role of the Lendtech sector in the consumer credit market in the context of household financial exclusion," Oeconomia Copernicana, Institute of Economic Research, vol. 14(2), pages 609-643, June.
    12. Choung, Youngjoo & Chatterjee, Swarn & Pak, Tae-Young, 2023. "Digital Financial Literacy and Financial Well-Being," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Journal P, pages 1-1.
    13. Hu, Debao & Zhai, Chenzhe & Zhao, Sibo, 2023. "Does digital finance promote household consumption upgrading? An analysis based on data from the China family panel studies," Economic Modelling, Elsevier, vol. 125(C).
    14. Minli Yu & Fu-Sheng Tsai & Hui Jin & Hejie Zhang, 2022. "Digital finance and renewable energy consumption: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-19, December.
    15. Behice Canatan & Ayşe Akboz Caner & Gökhan Özbilge, 2024. "Dynamics of Digital Financial Inclusion in Türkiye," Istanbul Business Research, Istanbul University Business School, vol. 53(2), pages 185-200, September.
    16. Jiang, Youxue, 2024. "Public service equalization, digital financial inclusion and the rural revitalization: Evidence from Chinese 283 prefecture-level cities," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    17. Siqi Huang & Nik Hadiyan Nik Azman, 2023. "Enhancing Food Security through Digital Inclusive Finance: Evidence from Agricultural Enterprises in China," IJERPH, MDPI, vol. 20(4), pages 1-20, February.
    18. Hamdi Becha & Maha Kalai & Saifeddine Houidi & Kamel Helali, 2025. "Digital financial inclusion, environmental sustainability and regional economic growth in China: insights from a panel threshold model," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 14(1), pages 1-40, December.
    19. Ma, Hongxin & Yin, Yingkai & Liu, Zhenhai & Bai, Yi, 2024. "A study of the impact of digital finance usage on household consumption upgrading: Based on financial asset allocation perspective," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    20. Katherin Carrera-Silva & Olga Maritza Rodríguez Ulcuango & Paula Abdo-Peralta & Ángel Gerardo Castelo Salazar & Carmen Amelia Samaniego Erazo & Diego Haro Ávalos, 2024. "Beyond the Financial Horizon: A Critical Review of Social Responsibility in Latin American Credit Unions," Sustainability, MDPI, vol. 16(18), pages 1-23, September.

    More about this item

    Keywords

    Digital financial literacy; Financial inclusion; SDG; Global south;
    All these keywords.

    JEL classification:

    • G5 - Financial Economics - - Household Finance
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:decisn:v:52:y:2025:i:1:d:10.1007_s40622-025-00426-2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.