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Digital Currency Adoption, Nonbank Financial Intermediation, and Financial Inclusion in the Global South

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  • Michael Takudzwa Pasara

    (London School of Economics and Political Science
    North-West University)

Abstract

Globally, financial inclusion is recognized as a developmental tool. This chapter aims to investigate the adoption of digital currencies, nonbank financial intermediation, and financial inclusion in the Global South. An estimated 1.7 billion underbanked individuals and 2.3 billion financially excluded adults, as well as small- and medium-sized businesses, face connectivity challenges. This chapter explores the various theoretical and empirical developments in financial inclusion, including the case of cryptocurrencies, which have gained momentum in the past decade and a half, with associated risks and benefits. It concludes that the majority of the Global South population is still excluded, although mobile banking has accelerated the rate of inclusion. The chapter provides the case for and the critical role of financial institutions and public policy in facilitating financial inclusion and mitigating risks.

Suggested Citation

  • Michael Takudzwa Pasara, 2025. "Digital Currency Adoption, Nonbank Financial Intermediation, and Financial Inclusion in the Global South," Advances in African Economic, Social and Political Development,, Springer.
    • Handle: RePEc:spr:aaechp:978-3-032-00525-0_4
    DOI: 10.1007/978-3-032-00525-0_4
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