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Benefits of digital-only financial inclusion

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  • Ozili, Peterson K

Abstract

Many countries are using digital tools and technologies to increase financial inclusion and improve the well-being of households and communities. There is growing interest in using only digital tools to increase financial inclusion. A term used to describe this is digital-only financial inclusion. This chapter identifies the benefits of digital-only financial inclusion. The benefits include convenience, ensuring digital access to additional financial services, generating useful data to improve customers’ welfare, increased safety, enabling the democratisation of financial services, improving social welfare and economic growth, reaching the poorest in remote areas, and increasing digital literacy. Policymakers and financial sectors agents should be aware of the benefits of digital-only financial inclusion while being mindful of the associated risks.

Suggested Citation

  • Ozili, Peterson K, 2023. "Benefits of digital-only financial inclusion," MPRA Paper 118796, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:118796
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    financial inclusion; digital financial inclusion; fintech; digital technology.;
    All these keywords.

    JEL classification:

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

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