Financial technology (FinTech) has changed the terms on which households and small firms reach formal financial services. Yet the evidence on whether it narrows or reproduces exclusion remains fragmented across technical, economic and development literatures. This review synthesises 24 peer-reviewed studies published between 2017 and 2026. It combines a bibliometric description of publication trends, journals and thematic clusters with a qualitative synthesis of empirical findings from Africa, Asia and Latin America. Three results emerge. First, mobile financial services remain the strongest documented driver of account ownership where banking infrastructure is thin, although access frequently does not convert into sustained use. Second, blockchain and artificial intelligence extend the frontier of inclusion through lower verification costs and alternative credit scoring, while concentrating new risk in unregulated lending and opaque algorithms. Third, adoption is mediated less by perceived usefulness than by trust, digital literacy, social awareness and the regulatory environment, which technology acceptance models treat as background rather than structure. The review argues that individual-level theories cannot explain institutional variation, proposes an integrative framework linking drivers, mediating capabilities and outcomes, and sets out a research agenda on causality, gender and consumer protection. Read more

This study examines whether financial literacy strengthens the relationship between FinTech adoption and effective financial inclusion in Nigeria. The paper constructs a multidimensional financial inclusion index covering access, usage, and quality of formal financial services. FinTech adoption and financial literacy are measured as composite indices, and their interaction is estimated using an OLS moderation model with heteroskedasticity-robust standard errors. The findings indicate that both FinTech adoption and financial literacy are positively associated with effective financial inclusion. Financial literacy significantly moderates the FinTech-inclusion relationship: the marginal association between FinTech adoption and effective inclusion is stronger among financially literate adults than among adults with low financial literacy. The study contributes to digital-finance literature by distinguishing access-based inclusion from effective inclusion and by integrating technology adoption with human capability. Therefore, policymakers should combine digital infrastructure expansion with financial education, consumer protection, and targeted interventions for rural residents and low-income adults to broaden adoption. Read more

This study examined the impact of financial inclusion technologies on poverty reduction in Nigeria covering the period 2013Q1 to 2024Q4. Data for the study were extracted from the Central Bank of Nigeria (CBN) Statistical Bulletin, 2024. The expo-facto research design was adopted in the study. The multiple linear regression with the application of Ordinary Least Squares (OLS) technique was adopted as the method of data analysis. The major findings of the study reveal that Point on Sales (POS) contributes positively and significantly to poverty reduction in Nigeria, Automated Teller Machines (ATM) contributes positively and significantly to poverty reduction in Nigeria, Web Pay (WP) contributes negatively and significantly to poverty reduction in Nigeria and Mobile Pay (MP) contributes negatively and significantly to poverty reduction in Nigeria. The study therefore recommends that there should a simplification of the user interface and payment processes to accommodate individuals with limited technical knowledge and the monetary authorities should launch nationwide financial and digital literacy programs to educate users on how to safely and effectively use Mobile Pay systems for transactions and savings. Read more

Micro-finance banks play sound contribution to economic growth and development as well as enhanced employment creation. The study aimed to determine the effects of financial inclusion measures: savings, affordable credits and financial advice on micro-finance banks performance measures (financial and operational) in Lagos state, Nigeria. Survey research design was adopted and the use of multi-regression method of analysis was employed to analyse the generated data. The sample size was 386 and sampling technique adopted was convenience method. The field data generated were normalized, valid and reliable for this study. Findings revealed that financial inclusion measures like savings, affordable credits and financial advice significantly enhance both financial and operational performances of micro-finance in Lagos state with F-statistics (2, 343) = 120.241, p = 0.001 (p<0.05) and F-statistics (2, 343) = 211.814, p = 0.003 (p<0.05) respectively. The study concluded that financial inclusion measures like savings, affordable credits and financial advice improve micro-finance banks performance via financial and operational in Lagos state, Nigeria. Thus, the study recommended that micro-finance banks policy makers, management should embrace financial inclusion measures such as savings, affordable credits and financial advice in order to enhance financial and operational of micro-finance performance in Lagos state. Read more

This study investigates the impact of climate finance on inclusive growth in sub-Saharan Africa, focusing on income inequality, poverty, and employment. Using panel data for 23 countries from 2000 to 2022 and applying second-generation panel estimators that account for cross-sectional dependence and heterogeneity, the analysis finds that climate finance has weak and statistically insignificant effects on the inclusive growth indicators. The results suggest that climate finance, in its current form, has not translated into broad-based social and economic inclusion in the region. Instead, inclusive growth dynamics are largely shaped by institutional quality, demographic pressure, and common regional trends. These findings highlight the importance of complementary institutional and social policies to enhance the inclusiveness of climate-related financial flows in sub-Saharan Africa. Read more

In the world today financial inclusion drive is on the rise and Nigeria is making efforts to achieve it. However, having over 500 indigenous languages, linguistic diversity remains a critical problem, among other factors, in achieving Financial Inclusion. Digital platforms, especially Artificial intelligence enabled chatbots are gaining traction as avenues for inclusion but the English centric characteristics observable in them is limiting financial inclusion thereby excluding millions of citizens who need financial services. Hence, there is need for the design and implementation of a multilingual chatbot that includes capability for interaction in four of the major Nigerian languages (Hausa, Igbo, Yoruba and Pidgin) using Gemini Large Language Model (LLM) as the driver of the needed natural and context-aware conversations across these languages. The system’s architectural components are client, middleware, Artificial Intelligence and data layers which interacting together enables scalable support for banking services that could be common or core. The result of evaluation show that the system improves accessibility and user satisfaction among the linguistically diverged users. Therefore, this study contributed to enhancing the strategy of Nigeria’s National Financial Inclusion while incentivizing the necessity of adopting localized AI solutions as instruments of bridging socio-economic divides. Read more

This study investigates the influence of mobile money on economic growth in SSA, with a special focus on the moderating role of financial stability. The primary objective of the study is to assess whether the economic benefits of mobile money are conditional upon a stable financial environment. To achieve this, the study employs a quantitative research design, utilizing panel data from 38 SSA countries spanning the period 2000 to 2023. Mobile money adoption, financial stability, and economic growth are each measured using composite indices constructed from multiple indicators. The empirical analysis is conducted using the system Generalized Method of Moments (GMM) to address endogeneity and capture dynamic relationships. The findings reveal that while mobile money does not independently exert a statistically significant effect on economic growth, its interaction with financial stability is both positive and significant. This indicates that mobile money contributes to growth only when supported by a stable financial system. Control variables such as education and inflation are also found to be significant, reinforcing their importance in SSA’s development trajectory. The study offers key practical and theoretical implications. For policymakers, the results suggest that expanding mobile money infrastructure must be complemented by institutional reforms that bolster financial stability. For accounting and development researchers, the study provides a novel framework for integrating digital financial metrics into macroeconomic modeling. These insights contribute to the evolving discourse on financial inclusion, institutional quality, and sustainable growth in Africa. Read more

This study assesses the impact of Nigeria Financial System on the financial inclusion in Nigeria. The Ex-post fact research design was judged to be appropriate to use. This study utilizes time series data spanning from 2012 to 2023. Given the nature of the research and the suitability of the available data, secondary data sources were employed. The dependent variable of the study is financial inclusion proxied by number of mobile money transaction(MMT) while the independent variable is Nigeria Financial System proxied by Interest rate (INT) and Inflation (INF). The data were obtained from the official databases of both national and international agencies, including the Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System (NIBSS), and the International Monetary Fund (IMF). Using the Autoregressive Distributed Lag (ARDL) methodology, this study estimates and interprets the parameters of each variable, providing insights to answer the research questions. The result indicates that inflation has a positive and significant effect on mobile money transactions in Nigeria while interest rates show no significant impact on mobile money usage. The study recommends that government and financial institutions should improve digital payment systems and enhance financial inclusion while leveraging mobile money transactional strengths during inflation. Read more

This study examines the interrelationship between economic transformation and financial literacy, as well as their collective influence on the development of human capital in Africa. Utilizing a quantitative research methodology, the analysis incorporated data obtained from sources including the World Development Indicators (WDI) and the United Nations (UN), encompassing the timeframe from 2003 to 2024. The Generalized Method of Moments (GMM) was utilized as the estimation technique to mitigate potential endogeneity and to ensure the robustness of the findings. The findings underscore that although economic transformation plays a crucial role in the advancement of human capital, its complete potential is only actualized when it is accompanied by extensive financial literacy. Financial literacy enhances individuals' ability to make informed decisions, thereby magnifying the advantages of economic growth. The policy implications of the study underscore the necessity of incorporating financial literacy into educational curricula, advocating for the advancement of inclusive economic policies, and utilizing technology to enhance access to financial education. Future research endeavors should investigate the regional disparities in the effects of financial literacy, the significance of digital financial inclusion, and the interaction between governance and the development of human capital within the African context. Read more

The study investigated the nexus between supply-side factors and financial inclusion of Micro, Small and Medium Enterprises (MSMEs) in Southwest, Nigeria. The study population comprised of MSMEs and Deposits Money Banks (DMBs). Using survey research design and structured questionnaires, a multistage sampling technique was adopted to collect data from both MSMEs and DMBs. Data were analysed using descriptive and inferential statistics. Partial Least Square-Structural Equation Modeling (PLS-SEM) was used for inferential analysis. Descriptive analysis result showed that adequate ICT and sufficient number of banks’ branches are the leading supply-side factors capable of boosting financial inclusion of MSMEs. Empirical findings demonstrated that supply-side factors had positive and significant influence on financial inclusion of MSMEs. In addition, the results showed that bank proxy by ATM availability and closeness as well as sufficient number of POS are critical drivers of MSMEs’ financial inclusion. The study concluded by underscoring the critical role of supply-side factors in boosting financial inclusion of MSMEs in Southwest, Nigeria. Towards enhancing MSMEs’ financial inclusion, the study recommended that DMBs should improve the quality of services provided through ATMs with sufficient POS agents’ outlets that support seamless account opening and debit cards issuance. Read more