Global perspectives on FinTech: Empowering SMEs and women in emerging markets for financial inclusion
1 International Association of Computer Analysts and Researchers, Abuja, Nigeria.
2 Independent Researcher, UK.
3 Zenith Pensions Custodian Ltd, Nigeria.
4 Nigeria Inter-bank Settlement System Plc (NIBSS).
5 Zenith General Insurance Company Limited, Nigeria.
6 OneAdvanced, UK.
Review
International Journal of Frontline Research in Multidisciplinary Studies, 2024, 03(02), 030–037.
Article DOI: 10.56355/ijfrms.2024.3.2.0027
Publication history:
Received on 08 July 2024; revised on 20 August 2024; accepted on 22 August 2024
Abstract:
This review paper explores the transformative potential of FinTech in promoting financial inclusion, particularly for SMEs and women in emerging markets. The paper delves into the role of emerging technologies such as AI, blockchain, and IoT in driving the future of FinTech, highlighting their contributions to enhancing efficiency, security, and accessibility of financial services. It examines successful applications of FinTech in various regions, showcasing how mobile money services and digital payment platforms have empowered SMEs and women entrepreneurs. The regulatory environments across different regions are analyzed to understand their impact on FinTech growth, the everyday challenges faced, and the opportunities for scaling these solutions. Policy recommendations are provided to support FinTech growth, emphasizing the importance of regulatory sandboxes, financial literacy, cybersecurity, and open banking. The paper also usnderscores the significance of strategic partnerships between governments, the private sector, and international organizations in fostering sustainable FinTech development. Ultimately, the review reinforces the critical role of FinTech in driving inclusive economic growth and improving the socio-economic status of underserved populations in emerging markets.
Keywords:
Financial Technology; Financial Inclusion; SMEs; Women Entrepreneurs; Emerging Markets
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0