Bridging divides: the role of Fintech and financial inclusion in reducing poverty and inequality in developing countries

Abstract

This study shows how Financial Technology (Fintech) can meet financial inclusion goals and combat poverty or inequality in the developing world. “This study explains how access, literacy, affordability and trust impact economic progress through Fintech platforms.” Matching content after paraphrasing: The study had 296 respondents and was conducted through online survey.   The data was analyzed using ANOVA in SPSS to determine the relationship between Fintech and poverty reduction. The results showed a strong positive correlation with 85.1% of the variance in poverty and inequality reduction explained by it. The most important predictors were trust and security, affordability and digital literacy were next while access was statistically insignificant. The findings imply that success of the Fintech driven inclusion will depend on confidence, cost and education rather than access. According to the researchers, this study contributes to the understanding of Fintech potential in the achievement of sustainable and inclusive economic growth.