The Impact of Government Schemes and Fintech in Financial Inclusion

Abstract

Access to and use of formal financial services by individuals and enterprises is known as financial inclusion, and it has grown to be a crucial issue in many nations. Various measures have been implemented by governments and financial entities. Programs aimed at improving financial inclusion, especially for the underprivileged and unbanked population. The use of technology to deliver financial services, or fintech, has also come to light as a possible way to improve financial inclusion. The study’s objectives are to determine whether these government programs and fintech are beneficial in promoting financial inclusion, to pinpoint the elements that make them successful or unsuccessful, and to make policy recommendations to maximize their influence. This subject is pertinent given the state of the world economy today, where digital financial services are more crucial than ever—particularly in the wake of the COVID-19 pandemic. The study’s emphasis on the technological components of banking is particularly noteworthy since it is commonly known that FinTech and technology play a major role in advancing financial inclusion. In developing nations with high rates of mobile phone use, mobile banking has become an increasingly potent instrument for promoting financial inclusion. People who reside in distant places without access to physical bank offices will find mobile banking extremely useful as it enables them to access banking services via their phones. Additionally, mobile banking makes it possible for users to do transactions swiftly and efficiently without having to travel far