2024JUNPromise(Un)kept?FintechandFinancialInclusionSerhanCevikWP/24/131©2024InternationalMonetaryFundWP/24/131IMFWorkingPaperEuropeanDepartmentPromise(Un)kept?FintechandFinancialInclusionPreparedbySerhanCevik1AuthorizedfordistributionbyBernardinAkitobyJune2024IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.AbstractTheemergenceoffinancialtechnologies—fintech—hasbecomeanengineofchange,promisingtoexpandaccesstofinancialservicesandgiveaboosttofinancialinclusion.Theownershipofaccountsinformalfinancialinstitutionsincreasedfrom51percentoftheworld’sadultpopulationin2011to76percentin2021,butthereisstillsignificantvariationacrosscountries.Sohastherapidgrowthoffintechdeliveredthepromiseofbroadeningfinancialservicestotheunder-servedpopulations?Inthispaper,Iuseacomprehensivedatasettoinvestigatetherelationshipbetweenfintechandfinancialinclusioninapanelof84countriesovertheperiod2012–2020andobtaininterestingempiricalinsights.First,themagnitudeandstatisticalsignificanceoffintechonfinancialinclusionvariesaccordingtothetypeofinstrument.Whiledigitallendinghasasignificantnegativeeffectonfinancialinclusion,digitalcapitalraisingisstat...
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