INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue X October 2025

Financial Inclusion in the Last Decade: A Systematic Literature

Review

Bukunmi Agboola

Lekki-Epe Expressway Ajah, Lagos

DOI: https://dx.doi.org/10.47772/IJRISS.2025.910000799

Received: 07 November 2025; Accepted: 14 November 2025; Published: 24 November 2025

ABSTRACT

Over the past decade, financial inclusion, focused on providing access to finance for the unbanked, has gained

increased attention. This systematic review of 169 papers from 2015 to 2023 underscores its growing

significance, particularly in the aftermath of the COVID-19 pandemic. The analysis considers demographic

factors, regulatory policies, technological advancements, and global economic shifts, emphasising the

pandemic's influence on financial inclusion strategies. However, the findings reveal a gap in the literature

regarding the extent to which the COVID-19 pandemic has impacted financial inclusion directly, highlighting

the need for more nuanced research on this aspect to better understand recent developments in the discourse.

Keywords: Financial inclusion, financial literacy, systematic review

INTRODUCTION

Financial inclusion is recognized as a crucial catalyst for sustainable development, impacting micro and macro

scales. It is deemed essential for fostering economic growth, reducing income inequality, and addressing global

economic crises. The benefits extend to social development, including poverty alleviation, women's

empowerment, financial stability, human development, gender equality, and environmental sustainability. As an

integral part of the United Nations' 2030 Sustainable Development Goals (SDG) agenda, financial inclusion is

positioned to contribute significantly to global well-being. The evolution of financial services, particularly after

the 2008 financial crisis, underscored the vulnerability of consumers and emphasized the importance of financial

literacy.

In the last decade, financial inclusion has emerged as an extensively studied aspect of universal development

within literature (Adedokun & Aga, 2021). The vitality of a nation's economy is markedly shaped by its financial

services sector, with the extent of its citizens' inclusion in the financial mainstream playing a pivotal role in this

regard (Hogarth, 2006). The financial services landscape has experienced rapid transformations (Sukumaran,

2020), and the 2008 financial crisis significantly impacted the financial world, exposing the vulnerability of

consumers (Björklund & Sandahl, 2020). This crisis underscored the significance of financial education and

awareness for individuals (Atkinson & Messy, 2012). Consequently, the process of imparting knowledge about

financial products, risks, suitability, and general financial concepts is termed financial literacy. It involves a

blend of financial awareness, knowledge, skills, attitude, and behavior essential for making informed financial

decisions.

Financial inclusion levels vary globally, with wider gaps in developing countries, such as those in Africa.

Barriers on both demand and supply sides, including gender, age, literacy, income, and operational aspects of

financial institutions, influence financial inclusion. The introduction of digital finance has expanded services but

brought challenges, especially in terms of access disparities. Existing literature often focuses on specific

dimensions of financial inclusion, such as microfinance or digital finance, leading to potential gaps and

uncertainties. This study aims to address these gaps by conducting a systematic review, providing a nuanced

exploration of financial inclusion dynamics, comparing levels across countries, and assessing the impact of the

COVID-19 pandemic. The comprehensive analysis aims to inform policies and practices for promoting universal

financial inclusion.

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue X October 2025

Theoretical Background

The literature on financial inclusion reveals a gap, as studies lack a unified theory, creating a disconnect between

academic and policy perspectives. While policy literature offers practical approaches, academic studies focus on

the financial inclusion-poverty relationship without cohesive integration. Duvendank and Mader (2020) note a

lack of consensus on a preferred theory of change due to diverse intervention methods. A theoretical framework

for financial inclusion should be rooted in the policy rationale, emphasizing that engagement with financial

services enhances the well-being of low or modest-income individuals. This framework highlights the

multifaceted impact of financial inclusion across economic, social, gender, behavioral, and macro-structural

domains, addressing poverty, improving social dynamics, empowering women, and fostering macroeconomic

development. Ozilli (2020) contributes by identifying overlooked potential beneficiaries and outlining four

theories explaining their inclusion.

Vulnerable Group Theory of Financial Inclusion

The vulnerable group theory of financial inclusion suggests that financial inclusion programs should prioritize

targeting vulnerable members of society, such as the poor, young people, women, and elderly people. By

providing government-to-person social cash transfers, the theory aims to encourage other vulnerable individuals

to join the formal financial sector and address income inequality. However, it may neglect non-vulnerable

individuals, assume women are solely vulnerable, and potentially exacerbate social and income inequality.

Dissatisfaction Theory of Financial Inclusion

The dissatisfaction theory of financial inclusion proposes that financial inclusion programs should focus on

individuals who have left the formal financial sector due to dissatisfaction. These individuals are more likely to

rejoin if the issues that caused their dissatisfaction have been resolved. The theory prioritizes targeting previously

banked adults who can be easily persuaded to return without requiring public funding. However, the theory

excludes those who have never been part of the formal financial sector and assumes that dissatisfaction is the

main cause of financial exclusion, which may not always be accurate. Additionally, societal culture may force

individuals to remain in the formal financial sector for a comfortable life.

Public Good Theory of Financial Inclusion

The public good theory of financial inclusion asserts that formal financial services should be considered a public

good, accessible to all individuals. It suggests that providing financial services to one person does not diminish

availability for others, enabling the entire population to benefit from participating in the formal financial sector.

This theory advocates for unrestricted access to finance, with financial service providers bearing the cost as an

integral part of their operations. Governments can offer subsidies to offset the expenses incurred by financial

institutions in providing free services. The theory highlights three advantages: universal benefits for all

individuals, government support through subsidies, and an opportunity for governments to promote financial

inclusion. However, the theory also has three limitations: it does not address the underlying causes of financial

exclusion, reliance on government subsidies may strain public funds and impact other projects, and the

assumption that public goods are provided at minimal or no cost may lead to an unsustainable level of financial

inclusion if the value of service costs is underestimated.

Systems Theory of Financial Inclusion

The systems theory of financial inclusion suggests that the existing sub-systems, such as the economic, financial,

and social systems, are the primary beneficiaries of financial inclusion. The theory states that the success or

failure of a national financial inclusion agenda is determined by the efficiency and effectiveness of these sub-

systems. However, the theory does not consider external factors that could impact financial inclusion outcomes

and assumes a direct relationship between the sub-systems and financial inclusion.

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue X October 2025

METHOD

Research Questions

Based on the issues identified and the objectives defined, this paper will conduct a systematic literature review

to provide answers for the following research questions:

 What are the key factors that have influenced the impacts of financial inclusion as documented in existing

literature across various countries in the last decade?

 How do the findings in existing literature on financial inclusion differ when comparing the pre-COVID-

19 and post-COVID-19 periods, and what can be learned from these variations?

 What potential gap(s) in the literature become evident when considering the growth of financial

inclusion, and what areas warrant further research to address these gaps effectively?

Inclusion Criteria

Types of Studies

The review aims to incorporate studies of adequate quality from reliable sources, ScienceDirect and EBSCO,

that examine the effects of financial inclusion and cover the various issues like age factor, gender, and other key

demographic factors, outcomes of financial inclusion interventions, and cross-country disparities on financial

inclusion.

Types of Participants

The review will incorporate a wide range of scopes to cover the different issues of financial inclusion, the

interventions, and the outcomes as it varies across different fields of study and draw a point of consensus from

the literature. Therefore, the population of participants that would be included in the review are individuals or

households in various countries, considering diverse demographic factors. This is to ensure that the review

captures financial inclusion from a microeconomic perspective and covers a wide range of discussions in the

literature.

Types of Intervention

In this systematic review, the studies reviewed have interventions that are tailored towards financial education

programs for distinct age brackets, adult-specific financial inclusion initiatives, gender-sensitive financial

products designed to empower women economically, and other factors that have influenced the impacts of

financial inclusion and using cross-country comparative analyses to understand variations in financial inclusion

interventions across diverse nations, as well as financial inclusion initiatives, policies, and practices implemented

in response to or independently of the COVID-19 pandemic. This comprehensive approach aims to dissect the

effectiveness of specific interventions within the context of demographic diversity, providing insights into

nuanced aspects of financial inclusion across various groups and geographical locations.

Types of Comparison

Comparisons will be made on studies carried out across countries to assess variations in financial inclusion

initiatives and policies. Additionally, temporal comparisons can be employed to evaluate the impact of the

pandemic on financial inclusion before and during the COVID-19 period.

Types of Outcomes

In this systematic review, the studies to be included will cover impacts of financial inclusion on demographic

factors like age, gender, culture, etc. and how these and others factors also influence the extent of its impacts.

These studies must measure outcomes related to identifying and comparing financial inclusion challenges,

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue X October 2025

successes, and changes across countries. Furthermore, it will explore the effects of the COVID-19 pandemic on

financial inclusion, including disruptions to existing initiatives, alterations in access to financial services, and

shifts in financial behaviors.

Search Strategy

This review will employ a targeted search strategy focused explicitly on the period of the COVID-19 pandemic

to enable precise comparative analysis of the literature before and after the onset of the pandemic. The primary

search will be conducted in Scopus, Web of Science, and EBSCOhost databases using a Boolean query that

combines keywords related to financial inclusion and COVID-19: "(financial inclusion" OR "financial access"

OR "digital financial service" OR fintech OR "mobile money") AND ("COVID-19" OR coronavirus). The search

will be restricted to studies published between January 2015 and 2024. This focused approach ensures the

systematic capture of literature directly addressing the pandemic's impact. The findings from this post-2020

corpus will then be analytically contrasted with the well-established understanding of financial inclusion drivers

and impacts from the pre-pandemic era (2015-2019), which will be synthesised from foundational reviews and

key seminal works. This comparative design will allow for a clear identification of how the pandemic altered

scholarly understanding and will directly facilitate the identification of emergent themes and subsequent research

gaps.

Search Results

From the PRISMA flow chart in Figure 1, the search strategy reviewed 630 identified journals, from the

bibliographic databases, ScienceDirect and EBSCO host. The data from the two databases were combined,

duplicates were removed, and there 413 records were left. A further review of the titles, abstracts, and findings

to include only studies that had pro-developmental initiatives, as it cuts across various fields of study, was

conducted, and this reduced the records to 169.

Figure 1: Prisma Flow Diagram

The included records were thereafter grouped into different categories to capture studies that included distinct

age brackets, adult-specific financial inclusion initiatives, gender-sensitive financial products designed to

empower women economically and cross-country comparative analyses to understand variations in financial

inclusion interventions across diverse nations, as well as financial inclusion initiatives, policies, and practices

implemented in response to or independently of the COVID-19 pandemic.

RESULTS AND DISCUSSION

Results

This section provides an overview of the results from the studies review and gives a descriptive analysis of the

studies in the last decade. From the number of publications per year, the publication counts across different

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journals, issues that have been addressed in the literature in line with the objectives of the study, and the scopes

of the studies that have been reviewed, which uncovers the multidisciplinary nature of the concept of financial

inclusion.

Figure 2 displays the yearly count of journal publications spanning the last ten years, encompassing the period

from 2015 to 2024. Notably, there is a discernible uptick in the recognition of the concept of financial inclusion,

particularly following the onset of the COVID-19 pandemic in 2019. The trend exhibits a significant upswing,

peaking in 2023. Consequently, it can be inferred that the concept is poised to attract heightened attention in the

forthcoming years, indicating emerging issues within the literature.

While the literature may downplay the direct impacts of COVID-19 on the level of financial inclusion, its

relevance over the last decade becomes apparent due to the increased financial inclusion of the populace during

this period. The necessity to conduct transactions remotely, without the need for in-person interactions due to

the fear of infection, is intrinsic to this observation. This trend is reflected in the literature, where studies on

financial inclusion have surged, albeit not all directly addressing the impacts of the COVID-19 pandemic.

Nonetheless, the consistent increase in publications on the subject strongly suggests a connection to this

unprecedented global event.

Figure 2: Number of Journals by Year of Publication

Figure 3 depicts the quantity of journal publications addressing issues related to financial inclusion as identified

in the literature over the past decade—an area of focus for this study. The presented table offers an overview of

factors influencing financial inclusion across countries in the literature. Our investigation revealed four primary

factors shaping financial inclusion: regulatory policies, demographic factors, technology, and environmental

factors.

These factors were thematically categorized to elucidate their impact on financial inclusion. Regulatory policies,

encompassing fiscal policies, financial regulations governing banking systems and services, governance, and

institutional qualities, along with policies for Small and Medium Enterprises, financial service accessibility,

Islamic banking, and low or no-interest loans, represent the supply-side perspective of financial inclusion.

On the demand side, demographic factors include considerations such as age, gender, educational background,

religion, and culture. Technology, identified as a significant driver of financial inclusion, especially in the

context of the COVID-19 pandemic, incorporates elements like ICT tools, digital technology, and mobile money.

Environmental factors, often overlooked by developing and less developed nations, contribute subtly to financial

inclusion. These encompass climate change policies, population density, energy consumption and regulation, as

well as carbon emissions.

Additional determinants of financial inclusion identified in the literature over the last decade involve foreign

earnings, such as international remittances, the impact of the COVID-19 pandemic, and human capital

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development. The latter pertains to an in-depth understanding of financial services and their operational

mechanisms.

60

50

40

30

20

10

0

COVID-19 Demographic Environmental Foreign

factor factor earnings

Human

Capital

Development

Regulatory Technology

policies

Determinants of Financial Inclusion

Figure 3: Number of Studies covering the determinants of financial inclusion

However, Figure 4 brings to light a crucial insight: financial inclusion and its repercussions extend beyond

isolated realms. Instead, it emerges as a complex, multidisciplinary, and multidimensional issue. This

multidisciplinary nature becomes apparent through diverse studies delving into the various dimensions and

impacts of financial inclusion. Upon thorough examination of the literature over the last decade, it becomes

evident that the interventions and outcomes associated with financial inclusion schemes and initiatives are

inherently multidisciplinary.

Figure 4: Number of Articles per Scope of the Study Covered.

The journal encompasses studies with scopes largely falling into categories such as economic, social, behavioral,

and macro-structural. This aligns with the theoretical framework of financial inclusion, emphasizing its intricate

impact across these domains, including economic, social, gender, behavioural, and macro-structural dimensions.

Financial inclusion is multifaceted, involving economic, social, technological, and policy dimensions. It

addresses issues related to banking services, access to credit, insurance, financial literacy, and more. Various

disciplines, including economics, sociology, technology, law, and public policy, contribute to understanding

financial inclusion, each offering unique insights into associated barriers and opportunities. Recognizing the

complexity of financial inclusion, the finding suggests that interventions should not be uni-dimensional. Instead,

a holistic approach considering various dimensions simultaneously is recommended. Interventions may span

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policy changes, technological innovations, educational programs, and community engagement efforts. A

comprehensive strategy that accounts for these diverse aspects is more likely to effectively promote financial

inclusion.

DISCUSSION

This comprehensive review synthesises a wealth of research on financial inclusion, illuminating its diverse

dimensions and transformative shifts, particularly in the wake of the COVID-19 pandemic. Across regions,

substantial disparities on financial inclusion persist, with many adults lacking access to formal financial services

in developing countries. The literature underscores the pivotal role of financial literacy in shaping retirement

preparation and wealth management, with studies spanning diverse regions evidenced even in developed

countries. Gender-related insights reveal intricate behavioral biases, moderated by financial literacy. The

discourse expands to encompass demographic factors, the dynamics of policy formulation, institutional and

governance quality, digital financial inclusion, cultural influences, and regulatory policies, including taxation

and interest rates. Additionally, it incorporates considerations of foreign earnings derived from remittances, and

the transformative effects of the pandemic on financial optimism, services, green development, and poverty

reduction. Collectively, these findings provide a comprehensive understanding of the multifaceted nature of

financial inclusion and its evolving landscape across global economies.

Determinants of financial inclusion

Demographic Factors

Globally, around 1.7 billion adults face limited access to formal financial services, with concentrations in South

Asia and Sub-Saharan Africa (Kass-Hanna et al., 2022; Demirgüç-Kunt et al., 2018). Financial literacy's

significance in retirement preparation and wealth management is underscored, impacting older individuals across

various nations (Bernheim, 1998; Hammond et al., 2017; Scholnick et al., 2013; Lusardi and Mitchell, 2008,

2011a, 2011b). A longitudinal study in Northeastern Illinois emphasizes the challenges of declining financial

and health literacy in old age, highlighting the positive impact of efforts to mitigate this decline on decision-

making, scam susceptibility, and psychological well-being (Yu, L. et al., 2021).

Gender-related findings reveal behavioral biases differing between genders, with financial literacy serving as a

mitigating factor (Cupák and Fessler, 2021; Grohmann et al., 2021). Gender gaps in financial literacy exist

globally, with men exhibiting higher levels on average (Potrich et al., 2015). Digital financial inclusion positively

impacts female entrepreneurship, correlating with reduced income inequality (Yang et al., 2022; Cabeza-García

et al., 2019). Despite progress, disparities persist, with male-headed households in India more likely to access

formal finance (Ghosh and Vinod, 2017). Nigeria faces a persistent gender gap in financial inclusion in

smallholder agriculture (Adegbite and Machethe, 2020). Financial literacy's influence on wealth varies by gender

and education, with higher literacy significantly impacting women's wealth, particularly among the highly

educated (Bannier and Schwarz, 2018).

Additional demographic factors include correlations between formal account use and lower costs, proximity to

financial intermediaries, legal rights, and political stability (Allen et al., 2016). Financial literacy's impact on

investment behavior, influenced by age, education, and income, is explored (Mouna and Anis, 2017). In China,

financial literacy affects household portfolio choices differently based on age and education (Li et al., 2020).

Digital financial inclusion is identified as a critical societal demand, and cultural factors, including ancestry,

individualism, and ethnicity, influence household financial inclusion (Gallego-Losada et al., 2023; Rink et al.,

2021; Dakhlia et al., 2021; Lu et al., 2021). Family education positively relates to bank account ownership,

especially for marginalized groups (Yan and Qi, 2021). A study in Pakistan uncovers underreported usage of

non-Islamic finance among the Muslim poor, emphasizing the importance of nuanced measurement in

understanding financial attitudes and behaviors (Ahmad, 2023). Collectively, these findings underscore the

multifaceted nature of demographic factors in shaping financial inclusion, emphasizing the importance of

tailored interventions to address existing disparities.

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Regulatory policies

As earlier reiterated in the results of the review, regulatory policies encompass fiscal policies, financial

regulations governing banking systems and services, governance, and institutional qualities, along with policies

for Small and Medium Enterprises, financial service accessibility, Islamic banking, and low or no-interest loans

(Arun & Kamath, 2015; Zins & Weill, 2016). This comprehensive review provides a nuanced exploration of

financial inclusion and its diverse dimensions across various studies. Global and regional perspectives on

financial inclusion policies and practices are highlighted, emphasizing the need for a progressive and inclusive

approach (Kabakova & Plaksenkov, 2018). Specific studies delve into determinants of financial inclusion in

Africa, shadow economy effects, challenges in the MENA region, and the intricate relationship between financial

inclusion, income inequality, poverty, and stability (Hajilee et al., 2017; Damra et al., 2023). Other research

covers ecosystem configurations, positive impacts on economic growth in OIC countries, banking system

structure, financial access in Asia, and the global association between tax revenue and financial inclusion (Kim

et al., 2018; Owen & Pereira, 2018; Le et al., 2019; Oz-Yalaman, 2019). The review also examines international

aspects, including the role of financial inclusion in enhancing bank stability (Ahamed & Mallick, 2019). Further

studies explore determinants of financial inclusion, its influence on firms' sales growth, the impact of financial

regulation, and the significance of institutional quality and social trust (Lee et al., 2020; Anarfo & Abor, 2020;

Nkoa, & Song, 2020; Xu, 2020). The overarching theme underscores financial inclusion's pivotal role in driving

human development, supporting inclusive growth, and contributing to economic development in the Asian

region (Huang, 2023; Sun & Tu, 2023).

Technology

The studies underscore the pivotal role of technological factors, including ICT tools, digital technology, and

mobile money, in shaping financial inclusion. These elements contribute significantly to economic growth

(Ahmad, A. et al. 2023; Hussain, et al. 2023; Shen, et al. 2021; Daud, 2023), poverty reduction (Mushtaq &

Bruneau, 2019; Wellalage, et al. 2021), and environmental sustainability (Ozturk & Ullah, 2022; Ali, et al.2023).

Findings reveal the positive impact of mobile money adoption on financial inclusion in Africa (Ouma, et al.2017;

Lashitew, et al. 2019; Ahmad, A. et al. 2023; Avom, et al. 2023; Grzybowski, et al. 2023; Shaikh, et al. 2023)

emphasizing the need for sustainable practices in multinational banks to enhance financial inclusion (Úbeda, et

al. 2023). Additionally, the studies stress the interplay between technological innovation, economic growth, and

environmental outcomes, with digitalization playing a crucial role in shaping these dynamics (Ozili, 2018;

Banna, et al. 2022; Kouladoum, et al. 2022; Law, et al. 2023; Ong, et al. 2023; Saqib, et al. 2023). The

comprehensive analysis suggests that inclusive and green development requires a strategic alignment of digital

finance, technological innovation, and sustainable practices to achieve long-term economic and environmental

objectives (Frączek & Urbanek, 2021; Lee, et al. 2023; Niankara & Islam, 2023; Telukdarie & Mungar, 2023;

Sun, & Tu, 2023).

Environmental factors

The studies collectively reveal that the relationship between financial inclusion, environmental factors, and

economic development is complex and multifaceted. Key findings include the existence of an inverted U-shaped

relationship between financial inclusion and CO₂emissions (Le, et al. 2020; Renzhi & Baek, 2020; Zaidi, et al.

2021; Hussain, Akbar, Gul, Shahzad, & Naifar, 2023; Hussain, Gul, Ullah, Waheed, & Naeem, 2023), the

importance of aligning financial inclusion with environmental policies (Khan, et al. 2022: Fareed, et al. 2022;

Ahmad & Satrovic, 2023; Barut, et al. 2023; Shah, et al. 2023; Zeraibi, et al. 2023), and the potential for financial

inclusion to mitigate energy poverty (Chang, et al. 2023; Khan, Z. et al. 2023; Said & Acheampong, 2023; Sen,

et al. 2023). Additionally, the studies highlight the impact of various factors such as natural resources (Bu, et al.

2023; Gao, 2023; Li & Wu, 2023; Liu, et al. 2023; Van Kien, et al. 2023) economic governance, innovation,

and renewable energy on ecological outcomes (Cai & Wei, 2023; Hodžić, et al. 2023; Hussain, M. et al. 2023;

Mukalayi & Inglesi-Lotz, 2023; Singh, et al. 2023). Policymakers are urged to consider these nuanced

relationships when designing strategies for sustainable development (Duan & Liu, 2023), climate change

mitigation (Musah, et al. 2023, Zheng & Chen, 2023), and financial inclusion.

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Other determinants of financial inclusion

The synthesis of diverse research on financial inclusion reveals multifaceted insights. In the context of

international remittances, the combination of remittance inflows and financial inclusion positively impacts

economic growth, with a constructed financial inclusion index enhancing the growth effect (Chuc, et al. 2022; .

This sheds light on the developmental challenges faced by migrant-sending countries, emphasizing the potential

of remittances and financial inclusion in fostering economic growth. Turning to aid flows, targeted financial aid

significantly determines a country's financial inclusion, particularly pronounced in nations with high aid flows

and low-risk uncertainty (Lee, et al. 2022). The study provides impetus for enhancing financial inclusion in aid-

receiving developing countries, considering associated risk factors. In the realm of foreign direct investment

(FDI) in East Asia and the Pacific, financial inclusion significantly influences FDI, urging governments to

prioritize inclusive financial policies for sustainable economic growth (Chen, et al. 2023). Gender disparities in

financial inclusion are addressed through remittances, notably reducing the gender gap in developing countries,

particularly benefiting women (Abokyi, 2023). South Asian countries find improved financial inclusivity

through conflict resolution, higher mobile subscriptions, and lower corruption (Murshed, et al. 2023). Financial

literacy emerges as a pivotal factor, acting as a substitute for financial infrastructure and positively impacting

inclusion across income levels and demographic subgroups (Grohmann, et al. 2018). Lastly, in Sub-Saharan

Africa, education and human capital prove integral to energy substitution, emphasizing the role of growth in

renewable energy consumption (Tinta, 2023). Collectively, these findings offer a comprehensive understanding

of the intricate relationships shaping financial inclusion across diverse economic and social contexts.

The Impact of the COVID-19 Pandemic on Financial Inclusion

The COVID-19 pandemic acted as a critical stress test and potent accelerator for global financial inclusion,

fundamentally altering its trajectory. The crisis catalysed a dramatic surge in digital financial services and

payment solutions, compressing years of projected adoption into a short period. This phenomenon is powerfully

explained by Diffusion of Innovation Theory, as lockdowns and health concerns drastically lowered barriers and

increased the relative advantage of digital finance, pushing late adopters to overcome their resistance (Niankara

and Traoret, 2023). Concurrently, the literature reveals an expanded conceptual scope for financial inclusion,

demonstrating its heightened role in fostering economic resilience by mitigating the detrimental effects of

inequality on poverty (Gutiérrez-Romero and Ahamed, 2021) and in promoting sustainable practices and green

development within key sectors like natural resources (Chang et al., 2023; She et al., 2023).

However, this rapid acceleration proved to be a double-edged sword, simultaneously exacerbating pre-existing

vulnerabilities. The pandemic-induced upheaval led to widespread financial fragility, with a notably adverse and

gendered impact on financial optimism, particularly affecting women (Chhatwani and Mishra, 2021). This

dynamic aligns with Social Exclusion Theory, as the very digital tools that offered a lifeline for some also

accentuated persistent divides in gender, wealth, and urban-rural access, revealing that technological

advancement alone cannot overcome deep-seated structural inequalities (Grohmann et al. 2021; Marcelin et al.

2022; Tay et al., 2022). In sum, the pandemic's transformative impact lies in this dual role: it firmly embedded

financial inclusion within broader agendas of digitalisation and sustainability, while starkly revealing the

imperative for future research and policy to ensure that post-COVID financial inclusion is both durable and

equitable.

Gaps identified in the literature.

This systematic review shows substantial gaps in the existing research on elements that have become particularly

apparent with the COVID-19 pandemic. To begin with, there is disconnected theoretical evidence in the

literature. Although theories such as Diffusion of Innovation or Social Exclusion serve as conceptual frameworks

worthy of consideration, as we have shown in this review, they are frequently referenced superficially in the

literature. Evidence that utilises these theories is scarce, as is rigorous empirical research that uses these

frameworks to create hypotheses and investigate them, especially about the divergent outcomes of financial

inclusion during the pandemic. As such, a deeper theoretical model that understands how financial inclusion

functioned during periods of shocks like the COVID-19 pandemic has not been developed.

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There is also a major absence of longitudinal and comparative analyses, and the review suggests that the literature

remains siloed in pre-COVID-19 or post-COVID-19 COVID-19 analyses, without any direct realisation of its

overall approach to systematically compare the two. This is problematic because it fails to be able to disentangle

the temporary impact due to the crisis and behavioural transformations that endure from the pandemic, in

addition to understanding ways in which the pandemic has reshaped the potential drivers of financial inclusion

permanently. Moreover, the research remains demographically and geographically limited. The current evidence

base is focused on specific populations and regions while ignoring the vast blind spots regarding the impact of

the pandemic on the most vulnerable sub-groups (e.g., refugees, the disabled, and rural populations in fragile

states) and developed economies. The current literature limits the generalisability of findings and limits the

development of impactful policies towards more targeted interventions.

Finally, there is a significant gap between the research value and policy implementation in translation, as

highlighted throughout the review. There is a clear need in the literature for more evidence-based, actionable

opportunities to support regulators and practitioners. The literature suggests the necessary policies to build digital

infrastructure, the need for well-contained programs to create financial literacy at the same time as technology

roll-out, alongside the need for regulations to protect consumers without stifling innovation.

Addressing these gaps is crucial to developing a future-oriented, more equitable and theoretically based

understanding of financial inclusion that will be resilient against future global phenomena.

LIMITATION

OF

THE

STUDY,

CONCLUSION

AND

POLICY

RECOMMENDATIONS

Limitations of the Study

The systematic literature review was limited by the potential lack of uniformity and consistency in defining and

measuring financial inclusion across studies. Variations in terminology and metrics make it challenging to

compare findings directly, hindering the establishment of a standardised understanding of financial inclusion.

Additionally, some studies may focus on specific dimensions or regions, limiting the generalizability of their

findings to the broader context of financial inclusion. Standardising definitions and metrics, along with a more

comprehensive and globally inclusive approach, could address these limitations and enhance the coherence of

future research in this field.

Conclusion

In conclusion, the systematic literature review highlights the different issues scattered in the literature on

financial inclusion, such as age, gender, other demographic factors, impacts of the COVID-19 pandemic and

substantial gaps in the understanding of financial inclusion, necessitating urgent attention and concerted efforts

for comprehensive advancements in research and policy. The absence of a robust theoretical framework,

foundational guiding principles, and interdisciplinary collaboration impedes the holistic comprehension of

financial inclusion's impact on development. Insufficient empirical validation and a disconnect between

theoretical frameworks and evidence-based policies further hinder the practical applicability of research

findings. Overlooking global perspectives, demographic intersectionality, and regional variations limits the

breadth and depth of insights. Bridging these gaps is imperative to inform effective policies, guide future

research, and foster a nuanced understanding of financial inclusion's multifaceted dynamics, particularly in the

context of the ongoing and post-COVID-19 scenarios.

Policy Recommendations

Based on the identified gaps in the literature on financial inclusion, the following policy recommendations are

proposed:

● Grounding theoretical frameworks in crisis response

Future research, rather than developing theoretical frameworks based on abstraction, should build and test

theories that directly address how financial inclusion plays out during a societal shock. For instance, build upon

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Social Exclusion Theory to create models that tell us how pandemics and climate crises amplify vulnerabilities,

or use Diffusions of Innovation Theory to understand patterns of technology adoption under duress.

●

Mandating longitudinal and comparative research methodologies.

Funding entities and journals should be intentionally thinking about the implications of sponsoring research that

measures outcomes of financial inclusion to make more strategic use of resources (i.e., longitudinal measures)

and measuring financial inclusion simultaneously (i.e., comparative measures). Given the long-tail impact of

COVID-19, studies must directly compare the financial behaviour of individuals pre- and post-pandemic in order

to identify temporary disturbances versus permanent disruptions to existing financial processes.

● Direct research on underserved and intersectional populations.

There should be a direction of research resources to blind spots in population demographics identified in this

review. This should include designing studies that research the financial lives of populations identified as

refugees, disability, and rural and poor in both developed and developing economies. Research must go beyond

demographics (e.g., women) to more intersectional factors, such as low-income, rural women, to aid in the design

work of relevant interventions.

● Transform evidence into specific, testable policy trials:

Create and bridge the research-policy divide by advocating for evidence-based pilot programs. The areas for

immediate policy action suggested by our review are: to develop a strong digital infrastructure in marginalised

communities; co-design financial literacy programs with vulnerable groups to ensure relevance and usability,

and to design regulatory sandboxes to allow safe testing of innovative products for underserved populations.

● To support policy-focused, interdisciplinary consortia.

To achieve this, there must be support for the development of research-practice partnerships that bring together

economists, data scientists, sociologists, and policymakers. The consortia should design studies on financial

literacy and inclusion and translate findings into regulatory practice and financial inclusion at the national level.

List Of Abbreviations

COVID-19: Coronavirus Disease in 2019

PRISMA:

Preferred Reporting Items for Systematic Reviews and Meta-Analyses

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