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Digital Financial Inclusion Worldwide: Understanding Drivers of Access in Underserved Communities

Abstract

Financial exclusion remains a persistent global challenge, constraining economic development and deepening poverty. Nearly 1.4 billion adults worldwide lacked a formal financial account in 2021, even as affordable financial services are recognized as “a key enabler to reducing poverty and boosting prosperity.” Access to savings, credit, payments and insurance allows people to manage risks and invest in businesses, which then help with the creation of jobs and growth. Digital banking and mobile finance have dramatically risen. Between 2011 and 2021 the number of adults with an account rose from 2.5 billion to 3.9 billion. This expansion is especially crucial for underserved populations (rural, low-income, female, or remote communities) who rely almost entirely on cash and informal services. A growing consensus holds that innovative policies and partnerships are needed so digital banking can fulfill its potential to reduce inequality and empower individuals. 

This paper investigates what policy and implementation factors most effectively extend digital banking to marginalized groups and how these can be adapted across different regional contexts. We first discuss the link between financial inclusion and development, then present detailed case studies from Sub-Saharan Africa, South Asia, and Latin America. We examine success factors spanning infrastructure, regulation, trust, and affordability, and translate these insights into actionable policy lessons for stakeholders.


Financial Exclusion and the Promise of Digital Banking

Financial exclusion is strongly linked to poverty and inequality: people without bank accounts face higher transaction costs and greater vulnerability to shocks. Financial inclusion is recognized as integral to multiple Sustainable Development Goals, supporting entrepreneurship, resilience, gender equality, and economic growth. In developing countries, only about three-quarters of adults have any formal account, compared to nearly 97% in high-income economies. Women and rural residents are especially underserved. Crucially, access to accounts is only the first step. Usage of savings, credit and insurance products still lags in poorer countries. Digital financial services offer a powerful means to bridge the gap. By leveraging mobile phones, point-of-sale devices and the internet, banks and nonbank providers can reach people who were previously excluded. For example, the World Bank reports that digital financial services have enabled hundreds of millions of formerly excluded customers to move from cash into formal services like payments, transfers, savings and credit. Digital platforms typically have much lower marginal costs, allowing transactions in very small amounts, matching the irregular incomes of many poor households.

 Mobile money schemes and neobanks can introduce rural communities and low-income entrepreneurs to financial tools with minimal infrastructure (ex: just a basic cell network). One analysis estimates that providing e-money accounts, debit cards and low-cost bank accounts could “significantly increase financial access” for those currently excluded, thanks to new technologies and reforms. Evidence already shows important impacts. In Kenya, widespread mobile money use raised consumption and lifted about 194,000 households (≈2% of the population) out of extreme poverty. Also, digital payments bring practical benefits such as lower fees for small transfers, safer storage of funds than cash, and a path into the formal economy when governments pay welfare digitally. Nonetheless, digitization also introduces new risks (ex: data privacy and agent fraud), underscoring the need for careful policy design. Looking forward, many countries see digital finance as a priority for inclusive growth. China, Kenya, India and Thailand now have 80%+ account ownership, but still strive to deepen usage and widen products. In this dynamic field, policies that strengthen mobile networks, streamline identity checks, regulate fintech, and build consumer trust can multiply the gains. The following sections explore specific regional experiences to identify such success factors.

Case Study: Sub-Saharan Africa – Kenya’s M-PESA

In East Africa, digital banking has revolutionized payments and money transfers, especially through Kenya’s M-PESA mobile-money platform. Launched by Safaricom in 2007, M-PESA allows anyone with a basic mobile phone to store cash in an e-wallet and send money via SMS. By linking this service to an extensive network of local agents (shops that cash in/out) and smartphones, M-PESA overcame the lack of brick-and-mortar banks in remote areas. The results have been transformative. Recent data show that over 96% of Kenyan households now have an M-PESA account. Ninety percent of households report using M-PESA, making it nearly ubiquitous. Economists credit M-PESA with substantial poverty reduction: one study found it lifted roughly 194,000 Kenyan households (≈2%) out of extreme poverty by enabling smoother cash flow and savings.

The system has also increased women’s economic opportunities. One example is that female-headed households saw larger consumption gains as mobile money expanded. Key factors in M-PESA’s success include leveraging existing infrastructure and partnerships. Safaricom already had extensive mobile coverage in Kenya, using its SMS network eliminated the need for new hardware. The service was developed locally (at a university in Kenya), helping build public trust. The government and Central Bank played a supportive regulatory role, allowing nonbank e-money issuance and using M-PESA for government disbursements (ex: teacher salaries, social benefits). Agents were drawn from everyday businesses (grocery stores, petrol stations), which provided convenient cash in/cash out points even in rural areas. M-PESA’s design intentionally made small transfers and micro-savings easy and affordable. Because transactions cost much less than bank fees, users shifted remittances and daily transactions into the digital system. One effect was a rising urban-to-rural transfer flow. Migrant workers in cities use M-PESA to send money home at low cost. Importantly, M-PESA requires only an ID and phone, no formal bank account or credit history is needed, which rapidly brought the unbanked into a pseudo-account system. Challenges remain. 

Although adoption is high, usage of more advanced services (loans, insurance) is only beginning. Data security and fraud are ongoing concerns (the regulators monitor agent liquidity to prevent abuse). The M-PESA experience also highlights cultural and gender factors: while initial trust was high, many older or less-educated Kenyans took longer to adopt and needed social proof from peers. On the whole, however, Kenya’s mobile money shows how infrastructure-rich partnerships and user-friendly design can rapidly expand financial access in a low-income context.

Case Study: South Asia – India’s Jan Dhan Yojana and Bangladesh’s bKash

South Asia provides two prominent examples of digital finance scaling in large populations with low traditional banking. India’s ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY) campaign and Bangladesh’s mobile wallet bKash show these strategies. In India, PMJDY launched in 2014 with the goal of giving every household a bank account. The campaign was paired with India’s Aadhaar digital ID system and the Unified Payments Interface (UPI) for interoperable digital payments. The results were record-breaking. In just one year, 166 million new accounts were opened under Jan Dhan. By 2019, this number reached nearly 384 million adults. These accounts were linked to Aadhaar and mobile phones, allowing even rural villagers to receive government subsidies and salaries directly into their accounts. In effect, India leapfrogged decades of traditional bank-branch expansion in a few years. The India Stack approach which combined Aadhaar (digital identity), PMJDY accounts, and the UPI real-time payments layer dramatically lowered barriers to account opening and digital payments. For example, biometric Aadhaar verification at bank kiosks enabled “instant” account opening without paperwork. UPI, which was launched in 2016, enabled anyone with a phone to send/receive money across banks or to digital wallets, even without cash. Today most small retail payments in India go through UPI. 

However, PMJDY also revealed challenges. While account ownership soared, usage was uneven. Nearly half of all Jan Dhan accounts remained inactive (receiving no deposits), highlighting that opening an account is not enough,  people need reasons and ability to transact. This prompted follow-on initiatives. Simplifying account features, linking accounts to mobile wallets and digital payments, and launching financial literacy drives.

In Bangladesh, bKash exemplifies the mobile-money path under a different model. Founded in 2011 as a joint venture with BRAC Bank, bKash became the country’s leading mobile wallet. Bangladesh has high mobile penetration but only about 40% of adults had formal bank accounts. bKash quickly filled the gap. By 2021 it reported tens of millions of registered users, providing services like money transfer, bill payment and savings via USSD/mobile app. Importantly, bKash also aimed at gender inclusion. A recent randomized evaluation found that targeted training programs on using bKash dramatically increased uptake among migrant workers and their families. In the study region, 71% of trained men and 61% of trained women adopted bKash, versus only 26% and 9% in the untrained group. The gender gap narrowed. The female-to-male active-user ratio rose from 35% without training to 85% with training. Migrants who used bKash also sent significantly more remittances home, reducing poverty in their families. 

These South Asian cases highlight different but complementary strategies. India used a top-down mass-account scheme powered by digital IDs and payment rails, whereas Bangladesh combined private-sector mobile money innovation with targeted local outreach. Both relied on government support (subsidies for account opening in India, regulatory frameworks for mobile money in Bangladesh) and on simplifying procedures (ex: minimal KYC via Aadhaar; easy agent-assisted registration for bKash). In each case, adapting to the local context was critical. In India, linking welfare payments to new accounts created incentives to use them. In Bangladesh, using remittance networks (migrants and families) and providing hands-on training overcame inertia.

Case Study: Latin America – Fintech Expansion in Brazil and Mexico

Latin America has one of the world’s largest populations still underserved by formal banking, making it fertile ground for fintech-led inclusion. Roughly 70% of Latin Americans are unbanked or underbanked, reflecting limited legacy bank outreach and high cash dependency. Over the past decade, innovative digital banks and fintechs have responded vigorously. For example, between 2017 and 2023 the region’s fintech ecosystem grew by 340%, from about 700 to over 3,000 startups. More than half of these fintech companies now explicitly serve underbanked or unbanked customers. 

Brazil and Mexico stand out. Brazil has the highest fintech count (24% of the region’s total). One leading example is Nubank, a digital bank founded in Brazil (2013) that has since expanded to Mexico and Colombia. Nubank famously started with a no-fee credit card, then added a digital payment account (“NuConta”) and loans. Today it is one of the world’s largest digital financial platforms, serving roughly 94 million customers in Brazil, Mexico & Colombia. Nubank has focused on simplicity. For example, its accounts have no minimum balance or monthly fee, and onboarding is done via smartphone rather than in branch. This approach has “democratized” access for many who were banked out. In Brazil, it claims to have brought 5.7 million previously excluded Brazilians into the credit market in one year. (It does this by using alternative data and minimal documentation to underwrite loans.) Mexico’s fintech scene also boomed under pro-innovation policies (a landmark fintech law in 2018) that clarified rules for digital banks and payments. Dozens of neobanks (e.g. Stori, Albo, Klar & more) now compete to serve young, urban and migrant populations. Mexico’s overall digital banking penetration is forecast to reach nearly 47% by 2028. In Brazil, forecasts suggest over 64% of the population will use digital banking by 2028. 

These shifts reflect surging smartphone and internet access, but also consumer desire for low-cost, user-friendly services. Traditional banks have responded by partnering with fintechs or launching digital offshoots, but the net effect has been a dramatic expansion of financial options for the previously excluded. Fintechs in Latin America often focus on payments and remittances, which accounted for ~21% of platforms in 2023. They also target SMEs (loan platforms) and personal finance. Regulatory support is now emerging. An example is in Chile and Colombia when they enacted open banking and payment-system reforms during 2021–2023 to promote inclusion. Overall, as noted by the Inter-American Development Bank, “the Fintech ecosystem… is consolidating as a key driver for innovation and economic growth in the region, as well as for financial inclusion and accessibility to financial services for millions of people.”

In sum, the Latin American experience shows that digital financial services can rapidly expand inclusion when backed by regulatory clarity and consumer demand. Mobile penetration and remittance flows (both domestic and international) created demand, while regulators have taken steps to foster competition. Successful fintechs combine technology (mobile apps, open APIs) with design choices that resonate locally (Spanish/Portuguese language interfaces, integration with social networks, short credit forms). Challenges remain in some areas, such as fraud monitoring and ensuring rural reach, but the early results underscore the enormous potential of tech-driven banking to reach Latin America’s underserved.

Case Notes: Developed Markets and Digital Inclusion

Even in high-income countries, pockets of exclusion exists (immigrants, the elderly, rural communities). For example, in the United States as of 2023 about 4.2% of households (5.6 million) were still unbanked, and a further 14% were “underbanked” (they rely on nonbank services or cash for many needs). The unbanked rate has fallen from 7.7% in 2013 to 4.2% in 2023 as digital innovations and targeted programs took effect. Notably, mobile banking has become the primary channel for many Americans. The share of households using mobile banking as their main access route has increased nearly nine-fold in the last decade. Initiatives like “Bank On” low-fee account standards and prepaid cards have helped those with low or irregular income open accounts. These trends are illustrated below: the blue line shows the U.S. unbanked rate plunging from around 7.5% in 2013 to ~4% by 2023, and the orange line shows underbanked households declining from ~21% to ~14%. 


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Chart: Decline in unbanked (blue) and underbanked (orange) U.S. households, 2013–2023 (Fed St. Louis). 


The chart above underscores two points for policy. (1) Technology and tailored accounts can shrink exclusion even in wealthy countries, and (2) work remains to bring all populations fully on board. In Europe and North America, neobanks (like Chime in the U.S., Monzo in the UK) have targeted immigrant and rural users with smartphone-based accounts. “Migrant-focused” banks such as San Francisco’s Majority of Canada's EQ Bank cater to the needs (ex: low-cost remittances, language support) of immigrant communities. Telecommunication firms (often with government subsidies) have expanded mobile broadband into rural areas to support such services. Importantly, these efforts emphasize both digital platforms and community outreach such as partnerships with NGOs and multilingual customer support all build trust among wary populations. Developed-country experiences reaffirm that digital inclusion requires more than just apps, it needs enabling infrastructure and consumer-oriented product design, even where basic banking exists for most citizens.

Cross-Cutting Factors Influencing Digital Inclusion

Across regions and models, certain common factors consistently determine success or failure of digital banking initiatives. These are a couple of them. 

  • Infrastructure and Connectivity: Reliable mobile networks and internet access are prerequisites. Kenya’s M-PESA thrived on widespread 2G coverage, while India’s UPI needed nationwide broadband/mobile payments infrastructure. In remote or low-income areas, last-mile connectivity is often the bottleneck.

  • Policy response: governments and telecoms must invest in network expansion and affordable data (for example, some African governments subsidize rural mobile towers or spectrum). Electronic and digital payment acceptance points (mobile wallets, POS terminals) should be encouraged even in rural shops. 

  • Regulation and Government Support: Forward-thinking regulation can catalyze fintech growth. India’s regulators embraced Aadhaar and created a payments system (UPI) that integrates banks and nonbanks under common rules In Latin America, fintech laws and sandboxes (ex: Mexico’s fintech law, Brazil’s open banking framework) have provided legal clarity and consumer protection

  • Governments also play direct roles: India’s DBT (direct benefit transfer) scheme provides transactions by routing subsidies into Jan Dhan accounts, creating instant value for account holders. Similarly, Bangladesh considered digitizing government payouts to bKash accounts. At minimum, regulators must ensure safety (reserve requirements, KYC rules) without imposing prohibitive barriers that exclude small players or non-traditional entrants. Table/box: The G20 has repeatedly recommended that “digital public infrastructure” (like national ID and payments layers) be inclusive, open and well-regulated.

  • Consumer Trust and Digital Literacy: Users must trust new systems. In many communities a key barrier is simply unfamiliarity or skepticism about digital money. Pilot studies (e.g. J-PAL’s bKash evaluation) show that training and customer education dramatically increase uptake

  • Language and cultural context matter: For example, financial literacy campaigns in local languages, or customer support staffed by locals, help build confidence. Agents and community groups can act as ambassadors. Transparent pricing (no hidden fees) and strong consumer protection (fraud complaint mechanisms) are also critical to earn trust

  • Affordability and Accessibility: Services must be cheap and designed for low incomes. That means low or no account fees or micropayments. This also means no-minimum-balance requirements. M-PESA’s flat small fees on transfers (far below bank fees) drove widespread use. Digital wallets often succeed by offering free person-to-person transfers and tiny cash-in/cash-out charges. Subsidies or fee caps for low-income users can help (some countries cap utility bills payment fees or offer tier-1 “basic” accounts). Accessibility also includes the user interface: simple SMS menus or mobile app designs accommodate those with limited education. Studies show that even very poor and semi-literate users will adopt digital accounts if barriers are removed and small transaction needs are met

  • Cultural Perceptions of Banking: In many underserved communities, banking is unfamiliar or seen as unnecessary. Older or female users may not have formal IDs or may rely on family networks. Policy must recognize these norms: for instance, allowing simplified KYC (Know Your Customer) or using alternative IDs (as India did with Aadhaar) can bring in those lacking traditional papers.

  • Marketing campaigns should address specific concerns: In some countries, women are encouraged to open accounts during community events or by linking account usage to mobile balance top-ups. Engaging local influencers or group-organizations (e.g. women’s co-ops) can normalize digital finance. Research indicates that word-of-mouth and social network effects strongly influence adoption (M-PESA’s success was partly “viral” via user networks)

  • Data Security and Privacy: As digital schemes expand, protecting users becomes paramount. In regions with low trust in institutions, any data breach or fraud can undermine the whole effort. Robust cybersecurity standards, agent regulation, and clear privacy rules are essential. For example, when collecting biometric IDs or transaction data, governments must ensure consent and prevent misuse. Policies like India’s biometrics laws or Europe’s GDPR-inspired regulations are part of building a trustworthy environment. At the same time, policymakers should balance stringent rules with flexibility: overly burdensome requirements can exclude new providers that might innovate for the poor.


These factors intersect. For instance, infrastructure investments (mobile networks) only pay off if there is matching regulatory openness and community engagement. Building broadband without tailoring services to local needs will not advance inclusion alone. Successful programs typically address multiple factors simultaneously: providing training (trust/digital literacy) at the same time as expanding agent networks (infrastructure/accessibility), under a supportive regulatory framework.

Policy Playbook: Best Practices for Inclusive Digital Banking

Based on the above lessons, we recommend the following actionable strategies for governments, NGOs and fintechs seeking to expand digital banking in underserved areas. These “playbook” items should be adapted to local context and combined as needed. 

  • Invest in Connectivity: Expand mobile/broadband coverage and electricity access in rural/poor regions. Encourage public-private partnerships to share costs (e.g. tower-sharing, rural broadband funds). Promote low-cost handsets or feature phones for digital finance. Where connectivity is limited, support offline/mobile solutions (ex: USSD or QR code payments that require less bandwidth).

  • Streamline Digital ID and Onboarding: Implement or leverage universal ID systems (biometric or digital) to simplify account opening (as with India’s Aadhaar). Allow tiered KYC rules so people can open basic accounts with minimal documentation. Use mobile biometric authentication or e-KYC (via photo/biometrics) to avoid branch visits.

  • Encourage Agent Networks and Fintech Outreach. Work with banks and mobile operators to deploy extensive agent networks or kiosk points where users can transact cash-in/cash-out easily. Simplify registration through community touchpoints (ex: microfinance groups, cooperatives, kirana shops). Governments or NGOs can subsidize agent start-up costs in remote areas.

  • Promote Interoperability and Open Platforms: Mandate open payment rails (like India’s UPI, or Brazil’s PIX) so customers can transact across providers. Support standards (APIs) that enable fintechs and banks to interconnect. This prevents siloing and lets users shift to the most affordable options.

  • Provide Financial Education and Trust-Building: Fund local outreach programs to teach people how to use digital finance tools (often in partnership with providers, community organizations, or the postal service). Use local languages and analogies. 

  • Implement robust consumer protection: clear price disclosures, recourse for errors, and privacy safeguards. Emphasize transparent, low-cost pricing (no hidden fees) to build confidence.

  • Design Gender- and Culture-Sensitive Products. Analyze barriers faced by women, minorities or specific ethnic groups. For example, tailor marketing and training to women (as J-PAL’s bKash project did). Consider group accounts or facilitator-assisted account opening for conservative communities. Offer family-linked wallets so remittance recipients can easily receive money.

  • Leverage Government Payments: Use government disbursements (social benefits, salaries, pensions) to bring people onto platforms. Requiring payments into digital wallets or accounts can create a critical mass of users. Combine this with messaging on how to use that money (ex: via mobile apps or POS merchants).

  • Encourage Affordable Pricing and Services: Set guidelines for small-value accounts (ex: maximum fees on low-balance accounts, interest on deposits). Support regulations that allow tiered products, like basic savings accounts or microinsurance. Where necessary, subsidize transaction fees for low-income users (possibly through temporary schemes).

  • Promote Innovation via Sandboxes and Incentives: Create regulatory sandboxes where fintech startups can test new models safely. Provide tax or funding incentives for solutions targeting poor/unserved areas (ex: grants for rural fintech startups). Facilitate access to development capital for social fintech entrepreneurs.

  • Integrate Data Security and Privacy by Design: Enforce strong data protection laws that cover digital finance, and require providers to secure user data. Provide technical assistance to smaller fintechs on cybersecurity. Engage telecom regulators to monitor agent fraud and network security.

  • Monitor and Adapt: Establish metrics (account usage, transaction volumes among poor segments) and regularly evaluate programs. Be ready to adjust KYC rules, pricing policies or outreach strategies based on field feedback. Share data and lessons across regions to refine approaches.


These recommendations echo global principles such as the G20’s High-Level Principles for Digital Financial Inclusion (advocating connectivity and responsible innovation). In practice, a coordinated effort is essential. For instance, combining infrastructure projects (ICT ministries or universal service funds) with finance reforms (central bank enabling fintech) and social initiatives (training via NGOs or cooperatives).

Conclusion and Future Directions

Digital banking has proven itself as a transformational force for inclusive growth. As illustrated above, countries that align policy, technology and outreach can achieve rapid gains. Kenya’s M-PESA put a wallet in every cell phone, India’s Jan Dhan painted millions of rural families into the financial system, and Latin America’s fintech boom is bringing millions of Hispanic entrepreneurs online. These advances yield real-world benefits: higher savings rates, quicker transfers, new credit channels and poverty reduction. At scale, financial inclusion becomes a driver of broader development,  empowering women, enabling small business finance, and creating buffers against shocks.

Still, much remains to be done. Simply increasing account ownership is no longer enough, policymakers must now focus on usage and quality of services. Future research should examine how digital finance affects inequality and wellbeing over the long term, including potential downsides (over-indebtedness, data privacy breaches). Further innovations are on the horizon, central bank digital currencies (CBDCs) could extend reach if designed inclusively. Artificial intelligence could tailor credit scoring from non-traditional data and open-banking regulations may unleash new consumer-centric products. However, technology alone will not solve inclusion, human factors will always matter. Continued attention to trust and local needs will be crucial.

 In conclusion, while no one-size-fits-all blueprint exists, a “policy playbook” focused on connectivity and inclusion can guide stakeholders. Governments, NGOs, and fintech providers must work in concert to adapt these lessons to each setting. With the right mix of investments and regulations, digital banking can indeed rewrite the rules of inclusion making financial services a universal possibility and fueling equitable prosperity for all.

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