Abstract
This research centers on assessing the socio-economic impact of electronic banking business in Sub-Saharan Africa, while critically observing the role that emerging FinTech ecosystems play in deepening economic inclusion and access in developing countries. Extensive related literature were consulted which were integrated into this new body of knowledge, which has been one of the recommended areas for future research. Research hypothesis were derived to validate relevant findings. This study aim to provide transparency on whether the development of digital payments business and FinTech ecosystems are having a synergistic positive impact or otherwise, on the economic well-being of developing countries. It will also support potential foreign investors and multilateral development agencies on relevant socio-economic factors to note, while expanding into or supporting development in developing countries. The implication of this is for policyholders, multilateral development organizations, investors, donor agencies and governments to be conscious of the real impact and take perceptual measures where and when the need arises.
Highlights
Digital payments systems known as electronic payments systems play a key role in every economy, being the channel through which commercial resources flow from one sector of the economy to the other
The limitations associated with cash payments such as high cost of cash handling, security, and inefficient flow of commerce has led to the emergence of alternative payment channels such as modern digital payment technologies which have been pioneered by Financial Technology companies known as ‘FinTechs’ (Patil et al, 2017)
The development of digital payments business and FinTech ecosystems in developing countries requires the attention of researchers to create some level of transparency to venture capitalist, and other tech savvy foreign investors and add to the body of knowledge
Summary
Digital payments systems known as electronic payments systems play a key role in every economy, being the channel through which commercial resources flow from one sector of the economy to the other. While some of the reviews focus on the evolution and role of FinTech firms on the digital payment business development (Teigland et al, 2018). Digital financial inclusions have been identified as one of the key drivers of the Sustainable Development Goals (SDG’s) of the United Nations (Arner et al, 2020). The impact of digital payment business on financial inclusion and socio-economic life of individuals, firms, entrepreneurs and government of developing countries have not received abundant assessment in literature (Effah, 2016; Ferran and Salim, 2005). The evolution of FinTech enabled digital payments channels such as online, mobile, cards/wallet and other device based channels emanated from developed markets in America, Europe and Asia pacific and it is spreading to Africa and Latin America. Mobile data traffic across Africa is expected to increase sevenfold (Leke et al, 2018)
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