Financial Inclusion for Inclusive Growth in South Asian Nations: A Systematic Literature Review

Abstract

Inclusive economic growth has become a priority agenda in many developing countries. This study reviews empirical research papers and secondary data relating to South Asian countries to assess the status and determinants of financial inclusion for inclusive growth in this region. Based on a review of 76 research papers, this study finds that financial inclusion in South Asian nations has continued to improve over time. Digital technology is becoming the most significant driver for financial inclusion building. There is a strong nexus between financial inclusion and inclusive growth. Financial inclusion can be achieved through financial innovation and technology, financial literacy, and other intervention strategies. Government and regulatory authorities should use the best practices to increase the financial inclusion of the unbanked, marginalized, and low-income people in South Asia.