Challenges Of Financial Inclusion Research Articles

CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS

The digital transformation of the global financial landscape has brought forth unprecedented opportunities and challenges, particularly in the realm of cybersecurity. This paper delves into the intricate dynamics of cybersecurity within the banking sectors of two pivotal players in the global economy: the United States (U.S.) and Nigeria. Through a comprehensive exploration, the study underscores the profound significance of robust cybersecurity measures in safeguarding the integrity and security of financial institutions in today’s interconnected digital age. The research begins with a deep dive into the background of cybersecurity in financial institutions, revealing the escalating importance of digital defenses, especially in an era marked by frequent and sophisticated cyber threats. The interconnectedness of today’s financial systems and the rise of digital transactions amplifies cyber breaches’ potential risks and economic impacts. A comparative study of the U.S. and Nigerian banking systems showcases the unique challenges and solutions each country’s financial institutions face. While the U.S. grapples with issues like money laundering and the need for increased competition, Nigeria’s banking landscape is influenced by factors such as the potential of Islamic banking and the challenges of financial inclusion. Emerging technologies, particularly artificial intelligence, are highlighted as cybersecurity game-changers. Their ability to predict, detect, and respond to threats in real-time offers a promising avenue for enhancing digital defenses. However, the paper also cautions that with technological advancements come new challenges, as adversaries too harness these technologies for more sophisticated attacks. The paper concludes with a forward-looking perspective, emphasizing the need for continuous investment in research, collaboration, education, and agile policymaking. It advocates for a unified approach, where financial institutions, regulatory bodies, and cybersecurity firms work in tandem to ensure the security and trustworthiness of the financial sectors in both nations. In essence, this research provides a comprehensive overview of the current state of cybersecurity in the banking sectors of the U.S. and Nigeria, offering insights and recommendations for fortifying defenses and ensuring financial stability in the digital age.

BLOCKCHAIN, CRYPTOCURRENCY AND THE STATE OF FINANCIAL INCLUSION IN MOROCCO

<p>The immense potential of Blockchain and crypto-currencies is no longer a matter of doubt. These technologies have the power to revolutionize and change the landscape of many sectors, primarily finance. The advent of blockchain technologies provides a potential solution to the first three challenges of financial inclusion. In a few years, blockchain and its applications have the potential to become the "beating heart" of the global financial system as predicted by the WEF (World Economic Forum) in its report "The Future of Financial Infrastructure". All over the world, these technologies are currently considered as the new great technological revolution that could change our lifestyles and impact our economy as the internet did in the 80s and 90s and ideally give birth to a direct economy without intermediation. In Morocco, crypto-currencies are erasing borders and gaining popularity. However, the general opinion on this new innovation is not clear.</p><p> </p><p><strong>JEL</strong>: F65; G21; O32</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/edu_01/0968/a.php" alt="Hit counter" /></p>

Impact of Demonetisation in Rural Areas Through the Lens of Financial Inclusion

The paper studies the impact of demonetisation that was announced in the year 2016 on the rural population of Kutch district of Gujarat state. Rural areas in India, with about 38 per cent of bank branches in August 2016 (RBI 2017) and 69 per cent of the population (Census 2011), it will be critical to experience demonetisation. In this context, the study examines the hypothesis that the segment of the population which could easily access banking facilities and shift to cashless transaction might have had to bear the lower cost of demonetisation than those who could not. Both supply and demand side of the status of financial inclusion is considered. Although the study did not find any significant difference in the cost of exchange or impact on consumption and income between the inclusive group and excluded group, it implicitly brings out the challenges of financial inclusion in the rural economy.

Issues and Challenges of Financial Inclusion Among Low-Income Earners In Rural Areas of Malaysia

Financial inclusion (FI) appears to be one of the main global agendas as it is an essential way of reducing poverty and increasing the economic growth of a country. FI is the provision of financial services to all segments of society in a more convenient, quality, and affordable way. In this study, the authors analyzed the issues and challenges faced from the two perspectives of the Financial Institutions (FIs) and the rural B40 group concerning the way of pursuing the exclusive of FI. Primary data was collected by conducting semi-structured interviews with four expert bankers from the Financial Institutions (FIs) in Kuala Rompin, Pahang, and two representatives from the B40 customers in the rural areas of Pekan, Pahang, Malaysia. Based on the findings, barriers faced by the supply sides of the FIs include 1) high risk of cost and security, 2) barriers in communication and lack of financial education, and 3) lack of proof documents. The other challenges are 1) competition with the conventional institutions, 2) default risk due to non-payment, and 3) internet connection problem. On the demand side, the issues and challenges found include 1) lack of confidence, 2) lack of proof documents, 3) misuse of capital, and 4) lack of financial literacy. Henceforth, the findings have significant implications for the Islamic banking and finance industry in exploring the current barriers faced in delivering financial inclusion to the lower segment of the society in Malaysia.

Prospects for Attracting Islamic Financial Industry Institutions to Algeria after 2024 - Requirements and Challenges

This study aimed to identify the opportunities and possibilities available for nationalizing the Islamic financial industry in Algeria at present and after 2024, in light of the growing international economic challenges and the increasing requirements of sustainable development. The problem of this study revolves around the prospects for attracting Islamic financial institutions to Algeria after 2024 in terms of requirements and challenges. It is divided into four themes: the milestones of Islamic banking under the new Law No. 20-02, the reasons for integrating Islamic financial institutions into the financing process, the expected opportunities for the assets of the Islamic finance industry in Algeria Horizons 2040, and the challenges of implementing financial institutions in Algeria. The study concluded that there is a political will on the part of the public authorities in Algeria that has culminated in the issuance of the Islamic banking law as an alternative to the participatory banking system. This is expected to be a strategic option for mobilizing the hoarded financial resources of families and those circulating in the informal market that finances the shadow economy, especially if various challenges are faced. The most important of these are legislative challenges, challenges of financial inclusion, and challenges related to administrative and financial corruption.

Financial Inclusion and Sustainable Development of Kodagu District

Financial services are playing the main role in reducing poverty from the country because many of the rural poor people are financially illiterate and they mainly depend upon informal credit sources in order to avoid these activities the RBI and GOI have taken various initiatives toward reducing the monetary gap of the rural people. The main purpose of this paper is to study the role of financial inclusion tools on the sustainable development of the Kodagu district and investigate the trends, progress, and challenges of financial inclusion in rural areas. In this background, the present study is based on qualitative and quantitative in nature to analyze the impact of financial inclusion on the sustainable development of the rural area. In order to show a positive relationship, the primary and secondary data have been collected. In this process total, 150 respondents were selected from three taluks of Kodagu district of Karnataka by using a random sampling method. The present study finds out that the savings, deposits and other credit facilities of rural people in the Kodagu district.

An Analysis of Financial Inclusion in Nigerian Banks: From the Prospects and Challenges Perspective

Financial inclusion has received increased attention as the panacea to improving the economic livelihood of unbanked and the under banked. The study aimed to identify the potential benefits and obstacles to financial inclusion in the Nigerian Banking system. Relying on various journals and literature contents, this article utilised narrative analysis to highlight different benefits and challenges of financial inclusion in Nigerian banks. Leveraging on convenience sampling, interview sessions were conducted focusing on a bank customer, a banker and an economist. Findings revealed that amongst others, the sustained review and enacting of different laws, guidelines and regulations aimed at ensuring a "future ready” Nigerian banking system is the right step towards a high financial inclusion level in Nigeria. However, despite these predictions, the low financial literacy levels (among others) were identified as obstacles affecting the implementation of financial inclusion in Nigeria. The paper concludes by proffering various recommendations such as implementing an enabling regulatory environment, which is critical to ensuring the benefits that can accrue from an upsurge in Nigeria's financial inclusion level.

A systematic review of financial inclusion strategies and practices

Financial inclusion has been a key enabler in achieving sustainable development at a macro level. Inclusive financial system promotes policy objective of financial stability, economic growth and developmental goals of the nation. The micro and macro benefits of financial inclusion are immense. However, there coexist certain limitations. In India, barriers to financial inclusion can be categorized as income insecurity, socio economic condition, financial illiteracy and technological infrastructure. Financially excluded sections largely comprise of marginal farmers, urban slum dwellers, migrants, women, self-employed and senior citizens. One of the foremost challenges faced by banks is the inclusion of this financially excluded segment in the formal financial sector. Present study is carried out with following objectives. (1) To analyze the similarity and dissimilarity that exists in the financial inclusion initiatives across emerging nations. (2) To examine the interdependence of financial inclusion and financial stability of the economy. (3) To assess the payoffs of the financial inclusion interventions. For this paper, a systematic review of financial inclusion strategies and practices is made. It comprises of two sections: Section I summarizes on the pragmatic and institutional studies and the paybacks of financial inclusion at a macro level. Section II outlines the uneven distribution of the concerns underlying the financial inclusion initiatives. Barriers to financial inclusion can be categorized as income insecurity, socio economic condition, financial illiteracy and technological infrastructure. Section III gives the summary of the characteristics of Studies based on challenges of Financial Inclusion and the strategic payoffs. The next wave of inclusion should be to financially educate and prompt beneficiaries to use their access to financial services for improving their economic and social well-being.

Financial Inclusion: Opportunities, Issues and Challenges

An all-inclusive financial system is essential for a nation as it augments efficiency and welfare by providing scope for secure and safe saving practices and by facilitating a wide range of improved financial services. The focus of the present study is on identifying the opportunities, issues, and challenges of financial inclusion in India.

Global financial inclusion environment the nexus to India

Financial inclusion can really pick up the financial conditions and standards of living of the disadvantaged groups. Various countries are promoting financial inclusion across the world. The list includes Peru, Colombia, Philippines, Pakistan, Chile, Tanzania, Bolivia, Mexico, Bangladesh, South Africa, Kenya and Brazil. Particularly, Brazil has succeeded in financial inclusion using Business Correspondent Model. India also has a similar demographic profile can emulate the policies as successfully as implemented by Brazil. Financial inclusion has been accorded high importance by the Reserve Bank to aid the inclusive growth process of the economy. There have been formidable challenges in this area such as bringing sections of society that are financially excluded within the ambit of the formal financial system, providing financial literacy and strengthening credit delivery mechanisms. The present paper explains the Financial Inclusion: Global Scenario, Financial Inclusion Environment Ranking Methodology, Region-wise trend analysis of Average Financial Inclusion Index, Current Scenario of Financial Inclusion in India, Key Parameters of Financial Inclusion in India, Trends in India's overall Financial Inclusion Index Score, Challenges of Financial Inclusion in India and the measures to overcome such challenges.

Reaching the Excluded Responsibly: The MasterCard Foundation's Strategy for Financial Inclusion

innovations / volume 10, number 1-2 © 2015 Ann Miles Anyone working in international development knows that there is no magic solution for reducing poverty and improving the lives of people affected by it. The story of development is one of persistent and incremental change that enables people living in poverty to overcome barriers and inequities and empowers them to prosper. Financial inclusion is a critical element of such change. What drives that incremental change? While there are many factors, innovation is prime among them. Finding, fostering, and spreading the word about new initiatives that are shown to be effective, including financial inclusion initiatives, is essential. This usually involves putting end-users, the ultimate beneficiaries of financial inclusion programs, at the center of all planning. That is why we at The MasterCard Foundation have client-centered innovation at the heart of our programs, particularly those that promote financial inclusion. The challenges of financial inclusion are well known, as the most recent Global Findex report attests: some two billion people in the world, mostly in developing countries and emerging economies, have no access to the basic financial products and services that many of us take for granted. For people living in poverty, not having the ability to save, borrow, or move money reliably, easily, and inexpensively is a significant impediment to improving their lives1. The good news is that ever more people are finding themselves financially included. While the Findex report outlines the work that still needs to be done, the number of people around the globe who have access to financial products and services has increased by about 20 percent in the past three years—some 700 million adults—bringing the rate of the world’s banked from 51 percent to 62 percent. Why is that good news? Because access to basic financial services is a fundamental necessity that helps people achieve their economic and personal goals: opening a new

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The study investigates the trends and challenges of financial inclusion by commercial banks in Zimbabwe after the adoption of the multiple currency regime. Results showed that some commercial banks made efforts to ensure financial inclusion. New innovations like cell phone banking and internet banking were positive steps towards ensuring financial inclusion by Zimbabwean commercial banks. The foreign owned commercial banks in Zimbabwe however were not doing much as compared to the locally owned commercial banks. A number of challenges to financial inclusion were identified, chiefly being the liquidity challenges and high bank charges. Based on the research findings, we recommend the structuring of sustainable financial products and establishment of supportive infrastructure to enable Zimbabwean commercial banks to mitigate the challenges of financial inclusion in a liquidity constrained environment.