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Fintech Adoption and Financial Inclusion: A Comparative Study of EU Member States and Non-Member Countries

A recent study has shed light on the significant differences in fintech adoption and financial inclusion between European Union (EU) member states and non-member countries in the Balkan region. The research, published in the Journal of Governance and Regulation, analyzed a range of variables including mobile banking access, online lending, digital payments, income level, inflation, and internet access.

Key Findings

• EU member states have significantly higher levels of mobile banking payment and digital payment adoption compared to non-member countries in the Balkan region.
• Income level, inflation, and internet access are significant predictors of financial inclusion.
• Higher income levels, lower inflation rates, and greater internet access all contribute to increased financial inclusion.

Recommendations

• Policymakers should prioritize increasing access to internet and mobile phone services to support fintech adoption and financial inclusion.
• Governments should implement policies to reduce inflation rates and promote economic growth, which can in turn increase financial inclusion.
• Financial institutions should develop targeted financial products and services that cater to the needs of underserved populations.

Conclusion

The study highlights the importance of understanding the factors driving fintech adoption and financial inclusion in the region. By addressing these factors, policymakers can support the growth of digital financial services and increase access to financial products and services for all members of society.