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Open Access Journal Article

Financial Inclusion and Economic Development in Developing Countries

by Emma Taylor 1,*
1
Emma Taylor
*
Author to whom correspondence should be addressed.
EFRL  2021 3(2):21; https://doi.org/10.69610/j.efrl.20210821
Received: 17 June 2021 / Accepted: 16 July 2021 / Published Online: 21 August 2021
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Abstract

The paper delves into the intricate relationship between financial inclusion and economic development in developing countries. It argues that financial inclusion, which refers to the access to financial services such as banking, credit, and insurance, is a crucial factor in fostering economic growth. By providing individuals and businesses with the means to save, invest, and manage risks, financial inclusion can stimulate entrepreneurship, increase productivity, and reduce poverty. The analysis examines various mechanisms through which financial inclusion contributes to economic development, including access to credit for small and medium-sized enterprises (SMEs), improved access to markets, and enhanced financial literacy. The paper further discusses the challenges facing developing countries in promoting financial inclusion, such as regulatory frameworks, infrastructure limitations, and cultural barriers. It concludes that, despite these challenges, the integration of financial services into the lives of the underbanked and unbanked populations can lead to significant improvements in social welfare and economic prosperity.

Keywords: Financial Inclusion; Economic Development; Developing Countries; Access to Credit; Financial Literacy.;
Copyright: © 2021 by Taylor. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
Cite This Paper
APA Style
Taylor, E. (2021). Financial Inclusion and Economic Development in Developing Countries. Economics and Finance Research Letters, 3(2), 21. doi:10.69610/j.efrl.20210821
ACS Style
Taylor, E. Financial Inclusion and Economic Development in Developing Countries. Economics and Finance Research Letters, 2021, 3, 21. doi:10.69610/j.efrl.20210821
AMA Style
Taylor E. Financial Inclusion and Economic Development in Developing Countries. Economics and Finance Research Letters; 2021, 3(2):21. doi:10.69610/j.efrl.20210821
Chicago/Turabian Style
Taylor, Emma 2021. "Financial Inclusion and Economic Development in Developing Countries" Economics and Finance Research Letters 3, no.2:21. doi:10.69610/j.efrl.20210821

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ACS Style
Taylor, E. Financial Inclusion and Economic Development in Developing Countries. Economics and Finance Research Letters, 2021, 3, 21. doi:10.69610/j.efrl.20210821
AMA Style
Taylor E. Financial Inclusion and Economic Development in Developing Countries. Economics and Finance Research Letters; 2021, 3(2):21. doi:10.69610/j.efrl.20210821
Chicago/Turabian Style
Taylor, Emma 2021. "Financial Inclusion and Economic Development in Developing Countries" Economics and Finance Research Letters 3, no.2:21. doi:10.69610/j.efrl.20210821
APA style
Taylor, E. (2021). Financial Inclusion and Economic Development in Developing Countries. Economics and Finance Research Letters, 3(2), 21. doi:10.69610/j.efrl.20210821

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