Open research questions in Microfinance and Financial Inclusion

What the literature leaves open

• • Examine how fluctuating levels of financial and digital literacy affect women’s investment decisions across various economic contexts. • Explore how targeted financial education interventions can reduce gender inequalities in investment decisions. • Evaluate how the TPB and associated psychological models can benefit women’s long-term financial planning. • Study the role of cultural and social norms in financial decision-making among female investors. • Investigate how crowdfunding and fintech-based investment models are urging female entrepreneurial involvement. • Evaluate the connection of gender empowerment and investment decisions in urban and rural areas. • Evaluate how empowerment initiatives can translate into measurable investment and wealth accumulation consequences. • Discover how sociocultural factors such as household decision-making dynamics influence women’s control over investment resources. • Evaluate the adoption of fintech among women and their role in linking with investment gaps. • Study how mobile banking and digital innovation affect risk tolerance and investment decisions among women in developing economies.

  DETERMINANTS OF WOMEN’S INVESTMENT DECISIONS: A BIBLIOMETRIC ANALYSIS (2011–2025) · 2026 · DOI

• Based on the structural and adjusted empirical evidence presented in this study, we propose four targeted policy interventions designed to convert the potential digital dividend into sustained financial inclusion. First, policy focus must shift from infrastructure availa- bility to device affordability. Because our propensity score matching (PSM) analysis identified mobile phone owner- ship as a constraint, sharing an adjusted association of Kaulu and Kaulu Future Business Journal (2026) 12:227 Page 14 of 19 18.6 percentage points with formal account ownership, current strategies focused solely on expanding network coverage are necessary but insufficient. For the mil- lions of Africans who live within signal range but cannot afford a handset, the barrier is economic, not geographic. Therefore, governments should use Universal Service Funds (USFs), which are often under-disbursed, to sub- sidize low-cost smartphones or feature phones for the poorest income quintiles. Furthermore, fiscal authorities should review tax regimes on mobile devices, specifically removing import duties and value-added taxes (VAT) on entry-level handsets, classifying them not as luxury consumer goods but as essential tools for economic enfranchisement. Second, financial inclusion strategies must move from gender-neutral to gender-intentional frameworks. Because our interaction analysis revealed that the asso- ciation between mobile phone ownership and financial inclusion is stronger among men than among women and is particularly severe in North Africa, it is evident that simply providing access to technology does not automati- cally resolve gender disparities. To address this, Central Banks should mandate Tiered KYC (Know Your Cus- tomer) requirements that specifically lower administra- tive hurdles for women. These are statistically less likely to possess formal property deeds or utility bills. Finan- cial service providers must also be incentivized to bun- dle connectivity with targeted digital financial literacy programs for women, ensuring that the hardware of the phone is matched with financial capability. This will ena- ble women to use digital tools as effectively as their male counterparts. Third, regional regulatory harmonization may help reduce persistent cross-country disparities in financial inclusion. Although the simulated VPC indicates that country-level heterogeneity accounts for approximately 11.5 percent of the observed variation in financial inclu- sion, this result suggests that institutional and regula- tory environments continue to correlate with inclusion outcomes beyond individual characteristics. At the same time, the findings do not imply that economic growth is irrelevant for financial inclusion, but rather that the spe- cific macroeconomic indicators examined here explain only a limited share of the remaining differences across countries. To mitigate this, member states under the African Continental Free Trade Area (AfCFTA) should acceler- ate the implementation of the protocol on digital trade. By standardizing licensing requirements for fintech agents and enabling cross-border mobile money inter- operability, nations can export the regulatory success of high-inclusion markets (like Kenya) to low-performing jurisdictions, effectively raising the structural floor for the entire region. Finally, telecommunications operators must be inte- grated into the core financial stability framework. Because our accounting decomposition indicates that the Afri- can financial system is structurally dependent on mobile technology (with over 30% of inclusion mediated by digi- tal channels) the operational failure of a mobile network is no longer just a communication issue. It is a financial stability crisis. Consequently, central banks and telecom- munications regulators should establish joint supervisory frameworks that strengthen the operational resilience, cybersecurity preparedness, and continuity planning requirements applicable to mobile network operators involved in financial service delivery. This designation would subject MNOs to rigorous stress testing, manda- tory cybersecurity audits, and operational redundancy requirements, ensuring that the digital rails upon which the continent’s financial inclusion relies remain resilient against systemic shocks.

  Predictors of financial inclusion in Africa: a propensity score matching, intraclass correlation, and accounting decomposition analysis · 2026 · DOI

• In addition, the study outcome may be limited to the truthfulness and reliability of responses from the participants. Yoshino and Taghizadeh-Hesary (2016) mentions that funding from external sources, such as the World Bank need to be considered by MSMEs in Guyana but it is underexplored.

  The Influence of Challenges Experienced by MSMEs Obtaining Debt Financing: A Case Study of Guyana · 2026 · DOI

• i. ii. The government and financial institutions should complement the expansion of mobile payment platforms with targeted financial literacy programs and digital skills training, especially in rural areas, to ensure that users can effectively leverage these services for income generation and poverty reduction. Policymakers should implement supportive economic and social policies, such as accessible credit facilities and infrastructure development, to enhance the impact of mobile payment systems on poverty alleviation and ensure that financial inclusion translates into tangible improvements in living standards. REFERENCES Adewale, J., & Okeke, T. (2022). USSD mobile money and household poverty outcomes in in Africa, 4(2), 45–61.

  Mobile Payments and Poverty Reduction in Nigeria: An Econometric Analysis · 2026 · DOI

• Summary of Major Findings The study sought to examine the relationship between women’s empowerment and community development among women entrepreneurs who are members of JABANA SACCO. 4.10) services (Mean = The first objective was to assess the progress of women's empowerment financed by JABANA SACCO. The findings indicate that respondents generally perceived JABANA SACCO as making a positive contribution to women's empowerment.

  The Effect of Women Empowerment Activities on Community Development in Rwanda: The Case of Jabana Savings and Credit Cooperative · 2026 · DOI

• Future research could further develop this model by utilizing empirical data from the OJK, BPS, or digital financial institutions. Model parameters could also be estimated using real-world data to ensure more accurate simulation results. Additionally, future studies could incorporate factors such as income, age, education level, employment status, and social media usage intensity as variables influencing the dynamics of online loan risk. 7. REFERENCES Brauer, F., Castillo-Chavez, C., & Feng, Z. (2019). Mathematical models in epidemiology. Springer. https://doi.org/10.1007/978-1-4939-9828-9 Chen, X., & Ghosh, D. (2020).

  Modeling Online Loan Risk Dynamics with SEIQRL, Regulation, and Financial Literacy Analysis in Indonesia · 2026 · DOI

• 1. 2. 3. 4. The study is confined to rural areas of Coimbatore City. The sample size is limited to 100 respondents. The study is based on respondents' opinions and perceptions. Time constraints limited extensive coverage of all rural areas. © 2026 The Author(s). Published by IJCOPE Journal.

  Awareness and Satisfaction of Selvamagal Savings Scheme Among Rural Women in Coimbatore City · 2026 · DOI

• While financial inclusion is widely recognized for advancing access to services and fostering socio-economic agency, the specific challenges faced by physically disabled individuals, such as mobility limitations, social stigma, inadequate policy support and inaccessible infrastructure remain underexplored in empirical research.

  Exploring the Dynamics of Financial Inclusion in Enhancing Economic Empowerment among the Physically Disabled: An Empirical Investigation · 2026 · DOI

• Conclusion Using panel data from 31 Chinese provinces over 2011–2023, this study systematically examines the effect of digital inclusive finance on agricultural industrial structure upgrading, and further analyzes its underlying mechanisms, the moderating role of rural residents’ digital literacy, and heterogeneity across different contexts. The main findings are as follows. First, digital inclusive finance significantly promotes agricultural industrial structure upgrading. The baseline estimates show that, after controlling for province fixed effects, year fixed effects, and relevant covariates, the coefficient on digital inclusive finance remains positive and statistically significant. This core finding continues to hold after applying an instrumental-variable approach to mitigate potential endogeneity. It is also robust to a series of additional checks, including winsorization, trimming, excluding municipalities directly under the central government, accounting for the COVID-19 shock, and introducing lagged specifications. Second, digital inclusive finance significantly enhances credit accessibility, promotes the integration and extension of agricultural value chains, and strengthens the capacity to market agricultural products through digital means. These findings provide empirical evidence for understanding the possible channels through which digital inclusive finance affects agricultural industrial structure upgrading. Third, rural residents’ digital literacy positively moderates the effect of digital inclusive finance on agricultural industrial structure upgrading. Specifically, the positive effect of digital inclusive finance becomes stronger as rural residents’ digital literacy increases. Higher digital literacy helps reduce the technology-use costs associated with digital financial services, thereby enabling digital inclusive finance to more effectively lower transaction costs throughout agricultural production and operation. Fourth, the heterogeneity analysis further shows that the effect of digital inclusive finance on agricultural industrial structure upgrading remains relatively stable across regions with different agricultural functions and different levels of digital economy development. The estimated coefficients are positive and statistically significant in both major and non-major grain-producing areas, as well as in regions with high and low levels of digital economy development. 7.2 Policy implications Based on the above findings, policy design should focus on shortterm targeted adaptation, medium-term capacity building, and longterm institutional coordination, so as to enable digital inclusive finance to better support agricultural industrial structure upgrading. In the short term, policy should improve the precision with which digital inclusive finance supports agricultural industrial structure upgrading. In policy implementation, digital inclusive finance should not be understood simply as an expansion of financial coverage; greater attention should be paid to how well it matches the specific needs of agricultural industrial upgrading. In the financing stage, digital credit products should be better adapted to agricultural production cycles, small and dispersed financing needs, and the risk characteristics of agricultural operations, so as to lower the threshold for agricultural producers to access formal financial services. In the production organization stage, digital financial services should be more effectively embedded in agricultural product processing, value chain coordination, and the connection between production and sales, thereby supporting the extension of agriculture from primary product supply toward processing-based value addition and value chain expansion.

  Digital inclusive finance, digital literacy, and agricultural industrial structure upgrading in China · 2026 · DOI

• Based on the findings of the study, the following recommendations were made: Microfinance institutions should increase access to affordable loans for agribusiness operators in order to improve agricultural productivity and business expansion. Interest rates charged on agricultural loans should be reduced to encourage more farmers and agribusiness operators to access credit facilities. Microfinance institutions should organize regular and practical training programs aimed at improving the managerial and technical skills of agribusiness operators. Government should support microfinance institutions through subsidies and agricultural financing schemes in order to strengthen their financial capacity. Agribusiness operators should be educated on proper loan utilization and repayment in order to reduce loan default rates. Microfinance institutions should strengthen monitoring and supervision mechanisms to ensure that loans are used for the intended agricultural purposes.

  The contributions of microfinance institutions in the promotion of agribusinesses. Case of NTACCUL in Kumba Municipality · 2026 · DOI

• Considering the findings and conclusions, the following recommendations are proposed: 1: What is the demographic profile of the respondents? Since the beneficiaries are mostly low-income individuals with high dependency levels, it is recommended that: 1. The DTI should prioritize vulnerable households in program targeting to ensure that assistance reaches those with the greatest economic need. 2. Additional social support services (e.g. financial literacy, family budget seminars) should be integrated to help beneficiaries manage limited resources effectively. 2: What is the level of the DTI Go Negosyo Program implementation? Given that the program is generally effective but with identified gaps, it is recommended that: 1. The DTI should enhance access to financial assistance by strengthening partnerships with banks, cooperatives, and microfinance institutions. 2. A continuous mentorship program should be institutionalized to guide beneficiaries beyond initial training. 3. The program should expand market linkage initiatives, including digital marketing support, trade fairs, and product promotion platforms. 3: What is the level of livelihood outcomes of the beneficiaries? To further improve livelihood outcomes, it is recommended that: 1. The DTI should provide advanced and specialized entrepreneurial training, particularly in business management, innovation, and digital skills. 2. Beneficiaries should be encouraged to diversify income sources to strengthen economic resilience. 3. Establish monitoring systems to track income growth and business progress over time. 4: Is there a significant relationship between program implementation and livelihood outcomes? Since a significant relationship exists, it is recommended that: 1. DTI should continuously improve program delivery quality, as better implementation leads to better outcomes. 2. Strengthen monitoring and evaluation mechanisms to ensure consistency and effectiveness of services. IJFMR260379605 Volume 8, Issue 3, May-June 2026 76 International Journal for Multidisciplinary Research (IJFMR) E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected] 3. Allocate more resources to high-impact components (training, mentoring, financial support) that directly influence livelihood success. Considering the findings, it is recommended that the Department of Trade and Industry further strengthen the Go Negosyo Program by enhancing access to financial assistance through expanded capital support, flexible loan schemes, and closer linkages with financing institutions. The agency should also sustain and upgrade training and mentorship programs by incorporating advanced entrepreneurial skills, digital marketing, and financial management to ensure business competitiveness. To address sustainability issues, continuous monitoring, coaching, and post-program support should be provided to beneficiaries, particularly in navigating market competition. Strengthening partnerships with local government units and private sectors is also recommended to improve program accessibility and resource availability. Lastly, future researchers may conduct similar studies in other areas or include additional variables to further evaluate and improve the long-term effectiveness of the program.

  “Assessment Of The Status Of The DTI Go Negosyo Program And Its Influence On The Livelihood and Development of Beneficiaries,” · 2026 · DOI

• This implies that while the theories are applicable, contextual and demographic factors moderate their effects, meaning that access alone is not enough—utilization and capability also matter.

  “Assessment Of The Status Of The DTI Go Negosyo Program And Its Influence On The Livelihood and Development of Beneficiaries,” · 2026 · DOI

• This study is limited to Sitapur district and a sample of 200 farmers, which may restrict generalizability to other districts or farming communities. The data is based on self-reporting by respondents, and there is always some possibility of response bias, particularly for questions related to income and loan 98 © 2026 Sheeba Khatoon, Prof. Dr. Akhilesh Dixit, Mohammad Nazim Malik, Shakeeba Kamal.

  An Analytical Study of the Relationship among Income, Indebtedness, and Standard of Living of Sugarcane Farmers in Sitapur District · 2026 · DOI

• This study has several limitations that should be made it develops a conceptual and policy explicit. First, than estimating causal effects with framework rather the primary data. The advantage of this approach is that it allows integration across fragmented literatures, but the disadvantage is that the relative importance of each policy lever remains context-dependent. In one country, the central bottleneck may be weak capital markets; in another, it may be bank governance, fiscal credibility, climate exposure, or digital consumer harm. The framework should therefore be used as a diagnostic map rather than as a universal reform formula. Empirical application would require countryspecific data and institutional assessment. Second, framework simplifies complex political economy processes. Financial reform is not implemented by abstract institutions but by actors with interests, resources and constraints. Banks may resist rules that increase compliance costs; firms may resist disclosure that reveals transition exposure; consumers may prefer quick credit even when it is expensive; public agencies may protect mandates and data silos. The success of economic-financial governance depends on negotiation, credible leadership and incremental trust-building. Future research should examine the political economy of reform coalitions, especially how sustainable finance and digital finance rules are adopted, contested and enforced in emerging economies. Third, the paper does not provide a full legal analysis of financial regulation, although legal institutions are central to the framework. Contract enforcement, insolvency, securities law, data protection, consumer law, banking law and environmental regulation shape the boundaries of finance. The implementation of green finance, for example, depends not only on financial labels but also on corporate reporting duties, liability for misleading disclosure and administrative capacity to supervise verification providers. Similarly, digital finance depends on privacy law, cybersecurity standards, payment regulations and competition law. Future interdisciplinary work should therefore connect economic analysis with legal institutional design. Fourth, the measurement dashboard proposed in the paper should be refined through empirical validation. Some indicators may be difficult to collect or compare across countries. Green finance volumes may be overstated if definitions differ. Digital finance usage data may be held by private platforms. Climate exposure indicators may require geospatial data that financial supervisors do not yet possess. Consumer complaint data may reflect awareness and reporting channels rather than actual harm.

  Economic-Financial Governance for Sustainable, Inclusive and Digital Development: A Conceptual Framework for Emerging Economies · 2026 · DOI

• Expand PMGDISHA with competency outcomes Mandate vernacular voice-UI for rural FinTechs Complete BharatNet Phase III (1 Gbps/panchayat) Dedicated Women’s Digital Finance…

  Impact of Digital Literacy on Financial Inclusion in Rural India · 2026 · DOI

• (The study has the following limitations: The research is limited to selected local markets in Jharkhand; therefore, findings may not be fully generalizable to the entire state. The study relies partly on respondents’ perceptions, which may be influenced by personal bias or lack of complete information. Limited availability of time and resources may restrict the sample size. Rapid technological and policy changes related to digital currency may affect the relevance of findings over time. Due to low awareness of CBDC, responses regarding digital currency adoption may be based on limited understanding.

  Cashless Economy and Digital Currency: Implications for Jharkhand’s Local Markets · 2026 · DOI

• • Based only on secondary data • Limited to selected RRBs in Uttar Pradesh • Time-period constraints • The study could not isolate actual recovery from NPA reduction, as provisioning, write-offs, and loan upgradation are not separately disclosed DATA ANALYSIS AND INTERPRETATION This section presents the study and clarification of data collected for the study on recovery Efficiency and Asset Soundness of selected RRBs in Uttar Pradesh. The examination is based on secondary data obtained from annual reports of the selected banks for the period 2019 to 2025. Appropriate statistical tools such as Mean, Standard Deviation, and Coefficient of Variation have been used to examine recovery Efficiency and Asset Soundness. Further, One-Way ANOVA has been applied to test the significance of differences among banks, while Karl Pearson’s correlation has been used to analyze the Interrelationship between NPAs and profitability. The results attained from these studies are systematically presented and interpreted in line with the objectives and hypotheses of the study. © 2026 The Author(s). Published by IJCOPE Journal.

  Recovery Efficiency and Asset Soundness of Regional Rural Banks in Uttar Pradesh: An Empirical Study · 2026 · DOI

• It primarily aimed to address the existing gap in understanding how these two variables, ICT usage and financial literacy, serve as predictors of digital financial inclusion, particularly among young populations who are often financially excluded.

  Predictors of Digital Financial Inclusion among the Youths: An Empirical Evidence of Kampala-Uganda · 2025 · DOI

• Given the prevalence of SHGs, findings suggest that many individuals, mainly in rural areas, have entered the formal labor market, representing a critical yet understudied benefit of the SHG-BLP model.

  Microfinance through the Self Help Group-Bank Linkage Programme: impact on ancillary employment · 2023 · DOI

• Originality/value The paper makes an original contribution to the field of sociology and social policy by focusing on two under-researched instruments of financial inclusion and improving understanding of the finance-welfare state nexus and of the contradictions underpinning attempts at financial inclusion of the most vulnerable.

  The depoliticisation of social policy through financial inclusion · 2023 · DOI

• Yet, the feature role of other microfinance services, such as micro-credit, micro-savings, micro-insurance, training, and social networking, to achieve substantial growth of the MSE sector is still lacking, which explains why MSEs make such a small contribution to Pakistan’s economy.

  Microfinance services and MSE growth in Pakistan: The mediating perspective of social and psychological capital · 2022 · DOI

• The in-depth picture of the SME’s financial situation, focusing on the technological development in this area, provides essential insight into this still poorly explored area.

  The role of financial technology and entrepreneurial finance practices in funding small and medium-sized enterprises · 2022 · DOI

• Part of the most vulnerable population are women, who in many cases have to raise a family, sometimes alone, and seeing an opportunity to start a business do not have the necessary resources, this is where microcredit comes into play, an instrument offered by both public and private institutions, which come to offer an opportunity to those who generally have been excluded from the financial system, this research is limited to the northwest area of the city of Guayaquil, Ecuador.

  Realidad de los Microcréditos para los Emprendimientos Femeninos en la Zona Noroeste de Guayaquil, Ecuador · 2021 · DOI

• Furthermore, the lack of a purposeful integrated industrial policy strategy which directs investments clearly means that IDC’s funding priorities are not clearly defined.

  Linking IDC finance to structural transformation and inclusivity in post-apartheid South Africa · 2019 · DOI

• In addition to the process-based model, our findings contribute to the microfinance and bottom of the pyramid (BOP) literatures, showing a cross-fertilization that has been insufficiently explored.

  The Transferability of Financial Inclusion Models: A Process-Based Approach · 2017 · DOI

Most-cited papers in Microfinance and Financial Inclusion

• Financial inclusion research around the world: A review · Forum for Social Economics · 2020 · 361 citations
• Effect of Financial Inclusion on Poverty and Vulnerability to Poverty: Evidence Using a Multidimensional Measure of Financial Inclusion · Social Indicators Research · 2020 · 304 citations
• Rethinking digital financial inclusion: Evidence from Bangladesh · Technology in Society · 2021 · 290 citations
• Fintech and household resilience to shocks: Evidence from digital loans in Kenya · Journal of Development Economics · 2021 · 188 citations
• The Impact of Microfinance on Decision-Making Agency: Evidence from South India · Development and Change · 2005 · 175 citations
• Exploring the usage and impact of “transformational” mobile financial services: the case of M-PESA in Kenya · Journal of Eastern African Studies · 2009 · 163 citations
• Agricultural input credit in Sub-Saharan Africa: Telling myth from facts · Food Policy · 2016 · 125 citations
• Constraints to agricultural finance in underdeveloped and developing countries: a systematic literature review · International Journal of Agricultural Sustainability · 2024 · 117 citations
• Digital divide or dividend? The impact of digital finance on the migrants' entrepreneurship in less developed regions of China · Cities · 2022 · 110 citations
• Impact of financial inclusion on poverty alleviation through cooperative banks · International Journal of Social Economics · 2018 · 107 citations

Most recent work

• Socio-economic determinants and barriers of financial inclusion: evidence from Jordan · Social Responsibility Journal · 2026
• Investigating the critical role of Hormuud’s EVC-Plus mobile money in augmenting the delivery of lifesaving humanitarian aid in Somalia · Frontiers in Human Dynamics · 2026
• Teaching financial geography in an emerging international financial center: the practices at Beijing Normal University · Journal of Geography in Higher Education · 2026
• Exploring the Dynamics of Financial Inclusion in Enhancing Economic Empowerment among the Physically Disabled: An Empirical Investigation · International Journal of Engineering and Management Research · 2026
• Recovery Efficiency and Asset Soundness of Regional Rural Banks in Uttar Pradesh: An Empirical Study · International Journal of Creative and Open Research in Engineering and Management · 2026
• Impact of income, poverty, and artificial intelligence on financial inclusion · Journal of Financial Economic Policy · 2026
• The Role of Digital Financial Inclusion in Promoting Sustainable Economic Growth in India · International Research Journal of Modernization in Engineering Technology & Science · 2026
• Cashless Economy and Digital Currency: Implications for Jharkhand’s Local Markets · International Journal of Creative and Open Research in Engineering and Management · 2026
• Impact of Digital Literacy on Financial Inclusion in Rural India · International Journal of Science and Research (IJSR) · 2026
• The Trend in Microcredit Growth and its Consequence on Poverty in Bangladesh: A Review · Asian Journal of Managerial Science · 2026

Related topics in Economics, Econometrics and Finance