17 Years of Fintech for Financial Inclusion: A Critical Review of Design Challenges and Pathways

What is it about?

The use of digital financial tools and platforms (fintech) to advance financial inclusion has been growing; however, real-world outcomes have been mixed and occasionally adverse. To fully realize the benefits of technology for underserved groups, a deeper understanding of the design of digital financial interventions is essential. This article presents research based on a systematic review of global fintech initiatives—from simple applets to advanced blockchain platforms and digital currencies—implemented between 2007 and 2024 for financial inclusion. Thirteen key design themes, including trust, robustness, human agency, transparency, compatibility, contextual sensitivity, emerge as critical in shaping fintech systems for users excluded by mainstream financial institutions. These themes highlight tensions and opportunities in designing for formal versus informal, and group versus individual financial practices. Critically, the paper warns that poorly designed systems risk excluding marginalized groups, and stresses the importance of design justice, accountability, and intersectionality in future fintech development for meaningful and equitable financial inclusion. The discussion concludes with implications for developing fintech beyond the dominant design priorities of efficiency, scalability, and speed.

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Photo by Mathieu Stern on Unsplash

Photo by Mathieu Stern on Unsplash

Why is it important?

In the context of financial inclusion, interventions like those we reviewed often affect livelihoods, debt, or interactions with state services. The features and possibilities offered by technology design play a crucial role in determining whether and how users and groups are included or further marginalized from financial services. In such high-stakes settings, designing interventions is not only a socio-technical decision but also an ethical one.

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