Seyed fakhreddin Fakhrhosseini; meysam kaviani
Abstract
One of the foremost challenges in global policy is the lack of financial-service access for vulnerable and needy groups, which has elevated financial inclusion to a worldwide concern. ...
Read More
One of the foremost challenges in global policy is the lack of financial-service access for vulnerable and needy groups, which has elevated financial inclusion to a worldwide concern. Designing innovative financial-service models for the poor remains a pressing challenge, and financial inclusion is now recognized as a key driver of poverty alleviation, enabling low-income individuals to participate and benefit from economic growth. Several countries have achieved notable progress in their financial systems, including banking and insurance, and by rolling out digital financial services they have assumed central roles in financial-inclusion initiatives. Models of financial inclusion such as mobile money and other digital financial services can underpin economic growth and support developmental goals. In developing countries these models act as primary engines of growth by creating employment, boosting business productivity, and fostering entrepreneurship. Digital technologies can markedly reduce financial exclusion and, especially through financial technology (fintech), make inclusion more accessible, helping millions to lift themselves out of poverty. Despite these advances, many Islamic nations, including Iran, still confront challenges in extending banking services to large unbanked populations and in deploying digital insurance technologies, even though Iran ranks favorably among Asian and many European countries in this regard.
)
