4. The Beneficiaries Theory of Financial Inclusion and the Fourth Industrial Revolution

The objective of this chapter is to provide evidence for the beneficiary theory of financial inclusion from the standpoint of the Fourth Industrial Revolution. According to the theory, there are several conflicting hypotheses and points of view regarding who should benefit from the impacts of financial inclusion. Some academics believe it is the poor people, while others believe it is women, while others assert unequivocally that the economy and the financial system should benefit from financial inclusion. This chapter also emphasizes that there are other beneficiaries of financial inclusion, such as young people, old people, sick and ill people, disabled persons, and individuals who were previously unable to receive financial services because of various barriers. Theories such as the public good theory of financial inclusion, the discontent theory of financial inclusion, and the vulnerable group theory were explored in this chapter. This chapter also discusses the influence of the Fourth Industrial Revolution on the notions of financial inclusion’s beneficiaries. It also emphasizes that the Fourth Industrial Revolution affected financial inclusion from the perspective of the beneficiary theory on multiple fronts, but that the impact of its underlying technologies on the inclusion of previously disadvantaged individuals was more significant.