9. Prospects and Challenges of Digital Financial Inclusion/Fintech Innovation in the Fourth Industrial Revolution

This chapter documents the challenges associated with digital financial inclusion for diverse stakeholders, including enterprises and women. Volatility, revenue restrictions, and regional constraints are just a few of the issues that have been brought up for firms, including lack of infrastructure, weak venture capital and technology ecosystems, problems with literacy and trust, and poverty are all present. Some of the issues mentioned concerning women include limited access to official identification cards, laws that discriminate against women's account ownership, attitudes towards women's participation in the workforce and access to digital financial services, low levels of women's digital literacy and financial capability, and the fact that women are less likely than men to own a cell phone, among others. The fact that formal financial services are hard to come by in emerging nations, together with low-income levels and inadequate infrastructure, are some factors that allow digital financial services to be beneficial to firms. The chapter ends by listing the measures that can make digital financial inclusion a reality, including lowering the cost of digital services, finding ways to boost digital literacy, and using artificial intelligence to get rid of systemic prejudices, among other things.