Analysis of factors affecting financial inclusion: Ecosystem view

This study aims to research factors enabling financial inclusion in developing economies. The authors analyse the ecosystems of 43 countries using fsQCA in order to establish the configurations of ecosystem components that enable financial inclusion and those that lead to financial exclusion. Results show that there are three configurations of factors affecting financial inclusion: high socio-demographic and political factors in the absence of economical development; high social, technological and economical factors in the absence of political development; and political and economical factors in the absence of social and technological development. Two combinations of factors affecting financial exclusion are the absence of social and economical factors in the presence of political and technological development; finally, the configuration with absent socio-demographic, technological and political factors of development. The results obtained have policy implications for countries seeking to develop financial inclusion, outlining the most important spheres of the ecosystem to promote and support.