International Journal of Trend in Scientific Research and Development (IJTSRD)

Volume 8 Issue 4, Jul-Aug 2024 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470

Fintech: A Catalyst for Micro-Credit Across the Globe

Nitish Shekhar, Siddhartha Ghosh
Ph.D. Research Scholar, Mahatma Gandhi Central University, Motihari, Bihar, India

ABSTRACT How to cite this paper: Nitish Shekhar |

This academic paper explores the transformative impact of financial Siddhartha Ghosh "Fintech: A Catalyst
technology (FinTech) on global financial systems and economic for Micro-Credit Across the Globe"
inclusion. Beginning with an examination of the evolution and Published in
paradigms of FinTech post-crisis, it delves into the role of digital International Journal
of Trend in
innovations in enhancing financial services accessibility, particularly Scientific Research
in developing economies. Key themes include the rise of mobile and Development
money and blockchain technologies, their implications for financial (ijtsrd), ISSN: 2456-
inclusion, and the challenges and opportunities they present in 6470, Volume-8 | IJTSRD67120
different regional contexts. Insights from empirical studies on Issue-4, August
microfinance, peer-to-peer lending, and digital credit illustrate the 2024, pp.47-55, URL:
nuanced effects of FinTech on economic development and regulatory www.ijtsrd.com/papers/ijtsrd67120.pdf
frameworks. The paper concludes with a discussion on future
research directions to maximize the potential of FinTech for Copyright © 2024 by author (s) and
sustainable financial inclusion. International Journal of Trend in
Scientific Research and Development
KEYWORDS: FinTech, financial inclusion, digital finance, mobile Journal. This is an
money, blockchain technology, microfinance, peer-to-peer lending, Open Access article
economic development, regulatory frameworks distributed under the
terms of the Creative Commons
Attribution License (CC BY 4.0)
(http://creativecommons.org/licenses/by/4.0)
1. INTRODUCTION
1.1. Background
Financial technology, commonly known as fintech,  To identify the challenges and risks associated
has revolutionized the financial services industry, with fintech in micro-credit.
offering innovative solutions to enhance the  To review the policy and regulatory frameworks
accessibility and efficiency of financial services supporting fintech in micro-credit.
(Arner, Barberis, & Buckley, 2015). One of the  To discuss future trends and opportunities in this
significant contributions of fintech is in the domain of sector.
micro-credit, where it has emerged as a critical tool 1.3. Scope and Significance
for providing financial services to underserved The study focuses on the global impact of fintech on
populations across the globe. The integration of micro-credit, encompassing various regions and their
fintech into micro-credit has not only simplified the unique approaches. By providing an in-depth analysis
process of obtaining small loans but has also of fintech innovations and their implications, this
broadened the reach of these services to remote and paper contributes to the understanding of how
rural areas, where traditional banking infrastructure is financial technologies can drive economic growth and
often lacking (Mader, 2013). inclusion (Gabor & Brooks, 2017). The significance
1.2. Objectives of the Study of this study lies in its potential to inform
This paper aims to explore the role of fintech as a policymakers, financial institutions, and development
catalyst for micro-credit globally. The specific organizations about effective strategies to leverage
objectives include: fintech for enhancing micro-credit services.
 To examine the evolution and current landscape 1.4. Methodology
of fintech in micro-credit. The research methodology for this paper includes a
 To analyze the technological innovations driving comprehensive literature review, case studies, and
micro-credit. comparative analysis. Academic journals, industry
 To assess the impact of fintech on financial reports, and policy papers form the primary sources
inclusion. of data. Additionally, qualitative data from expert

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
interviews and surveys supplement the secondary data The importance of micro-credit lies in its ability to
to provide a holistic view of the subject matter. address financial exclusion. Traditional financial
1.5. Structure of the Paper institutions often perceive low-income individuals as
The paper is structured into nine chapters. Chapter 1 high-risk borrowers due to a lack of collateral and
introduces the topic, outlines the objectives, scope, credit history. Micro-credit institutions, however,
and methodology. Chapter 2 provides an overview of utilize alternative assessment methods and group
fintech and micro-credit. Chapter 3 discusses the lending models to mitigate these risks and ensure loan
global landscape of fintech in micro-credit. Chapter 4 repayment (Ledgerwood, Earne, & Nelson, 2013).
delves into the technological innovations driving 2.3. The Intersection of Fintech and Micro-credit
micro-credit. Chapter 5 examines the impact on The integration of fintech into micro-credit has
financial inclusion. Chapter 6 identifies the revolutionized the way small loans are distributed and
challenges and risks. Chapter 7 reviews policy and managed. Fintech solutions have made micro-credit
regulatory frameworks. Chapter 8 explores future more accessible, efficient, and scalable. Mobile
trends and opportunities. Finally, Chapter 9 concludes technology, in particular, has played a crucial role in
with a summary of findings and recommendations. extending the reach of micro-credit services to remote
2. Overview of Fintech and Micro-credit and underserved areas (Jack & Suri, 2011). Mobile
2.1. Definition and Evolution of Fintech banking and digital wallets enable individuals to
Financial technology, or fintech, encompasses a broad apply for, receive, and repay micro-loans using their
range of technological innovations aimed at mobile phones, bypassing the need for physical
improving and automating the delivery and use of banking infrastructure (Donovan, 2012).
financial services. Fintech includes various Moreover, fintech innovations such as blockchain
applications, from mobile banking and peer-to-peer technology and smart contracts are enhancing
lending to blockchain technology and transparency and security in micro-credit transactions
cryptocurrencies (Gomber, Koch, & Siering, 2017). (Tapscott & Tapscott, 2017). These technologies
The evolution of fintech can be traced back to the late reduce the risk of fraud and ensure that the terms of
20th century with the advent of the internet and micro-loans are adhered to, fostering greater trust
advancements in computing power, which between lenders and borrowers.
revolutionized how financial institutions operate and
Peer-to-peer (P2P) lending platforms are another
interact with consumers (Schindler, 2017).
significant fintech innovation impacting micro-credit.
Initially, fintech innovations were primarily focused These platforms connect individual borrowers with
on backend systems of financial institutions. individual lenders, democratizing access to credit and
However, with the rise of the internet and mobile often providing more favorable terms than traditional
technology, fintech has increasingly shifted towards microfinance institutions (Morse, 2015). By
consumer-oriented applications, facilitating easier leveraging data analytics and machine learning, P2P
access to financial services (Arner, Barberis, & platforms can better assess the creditworthiness of
Buckley, 2015). Today, fintech is characterized by a borrowers and tailor loan products to their specific
highly dynamic and innovative landscape, continually needs (Iyer et al., 2016).
reshaping the financial services industry.
3. Global Landscape of Fintech in Micro-credit
2.2. Understanding Micro-credit: Concepts and 3.1. Regional Adoption and Trends
Importance Fintech's integration into micro-credit varies
Micro-credit refers to the provision of small loans to significantly across different regions, influenced by
individuals who do not have access to traditional local economic conditions, regulatory environments,
banking services. This concept is rooted in the and technological infrastructure. In Sub-Saharan
broader field of microfinance, which includes a range Africa, mobile money platforms like M-Pesa in
of financial services such as savings, insurance, and Kenya have revolutionized access to micro-credit,
payment services targeted at low-income populations allowing millions of people to perform financial
(Armendáriz & Morduch, 2010). The primary goal of transactions using their mobile phones (Mbiti & Weil,
micro-credit is to empower underserved populations 2016). The success of M-Pesa has spurred similar
by providing them with the necessary financial initiatives across the region, making it a global leader
resources to start or expand small businesses, thereby in mobile financial services (Jack & Suri, 2011).
promoting economic development and reducing
In Asia, countries like China and India have seen
poverty (Yunus, 2007).
rapid growth in fintech-driven micro-credit services.
China’s internet finance industry, led by companies

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such as Ant Financial, has dramatically increased the 3.3. Comparative Analysis of Different Regions
accessibility of micro-loans, especially in rural areas The adoption and success of fintech in micro-credit
(Chen & Zhang, 2016). In India, the government’s across different regions highlight various strengths
push towards a digital economy, combined with and challenges. Sub-Saharan Africa’s success with
initiatives like Aadhaar (a biometric identification mobile money platforms underscores the importance
system), has facilitated the expansion of fintech of mobile technology in enhancing financial inclusion
solutions in the micro-credit sector (Muthukannan, in areas with limited banking infrastructure (Mbiti &
2017). Weil, 2016). In contrast, Asia’s rapid digital
Latin America has also witnessed significant fintech transformation, driven by extensive internet
developments, particularly in countries like Brazil penetration and government initiatives, demonstrates
and Mexico. The region’s large unbanked population how a supportive regulatory environment can
has provided fertile ground for fintech innovations facilitate fintech growth (Chen & Zhang, 2016).
aimed at increasing financial inclusion. Companies Latin America’s experience emphasizes the role of
like Kubo.financiero in Mexico offer peer-to-peer peer-to-peer lending platforms in addressing the
lending platforms that cater to small businesses and credit needs of underserved populations. However,
individual borrowers, bridging the gap left by the region also faces significant challenges, including
traditional financial institutions (Durán-Santomil et regulatory hurdles and limited access to technology in
al., 2019). remote areas (Durán-Santomil et al., 2019). These
3.2. Case Studies of Successful Fintech Micro- regional differences underscore the need for tailored
credit Models approaches to fintech adoption, taking into account
Kenya: M-Pesa local contexts and specific barriers to financial
M-Pesa, launched by Safaricom in 2007, is one of the inclusion.
most successful mobile money platforms globally. It 4. Technological Innovations Driving Micro-
enables users to deposit, withdraw, transfer money, credit
and access micro-credit services using their mobile 4.1. Digital Platforms and Mobile Technology
phones. M-Pesa's integration with the microfinance Digital platforms and mobile technology have played
institution M-Shwari allows users to save money and a pivotal role in the expansion and efficiency of
access micro-loans directly through their mobile micro-credit services worldwide. Mobile banking
devices (Suri & Jack, 2016). This model has applications enable users to access financial services
significantly increased financial inclusion, without the need for physical bank branches,
particularly among low-income populations in rural significantly reducing operational costs and extending
areas. reach to rural and underserved areas (Donovan,
China: Ant Financial 2012). For instance, mobile money services like M-
Ant Financial, an affiliate of Alibaba Group, operates Pesa in Kenya have shown how digital platforms can
Alipay, one of the world's largest digital payment facilitate micro-loans and other financial services,
platforms. Through its online lending services, Ant boosting financial inclusion (Mbiti & Weil, 2016).
Financial has extended micro-credit to millions of The proliferation of smartphones and internet
small businesses and individuals in China. The connectivity has further accelerated the adoption of
company's use of big data analytics to assess credit mobile banking and micro-credit services.
risk has enabled it to provide loans efficiently and at a Applications such as Alipay in China and Paytm in
lower cost than traditional banks (Chen & Zhang, India have integrated micro-credit facilities into their
2016). platforms, allowing users to seamlessly apply for and
India: Faircent manage micro-loans (Chen & Zhang, 2016;
Faircent is India’s largest peer-to-peer lending Muthukannan, 2017). These platforms use user data
platform, connecting individual borrowers with to assess creditworthiness, making the loan approval
lenders. It offers a wide range of loan products, process quicker and more efficient.
including micro-loans, to individuals who may not 4.2. Blockchain and Cryptocurrencies
qualify for traditional bank loans. Faircent uses Blockchain technology and cryptocurrencies are
technology to streamline the loan application process revolutionizing the micro-credit landscape by
and employs machine learning algorithms to evaluate enhancing transparency, security, and efficiency.
credit risk, thereby reducing default rates Blockchain’s decentralized ledger system ensures that
(Muthukannan, 2017). all transactions are recorded immutably, reducing the
risk of fraud and ensuring the integrity of micro-credit
operations (Tapscott & Tapscott, 2017). Smart

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contracts, which are self-executing contracts with the 5. Impact on Financial Inclusion
terms of the agreement directly written into code, 5.1. Increasing Accessibility to Financial Services
enable automatic disbursement and repayment of Fintech has significantly increased the accessibility of
loans, thereby streamlining the micro-credit process financial services, particularly in regions with limited
(Pisa & Juden, 2017). banking infrastructure. Mobile money platforms, such
Cryptocurrencies, such as Bitcoin and Ethereum, as M-Pesa in Kenya, have enabled millions of
provide alternative means of transferring value, which unbanked and underbanked individuals to participate
can be particularly beneficial in regions with unstable in the financial system (Mbiti & Weil, 2016). By
currencies or limited access to traditional banking offering services like mobile banking, digital
services. Platforms like BitPesa leverage blockchain payments, and micro-loans, fintech companies have
technology to offer micro-credit services and cross- bridged the gap between traditional financial
border payments in Africa, reducing transaction costs institutions and underserved populations (Demirgüç-
and improving accessibility (Raymaekers, 2015). Kunt et al., 2018).

4.3. Artificial Intelligence and Machine Learning In India, the government’s Digital India initiative has
Artificial intelligence (AI) and machine learning spurred the growth of fintech solutions, making
(ML) are transforming micro-credit by improving the financial services more accessible to rural and low-
assessment of credit risk and personalizing loan income populations. The proliferation of mobile
products. AI and ML algorithms analyze vast wallets and payment apps, such as Paytm and
amounts of data, including non-traditional data PhonePe, has allowed individuals to perform financial
sources such as social media activity and mobile transactions without needing a bank account
phone usage, to predict borrowers' creditworthiness (Chakraborty & Kaur, 2019). These platforms also
more accurately than traditional credit scoring offer micro-credit facilities, further enhancing
methods (Hurley & Adebayo, 2017). This approach financial inclusion.
allows micro-credit providers to extend loans to 5.2. Empowering Underbanked Populations
individuals who might otherwise be deemed too risky Fintech has played a crucial role in empowering
by conventional standards. underbanked populations by providing them with
Companies like Lenddo and Tala use AI and ML to access to essential financial services. Peer-to-peer
offer micro-loans in emerging markets by evaluating lending platforms, for instance, have democratized
alternative data points, enabling them to serve access to credit, allowing individuals to obtain loans
populations that lack formal credit histories that might not be available through traditional banks
(Bjorkegren & Grissen, 2018). These technologies not (Morse, 2015). These platforms leverage technology
only enhance the precision of credit assessments but to connect borrowers with lenders, offering more
also streamline the loan approval process, making it favorable terms and increasing financial inclusion.
faster and more efficient. Moreover, fintech companies use innovative
4.4. Peer-to-Peer (P2P) Lending approaches to assess creditworthiness, such as
Peer-to-peer (P2P) lending platforms connect analyzing mobile phone usage and social media
individual borrowers with lenders, bypassing activity, enabling them to serve populations that lack
traditional financial institutions and their associated formal credit histories (Bjorkegren & Grissen, 2018).
costs. These platforms use digital technology to By providing access to credit, fintech solutions
facilitate the lending process, often providing better empower individuals to invest in small businesses,
interest rates for both borrowers and lenders (Morse, education, and other opportunities that contribute to
2015). P2P lending democratizes access to credit, economic development (Cull et al., 2014).
allowing individuals to obtain micro-loans that might 5.3. Reducing Barriers to Credit
not be available through traditional banking channels. Traditional financial institutions often impose
Platforms like LendingClub in the United States and stringent requirements for obtaining credit, such as
Funding Circle in the UK have successfully collateral and formal credit histories, which many
implemented P2P lending models, demonstrating the low-income individuals cannot meet. Fintech
potential of this approach to disrupt traditional micro- companies have addressed these barriers by utilizing
credit systems (Iyer et al., 2016). By leveraging alternative data and innovative credit assessment
technology to match borrowers with lenders and methods. For example, companies like Tala and
manage loan transactions, P2P platforms increase Branch use mobile phone data to assess borrowers'
efficiency and reduce the barriers to accessing credit. creditworthiness, enabling them to provide micro-
loans to individuals who would otherwise be

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excluded from the formal financial system ensure that fintech firms adhere to stringent security
(Kaffenberger, Totolo, & Soursourian, 2018). standards.
Blockchain technology also plays a role in reducing 6.3. Financial Literacy and Digital Divide
barriers to credit by enhancing transparency and trust The effectiveness of fintech-driven micro-credit
in financial transactions. Smart contracts on services is often hindered by low levels of financial
blockchain platforms automate the enforcement of literacy among potential users. Many individuals in
loan agreements, reducing the risk of default and developing countries lack the necessary knowledge to
increasing lenders’ confidence in providing credit make informed decisions about financial products and
(Tapscott & Tapscott, 2017). This technology ensures services, which can lead to misuse and over-
that loan terms are met and reduces the need for indebtedness (Lusardi & Mitchell, 2014). Fintech
intermediaries, thereby lowering the cost of credit. companies need to invest in financial education
6. Challenges and Risks in Fintech-Driven Micro- programs to ensure that their customers understand
credit how to use their services responsibly.
6.1. Regulatory Challenges Additionally, the digital divide remains a significant
The rapid growth of fintech in the micro-credit sector barrier to the widespread adoption of fintech
has posed significant regulatory challenges. solutions. Access to the internet and digital devices is
Regulatory frameworks often lag behind unevenly distributed, particularly in rural and low-
technological innovations, creating uncertainties for income areas (Demirgüç-Kunt et al., 2018). Bridging
fintech companies operating in the financial sector. In this divide requires concerted efforts from
many countries, the lack of clear regulations governments, private sector players, and international
regarding digital lending and fintech operations can organizations to improve digital infrastructure and
impede growth and innovation (Zavolokina, Schlegel, accessibility.
& Schwabe, 2020). Regulatory bodies are tasked with
6.4. Sustainability and Ethical Concerns
balancing the need to protect consumers and maintain
The rapid proliferation of micro-credit services,
financial stability while fostering innovation and
driven by fintech innovations, raises concerns about
competition in the market.
the sustainability of these business models and their
For example, in China, the rapid expansion of peer- impact on borrowers. There is a risk that aggressive
to-peer (P2P) lending platforms led to regulatory lending practices could lead to over-indebtedness,
crackdowns in 2018 and 2019, aimed at curbing fraud particularly among vulnerable populations (Bateman
and protecting investors (Chen & Qian, 2020). & Chang, 2012). Ensuring that micro-credit services
Similarly, in India, the Reserve Bank of India (RBI) are provided responsibly and ethically is crucial to
has introduced guidelines for digital lending avoiding negative social and economic consequences.
platforms to ensure transparency and accountability,
Moreover, the environmental impact of fintech
but challenges remain in effectively implementing
operations, particularly those involving blockchain
and enforcing these regulations (RBI, 2020).
technology, cannot be ignored. The energy
6.2. Cybersecurity and Fraud Risks consumption associated with blockchain transactions
As fintech companies increasingly rely on digital has raised concerns about their sustainability and
platforms to deliver micro-credit services, long-term viability (Sedlmeir et al., 2020). Fintech
cybersecurity and fraud risks become critical companies must explore ways to minimize their
concerns. Cyber-attacks and data breaches can environmental footprint and adopt sustainable
compromise sensitive customer information, leading practices.
to financial losses and erosion of trust in fintech
7. Future Prospects and Opportunities in
services (Kashyap & Garfinkel, 2017). The
Fintech-Driven Micro-credit
decentralized nature of some fintech solutions, such
7.1. Emerging Technologies and Innovations
as blockchain, also presents unique security
The future of fintech-driven micro-credit is closely
challenges that need to be addressed.
tied to the continued evolution of technology.
Moreover, the anonymity and speed of digital Emerging technologies such as artificial intelligence
transactions can facilitate fraudulent activities, such (AI), machine learning (ML), blockchain, and the
as identity theft and phishing scams. Fintech Internet of Things (IoT) hold significant potential to
companies must invest in robust cybersecurity transform micro-credit services further. AI and ML
measures and continuously update their systems to can enhance credit scoring models by incorporating a
protect against evolving threats (Tanda & Schena, broader range of data sources, thereby improving the
2019). Regulatory frameworks also need to evolve to accuracy of credit assessments and reducing default

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rates (Hurley & Adebayo, 2017). Blockchain International cooperation and harmonization of
technology can provide secure, transparent, and regulations can also play a crucial role in fostering the
efficient platforms for loan transactions, reducing the global expansion of fintech solutions. By establishing
risk of fraud and enhancing trust between lenders and common standards and best practices, countries can
borrowers (Tapscott & Tapscott, 2017). create a more predictable and stable regulatory
The integration of IoT devices can also play a role in environment that encourages cross-border
the micro-credit landscape by providing real-time investments and collaborations (Arner, Barberis, &
data that can be used for credit assessments and Buckley, 2015).
monitoring loan usage. For example, IoT-enabled 7.4. Social Impact and Financial Inclusion
agricultural equipment can provide data on crop The primary goal of fintech-driven micro-credit is to
yields, which can be used to assess the enhance financial inclusion and improve the socio-
creditworthiness of farmers seeking micro-loans economic conditions of underserved populations. As
(Gubbi et al., 2013). These technological fintech companies continue to innovate and expand,
advancements will continue to open new avenues for they must remain focused on creating positive social
delivering micro-credit services efficiently and impact. This includes developing products that cater
securely. to the specific needs of low-income individuals,
7.2. Expansion into New Markets women, and other marginalized groups (Cull,
Fintech-driven micro-credit services have Demirgüç-Kunt, & Morduch, 2014).
predominantly focused on emerging markets in Asia, Collaborations between fintech firms, non-
Africa, and Latin America. However, there is governmental organizations (NGOs), and
significant potential for expansion into new regions development agencies can amplify the impact of
and underserved markets within developed micro-credit services by combining technological
economies. In developed countries, fintech solutions expertise with on-the-ground knowledge and
can address gaps in the financial services industry by resources. By working together, these stakeholders
providing micro-loans to small businesses and can develop comprehensive solutions that address the
individuals who may not have access to traditional multifaceted challenges of financial inclusion and
credit due to stringent banking regulations (Jagtiani & contribute to sustainable development (Bansal, 2014).
Lemieux, 2017).
8. Conclusion and Recommendations
Moreover, fintech companies can explore 8.1. Summary of Findings
opportunities in niche markets, such as financing for This paper has explored the transformative role of
green and sustainable projects, by leveraging their fintech in advancing micro-credit services globally. It
technological capabilities to assess and manage risks has highlighted how fintech innovations have
associated with these investments. The growing enhanced financial inclusion, particularly among
emphasis on environmental, social, and governance underserved populations. Mobile money platforms,
(ESG) criteria in investment decisions provides an digital lending, and peer-to-peer (P2P) lending have
opportunity for fintech firms to develop specialized democratized access to financial services,
micro-credit products that support sustainable significantly reducing the barriers to credit
development goals (OECD, 2020). (Demirgüç-Kunt et al., 2018). Additionally, the
7.3. Policy and Regulatory Support integration of technologies such as artificial
The continued growth and development of fintech- intelligence (AI), blockchain, and the Internet of
driven micro-credit services will require supportive Things (IoT) has further refined the delivery and
policy and regulatory environments. Governments efficiency of micro-credit services (Hurley &
and regulatory bodies need to adopt flexible and Adebayo, 2017; Tapscott & Tapscott, 2017).
forward-looking approaches to create an enabling 8.2. Key Challenges
environment for fintech innovation while ensuring Despite the significant advancements, the fintech-
consumer protection and financial stability driven micro-credit sector faces numerous challenges.
(Zavolokina, Schlegel, & Schwabe, 2020). Regulatory hurdles, cybersecurity risks, and the
Regulatory sandboxes, which allow fintech digital divide remain prominent issues (Zavolokina,
companies to test new products and services in a Schlegel, & Schwabe, 2020). Regulatory bodies
controlled environment, can facilitate innovation and worldwide struggle to keep pace with rapid
help regulators understand the implications of technological innovations, leading to uncertainties
emerging technologies (Jenik & Lauer, 2017). that can hinder growth and innovation (Chen & Qian,
2020). Cybersecurity threats and fraud are also
significant concerns, necessitating robust measures to

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protect sensitive financial data (Kashyap & Garfinkel, sustainable development goals (Bateman & Chang,
2017). Moreover, the digital divide, particularly in 2012).
rural and low-income areas, continues to limit the
8.5. Concluding Remarks
reach of fintech solutions (Demirgüç-Kunt et al.,
Fintech has the potential to be a powerful catalyst for
2018).
financial inclusion and economic development. By
8.3. Future Prospects addressing the challenges and leveraging emerging
The future of fintech-driven micro-credit appears technologies, fintech-driven micro-credit services can
promising, with several emerging technologies poised continue to evolve and expand their reach. A
to further revolutionize the sector. AI and machine collaborative approach involving fintech companies,
learning can enhance credit scoring and risk regulatory bodies, and other stakeholders is essential
assessment models, making credit more accessible to to create a resilient and inclusive financial ecosystem.
those lacking traditional credit histories (Hurley & With the right policies and innovations, fintech can
Adebayo, 2017). Blockchain technology offers significantly contribute to the goal of universal
potential for greater transparency and security in financial inclusion, empowering individuals and
financial transactions (Tapscott & Tapscott, 2017). communities worldwide.
Additionally, the expansion of fintech into new
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