COVID-19 Global Pandemic, Financial Development and Financial Inclusion

Abstract

This chapter examines how the Covid-19 pandemic has affected financial development and financial inclusion in African countries. The study provides both broad perspectives and country-specific frameworks based on selected country cases studies. Some emphasis is placed on the achievement of sustainable development goals (SDGs) that are related to financial inclusion. The study aims to understand what immediate challenges the COVID-19 pandemic has represented to the economies and societies on the one hand and on the other, the effect of the COVID-19 on the interconnected financial systems in terms of consequences of the pandemic. The relevance of the study builds on the importance of these insights in helping both scholars and policy makers understand how the effect of the pandemic on the financial system and by extension, the global economy can be mitigated for more financial inclusion.

Financial Inclusion Through Technology: A Review of Trends in Emerging Markets

“…Moreover, the crisis has drawn attention to the strategic responses of Chinese firms on digital transformation, highlighting the importance of accelerating digital transformation to enhance competitive advantage (Wu et al, 2023). Lessons learned from the pandemic include the need to explore ways to reduce enterprise financial risk, the importance of leadership in crisis-induced digital transformation, and the impact of the pandemic on financial development and financial inclusion (Li et al, 2022;Bartsch et al, 2020;Ojong & Asongu, 2021). The crisis has also shed light on the limitations and barriers to the implementation of digital innovations, including legal, ethical, and privacy barriers, as well as organizational and workforce barriers (Budd et al, 2020).…”