The pyrrhic victory of FinTech and its implications for achieving the Sustainable Development Goals: evidence from fieldwork in rural Zambia

Chikalipah, Sydney

doi:10.1108/wjstsd-06-2020-0058

Cited by 7 publications

(5 citation statements)

References 17 publications

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“…Finally, this study reveals that FinTech behavioral adoption positively and significantly impacts sustainability (p < 0.01). The result affirms previous studies positing the implication of FinTech adoption on sustainability and achieving the Sustainable Development Goals (SDGs) [2,41,48,52]. Given the circumstances in which this survey was conducted, the results validate FinTech's capability to drive financial inclusion.…”

Section: Discussionsupporting

confidence: 84%

“…Mobile money positively impacts sustainability through the United Nations (UN) Sustainable Development Goal (SDG) covering Gender Equality (SDG5), SDG 8-Decent Work and Economic Growth and expanding financial inclusion through mobile money, and SDG 10-Reduce Inequalities [41]. Chikalipah [52] conducted a similar study among low-income households in Zambia, and found strong evidence showing that mobile money users mainly used the service for money transfers. Had they used mobile money for savings and paying credit balances, they could have improved their consumption through borrowing, reduced their vulnerability to shocks through risk diversification, and increased investment through savings.…”

Section: Fintech Adoption and Sustainability From An Sis Perspectivementioning

confidence: 99%

“…Had they used mobile money for savings and paying credit balances, they could have improved their consumption through borrowing, reduced their vulnerability to shocks through risk diversification, and increased investment through savings. The study by [52] emphasized that it is through these channels that mobile money services can contribute to achieving the SDGs. Similarly, ref.…”

Section: Fintech Adoption and Sustainability From An Sis Perspectivementioning

confidence: 99%

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Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19

et al. 2022

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Industry 4.0 technologies, designed to optimize efficiencies, are indisputable change agents for sustainability. In the context of financial technology (FinTech), the burgeoning question concerns how to create FinTech natives from the COVID-19-pandemic-induced adoption and realize FinTech’s impact on sustainability? Thus, this study had the following purposes: (1) to examine whether perceived benefits and risks affect FinTech services adoption; (2) to test the role of fear of COVID-19 in FinTech adoption; and (3) to investigate whether FinTech adoption contributes to sustainability. The hypotheses derived from the net valence framework, sustainable information society theory, and protection motivation theory were tested using structural equation modeling (SEM). Our online survey of bank consumers in Malaysia between December 2021 and February 2022 yielded 1279 usable questionnaires, randomly selected to generate 400 respondents. The results revealed that: (1) the perceived benefits significantly influence FinTech adoption, whereas perceived risk does not; (2) fear of COVID-19 moderates the perceived benefits–FinTech adoption relationship and fully mediates the perceived risk–FinTech adoption relationship; and (3) FinTech adoption significantly affects sustainability. This study demonstrates that FinTech adoption models must exploit consumer sentiment (e.g., fear) to optimize FinTech’s benefits and risks, thereby creating FinTech natives to realize its impacts on economic, environmental, and social sustainability.

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Section: Discussionsupporting

confidence: 84%

Section: Fintech Adoption and Sustainability From An Sis Perspectivementioning

confidence: 99%

Section: Fintech Adoption and Sustainability From An Sis Perspectivementioning

confidence: 99%

See 1 more Smart Citation

Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19

et al. 2022

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“…Fintech is slowly increasing the adoption of DFSs in developing countries. According to Fang and Zhang (2021), He (2020), andChikalipah (2020), most rural areas in developing countries are financially excluded, yet DFI can contribute significantly to the access of funding for agriculture. Mishar and Kumar (2018) claim that the potential of financial services and fintech is untapped and underexploited in emerging economies with disadvantaged groups not accessing lines of credit, insurance, mortgage loans, investment services, and other financial services.…”

Section: The Provision and Uptake Of Dfss In Developing Countriesmentioning

confidence: 99%

Industry 4.0 in Finance, Digital Financial Services and Digital Financial Inclusion in Developing Countries: Opportunities, Challenges, and Possible Policy Responses

Mpofu

2024

IJEFI

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Fintech and the adoption of Fourth Industrial Revolution (industry 4.0) technologies have expanded the provision and uptake of digital financial services (DFSs) globally. Digital transformation in the financial industry intended to modify financial service provisioning by reducing the costs of accessing and challenges such as inaccessibility due to remoteness, not having a bank account, not having a credit history, or having erratic incomes. Digital financial inclusion (DFI) aims to ensure that financial services, such as deposits, payments, transfers, withdrawals, investments, accessing insurance and credit, checking account balances, receiving money, and making international remittances, are conducted conveniently, easily, safely, reliably, and affordably. DFI focuses on ensuring access to financial services through digital channels and platforms for individuals, businesses, and households, to promote financial inclusion for all stakeholders, especially previously financially excluded groups. Through a critical review of the literature, this study explores the opportunities and challenges of DFI or the adoption and use of DFS. The review unpacks the possible benefits of using DFSs, which include the broadening financial inclusion, increasing diversity and innovation in the financial services sector, attainment of the SDGs, reduction of poverty, increased economic growth, and minimization of the gender financial inclusion gap, as well as reduction in inequalities. The constraints include the inadequacy of digital infrastructure, taxes on DFS, literacy challenges, digital exclusion, poverty and the gender divide, risks, and lack of trust in the financial services sector. The study recommends appropriate regulation and oversight, literacy enhancement initiatives, investment in digital infrastructure, and increased consumer protection as measures to improve DFI in developing countries.

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“…It has been suggested that there have been three phases of fintech and we are currently in the third phase (Zabala Aguayo & Ślusarczyk, 2020) International studies have highlighted the importance of online P2P credit services, including the efficient allocation of assets, high interest rate competition, low transaction fees, and a mixed credit service mechanism (Arner et al, 2020). Investment in the fintech sector is growing rapidly year by year, in 2019 worldwide $135.7 billion invested in the fintech sector (Chikalipah, 2020;Farahani et al, 2022). P2P loans increased by 262 percent from more than $26 billion to $68 billion from 2015 to 2019.…”

Section: Introductionmentioning

confidence: 99%

Factors Affecting Borrowers’ Intention in Peer-To-Peer Lending Platform in Mongolia

Gerelt-Od

Delgertsetseg

et al. 2022

Eduvest

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The current paper aims to examine factors that influence borrowers’ intention to borrow from Peer-to-Peer lending platform in Mongolia. This topic has been attracting researchers’ interest especially since 2008 when the 3rd round of fintech development starts over the developed countries. The most of those studies focus on investigating the factors that explain borrowers’ intention to borrow, and a few of them research this perspective from the investors’ side. It is hardly to find the study that explain intentions of parties to participate in a P2P lending platform in Mongolia. Our research tries to fill this gap by studying factors influencing borrowers’ intention in Mongolian fintech market. We have used the TAM model as a theoretical framework and have collected survey questionnaires from investors and borrowers from all fintech companies in Mongolia. The result shows that borrowers’ intention is mostly driven by initial trust and perceived risk. Other variables, perceived ease of use and perceived security, have no impact on borrowers’ decisions to participate in P2P platform.

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The pyrrhic victory of FinTech and its implications for achieving the Sustainable Development Goals: evidence from fieldwork in rural Zambia

Cited by 7 publications

References 17 publications

Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19

Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19

Industry 4.0 in Finance, Digital Financial Services and Digital Financial Inclusion in Developing Countries: Opportunities, Challenges, and Possible Policy Responses

Factors Affecting Borrowers’ Intention in Peer-To-Peer Lending Platform in Mongolia

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