The Role of Financial Inclusion in Driving Economic Growth

Abstract

Purpose: This study analyses the economic essence of financial inclusiveness in the context of the accessibility of financial services for both the population and businesses Design/Methodology/Approach: This research adopts a qualitative approach to examine the relationship between financial inclusion and economic growth. This research employs a systematic sampling approach for secondary data collection. The study examined the processes of financial inclusiveness development in Ukraine from 2022–2023 and twenty countries included in the Global Crypto Adoption Index Top-20 for 2022. These instruments focus on collecting reliable secondary data spanning one year (2022-2023). Qualitative data undergoes thematic content analysis and pattern matching to identify emerging trends and success factors. Research Limitation: The study is limited by the lack of access to official, reliable data and the difficulty of empirically verifying theoretical conclusions. Findings: This paper analyses the mechanisms for ensuring financial inclusion through the introduction of digital innovations. It defines the essence of innovations and identifies trends in their implementation. Practical Implication: Providing access to financial services for all population segments is proven to help reduce poverty and social inequality, promote entrepreneurship and investment, improve financial stability, and ensure economic growth. Social Implication: It has been found that financial inclusion is positioned as both a component and a driver of socio-economic progress. Originality/Value: The research process highlighted the importance of developing financial inclusion in Ukraine. The main trends in the dependence of economic growth on the level of financial inclusion were identified.