Financial inclusion in developing countries faces several challenges that need to be addressed to ensure broader access to financial services and products.
Lack of Access to Financial Products and Services:
One of the primary challenges in achieving financial inclusion in developing countries is the limited access to financial products and services. This includes challenges related to the adoption of mobile banking by the poor in these nations .
Role of Government, Financial Institutions, and Fintech:
The role of government, financial institutions, and fintech is crucial in addressing the challenges militating against financial inclusion in developing countries .
Central Bank Digital Currency (CBDC) and Financial Inclusion:
The exploration of Central Bank Digital Currency (CBDC) has been considered as both an opportunity and a challenge for financial inclusion. While it has the potential to expand financial inclusion, there are also concerns about how it could deepen the divide if not designed and implemented carefully .
Digital Infrastructure and Technical Capacity:
Governments need to improve access to digital infrastructure such as phone or internet connectivity. Additionally, central banks will need to develop the expertise and technical capacity to manage the risks to data privacy and financial integrity .
Impact of Space Exploration on Economic Development:
Space exploration has initiated the economic development of space, which can potentially contribute to addressing economic development issues facing developing countries .