FinTech and Financial Inclusion in Emerging Markets: Bibliometric Analysis, Key Insights, and Future Research Directions

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A recent study by Del Sarto, N., & Ozili, P. K. (2025) titled “FinTech and financial inclusion in emerging markets: a bibliometric analysis and future research agenda” published in the International Journal of Emerging Markets reveals that FinTech is a powerful driver of financial inclusion, particularly through innovations such as mobile banking, peer-to-peer lending, and blockchain technologies.

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FinTech drives financial inclusion in emerging markets through mobile banking, peer-to-peer lending, and blockchain, while critical gaps persist.
– Del Sarto, N., & Ozili, P. K. 2025

This study explores how financial technology (FinTech) is reshaping access to financial services in emerging markets, offering both opportunities and challenges for sustainable economic development. The research aims to map the global knowledge landscape on FinTech and financial inclusion, highlight key trends and themes, and propose a forward-looking agenda for future inquiry. Findings reveal that FinTech is a powerful driver of financial inclusion, particularly through innovations such as mobile banking, peer-to-peer lending, and blockchain technologies. These tools are reducing barriers to finance, empowering marginalized communities, and supporting economic growth. China, the USA, and the UK emerge as leading contributors to the academic literature in this space. However, knowledge gaps remain, especially regarding the long-term effects of FinTech on financial stability and vulnerable populations.

The study draws on several theoretical frameworks to explain FinTech’s transformative role. The Diffusion of Innovations Theory illustrates how new technologies spread across societies, while the Financial Intermediation Theory emphasizes how FinTech disrupts traditional banking models. The Institutional Theory highlights how cultural and regulatory contexts shape adoption, and the Resource-Based View (RBV) shows how FinTech firms leverage technological capabilities and human capital for competitive advantage. Adoption behavior is further explained through the Technology Acceptance Model (TAM), where perceived usefulness drives engagement. Additionally, the Bottom of the Pyramid (BoP) perspective underscores the potential of serving low-income communities in ways that are both impactful and profitable.

Key thematic areas include gender inclusion, rural development, sustainability, and technological synergy. FinTech is empowering women through mobile money and alternative credit scoring, bridging infrastructure gaps in rural areas via mobile banking and microfinance, and contributing to the UN Sustainable Development Goals (SDGs) by fostering inclusive growth. Emerging intersections with artificial intelligence (AI) are enhancing personalization and risk management, while green finance solutions support climate change mitigation through carbon tracking and sustainable investments.

How the Study was Conducted

The study employed a rigorous bibliometric methodology that combined quantitative and qualitative techniques to map the research landscape on FinTech and financial inclusion in emerging markets.

Data Collection
The data were sourced from the Scopus database, selected for its extensive coverage of peer-reviewed literature. The search targeted publications from 2015 to April 2024 using keywords such as “fintech” or “financial technology” in combination with “financial inclusion”, “financial access”, or “inclusive finance”. To ensure relevance, the scope was limited to English-language articles and reviews within the fields of business, management, accounting, economics, econometrics, and finance. From an initial pool of 737 records, a refined sample of 313 articles was identified for analysis.

Analytical Strategy
A multi-layered analytical approach was adopted:

• Performance Analysis evaluated the most productive authors, institutions, countries, and journals, measuring both scholarly output and influence.
• Science Mapping, using VOSviewer software, visualized co-citation networks and shared references to uncover intellectual structures and thematic clusters.
• Content Analysis provided a qualitative review of dominant themes, theoretical frameworks, and the temporal evolution of research topics.
• Bibliographic Coupling grouped studies by shared references, revealing emerging clusters and highlighting “hot topics” in the field.

Theoretical Frameworks
The analysis was guided by several theoretical lenses, including Diffusion of Innovations Theory, Financial Intermediation Theory, Institutional Theory, the Resource-Based View (RBV), the Technology Acceptance Model (TAM), and the Bottom of the Pyramid (BoP) framework. These perspectives offered insights into the varying patterns of FinTech adoption and its role in advancing financial inclusion across different contexts.

Outcome
This integrative methodology enabled the researchers to capture both the structural and thematic dimensions of the field, providing a comprehensive overview of existing scholarship while laying the groundwork for a forward-looking research agenda tailored to the challenges and opportunities of emerging markets.

What the Authors Found

The authors found that FinTech is a key driver of financial inclusion in emerging markets, primarily through mobile banking, peer-to-peer lending, and blockchain technologies. It significantly lowers financial barriers and promotes inclusive economic growth. At the same time, the study highlights critical gaps—particularly around the long-term impacts of FinTech on financial stability, the needs of marginalized populations, and the development of regulatory frameworks that balance innovation with consumer protection.

Why is this important

Expanding Financial Access – With over 1.4 billion people still unbanked, FinTech provides low-cost, scalable tools like mobile wallets and peer-to-peer lending that reach underserved populations where traditional banking fails.

Shaping Policy and Regulation – The study offers evidence to guide governments and financial institutions in designing policies that foster innovation while safeguarding consumers, particularly in fragile economies.

Advancing Research Frontiers – By highlighting gaps in areas such as gender-focused inclusion, AI-driven financial tools, and climate finance, the study builds a roadmap for future scholarly inquiry.

Promoting Equity and Development – FinTech reduces income inequality by expanding access to credit, savings, and insurance, supporting entrepreneurship and rural economic growth.

Bridging Theory and Practice – Integrating frameworks like TAM, RBV, and BoP, the study links academic insights with real-world applications, benefiting both researchers and practitioners.

What the Authors Recommended

• The study emphasizes focused research on rural and gender-focused financial inclusion, sustainable development, and climate resilience by examining how tools like mobile banking, AI, and blockchain can bridge gaps and empower marginalized groups.
• The study advocates developing context-specific frameworks that balance innovation with consumer protection, enhance financial stability, and promote digital trust through financial literacy and cybersecurity awareness.
• Adopt mixed methods that integrate quantitative and qualitative insights, ensuring a holistic understanding of FinTech adoption and its socio-economic impacts.
• In addition, prioritize under-represented regions (Africa, Southeast Asia, Latin America) and conduct longitudinal studies to capture the long-term effects of FinTech on financial behavior, mobility, and institutional transformation.

In conclusion, the study by Del Sarto and Ozili (2025) underscores the transformative role of FinTech in driving financial inclusion across emerging markets. By leveraging innovations such as mobile banking, peer-to-peer lending, and blockchain, FinTech is breaking down financial barriers, empowering marginalized communities, and fostering sustainable economic growth. Yet, critical gaps remain in understanding its long-term effects on financial stability, vulnerable populations, and regulatory landscapes. Addressing these gaps through context-specific research, inclusive policies, and responsible innovation will be key to unlocking FinTech’s full potential in shaping a more equitable and resilient financial future.