LEVERAGING FINTECH FOR FINANCIAL INCLUSION (Bridging Gaps in Access to Finance)

ABSTRACT Financial industry for a very long time has been a dominated sector by the traditional established players, and it becomes a sort of monopolistic market that need a radical intervention to make the market more competitive, effective and efficient for the common good, not just the main service providers. The much- needed revolution came through the arrival of a disruptive force known as financial technology (FinTech). The goal of this dissertation is to examine what role financial technology (FinTech) is involved in bridging the gap for broader financial participation. The focus is made on sub-Saharan migrants in Italy as a case study for an examination, in how FinTech influenced their access to finance and financial products. The research took route in both empirical data analysis and theoretical analysis on available literature. The Empirical analysis involved a carried-out survey that had eight questions, which twenty people answered as respondents. The outcome from the survey shows a moderate awareness about FinTech among west-African migrants, but there is a strong desire among them to learn and utilise new financial technologies, especially in related to remittance issues. Key constraints for broader financial inclusion included high banking fees, difficulties in accessing documentation, and lack of trust in the traditional established banks. The study further examined the crucial roles CSOs can play in advancing the course of FinTech to migrants as a sort of intermediaries. The theoretical aspect focused on the available literature on understanding historical experience of migrants in similar circumstance availably documented by the scholars of this field. The thesis furthered channelled discussion of the migrant’s experience to global perspective of other migrants in some in few Countries like (Peru, Ecuador, Brazil, and Ukraine). The paper ends with some recommendations in making FinTech much more inclusive in terms of its services and products delivery, especially giving attention to migrants in the broader digital financial ecosystem. THE END