International Journal of Accounting Research

The Role of Digital Finance in Inclusive Growth of Empowering Nations

Filip Thusakan^* Department of Commerce and Business Management, HAN University of Applied Sciences, Ruitenberglaan, The Netherlands
^*Correspondence: Filip Thusakan, Department of Commerce and Business Management, HAN University of Applied Sciences, Ruitenberglaan, The Netherlands, Email:

Received: 28-Nov-2023, Manuscript No. IJAR-23-24154; Editor assigned: 30-Nov-2023, Pre QC No. IJAR-23-24154 (PQ); Reviewed: 15-Dec-2023, QC No. IJAR-23-24154; Revised: 22-Dec-2023, Manuscript No. IJAR-23-24154 (R); Published: 29-Dec-2023, DOI: 10.35248/2472-114X.23.11.365

Description

On a global basis, digital finance plays a critical role in supporting inclusive prosperity and empowering nations. Digital financial services, by using technical breakthroughs, break down traditional boundaries, allowing underrepresented communities access to financial resources. This inclusiveness includes the unbanked and underbanked, allowing them to engage in economic activity. Individuals acquire financial management tools through mobile banking, digital wallets, and internet transactions. Beyond economic empowerment, digital finance has a transformative impact by contributing to social development and establishing a more equal financial landscape, ultimately moving nations toward sustainable and inclusive prosperity.

Services in digital finance and financial inclusion help consumers, digital financial service providers, governments, and thus the economy, but impediments persist. If obstacles are removed, digital finance could benefit consumers, businesses, and governments. The problems presented in this article are relevant to the ongoing debate and efforts to improve financial inclusion in emerging and developing nations through digital finance. Financial inclusion can be defined as an economic system in which all economic sectors, particularly those in developing and low-income countries, have access to efficient financial services. A solid financial inclusion system may be required before expanding the breadth of money services.

Financial inclusion has been a major public policy focus since the financial crisis, and it was made an official goal in more than 50 nations and regions throughout the world in 2014. Finance is defined as "access to appropriate services, as well as affordable, fair, and secure financial products and services from major service providers." Since 2010, the G20 and hence the IBRD have led a drive to increase financial inclusion in poor nations in order to assist developing economies in reducing poverty levels.

Product development and repair based on banking technology is now considered a technique of providing advanced financial services to customers. It is also critical to increase the availability of financial products and services to the unbanked (those who do not have a bank account). Financial inclusion and digital finance have the ability to bring financial services to previously underserved areas. The inefficient and unequal deployment of economic resources in the parallel urban and rural finance systems is a disadvantage to rural rejuvenation.

Customers, digital financial service providers, governments, and the economy all gain from digital finance and financial inclusion. There are still a few roadblocks that, if overcome, could improve the usability of digital money for individuals, businesses, and governments. Financial inclusion and digital finance benefit financial service customers, digital financial service providers, governments, and economies alike. It is critical to increase the provision of financial products and services to the unbanked (those who do not have a bank account). Rural rejuvenation is hampered by the inefficient and unequal deployment of financial resources in the urban-rural dual economic system. Better understanding of digital finance can help with financial inclusion. Information and communication technology can help to establish financial infrastructure in an economy where the poor are integrated in digitally enabled FI activities, particularly those tailored to specific needs. Global capital accumulation is being financed. Digital financial inclusion, on the other hand, has the potential to boost the economic performance of stakeholder groups.