The Contribution of Financial Technology to Financial Inclusion in Tanzania: Accessibility, Usage, Business Growth and Challenges of Financial Technology Adoption — Oak Academic Publishing
Research ArticleOpen AccessGoogle Scholar indexed
The Contribution of Financial Technology to Financial Inclusion in Tanzania: Accessibility, Usage, Business Growth and Challenges of Financial Technology Adoption
Department of Mathematics and Statistics, The Mwalimu Nyerere Memorial Academy, Dar es Salaam, Tanzania
,
Department of Leadership, Ethics and Governance, The Mwalimu Nyerere Memorial Academy, Dar es Salaam, Tanzania
1 Department of Mathematics and Statistics, The Mwalimu Nyerere Memorial Academy, Dar es Salaam, Tanzania
2 Department of Leadership, Ethics and Governance, The Mwalimu Nyerere Memorial Academy, Dar es Salaam, Tanzania
The study assesses the contribution of financial Technology to financial inclusion in Tanzania. It explored the accessibility and usage of financial Technology, the influence of financial technology on financial inclusion, the contributions of financial technology on business growth and barriers to financial technology adoptions in Tanzania. Innovation dissemination and Technology adoption theory were used to guide the study. The study was an empirical literature review based on observation, experience and evidence. The empirical articles were searched through the Google Scholar search engine using keywords such as financial technology, financial inclusion, accessibility and usage of financial technology, the effects of financial technology on financial inclusion, and barriers to financial technology adoption in Tanzania. Screening procedures for articles searched in Google Scholar were done using the publication date, the title, abstract, and conclusions sections of the articles, and ultimately, 20 articles were selected out of 5534 articles obtained from Google Scholar’s search engine. The results indicated that financial technology is currently accessible. Furthermore, the provision of mobile phones has enabled the usage of digital financial services to all who were previously underserved. There is an excellent connection between financial technology, financial inclusion and business growth. Despite the country’s widespread adoption of financial technology, challenges remain to make the technology more adoptable. These include digital divide, cybersecurity risks, and limited financial literacy. Policies and infrastructure for financial technology should be in place to push the adoption of the new technology to be inclusive. The study recommends that efforts must be in place to enhance the financial technology spread for economic growth in the country, as long as all nations that embrace financial technology have developed financial systems and achieved economic growth.
KeywordsFinancial TechnologyFinancial InclusionsBusiness GrowthAccessibility and Usage
Adelaja, A. O., Umeorah, S. C., Abikoye, B. E., & Nezianya, M. C. (2024). Advancing Financial Inclusion through Fintech: Solutions for Unbanked and Underbanked Populations. World Journal of Advanced Research and Reviews, 23, 427-438. https://doi.org/10.30574/wjarr.2024.23.2.2379
Aguayo, A. J. M., & Aros, P. A. V. (2023). Financial Inclusion, Microfinance, and Financial Education in Latin America. In V. Hartarska, & R. J. Cull (Eds.), Handbook of Microfinance, Financial Inclusion and Development (pp. 316-338). Edward Elgar Publishing. https://doi.org/10.4337/9781789903874.00026
Aithal, P. S. (2016). A Review on Advanced Security Solutions in Online Banking Models. International Journal of Scientific Research and Modern Education (IJSRME), 1, 421-429.
Al-Mudimigh, A., & Anshari, M. (2020). Financial Technology and Innovative Financial Inclusion. In M. Anshari, M. N. Almunawar, & M. Masri (Eds.), Financial Technology and Disruptive Innovation in ASEAN (pp. 119-129). IGI Global. https://doi.org/10.4018/978-1-5225-9183-2.ch006
Al-Qbilat, M. M. I. (2022). Accessibility Requirements for Human-Robot Interaction for Socially Assistive Robots . Ph.D Thesis, Universidad Carlos III de Madrid.
Ayandibu, A. O., & Ayandibu, E. O. (2024). Assessing the Financial Literacy Strategy of Small Businesses Utilizing Information Technology within Umhlathuze Municipality. The Business and Management Review, 15, 21-33. https://doi.org/10.24052/bmr/v15nu01/art-03
Botelho, F. H. F. (2021). Accessibility to Digital Technology: Virtual Barriers, Real Opportunities. Assistive Technology, 33, 27-34. https://doi.org/10.1080/10400435.2021.1945705
Briscoe, S., & Rogers, M. (2024). An Alternative Screening Approach for Google Search Identifies an Accurate and Manageable Number of Results for a Systematic Review (Case Study). Health Information & Libraries Journal, 41, 149-155. https://doi.org/10.1111/hir.12409
Bruneel, J., Spithoven, A., & Clarysse, B. (2017). Interorganizational Trust and Technology Complexity: Evidence for New Technology-Based Firms. Journal of Small Business Management, 55, 256-274. https://doi.org/10.1111/jsbm.12369
Cull, R., Demirguc-Kunt, A., & Morduch, J. (2021). Banking the World: Empirical Foun dations of Financial Inclusion. MIT Press.
Davis, F. D. (1989). Technology Acceptance Model: TAM. In M. N. Al-Suqri, & A. S. Al-Aufi (Eds.), Information Seeking Behavior and Technology Adoption (pp. 205-219). Working Paper #529, University of Michigan.
Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021: Financia l Inclusion, Digital Payments, and Resilience in the Age of COVID-19. World Bank Publications.
Elouaourti, Z., & Ibourk, A. (2024). Financial Technologies for All MENA Citizens: Tackling Barriers and Promoting Inclusion. Regional Science Policy & Practice, 16, Article 100019. https://doi.org/10.1016/j.rspp.2024.100019
Fosci, M., Ficarra, V., Chiarelli, A., & Johnson, R. (2020). Equitable Access to Research in a Changing World: Research4Life Landscape and Situation Analysis. Commonplace.
Guest, G., Namey, E., & Chen, M. (2020). A Simple Method to Assess and Report Thematic Saturation in Qualitative Research. PLOS ONE, 15, e0232076. https://doi.org/10.1371/journal.pone.0232076
Habib, G., Sharma, S., Ibrahim, S., Ahmad, I., Qureshi, S., & Ishfaq, M. (2022). Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing. Future Internet, 14, Article 341. https://doi.org/10.3390/fi14110341
Hasan, M., Noor, T., Gao, J., Usman, M., & Abedin, M. Z. (2023). Rural Consumers’ Financial Literacy and Access to Fintech Services. Journal of the Knowledge Economy, 14, 780-804. https://doi.org/10.1007/s13132-022-00936-9
Hermont, A. P., Cruz, P. V., Occhi-Alexandre, I. G. P., Bendo, C. B., Auad, S. M., Pordeus, I. A. et al. (2022). The Importance of Full Text Screening When Judging Eligibility Criteria in a Systematic Review. Arquivos em Odontologia, 58, 160-165. https://doi.org/10.35699/2178-1990.2022.37521
Islam, S. (2024). Impact of Online Payment Systems on Customer Trust and Loyalty in E-Commerce Analyzing Security and Convenience. SSRN Electronic Journal, 15 p. https://doi.org/10.2139/ssrn.5064838
Kalinkina, I. (2024). Creation of Web Accessibility Guidelines for an Organization and Analyzing Their Impact on the Workflow . Master Thesis, Turku University of Applied Science.
Kelikume, I. (2021). Digital Financial Inclusion, Informal Economy and Poverty Reduction in Africa. Journal of Enterprising Communities: People and Places in the Global Economy, 15, 626-640. https://doi.org/10.1108/jec-06-2020-0124
Kumari, A., & Devi, N. C. (2022). The Impact of Fintech and Blockchain Technologies on Banking and Financial Services. Technology Innovation Management Review, 12, Article 22010204. https://doi.org/10.22215/timreview/1481
Lawson, D. (2022). Africa Women Report: Digital Finance Ecosystems: Pathways to Women’s Economic Empowerment in Africa. https://research.manchester.ac.uk/en/publications/a4c193d9-2d40-4d71-9931-3323d3318aef
Lee, C., & Lim, C. (2021). From Technological Development to Social Advance: A Review of Industry 4.0 through Machine Learning. Technological Forecasting and Social Change, 167, Article 120653. https://doi.org/10.1016/j.techfore.2021.120653
Leong, K., & Sung, A. (2018). FinTech (Financial Technology): What Is It and How to Use Technologies to Create Business Value in Fintech Way? International Journal of Innovation, Management and Technology, 9 , 74-78. https://doi.org/10.18178/ijimt.2018.9.2.791
Lubawa, G. G., & Litt, V. K. D. (2025). Advancing Financial Inclusion through Digital Finance Innovations in Tanzania. In E. D. R. S. Gonzalez, V. Kandpal, P. K. Ozili, & P. Chatterjee (Eds.), Fintech for ESG and the Circular Economy (pp. 255-287). Wiley.
Macha, D. P., & Massawe, N. M. (2023). Financial Technology in Tanzania: Assessment of Growth Drivers. African Economic Research Consortium.
Mayr, P., & Walter, A. (2007). An Exploratory Study of Google Scholar. Online Information Review, 31, 814-830. https://doi.org/10.1108/14684520710841784
Minarni, E. (2025). Impact of Digital Payment Systems on Financial Inclusion and Small Business Growth in Developing Economies. International Journal of Innovation and Thinking, 2, 1-12. https://doi.org/10.71364/ijit.v2i1.6
Morgan, P. J. (2022). Fintech and Financial Inclusion in Southeast Asia and India. Asian Economic Policy Review, 17, 183-208. https://doi.org/10.1111/aepr.12379
Nelson, N., & King, J. R. (2023). Discourse Synthesis: Textual Transformations in Writing from Sources. Reading and Writing, 36, 769-808. https://doi.org/10.1007/s11145-021-10243-5
Ngaiyaye, P. E. (2024). Exploring the Effect of Community-Based Financial Organizations on Financial Inclusion in Selected Low-Income Communities of Mchinji District, Malawi . Doctoral Dissertation, The University of Zambia.
Ntoa, S., Margetis, G., Adami, I., Balafa, K., Antona, M., & Stephanidis, C. (2024). Digital Accessibility for Users with Disabilities. In Designing for Usability, Inclusion and Sustainability in Human-Computer Interaction (pp. 406-460). CRC Press.
Osabutey, E. L. C., & Jackson, T. (2024). Mobile Money and Financial Inclusion in Africa: Emerging Themes, Challenges and Policy Implications. Technological Forecasting and Social Change, 202, Article 123339. https://doi.org/10.1016/j.techfore.2024.123339
Osei, F., Ampomah, G., Kankam-Kwarteng, C., Opoku Bediako, D., & Mensah, R. (2021). Customer Satisfaction Analysis of Banks: The Role of Market Segmentation. Science Journal of Business and Management, 9, Article 126. https://doi.org/10.11648/j.sjbm.20210902.19
Paramesha, M., Rane, N., & Rane, J. (2024). Artificial Intelligence, Machine Learning, Deep Learning, and Blockchain in Financial and Banking Services: A Comprehensive Review. Machine Learning, Deep Learning, and Blockchain in Financial and Banking Services: A Comprehensive Review (June 6, 2024) .
Pazarbasioglu, C., Mora, A. G., Uttamchandani, M., Natarajan, H., Feyen, E., & Saal, M. (2020). Digital Financial Services. World Bank, 54, 1-54.
Piunov, V. (2023). The Ratio of Concepts-Clarity-,-Understandability-,-Accessibility-and Simplicity-in the Field of Language and Law. Russian Juridical Journal Electronic Supplement, 14 .
Rogers, E. M. (1987). The Diffusion of Innovations Perspective. In N. D. Weinstein (Ed.), Taking Care (pp. 79-94). Cambridge University Press. https://doi.org/10.1017/cbo9780511527760.006
Salim, A. M. (2022). Assessment of Mobile Money Transaction Frauds and Consequences Confronting Zanzibar Telecom Service Providers. Asian Journal of Economics, Business and Accounting, 20 , 16-31. https://doi.org/10.9734/ajeba/2022/v22i2030671
Sarma, M. (2016). Measuring Financial Inclusion for Asian Economies. In Gopalan, S., & Kikuchi, T. (Eds.), Financial Inclusion in Asia (pp. 3-34). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-137-58337-6_1
Satnarine, T. (2023). Systematic Review Methodology: Conducting High-Quality Reviews and Understanding Their Significance in Evidence-Based Practice. Journal For International Medical Graduates, 2, No. 1. https://doi.org/10.56570/jimgs.v2i1.76
Siwela, G., & Njaya, T. (2021). Opportunities and Challenges for Digital Financial Inclusion of Females in the Informal Sector through Mobile Phone Technology: Evidence from Zimbabwe. International Journal of Economics, Commerce and Management , United Kingdom , 9, 60-77.
Smela, B., Toumi, M., Świerk, K., Francois, C., Biernikiewicz, M., Clay, E. et al. (2023). Rapid Literature Review: Definition and Methodology. Journal of Market Access & Health Policy, 11, Article 2241234. https://doi.org/10.1080/20016689.2023.2241234
Solarz, M., & Adamek, J. (2022). Determinants of Digital Financial Exclusion as a Barrier to the Adoption of Mobile Banking Services in Poland. Ekonomia i Prawo , 21, 503-525. https://doi.org/10.12775/eip.2022.028
Stark, L. (2021). Mobile Money and the Impact of Mobile Phone Regulatory Enforcement among the Urban Poor in Tanzania. Human Technology, 17, 22-44. https://doi.org/10.17011/ht/urn.202106223977
Tay, L., Tai, H., & Tan, G. (2022). Digital Financial Inclusion: A Gateway to Sustainable Development. Heliyon , 8, e09766. https://doi.org/10.1016/j.heliyon.2022.e09766
Trapanese, M., & Lanotte, M. (2023). Financial Intermediation and New Technology: Theoretical and Regulatory Implications of Digital Financial Markets. Bank of Italy Occasional Paper . https://doi.org/10.2139/ssrn.4464132
Umoga, U. J., Sodiya, E. O., Amoo, O. O., & Atadoga, A. (2024). A Critical Review of Emerging Cybersecurity Threats in Financial Technologies. International Journal of Science and Research Archive, 11, 1810-1817. https://doi.org/10.30574/ijsra.2024.11.1.0284
Vu, T. C. (2025). Human- Centred Alt Text: Advocating for Inclusive Digital Practices Through Education . Master’s thesis, New York University Tandon School of Engineering.
Yadav, R. S., & Kalluru, S. R. (2024). Principal-Agent Trust and Adoption of Digital Financial Services: Evidence from India. Economic Notes, 53, e12247. https://doi.org/10.1111/ecno.12247
Yawe, B. L., Ddumba-Ssentamu, J., Nnyanzi, J. B., & Mukisa, I. (2022). Role of Mobile Money and Digital Payments in Financial Inclusion for Sustainable Development Goals in Africa. In Globalization and Sustainability: Recent Advances, New Perspectives and Emerging Issues (pp. 1-11). IntechOpen. https://doi.org/10.5772/intechopen.105858
Younas, W., & Kalimuthu, K. R. (2021). Telecom Microfinance Banking versus Commercial Banking: A Battle in the Financial Services Sector. Journal of Financial Services Marketing, 26, 67-80. https://doi.org/10.1057/s41264-020-00085-7
Zeidy, I. A. (2022). The Role of Financial Technology (FINTECH) in Changing the Financial Industry and Increasing Efficiency in the Economy. COMESA Monetary Institute, 4, 50-66.