Digital finance, fintech, and income inequality: Opportunities and risks for financial inclusion in Pakistan

Madiha Zaib; Dr. Syed Babar Ali

doi:10.71085/sss.05.01.463

Authors

Madiha Zaib Ph.D Research Scholar, Department of Management Sciences, Hamdard University, Karachi, Pakistan
Dr. Syed Babar Ali Professor, Department of Management Sciences, Hamdard University, Karachi, Pakistan

DOI:

https://doi.org/10.71085/sss.05.01.463

Keywords:

Digital Finance, Fintech, Financial Inclusion, Income Inequality, Digital Literacy, Financial Technology, Pakistan, Poverty Alleviation, Economic Participation, Algorithmic Bias

Abstract

how people and companies access, manage, and transfer funds. Digitization of finance is set to democratize access to financial services among the unbanked and underbanked groups, thereby becoming financial inclusive (Demirgüç-Kunt et al., 2022; Suri and Jack, 2016). Fintech solutions in the emerging markets where financial participation remains a critical theme to reduce poverty and equal economic growth, like Pakistan, can provide alternative avenues of increasing financial involvement and enhance the economic well-being. However, in the context of these opportunities, a growing number of concerns