Inclusive Finance: Driving Innovation, Infrastructure, and Growth

AUTHORS : MUSKAN GARG , AMRITA AVILIPSA , ANUSHKA YADAV , ACHINTYA CHAUHAN 

Introduction

Financial inclusion is a key driver of economic development, particularly in the pursuit of Sustainable Development Goal 9 (SDG 9). This goal emphasizes building resilient infrastructure, fostering inclusive and sustainable industrialization, and promoting innovation. Access to financial services empowers small-scale industries by integrating them into value chains and markets, ultimately contributing to economic growth and poverty reduction.

Infrastructure plays a crucial role in enhancing financial inclusion, particularly in developing and least-developed countries. Studies have shown that inadequate infrastructure is one of the most significant barriers to financial accessibility. In countries like India (Yadav & Sharma, 2016), Bangladesh (Siddik et al., 2015), and Indonesia (Ali et al., 2020), infrastructure ranks among the top factors influencing financial inclusion. Similarly, research in Rwanda (Irankunda & Van Bergeijk, 2020) found that infrastructure was the most significant determinant of financial access for street vendors.

The relationship between financial inclusion and infrastructure extends beyond physical connectivity. Sarma & Pais (2011) emphasize that strong infrastructure networks significantly improve financial accessibility. Likewise, Jimenez et al. (2023) examined Mexico’s economy and highlighted how digital devices have become crucial in fostering financial inclusion and economic growth. Arner et al. (2020) further argue that digital financial infrastructure is essential for economic transformation, stressing that well-developed infrastructure is a foundation for broader financial inclusion. By strengthening infrastructure—both physical and digital—countries can bridge financial gaps, promote economic participation, and drive sustainable development under SDG 9.

Financial inclusion and industry, innovation, and infrastructure (SGD 9)

Financial inclusion positively affects innovation as better access to financial services enables firms with financial limitations to access the financial resources that are necessary to support technological, organisational, and business innovations (Shi et al.,2019). Financial inclusion innovates the financial system by decreasing the risk and transaction costs as well as providing an efficient payment system and institutional efficiency. Qamruzzaman and Wei (2019) used the Granger causality test to examine the asymmetric correlation between financial inclusion, innovation, development, and remittance inflows in African countries. A bidirectional causality was detected between financial inclusion and innovation, which indicates that developing the financial sector encourages innovation in the financial system and vice-versa. Zhang and Posso, (2017) also found that green growth and eco-innovations may shift industrial structures into more sustainable patterns while decreasing dependence on traditional energy sources and creating new business opportunities. However, Lashitew et al. (2019) state that the demand-related factors of financial inclusion have an insignificant effect on the adoption of mobile money in Kenya. The study also states that the higher adoption of mobile money innovations was driven by a supportive regulated environment rather than by latent demand for financial access alone. Therefore, the Kenyan case indicates that the primary goal of financial inclusion is unattainable without a regulatory climate that decreases market uncertainties. A proper regulatory climate and effective governance within the financial inclusion framework are significantly vital for innovation-led sustainability.

Fueling Innovation and Industrialization Through Financial Access

Financial inclusion, the process of ensuring access to affordable and responsible financial services for all individuals and businesses, plays a crucial role in economic development. It fosters entrepreneurship, reduces poverty, and enhances economic resilience. Its relevance extends to the United Nations’ Sustainable Development Goal 9 (SDG 9), which focuses on building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation. By facilitating access to financial resources, financial inclusion can accelerate progress toward these objectives, particularly in developing economies.

SDG 9 aims to drive economic progress through industrialization, infrastructure development, and innovation. However, many small and medium enterprises (SMEs), particularly in low-income and developing countries, struggle to secure capital for expansion. Limited access to credit, inadequate financial literacy, and exclusion from mainstream banking services hinder their growth. Financial inclusion addresses these barriers by providing access to credit, insurance, savings, and payment services.

Industrialization thrives when businesses, especially SMEs, have access to financial resources to scale operations, invest in technology, and enhance productivity. According to the World Bank, SMEs account for over 90% of businesses worldwide and contribute significantly to employment and GDP. However, nearly 65 million firms, or 40% of formal SMEs in developing economies, face an unmet financing need of $5.2 trillion annually. Expanding financial services through digital banking, microfinance, and fintech solutions can bridge this gap, enabling small businesses to grow and contribute to industrial development.

Infrastructure development requires substantial investment, and financial inclusion can facilitate public-private partnerships (PPPs) by mobilizing funds from diverse sources. Access to financial instruments such as bonds, loans, and investment funds enables governments and businesses to finance critical infrastructure projects, including transportation, energy, and digital connectivity. Additionally, financial inclusion supports individuals and businesses in securing insurance and savings, strengthening their ability to withstand economic shocks.

Innovation and technology are fundamental to SDG 9, yet many startups and research initiatives struggle with funding constraints. Financial inclusion encourages innovation by providing access to venture capital, crowdfunding, and digital payment systems. Moreover, fintech innovations, such as mobile money and blockchain technology, have revolutionized financial access, particularly in regions with limited banking infrastructure. For example, mobile money platforms like M-Pesa in Kenya have enabled millions of individuals and businesses to participate in the digital economy, fostering entrepreneurship and technological advancement.

Bridging the Financial Divide: Challenges and Solutions

Financial inclusion is a key enabler of SDG 9, which focuses on building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation. Access to financial services empowers small and medium enterprises (SMEs), startups, and industries by providing them with the necessary credit, investment, and financial tools for growth. However, multiple challenges hinder financial inclusion in driving industrial and infrastructural development, particularly in developing economies.

One of the primary challenges is the limited access to credit for SMEs and startups, which serve as the backbone of industrialization (Beck & Levine, 2004). Many financial institutions perceive these businesses as high-risk due to a lack of credit history, collateral, and formal financial records, leading to high rejection rates for loan applications (Demirgüç-Kunt et al., 2018).

Moreover, the high cost of borrowing, coupled with complex regulatory requirements, further discourages small enterprises from seeking financial support (Cull et al., 2014). Infrastructural development, particularly in emerging economies, also suffers from inadequate long-term financing mechanisms, as financial institutions often focus on short-term lending rather than infrastructure-oriented investments (Honohan, 2008).

Another significant barrier is the digital divide, which prevents industries and enterprises from leveraging financial technology (fintech) solutions for innovation and business expansion. Many rural and semi-urban businesses lack access to digital banking services, mobile payment platforms, and online financial tools due to poor internet connectivity and low levels of digital literacy (Suri & Jack, 2016). This gap limits their ability to engage in e-commerce, access global markets, and streamline business transactions. Additionally, gender disparities in financial access further hinder industrial and entrepreneurial growth, as women-led businesses face more challenges in securing funding due to social biases and systemic barriers (Allen et al., 2016).

To overcome these challenges, targeted policy interventions and innovative financial solutions are required. Expanding credit access through collateral-free microfinance and government-backed credit guarantee schemes can enhance SMEs’ financial inclusion and industrial contribution (Yunus, 2017). Countries like India have successfully implemented schemes such as the MUDRA (Micro Units Development and Refinance Agency) loans, which provide small businesses with easy access to credit. Similarly, fostering partnerships between banks and fintech companies can introduce alternative credit scoring mechanisms based on transaction histories and behavioural analytics, making it easier for businesses to qualify for financial assistance (Beck et al., 2007).

Addressing the digital divide is crucial for ensuring financial inclusion’s role in industrialization. Investments in digital infrastructure, including expanding broadband connectivity in remote areas, can enhance businesses’ ability to use digital financial services effectively (Demirgüç-Kunt et al., 2018). Governments and financial institutions should promote financial literacy programs that educate entrepreneurs and SMEs on the benefits of digital payments, online credit systems, and e-commerce platforms (Cull et al., 2014). Additionally, promoting financial inclusion policies that prioritize women-led enterprises, such as gender-specific loan programs and mentorship initiatives, can drive inclusive industrial growth and innovation (Suri & Jack, 2016).

In conclusion, financial inclusion has the potential to significantly drive SDG 9 by enabling SMEs, industries, and infrastructure projects with the necessary financial resources. However, challenges such as restricted credit access, high borrowing costs, the digital divide, and gender disparities must be addressed through targeted financial reforms, digital expansion, and inclusive financial policies. Financial inclusion can catalyse industrial growth, sustainable infrastructure, and economic innovation by implementing innovative financial solutions and expanding access to credit.

A Global Perspective

Case Study 1: Financial Inclusion and Infrastructure in Sub-Saharan African Region

Financial inclusion is a crucial driver of economic growth in Sub-Saharan Africa, yet inadequate infrastructure continues to limit access to financial services. Only 43% of adults in the region have a formal financial account, with rural populations facing the greatest barriers (Demirgüç-Kunt et al., 2018). Poor road networks, unreliable electricity, and limited internet connectivity restrict the expansion of traditional banking services, forcing many to rely on informal financial systems that lack security and consumer protection (Beck & Cull, 2013). Without sufficient infrastructure, even mobile banking—widely seen as a solution—faces limitations in reaching the most underserved communities.

 Infrastructure gaps significantly hinder financial service providers’ ability to operate efficiently. Poor transport networks make accessing physical bank branches difficult, while frequent power outages disrupt ATMs and electronic transactions (Collier & Venables, 2017). Limited internet access further restricts the growth of mobile banking and digital payments, particularly in rural areas with low digital literacy (GSMA, 2022). These barriers reduce financial trust and inclusion, preventing individuals and small businesses from fully participating in the economy. 

Despite these challenges, mobile banking innovations like M-Pesa in Kenya have demonstrated how financial inclusion can expand even in infrastructure-deficient environments. By leveraging mobile phone penetration, M-Pesa has provided millions with access to savings, credit, and payment services, benefiting women and small enterprises (Jack & Suri, 2016). However, digital financial services still depend on reliable mobile networks and electricity, which remain inconsistent in many areas (UNCTAD, 2020). Additionally, interoperability issues and transaction costs continue to limit cross-platform financial integration (Beck et al., 2018).

To bridge the financial inclusion gap, policymakers must prioritize investments in infrastructure, including electricity, internet connectivity, and transport networks. Public-private partnerships can help improve digital and financial access, while renewable energy solutions like off-grid solar power can mitigate the effects of unreliable electricity (IEA, 2022). Expanding financial literacy programs, particularly for women and small businesses, will further enhance the adoption and usage of financial services (World Bank, 2021). While mobile banking has made significant strides, long-term financial inclusion requires sustained infrastructure development to ensure equitable access for all.

Case Study 2: Financial Inclusion and Infrastructure in Chinese Households

Financial inclusion has played a significant role in China’s economic development, with improvements in financial infrastructure driving greater access to banking and credit services. The expansion of digital finance, particularly through mobile payment platforms like Alipay and WeChat Pay, has bridged gaps in traditional banking access, enabling rural and lower-income households to participate in the formal financial system (Zhang & Chen, 2017). However, disparities remain, as financial infrastructure development is uneven across urban and rural regions. Households in underdeveloped areas still face challenges in accessing credit due to limited bank branch networks and inadequate digital connectivity (Li & Wang, 2018).

Infrastructure deficiencies, particularly in internet access and transportation networks, continue to hinder financial inclusion in rural China. While urban areas benefit from high-speed internet and extensive banking services, many rural households experience poor connectivity, limiting their ability to use digital financial services (Sun et al., 2020). In addition, inadequate transportation infrastructure makes it difficult for rural residents to reach financial institutions, increasing their reliance on informal lending sources (Xu & Liu, 2019). These disparities contribute to the uneven distribution of financial opportunities, exacerbating income inequality and restricting economic mobility.

Despite these challenges, China’s government has implemented policies to improve financial inclusion through infrastructure investment. Initiatives such as the expansion of fibre-optic internet in rural areas and government-backed microfinance programs have increased access to digital financial services (Wang & Zhao, 2021). The rise of financial technology (fintech) has also played a crucial role in bridging gaps, with companies leveraging artificial intelligence and big data to assess creditworthiness, allowing underserved households to access loans without traditional collateral requirements (Chen et al., 2022). However, digital literacy remains a barrier, as many rural residents lack the necessary skills to effectively use these financial tools (Tang & Huang, 2020). 

To ensure equitable financial inclusion, further investment in both physical and digital infrastructure is necessary. Policymakers should focus on reducing the urban-rural divide by enhancing rural broadband access and promoting digital literacy programs. Strengthening regulatory frameworks to protect consumers from digital fraud and excessive lending risks is also crucial (Liu & He, 2021). While fintech solutions have made significant strides in expanding financial access, long-term success will depend on sustained infrastructure development and education initiatives. A holistic approach that integrates infrastructure investment, financial education, and policy reforms will be key to achieving inclusive financial growth in China.

Case study 3: Financial Inclusion and infrastructure in Indonesia

Financial inclusion in Indonesia has improved significantly in recent years, supported by advancements in financial infrastructure and digital banking services. Government initiatives, such as the National Financial Inclusion Strategy (SNKI), have aimed to increase access to banking services, particularly for rural and low-income populations (Santoso & Putri, 2021). The expansion of mobile banking and digital payment platforms, including GoPay and OVO, has further enhanced financial access, allowing unbanked individuals to conduct transactions without traditional bank accounts (Widodo et al., 2020). However, gaps remain, as rural areas continue to experience limited access to banking facilities due to infrastructure constraints, including inadequate internet connectivity and poor transportation networks (Setiawan & Yusuf, 2019). 

Infrastructure deficiencies present major challenges to financial inclusion in Indonesia. Despite the rapid growth of digital finance, many rural regions suffer from poor internet access, making it difficult for individuals to use mobile banking and other financial technologies (Rachmawati & Susanto, 2021). In addition, transportation barriers hinder access to physical banking services, forcing residents in remote areas to rely on informal financial systems that often lack consumer protection (Hidayat & Nugroho, 2022). The lack of interoperability among digital payment systems also poses challenges, as different platforms often operate in isolation, reducing efficiency and financial accessibility for users (Rahman & Sari, 2020). 

Despite these challenges, policy efforts and technological innovations are helping bridge the financial inclusion gap. The Indonesian government has promoted financial literacy programs to improve awareness and adoption of digital financial services (Maulana & Fitriani, 2021). Fintech companies have also played a key role in addressing credit access issues by using alternative credit-scoring methods to provide loans to individuals without traditional credit histories (Suhendra et al., 2022). Additionally, public-private partnerships have been instrumental in expanding digital payment infrastructure and ensuring that financial services reach underserved populations (Yuniarti & Adiningsih, 2020). However, digital fraud and cybersecurity risks remain significant concerns, highlighting the need for stronger regulatory oversight (Nasution & Azhari, 2021).

To achieve long-term financial inclusion, Indonesia must continue investing in both physical and digital infrastructure. Expanding broadband access, improving financial literacy, and enhancing consumer protection regulations are crucial steps toward ensuring that financial services reach all segments of society (Fadhilah & Saputra, 2021). Collaboration between the government, financial institutions, and fintech companies will be essential in building an inclusive financial ecosystem that benefits both urban and rural communities. While digital finance has made significant progress, sustainable financial inclusion requires a comprehensive strategy that addresses both technological and infrastructural barriers.

Conclusion: Charting the Future of Financial Inclusion in SDG 9 

Financial inclusion plays a transformative role in achieving SDG 9 by ensuring access to affordable financial services, fostering industrial growth, and supporting innovation. Despite its potential, challenges such as limited credit access, regulatory constraints, the digital divide, and gender disparities continue to hinder progress, particularly in developing economies.

One major challenge is the lack of access to credit for SMEs and startups, who are often perceived as high risk by financial institutions due to inadequate collateral and history (Beck & Levine, 2004). Additionally, high borrowing costs and complex financial regulations discourage small enterprises from seeking financial assistance (Demirgüç-Kunt et al., 2018). Addressing these issues requires targeted policy interventions, such as microfinance programs and government-backed loan guarantees, which have successfully improved credit accessibility in countries like India (Yunus, 2017).

The digital divide remains a significant barrier to financial inclusion, preventing many businesses and individuals from leveraging fintech solutions for economic growth (Suri & Jack, 2016). Expanding broadband infrastructure and investing in digital literacy programs can bridge this gap, ensuring equitable access to financial services (Demirgüç-Kunt et al., 2018). Furthermore, collaborations between traditional banks and fintech firms can introduce alternative credit-scoring models, allowing more individuals and businesses to qualify for financial support (Beck et al., 2007).

Gender disparities in financial access further restrict industrial and entrepreneurial growth. Women-led enterprises often struggle to secure funding due to systemic biases and limited collateral (Allen et al., 2016). Addressing this issue requires gender-specific financial inclusion policies, such as targeted loan programs and mentorship initiatives, to foster a more inclusive financial ecosystem (Suri & Jack, 2016).

Ultimately, financial inclusion is more than just providing access to banking services; it is about creating an inclusive financial ecosystem that empowers businesses, individuals, and economies. Implementing innovative financial solutions, expanding digital and physical infrastructure, and promoting inclusive financial policies can drive industrial growth, sustainable development, and economic resilience. By leveraging these strategies, countries can make significant progress toward SDG 9 and ensure that financial services reach all segments of society.

References 

• Ali, M.M., Devi, A., Furgani, H., & Hamzah, H. (2020). Islamic financial inclusion determinants in Indonesia: An ANP approach. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 727-747.

• Arner, D.W., Buckley, R.P., Zetzsche, D.A., & Veidt, R. (2020). Sustainability, FinTech and financial inclusion. European Business Organization Law Review, 21, 7-35.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3387359

• Beck, T., Demirgüç-Kunt, A., & Levine, R. (2018). Finance, inequality, and the poor. Journal of Economic Growth, 12(1), 27-49. https://link.springer.com/article/10.1007/s10887-007-9010-6

• Beck, T., & Cull, R. (2013). Banking in Africa. World Bank Policy Research Working Paper No. 6684.https://openknowledge.worldbank.org/entities/publication/a6dd1bc4-9dbe-5202-8c6f-2d80b411e96c

• Chen, X., Li, J., & Wang, H. (2022). Fintech, financial inclusion, and economic development in China. Journal of Asian Economics, 78, 101453. https://doi.org/10.1016/j.asieco.2022.101453

• Collier, P., & Venables, A.J. (2017). Urban infrastructure for development. Oxford Review of Economic Policy, 33(3), 404-427.https://www.slurc.org/uploads/1/0/9/7/109761391/urbaninfrastructurefordev.pdf

• Demirgüç-Kunt, A., & Klapper, L. (n.d.). The Global Findex Database: Financial Inclusion in Sub-Saharan Africa. World Bank. https://documents1.worldbank.org/curated/en/187761468179367706/pdf/WPS7255.pdf

• GSMA. (2022). State of the industry report on mobile money 2022. GSMA. Retrieved from https://www.gsma.com

• Hidayat, A., & Nugroho, T. (2022). Barriers to financial access in rural Indonesia: An infrastructure perspective. Indonesian Economic Journal, 17(1), 45-67.

• IEA. (2022). Africa energy outlook 2022. International Energy Agency. Retrieved from https://www.iea.org

• Irankunda, D., & Van Bergeijk, P.A. (2020). Financial inclusion of urban street Vendors in Kigali. Journal of African Business, 21(4), 529-543.https://econpapers.repec.org/article/tafwjabxx/v_3a21_3ay_3a2020_3ai_3a4_3ap_3a529-543.htm

• Jack, W., & Suri, T. (2016). The long-run poverty and gender impacts of mobile Money. Science, 354(6317), 1288-1292. https://doi.org/10.1126/science.aah5309

• Jimenez, S. R. G., Ortiz, H. B., & Vargas, M. V. (2023). Impact of financial inclusion on economic growth in Mexico by State 2013-2021. Revista Mexicana de Economia y Finanzas Nueva Epoca, 18(3), 891.https://www.scielo.org.mx/scielo.php?script=sci_abstract&pid=S1665-53462023000300009&lng=es&nrm=iso&tlng=en

• Liu, Q., & He, J. (2021). Regulating digital finance: Consumer protection and financial stability in China. Financial Innovation, 7(1), 20.https://www.sciencedirect.com/science/article/pii/S2405844024062558

• Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of International Development, 23(5), 613-628.https://www.researchgate.net/publication/264225520_Financial_Inclusion_and_Development

• Setiawan, D., & Yusuf, M. (2019). Challenges in expanding financial access in Indonesia’s rural areas. Economic Development Review, 22(1), 33-49.https://www.researchgate.net/publication/337156615_The_Role_of_Islamic_Banking_in_the_Development_of_Economic_Sectors_in_Indonesia

• Siddik, M.N.A., Sun, G., & Kabiraj, S. (2015). Financial inclusion and its Determinants: A study of Bangladesh. Indian Journal of Finance, 9(6), 7-29.https://www.researchgate.net/publication/280611046_Financial_Inclusion_and_its_Determinants_A_Study_of_Bangladesh

• Sun, L., Zhang, P., & Chen, W. (2020). Internet accessibility and household financial inclusion in China. Telecommunications Policy, 44(3), 101905.

• Tang, R., & Huang, Z. (2020). Digital literacy and financial inclusion in rural China economic Modelling, 85, 210-224.https://www.researchgate.net/publication/381287021_Digital_Financial_Literacy_and_Digital_Financial_Inclusion_in_the_Era_of_Digital_Disruption_Systematic_Literature_Review

• UNCTAD. (2020). The impact of rapid technological change on sustainable development. United Nations Conference on Trade and Development. Retrieved from https://unctad.org

• Wang, F., & Zhao, L. (2021). Infrastructure investment and financial inclusion: Evidence from China’s broadband expansion. World Development, 145, 105522.https://ideas.repec.org/a/eee/chieco/v76y2022ics1043951x22001110.html

• Widodo, B., Sari, D., & Kartika, N. (2020). The impact of mobile banking on financial inclusion in Indonesia: A regional analysis. Journal of Asian Economic Studies, 28(4), 56-74.

• World Bank. (2021). The global financial development report 2021: Financial inclusion and infrastructure. Washington, DC: World Bank. Retrieved from https://www.worldbank.org

• Yadav, P., & Sharma, A.K. (2016). Financial inclusion in India: An application of TOPSIS. Humanomics, 32(3), 328-351.https://scholar.google.com/citations?user=To03H6MAAAAJ&hl=en

• Allen, F., Demirgüç-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27, 1–30. https://doi.org/10.1016/j.jfi.2015.12.002

• Beck, T., & Levine, R. (2004). Legal institutions and financial development. Handbook of New Institutional Economics, 251–278. https://doi.org/10.1007/978-3-540-24734-9_11

• Cull, R., Ehrbeck, T., & Holle, N. (2014). Financial inclusion and development: Recent impact evidence. World Bank Economic Review. https:openknowledge.worldbank.org/ handle/10986/33679

• Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex Database 2017: Measuring financial inclusion and the fintech revolution. World Bank Group. https://globalfindex.worldbank.org/

• Honohan, P. (2008). Cross-country variation in household access to financial services. Journal of Banking & Finance, 32(11), 2493–2500. https://doi.org/10.1016/ j.jbankfin.2008.05.002
• Yunus, M. (2017). A world of three zeros: The new economics of zero poverty, zero unemployment, and zero carbon emissions. PublicAffairs.https://www.researchgate.net/publication/384058164_Yunus’s_3_Zeros_Revolution_A_New_Economic_Paradigm_for_a_Just_and_Sustainable_World

•  Achugamonu, U. B., Adetiloye, K. A., Adegbite, E. O., Babajide, A. A., & Akintola, F. A. (2020). Financial exclusion of bankable adults: Implication on financial inclusive growth among twenty-seven SSA countries. Cogent Social Sciences, 6(1), 1730046. https://doi.org/10.1080/23311886.2020.1730046.

• Antle, J. M., & Diagana, B. (2003). Creating incentives for the adoption of sustainable agricultural practices in developing countries: The role of soil carbon sequestration. American Journal of Agricultural Economics, 85(5), 1178–1184. https://doi.org/10.1111/j.0092-5853.2003.00526.x.

• Burgess, R., & Pande, R. (2005). Do rural banks matter? Evidence from the Indian social banking experiment. American Economic Review, 95(3), 780–795. https://doi.org/10.1257/0002828054201242.

• Cai, B., Shi, F., Huang, Y., & Abatechanie, M. (2021). The impact of agricultural socialized services to promote the farmland scale management behaviour of smallholder farmers: Empirical evidence from the rice-growing region of Southern China. Sustainability, 14(1), 316. https://doi.org/10.3390/su14010316.

• Zhang, Q., & Posso, A. (2017). Microfinance and gender inequality: Cross-country evidence. Applied Economics Letters, 24(20), 1494–1498. https://doi.org/10.1080/13504851.2017. 1287851.

• Van, L. T. H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2021). Financial inclusion and economic growth: An international evidence. Emerging Markets Finance and Trade, 57(1), 239–263. https://doi.org/10.1080/1540496X.2019.1697672.