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Determinants of Financial Inclusion: A Review


N. M. M. Damayanthi

Central Bank of Sri Lanka, LK
About N. M. M.
Regional Development Department
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Financial Inclusion (FI) is an evolving concept which has gained attention recently due to its role in enhancing economic growth. Numerous researches have been engaging in identifying factors affecting FI. These factors vary with countries and regions. Identifying these country-specific or region-specific determinants would pave the way to enhance FI in a country or a region at a greater level. The purpose of this paper is to review existing literature on the determinants of FI. By reviewing literatures on FI, and its determinants, the paper aims to clarify three important areas, i.e., investigate the most important determinants of FI, to find out whether such determinants vary from countries or the regions in relation to their development levels, and fill the literature gap regards to low level of finding out the FI determinants covering demand, supply, structural, and policy sides’ factors. The finding of the research revealed that demand-side, supply-side, structural, and policy level factors determined the level of FI at the country level. Among those factors, financial literacy, income level, and the use of digital technologies for financial transactions are the most significant determinants that influence FI in individual country level. The findings of this study help to enhance the level of FI in an economy. If a country provides more avenues to a successful implementation of FI targets, the government and policy makers need to adopt policies targeting financial literacy improvements including digital finance and payments while strengthening the consumer protection policies considering demand and supply side factors as well as structural and policy level factors that will affect for FI improvements among the general public in a comprehensive manner.
How to Cite: Damayanthi, N.M.M., 2022. Determinants of Financial Inclusion: A Review. Wayamba Journal of Management, 13(2), pp.175–196. DOI:
Published on 31 Dec 2022.
Peer Reviewed


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