Table Of ContentRoutledge Studies in Development Economics
DIGITAL FINANCIAL
INCLUSION AND
REGULATION
Ogochukwu Monye
This book is an invaluable resource for understanding the developmental dynamics
that create financial exclusion, particularly in emerging economies. It also serves as a
rich toolkit for tackling a specific law-and-policy environment to shape it into a
financially inclusive one. Finally, it readily commends itself as a handy reference
book for a variety of actors in the financial services space, including researchers,
lawyers, policymakers, corporate leads, fintech practitioners, students and other
friends of financial inclusion.
— Professor Ada Ordor
Director, Centre for Comparative Law in Africa,
Faculty of Law, University of Cape Town
Using refreshing insights from Africa (her home region), Asia and Latin America,
this study is truly lateral thinking in the service of financial inclusion. The case
studies are a rich mixture of eleven jurisdictions and nine emerging technologies,
mixing law, finance, technology, regulatory and social policy. Those of us struggling
through the 21st century financial, economic and social crises from a perspective
frequently dominated by the orthodoxies and controversies of the rich economies
should take note of the sheer eclecticism of Ogo Monye’s truly innovative thinking.
— Robin Simpson
An old consumer war horse and consultant to UNCTAD,
with decades of experience garnered at the Consumers International,
World Bank, OECD, ISO and UK National Consumer Council
The COVID-19 pandemic exposed our economic and digital inequalities thus
creating impetus to centre inclusion in our digital and financial development goals.
This work by Dr. Ogochukwu Monye outlines financial inclusion in a digital
landscape as well as emphasizing the importance of mainstreaming inclusion in
policy and regulatory frameworks for digital economies.
— Onica N. Makwakwa
Head of Africa Region
Alliance for Affordable Internet (A4AI)
Digital Financial Inclusion and
Regulation
This book explores the various considerations for achieving an effective regulatory
strategy to improve financial access and usage in Nigeria and beyond. Gaps in the
legal and institutional framework for digital financial services (DFS) as well as the
barriers that contribute to financial exclusion are identified as are the policy
changes needed to provide more extensive, accessible and sustainable financial
inclusion value. In addition, the book covers divergent themes around the use of
and insights for regulating industry financial services providers and challenger
entities that herald industry disruption.
The book adopts three research methods. The doctrinal research method is used
to buttress the law and development analysis and the themes around regulation,
adoption and usage of financial services. To elucidate the application of financial
innovations, comparative case studies are drawn from selected jurisdictions
including Kenya, South Africa, Ghana, the Philippines, Brazil, Mexico,
Uganda, Pakistan, India and Bangladesh. Lastly, using the empirical research
method, the author reports the burden experienced by the residents of a
community without banks in accessing finance. Included in this discussion are
the barriers to finance as well as the coping strategies adopted by community
residents to access formal and informal finance.
Ogochukwu Monye is a technology law specialist with expertise in digital
financial inclusion. She is a senior law lecturer at the University of Benin,
Nigeria with a well-rounded experience in research, litigation, consulting,
government and advocacy roles. She holds an LLB from the University of
Nigeria, an LLM from the Queen Mary University of London, and a PhD
from the University of Cape Town, South Africa. Her research published in
journals, book chapters and technical reports traverses access to finance,
Fintech, consumer protection, digital inclusion and gender bias, recourse
mechanisms, data privacy, telecommunications law, regional trade in Africa,
e-health and IP, clean energy transition and e-commerce. She also researches
the opportunities and challenges around emerging technologies including
peer-to-peer lending, cryptocurrency, CBDCs, API, blockchain, artificial
intelligence, Internet of Things and digital identification.
Routledge Studies in Development Economics
Neoliberalism and Unequal Development
Alternatives and Transitions in Europe, Latin America and Sub-Saharan Africa
Edited by Fernando López Castellano, Carmen Lizárraga and Roser Manzanera Ruiz
Industrialization and Economic Diversification
Post-Crisis Development Agenda in Asia and Africa
Banji Oyelaran-Oyeyinka and Kaushalesh Lal
Digitalization and Economic Development
Edited by Mohamed Sami Ben Ali
The Political Economy of Universal Healthcare in Africa
Evidence from Ghana
Philip C. Aka, Hassan Wahab and Yvette M. Alex-Assensoh
State Building and Social Policies in Developing Countries
The Political Economy of Development
Rashed Al Mahmud Titumir
Taxation in the Digital Economy
New Models in Asia and the Pacific
Edited by Nella Hendriyetty, Chris Evans, Chul Ju Kim and Farhad Taghizadeh-Hesary
Human Capital and Gender Inequality in Middle-Income Countries
Schooling, Learning and Socioemotional Skills in the Labour Market
Elizabeth M. King and Dileni Gunewardena
Digital Financial Inclusion and Regulation
Ogochukwu Monye
For more information about this series, please visit: www.routledge.com/Routledge-
Studies-in-Development-Economics/book-series/SE0266
Digital Financial
Inclusion and Regulation
Ogochukwu Monye
First published 2023
by Routledge
4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
605 Third Avenue, New York, NY 10158
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2023 Ogochukwu Monye
The right of Ogochukwu Monye to be identified as author of this work has
been asserted in accordance with sections 77 and 78 of the Copyright,
Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or
utilised in any form or by any electronic, mechanical, or other means, now
known or hereafter invented, including photocopying and recording, or in
any information storage or retrieval system, without permission in writing
from the publishers.
Trademark notice: Product or corporate names may be trademarks or
registered trademarks, and are used only for identification and explanation
without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Monye, Ogochukwu, author.
Title: Digital financial inclusion and regulation / Ogochukwu Monye.
Description: Abingdon, Oxon ; New York, NY : Routledge, 2023. |
Series: Routledge studies in development economics | Includes bibliographical
references and index.
Identifiers: LCCN 2022018320 (print) | LCCN 2022018321 (ebook) |
ISBN 9781032109558 (hbk) | ISBN 9781032109572 (pbk) |
ISBN 9781003217886 (ebk)
Subjects: LCSH: Financial exclusion‐‐Prevention‐‐Technological
innovations. | Financial services industry‐‐State supervision‐‐Nigeria. |
Financial services industry‐‐State supervision‐‐Developing countries.
Classification: LCC HG176.55 .M66 2023 (print) | LCC HG176.55 (ebook) |
DDC 332.09669‐‐dc23/eng/20220718
LC record available at https://lccn.loc.gov/2022018320
LC ebook record available at lccn.loc.gov/2022018321
ISBN: 978-1-032-10955-8 (hbk)
ISBN: 978-1-032-10957-2 (pbk)
ISBN: 978-1-003-21788-6 (ebk)
DOI: 10.4324/9781003217886
Typeset in Bembo
by MPS Limited, Dehradun
To all persons seeking and working to achieve access to
affordable and convenient financial services offered
with dignity.
Contents
Foreword xiii
Preface xv
Table of statutes and other legal instruments xvii
Abbreviations xix
Book summary xxii
1 Introduction 1
1.1 Background 1
1.2 Definition of relevant financial inclusion concepts 2
1.2.1 Financial inclusion 2
1.2.2 Digital financial services 4
1.2.3 Bank/non-bank institutions 4
1.2.4 Mobile network operator 5
1.2.5 Inclusive finance 5
1.2.6 Financial health 5
1.2.7 Financial stress 6
1.2.8 Financial literacy and capability 6
1.3 Dimensions of financial inclusion 7
1.3.1 Banked 7
1.3.2 Formal other 7
1.3.3 Informal only 7
1.3.4 Financially excluded 8
1.4 Why is financial inclusion important for Nigeria? 8
1.5 Chronicling Nigeria’s journey to achieving financial inclusion 9
1.5.1 Demographic profile of the excluded in the
pre-2011 era 10
1.5.2 Financial inclusion access strands 10
1.5.3 Financial exclusion by gender 10
1.5.4 Age range of the financially excluded 10
