Articlediamond2023

Central Bank Digital Currency's Role in Promoting Financial Inclusion

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FinTech, Crowdfunding, Digital Finance Microfinance and Financial Inclusion Digital Transformation in Financial Services

Abstract

Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC). If properly designed to address the barriers to financial inclusion, CBDCs have the opportunity to gain acceptance by the financially excluded for digital payments. CBDC can then serve as an entry point to the broader formal financial system. CBDC has special aspects that may benefit financial inclusion, such as being a risk-free and widely acceptable form of digital money, availability for offline payments, and potentially lower costs and greater accessibility. However, CBDC is not a panacea to financial inclusion, and additional experience is needed to fully understand its potential impact.

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References

2014Financial Literacy, Financial Education, and Downstream Financial Behaviors 2017Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence 2000Bank for International Settlements (BIS)2011Unpacking the Causal Chain of Financial Literacy 2013The Impact of High School Financial Education: Experimental Evidence from Brazil 2012Who You Train Matters: Identifying Complementary Effects of Financial Education on Migrant Households 2021FinTech Lending and Cashless Payments 2022Central Banks, the Monetary System and Public Payment Infrastructures: Lessons from Brazil's Pix

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2024Central bank digital currency and financial inclusion 2024Financial Development and Economic Growth: Evidence from Low-Income Nations in the SADC Region 2024A critical evaluation of Central Bank Digital Currencies (CBDCs): payments’ final frontier?2025Consumer multifaceted trust of central bank digital currency (CBDC) payment in travel and tourism 2024The democratization of digital currency in Nigeria: A sentiment analysis of eNaira app usability

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