Driving Financial Inclusion to Achieve Sustainable Development Goals: Collaborative Fin-Tech Strategies in Developing Countries

A multi-stakeholder framework is proposed in this paper as a means of assisting poor countries in achieving their SDGs and improving financial inclusion through the utilization of fintech. The study examines research and implementation techniques for financial technology in countries that are considered to be undeveloped. These nations have put some of these many solutions to the test, and the results have been varied. According to the research, the Maximizing Finance for Development (MFD) method of the World Bank should be utilized. This approach places an emphasis on national ownership, innovation, digital literacy, engagement with multilateral development banks and other stakeholders, and financially accessible finance that does not require government guarantees. A national strategy may be able to help developing countries to adopt digital financial services and technology, according to the High-Level Principles for Digital Financial Inclusion that were developed by the G20. Every government should make the involvement and interests of the private sector a top priority in order to advance the cause of financial inclusion, digital infrastructure, digital literacy and awareness, and regulatory frameworks that stimulate innovation and creativity. It is possible for The Better Than Cash Alliance to form partnerships with establishments, global institutes, and other governments in order to optimize the utilization of financial technology. By becoming members of the Alliance, nations have the opportunity to design legislation that are favorable to the financial technology industry, educate the general public, and collaborate with fintech businesses to construct national digital payment systems. In conclusion, mSTAR suggests collaborating with USAID in order to educate technologists, practitioners, and policymakers, assist in the promotion of marginalized individuals, include digital financial services, and strengthen public–private partnership. It is possible that the implementation of these policies may increase financial inclusion and the acceptance of fintech in underdeveloped countries.