In emerging economies like India and Ethiopia, financial inclusion has always been considered as an important driver for the growth of economic development and social empowerment (Demirguc-Kunt et al., The Global Findex Database 2021: Measuring financial inclusion and the FinTech revolution, World Bank, 2021). This study examines and analyse different approaches to financial inclusion through a case study analysis of India and Ethiopia. Both emerging economies have implemented and employed strategies that leverage technology, policy reform, and community engagement (World Bank, Financial inclusion in emerging markets: The case of India, https://www.worldbank.org/en/topic/financialinclusion , 2019) to extend financial and banking services to underprivileged and unbanked strata of populations. With the help of digital banking platforms, Indian government-led financial inclusion program such as the basic zero balance bank account—Jan Dhan Yojana, and the proliferation of mobile payment systems, India has revolutionized access to financial resources (Cnaan et al., Journal of Social Policy, 52(3), 520–541, 2021). These reforms led millions of people shifted from informal to formal financial systems, that have enhanced their economic participation and purchasing power. Ethiopia, however, has in some sense similar yet a different approach to financial inclusion where the focus is community-based banking models, microfinance institutions, and targeted digital solutions that address rural and economically weaker populations (Mosadeghrad et al., Human Antibodies, 27(S1), 33–41, 2019). The Ethiopian government has not only experimented with the localized innovations but also adopted global best practices to fit cultural and infrastructural contexts. This study, through qualitative analysis of policy documents, and secondary data sources, identifies important factors and challenge to successful financial inclusion. The case studies from both countries reveals that while both India and Ethiopia have made good progress in financial inclusion, issues and challenges persist in areas such as lack of infrastructure, education in digital literacy, and complex regulation. Finally, the study contributes to a deeper insight on how financial inclusion strategies can be formulated and implemented in diverse socio-economic environments. This study and its outcome highlight the comparison of financial inclusion programs implemented in India and Ethiopia and delineate valuable knowledge for policymakers, financial institutions, social and development sector practitioners working to promote sustainable economic development and inclusive growth in emerging markets. It also offers recommendations with best practices to overcome barriers and challenges in emerging economies for financial inclusion.