Digital Innovations for Increasing Financial Inclusion: CBDC, Cryptocurrency, Embedded finance, Artificial Intelligence, WaaS, Fintech, Bigtech, and DeFi

Impact of Artificial Intelligence on Society, Forthcoming

17 Pages Posted: 27 Sep 2024

Date Written: August 28, 2024

Abstract

Digital innovations are emerging to solve known problems using new digital tools or technologies. Digital innovations also have wide application for financial inclusion. Private sector agents are using digital innovations to increase financial inclusion in remarkable ways. This chapter explores the recent digital innovations that are changing the financial inclusion landscape toward digital financial inclusion. The study used the discourse analysis methodology. It was found that digital innovations, such as central bank digital currency (CBDC), cryptocurrency, embedded finance, artificial intelligence, wallet as a service (WaaS), Fintech, Bigtech, and decentralized finance (DeFi), are helping to accelerate digital financial inclusion in many parts of the world. Each of these digital innovations serve a specific purpose, and they contribute to accelerating digital financial inclusion in unique ways, even though they all pose some risks that can be mitigated with careful and purposeful regulation.

Keywords: Digital innovation, Financial inclusion, CBDC, Cryptocurrency, Embedded finance, Artificial intelligence, Wallet as a service, Fintech, Bigtech, DeFi

Suggested Citation

Ozili, Peterson K, Digital Innovations for Increasing Financial Inclusion: CBDC, Cryptocurrency, Embedded finance, Artificial Intelligence, WaaS, Fintech, Bigtech, and DeFi (August 28, 2024). Impact of Artificial Intelligence on Society, Forthcoming, Available at SSRN: https://ssrn.com/abstract=4939348 or http://dx.doi.org/10.2139/ssrn.4939348

Peterson K Ozili (Contact Author)

Central Bank of Nigeria ( email )

Abuja
Abuja, 09
Nigeria

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