Abstract:

Financial inclusion, the access to and use of formal financial services, is a cornerstone of economic development and poverty reduction. However, a significant portion of the global population remains unbanked. This paper examines the transformative role of mobile banking in bridging this gap. It explores how mobile technology overcomes traditional barriers to financial access, such as distance, cost, and infrastructure. Through an analysis of pioneering case studies like M-Pesa in Kenya and the Unified Payments Interface (UPI) in India, the paper highlights successful models and their profound socio-economic impacts. It further investigates the challenges that persist, including the digital divide, financial literacy, and security risks. The paper concludes by discussing the future of mobile banking, emphasising the potential of emerging technologies like AI, biometrics, and blockchain to further deepen financial inclusion.

Keywords:

Financial Inclusion, Mobile Banking, Unbanked, M-Pesa, UPI, Digital Divide, FinTech, Economic Development.

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Methods