Ijsser 08 31

International Journal of Social Science and Economic Research
ISSN: 2455-8834
Volume:08, Issue:03 "March 2023"
AN EMPRICAL LITERATURE REVIEW ON FINNACIAL INCLUSION
Dr Kamakula N Murthy
Assistant Professor of economics, st-joseph's college for women, visakhapatnam Andhra Pradesh India
DOI: 10.46609/IJSSER.2023.v08i03.003 URL: https://doi.org/10.46609/IJSSER.2023.v08i03.003
Received: 5 March. 2022 / Accepted: 20 March. 2023 / Published: 30 March 2023
ABSTRACT
The review of literature gives an outline of the study's main topics. An examination of the
available literature is expected in order to determine the progress achieved in the subject area and
the gaps that the researcher must fill. So far, a vast number of researches on financial inclusive
growth have yielded useful insights and policy recommendations. Despite the fact that some of
the researches are extensive, there are still significant gaps. Many issues concerning unbanked
people's access to finance, credit, and resources have not been fully investigated or targeted.
While the academics' results, analytical methodology, and policy recommendations are
noteworthy, the current study is a diagnostic attempt to determine the state, pattern, and
prospects of financial inclusive growth. As a result, the present paper seeks to offer a quick
overview of the research on what methodologies are necessary to include the unbanked
population at both the international and national levels. Theoretical analyses of economic
growth, economic disparities, and the relevance of human capital for inclusive growth policies
give a sound foundation for recognising the importance of a new route of economic growth
policies to maintain nations. The nature, scope, and effects of financial exclusion/inclusion are
presented in the empirical reviews. Financial innovations are also discussed in the context of
Financial Inclusion in the empirical reviews.
Keywords: Financial Inclusion, Digital Finance, Poverty Reduction, Financial Stability,

Financial Institutions, Economic Cycle, Fintech.
1. Introduction
In recent times the literature of financial inclusion has acknowledged by the policymakers and
academics for following reasons. One, financial inclusion is taken into consideration to be a
major approach used to gain the United Nation’s sustainable improvement goals (Sahay et al,
2015; Demirguc-Kunt et al., 2017); two, financial inclusion allows to enhance the extent of
social inclusion in many societies (Bold et al, 2012); thirdly, financial inclusion can assist in
www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 387

ISSN: 2455-8834
decreasing poverty degrees to a preferred minimum (Chibba;2009, Neaime and Gaysset, 2018),
and lastly, financial inclusion brings other innovative socio-economic benefits (Sarma and Pais,
2011; Kpodar and Andrianaivo, 2011). Policy makers in several nations hold to devote
substantial sources to boom the extent of financial inclusion of their nations to reduce financial
exclusion. The available literature is expected in order to determine the progress achieved in the
subject area and the gaps that the researcher must fill. So far, a vast number of researches on
financial inclusive growth have yielded useful insights and policy recommendations. Despite the
fact that some of the researches are extensive, there are still significant gaps. Many issues
concerning unbanked people's access to finance, credit, and resources have not been fully
investigated or targeted. While the academics' results, analytical methodology, and policy
recommendations are noteworthy, the current study is a diagnostic attempt to determine the state,
pattern, and prospects of financial inclusive growth. This study offers a thorough analysis of the
most recent data on financial inclusion from all global regions. It identifies new issues in the
literature as well as areas of contention in policy circles. It raises questions about ideal financial
inclusion, excessive financial inclusion, whether financial inclusions potentially propagate
structural instability to the formal financial sector, and that if financial inclusion and exclusion
are counter with changes in the economic cycle. The key takeaways are that financial innovation,
poverty levels, financial services sector stability, economic conditions, financial literacy, and
regulatory frameworks all have an impact on and are impacted by financial inclusion. Further
study on the topics covered in this paper has a number of potential directions.
2. Objectives of the study
The main purpose of the study is to fulfill the following objectives
1. To compare or contrast against findings resulting from existing literature review on

financial exclusion and financial inclusion.
2. To identify possible gap(s) in the scholarly literature for further research in the context of
financial inclusion growth.
3. Methodology
The methodology used in this review must fulfill following criterias. One, the articles should be
recent and the majority of the articles in this reviewed are from after 2005 to till date. Two, the
papers ought to be released as an analytical study, policy discussion paper or empirical research
paper. Third requirement for inclusion in this review, the chosen paper must either investigate
financial inclusion as a central subject in the research or examine the connections between
financial inclusion and other pertinent concerns. However older articles may be included only if
they address the issue(s) covered in this review.

ISSN: 2455-8834
4. Analysis and Discussion
The analysis in this review article contributes to the financial inclusion literature in the following
ways. One, this review contributes to the literature that examines the role of financial inclusion
for better development outcomes in developing countries. Secondly, this review contributes to
the on-going debate led by the World Bank in support of financial inclusion as an effective
solution for poverty reduction in developing and poverty-stricken countries. Thirdly, for
academics and researchers, the discussion in this review adds to the emerging financial inclusion
literature that attempt to proffer solutions to reduce the current level of financial exclusion in
poor economies. The article's following parts are categorized as follows. Section II discusses the
emerging themes in the context of Financial Exclusion and Financial Inclusion literature. Section
III discuss on initiatives of financial inclusion research. Section IV presents financial innovations
for future research in financial inclusion. Section V concludes.
I. Social Exclusion and Financial Exclusion
The geographical factor in financial exclusion was found in their study titled "Geographic's of
Financial Exclusion: Financial Abandonment in Britain and the United States." They found that
those who reside in rural areas or remote locations are more likely to experience financial
hardship (Leyshon and Thrift; 1995). The empirical research, "increased access to finance is not
just pro-growth but also pro-poor, lowering income disparity and poverty." International studies
claim that the poorest quintile's income rises faster than the average per capita GDP in countries
with more established financial intermediaries.” Financial intermediaries have an impact on
economic growth as measured by GDP per capita and productivity per capita in terms of private
lending, according to worldwide studies. As a result, small businesses and the disadvantaged
gain disproportionately. Though credit is a top concern for impoverished families, small
businesses require financial services, and poor people rely on these intermediaries for decent
savings, payment services, and insurance (Aghion and Bolton's; 1997).The primary obstacles
that prevent people from using financial services, including pricing exclusion, condition
exclusion, and marketing exclusion. It means that certain financial services are too expensive,
and the terms and conditions connected to goods make them unsuitable, and no formal
institutions are interested in providing financial products to the poor (Kempson and Whyley
1999).
India witnessed as a developing nation in achieving financial inclusion through weeding out
financial exclusion. The failure of the second generation reforms, which were largely connected
to financial sector changes designed at achieving greater financial inclusion, is one of the causes
for exclusive growth. They have noted that financial exclusion is a serious problem in the
country, with the state of Jammu and Kashmir facing this socio-economic issue as well. A

ISSN: 2455-8834
substantial portion of the population, particularly the underprivileged, still lacks access to cheap
financial services such as credit, insurance, and saving, which are critical for the country's
economic progress (Shafi and Medabesh; 2012).
The empirical literature examined a variety of physical and geographical barriers to financial
inclusion in their study, which can contribute to financial exclusion for certain goods and persons
under specific conditions. Financial exclusion may be classified into a number of different
"dimensions" or "forms." The following are some of the most important aspects of financial
exclusion: (i) exclusion from access, (ii) exclusion from conditions, (iii) exclusion from pricing,
(iv) exclusion from marketing and (v) exclusion from self-exclusion. The most obvious aspect is
that many low-income sectors of the population lack access to even the most basic financial
services. Even among individuals who have access to credit, the majority are underserved in
terms of product quality and quantity. A large number of low-income families are reliant on
unsustainable, subsidy-dependent, and underperforming institutions (Kempson et al; 2000).
The nature and forms of exclusion, as well as the causes that cause them, are diverse, and hence
no one factor can fully explain the phenomena. Physical access, excessive costs and penalties,
constraints linked to products that make them unsuitable or complex, and views of financial
service organisations that are unwelcoming to low-income individuals are all common hurdles to
the spread of financial services (Sinclair; 2001). The factors that influence rural families' need
for a basic bank account notwithstanding their geographic isolation from banking services. The
majority of individuals in Sub-Saharan Africa does not have a basic bank account and are
therefore financially disadvantaged. The study found that characteristics such as price, illiteracy,
ethnicity, religion, occupation, and wealth status, as well as accessibility to a bank, all influenced
family desire for a bank account (Assibey; 2009). More than 250 low-income people's financial
diaries from Bangladesh, India, and South Africa. According to the data, each family utilises at
least four different forms of informal financial instruments in a year, with an average of slightly
under 10. This implies that low-income people require financial services and that there are
hurdles preventing them from using formal sector services. There are a slew of complicated
reasons impeding quick progress toward financial inclusion (Collins; 2009).
According to empirical data, South Asia and Sub-Saharan Africa have the highest percentages of
unbanked people 12 per cent and 24 per cent banked respectively. Less than half of the
population is banked in East Asia, the Middle East and North Africa, Latin America, Eastern
Europe, and Central Asia, which are all low-access regions. A substantial percentage of the
unbanked population survives on less than $5 per day.” Finally, the research stated that all
financial services providers, such as the microfinance business, as well as new developments,
should be used to offer financial services outside of traditional bank branches. To close the
financial services gap, a wide range of bank and non-bank financial organisations, including
ISSN: 2455-8834
commercial banks, credit unions, savings banks, microfinance institutions, postal banks, and
mobile banking operators, would need to make considerable commitments (World Bank; 2010).
Financial exclusion is a significant problem for SC, ST, OBC, and women households, as well as
small enterprises, mostly in semi-urban and rural regions. The main consequences of financial
exclusion include a lack of savings, low investments, and poor financial planning due to a lack of
access to bank accounts and other savings opportunities. It also becomes difficult to obtain credit
from informal sources at exorbitant rates, resulting in increased unemployment due to a lack of
self-employment opportunities. Financial exclusion, he concluded, not only deepens the ‘Rich-
Poor split,' but also contributes to ‘Social Exclusion’ (Reena Agrawal; 2011).
Financial inclusion has two benefits: on the one hand, it empowers individuals financially, and
on the other hand, it gives financial market players with good commercial prospects. It is also
claimed that financially empowered women will aid in the involvement of all family members.
Despite technical improvements, such as online banking, financial exclusion remains a reality. In
India, the idea of "mass banking" has been replaced by "super class banking" by the official
financial industry. Financial exclusion in India has two dimensions: geographic exclusion and
social exclusion. The goal is to provide formal credit distribution mechanisms to rural
populations while also leveraging technology to promote large-scale inclusion. Around 5 percent
of the country's 600,000 habitations have a commercial bank branch. In addition, only around 57
percent of the population has a bank account (savings), with the percentage being significantly
lower in the North-Eastern states. Debit cards are used by 13 percent of the population, whereas
credit cards are used by 2 percent. In comparison to other OECD nations, India has a very low
level of financial penetration. (Siddaraju and Christabell; 2012).
The market-driven impediments to financial inclusion exist on both the supply and demand sides.
The most prominent supply-side obstacles include the following: The costs of providing financial
services, the asymmetry in market information, and the absence of convenient access points to
financial services are all relatively substantial, as are small deposit and loan maintenance fees.
Demand-side barriers to financial inclusion include low income levels, a lack of financial
literacy, and a lack of trust in financial institutions (Babych, Grigolia, and Keshelava; 2018).
Future research approaches
As a result of the study on social and financial exclusion, it is identifies there is a huge gap of
research in terms of age gap i.e., generation gap with the use of traditional and modern tools of
banking system. And this gap exists more in rural areas with special refference to developing
countries like India, Pakistan, Bangladesh, Indonesia, Brazil And South Africa. To make fully
social inclusion, the policy makers of the nations need to initiate more programmes such aadhaar

ISSN: 2455-8834
linkage, LPG moblie linkage and Jam Tritiny etc. a strong recommendation suggests to conduct
research on primary data/survey on such trending issues on the economy.
 Estimating the appropriate level of financial inclusion: Much of the literature examined
whether there is increasing access to finance for individuals, households and businesses
but this literature is silent on abnormal levels of financial inclusion and makes no
comment on what constitute the optimal level of financial inclusion. A desirable degree
of financial inclusion is the optimum level. We are unsure of what the ideal degree of
financial inclusion is, thus the current level may be optimum or unsatisfactory for a
variety of reasons. Future studies should determine the ideal amount of financial
inclusion that takes into consideration the unique characteristics of each nation.
 Financial Inclusion governing regulation: The necessity for developing a regulatory

framework to govern financial inclusion activities is being discussed in policy circles in
order to oversee the financial inclusion policies and practices that policy makers in many
countries have embraced. Analysis of the justifications for and against restricting
financial inclusion will require further study.
II. The context of Financial Inclusion
The phrase "financial inclusion" established in the British vocabulary after discovering that over
7.5 million people lacked a bank account (Raju 2006). Financial inclusion is the provision of
low-cost financial services to a significant number of disadvantaged and low-income persons. As
a result, open and unrestricted access to public goods and services is a must for a free and
efficient society. Furthermore, because banking services are a public benefit, it is critical that
banking and payment services be available to the whole community without prejudice as the
primary goal of public policy (Leeladhar 2006). The process of financial inclusion entails
locating each family and providing them access to the banking system (Reddy; 2007). Financial
inclusion is defined as “a process characterised by an increase in the number, quality, and
efficiency of financial intermediary services,” which aids in the development of lives, the
creation of opportunities, and the strengthening of economies. Financial inclusion encourages
local savings, which leads to more productive investments in local companies (Babajide et al;
2015).
The concept of financial inclusion in India began in the years 1904 as a cooperative movement,
and gained momentum in 1969 when 14 of the country's major commercial banks were
nationalised, and the lead bank scheme was implemented shortly after. Since that year, the bulk
of bank branches have been opened in huge numbers around the country, even in previously
underserved areas. However, there is a significant financial access gap that has to be addressed.

ISSN: 2455-8834
Many studies have shown that not being included in the financial system, or rather being
excluded from it, leads in a 1percent loss in GDP. As a result, the RBI came to the conclusion
that financial inclusion is not just a socio-political but also an economic necessity, and it
recognised the seriousness of the situation. Finally the Reserve Bank of India advised banks to
make financial inclusion one of their top priorities (Sarma and Jesi; 2008).
Access to capital alleviates the external funding restriction that keeps businesses from
expanding. Low access also contributes to rising economic disparities, poverty, and slow growth.
Thus, in developing nations, access to money and an inclusive financial system that caters to all
categories of people has been recommended as a method of reducing disparities and poverty
(World Bank; 2008). “Without inclusive financial institutions, underprivileged individuals and
small companies must rely on their personal money or internal resources to engage in their
education, become entrepreneurs, or take advantage of appealing growth opportunities”
Demirguc-Kunt (2010).
The term "financial inclusion" can be interpreted in two ways. One strategy is to combat
exclusion from the payment system, i.e., not having access to a bank account. The second goal is
to combat exclusion from traditional financial services. In recent years, India has taken the route
of establishing the basic right of every citizen to have access to a bank account. The Reserve
Bank of India adopted this strategy based on the 5As philosophy of guaranteeing Adequacy and
Availability of financial services to all segments of society through the formal financial system,
which includes savings, credit, remittance, and insurance. Increased awareness of such financial
services, as well as guaranteeing the affordability and accessibility of relevant financial products,
are other essential strategies. All of this is accomplished as a network sequence using a mix of
traditional and alternative delivery channels, as well as technology-enabled services and
activities (Khan; 2012).
Financial systems that work well serve an important role by providing consumers with a variety
of savings, credit, payment, and risk management options. Poor individuals and other
disadvantaged groups are more likely to benefit from inclusive financial systems that enable
broad access to financial services without price or non-price obstacles to their usage. Poor
individuals must rely on their own limited funds to invest in their education or become
entrepreneurs without inclusive financial institutions, and small businesses must rely on their
limited profits to explore attractive growth prospects. This might lead to continued income
disparity and weaker economic development (Demirguc-Kunt; 2012).
The ‘Role of Commercial Banks in the Financial Inclusion Programme' and discovered that
commercial banks play a critical role in ensuring the success of financial inclusion. Financial
literacy, credit counselling, the BC/BF model, KYC requirements, and other financial inclusion

ISSN: 2455-8834
programmes are just a few examples. Commercial banks have used no-frills accounts, branch
expansion, mobile banking, and other initiatives in order to achieve financial inclusion success
(Raihanath and Pavithran; 2014).
Human, institutional, and infrastructural impediments can all be classified as barriers. Limited
financial literacy, expensive costs, and a lack of legal identification, as well as people’s
socioeconomic situation, age, and gender difficulties, are all human obstacles. Lack of
cooperation between the RBI and the Government of India, insufficient client protection, a
limited understanding of consumer requirements, a lack of quality services, and an insufficient
regulatory framework are all examples of institutional obstacles. Location, distance, high cost,
time-consuming nature of accessing service are all examples of infrastructure barriers, as are a
lack of understanding on how to utilise technology, a lack of ICT-based financial transactions,
and a lack of incentives for BC (Gupta; 2015).
The World Bank’s Global Findex database to generate probit estimates for 37 African nations.
The empirical findings show that being a man, as well as being wealthier, more educated, and
older, increases one’s chances of being financially involved, with education and income having a
greater impact. In general, the determinants of mobile banking and traditional banking are the
same. The determinants of informal finance, on the other hand, appear to be distinct from those
of formal finance (Zins and Weill; 2016).
Financial inclusion is on the rise globally, according to the most current Global Findex database,
which was published in 2017. Since 2011, 1.2 billion individuals have allegedly opened a bank
account, with 515 million of them doing so in 2014. Between 2014 and 2017, the percentage of
adults who have a bank account or use a mobile money service increased from 62 percent to 69
percent throughout the world, and from 54 percent to 63 percent in developing countries.
Nonetheless, in emerging nations, the proportion of women with bank accounts is 9 percentage
points lower than that of males (Demirguc-Kunt, Klapper, Singer, Ansar and Hess; 2018).
For decades to come, Asia is anticipated to be the fastest-growing area in terms of economy, with
GDP expected to expand at an average annual pace of 6.3 percent over the next two years, thanks
mostly to the region’s rising nations. While Asia is well positioned for strong development,
authorities must address the lack of access to financial services if this growth is to be equitable
and inclusive. More than one billion individuals in the area are projected to be without formal
financial services, such as formal employment, a bank account, or the capacity to participate in
paid labour activities online or offline. Furthermore, just 27 per cent of people in emerging Asia
have a formal financial institution account, and only 33 per cent of businesses have a loan or line
of credit. Despite several attempts to promote financial inclusion in Asia, the region’s financial
inclusion remains a significant problem. This is due to the fact that Asia is one of the world’s

ISSN: 2455-8834
most varied regions, with considerable differences in per capita GDP and population size among
countries, as well as a bewildering variety of cultural, ethnic, linguistic, and religious diversity
(Bhardwaj; 2018).
This section identifies several opportunities for future research. There are many issues which
have not been addressed in the financial inclusion literature but the most important issues are
discussed in this section.
 Complications of Financial Inclusion: There is lack of literature on the risks associated

with greater financial inclusion. The system provides easy access to finance for greater
financial inclusion leads to some element of risk. For example, allowing all kinds of
people to join the formal financial sector and the possibility that bad people will also join
the formal financial sector who have the intention to defraud vulnerable and poor people.
Also, the risk of systems collapse can arise from the breakdown of payment systems and
internet connectivity problems. These examples highlight the need for future research can
investigate the avenues to de-risk the systems and structures that enable financial
inclusion.
 Absence of political economy of financial inclusion transparency: Existing studies on

financial inclusion have not analysed how governments influence financial inclusion
objectives, funding and outcomes. The allocation of public funds to financial inclusion
programs usually involves contentious political debate. There is also the question of
whether financial inclusion should be made a national policy priority at the expense of
other policy goals. If financial inclusion becomes a national priority, politicians can
lobby their way to ensure that the national financial inclusion program benefits their own
constituency to a greater extent, in order to win the votes of their constituent members in
upcoming elections. Further study is required to illustrate how government officials and
politicians impact the results of financial inclusion.
III. Policy Initiatives on Financial Inclusion
One of the prominent areas of the Indian economy where technology transformation is at its
pinnacle is banking. Since economic liberalisation, Indian banks have begun to use technology
into their banking goods and services. There is a significant rural-urban gap, with the rural
population lagging far behind in terms of technological use and financial inclusion. This chasm
may be bridged by using certain cutting-edge business strategies that improve consumer
happiness (Garg; 2014). Inclusive finance helped people move from class banking to mass
banking. In India, rural transformation methods aimed to raise the standard of living for the rural
ISSN: 2455-8834
population. However, a large portion of the rural population continues to be socially and
financially excluded, resulting in high rates of poverty, growing unemployment, and other issues.
It has been noticed that the Indian banking sector has shifted its focus from class banking to mass
banking in order to bring the excluded people into the mainstream of the economy (Satpathy et
al; 2014).
The technology-based financial inclusion strategies of Indian commercial banks, in the process
of financial inclusion, information technology is critical. Various electronic payment systems
have been established by commercial banks. Net banking, mobile banking, telebanking, ATMs,
biometric ATMs, mobile ATMs, Common service centres (KIOSKS), and SMART CARDS are
some of the services available. Customers are increasingly hesitant to use electronic payment
methods, despite the fact that there are numerous options. According to the report, banks should
educate consumers to alleviate their worry (Anand and Saxena; 2010).
Banks play a vital role in this area by launching programmes such as no-frills accounts, financial
literacy, and ATM growth, among others. To promote financial inclusion, the research
recommends establishing a financial literacy centre and credit counselling on a pilot basis, as
well as initiating a financial literacy campaign (Mehrotra et al; 2013). An ICT-based platform,
especially ICT enabled branchless banking in developing countries, substantially facilitates
financial inclusion. This would eventually result in social inclusion, which would reduce poverty
and boost the country's economic growth. However, while access to financial services by the
poor would lead to economic growth, it should be complemented by other initiatives such as
financial education in order to be more successful (Diniz, Birochi, and Pozzebon; 2012).
Financial inclusion entails providing official banking services to the less fortunate and therefore
safeguarding them against informal money lenders. It focuses on providing consumers with
diverse financial product and service information so that they may make educated financial
decisions. According to the findings, access to financial services and financial education must
occur concurrently and on a continual basis. In order to achieve financial inclusion, a suitable
business delivery model is required (Khan; 2015). The SHG is a feasible instrument for financial
inclusion. It has been noticed that a community can only develop economically and socially if
the weaker members become financially self-sufficient. As a result, SHGs play an essential role
in the women's community's goal of financial inclusion (Sasidharan; 2016). The SHG Bank
Linkage programme will contribute to the endeavour by increasing mutual trust and confidence
among bankers and the rural poor. It will give them with more credit at a lower transaction cost
by integrating informal credit system reactions with formal financial institutions' financial
resources. Another significant benefit of SHG, according to him, is the shared responsibility and
initiative to engage in income-generating activities (Sadyojathappa; 2012). The metrics used to
evaluate women's social empowerment had improved after their SHGs were linked to
ISSN: 2455-8834
commercial banks for credit extension under the SHG Bank Linkage programme. It was also
discovered that the SHG Bank Linkage has a good influence on members' self-confidence and
has increased the probability of SHG members finding meaningful employment (Basanta Kalita;
2018)
Financial illiteracy is common in industrialised economies such as Germany, the Netherlands,

Sweden, Japan, Italy, New Zealand, and the United States. Women are less financially literate
than males, according to the study, and ethnic, racial, and geographical variations have a major
impact on financial literacy (Lusardi, Annmaria, Mitchell, and Olivia; 2011). The influence of
financial literacy training on financial knowledge and behaviour was investigated. The study
found that training improved participants' financial literacy, altered their savings and borrowing
habits, and had a favourable impact on new company start-up. However, in the near term, it had
no substantial effect on revenue (Sayinzoga, Bulte, and Lensink; 2016). A cross-country data to
investigate the impact of financial literacy on financial inclusion and discovered that financial
literacy had a clear positive impact on financial inclusion. Financial infrastructure and financial
knowledge serve as stand-ins for financial access. Higher financial literacy improves financial
depth when it comes to the usage of financial services (Grohmann, Kluhs, and Menhoff; 2018).
The impact of the financial inclusion plan varies considerably depending on the gender of the
scheme's members. It was investigated using the difference-in-difference estimator technique
using Panel Least Squares methodology to get the results. The data reveal that women's income
increase (CAGR) net of inflation was 8.40 percent compared to 3.97 percent for males, showing
that the gender of the poor who participate in these programmes has a significant impact on the
program's outcomes (Swamy; 2014). The link between individual financial customers' financial
self-efficacy (FSE) and financial inclusion (FI) in Uganda. FSE and FI have a strong positive and
substantial connection, according to the findings. Other characteristics that were accounted for,
such as age and gender, were shown to have a substantial impact on an individual's use of formal
financial services (Mindra, Moya, Zuze, and Kodongo; 2017). A household level survey data
from El Salvador to examine the influence of remittances on financial inclusion. It found that
remittances had a favourable influence on financial inclusion because they encourage the usage
of deposit accounts, but they had no substantial impact on the credit dimension of financial
inclusion since remittances may lower the demand for formal institutions' external funding
(Demirguc-Kunt; 2014).
The availability of banking services is one of the key markers of financial inclusion. The
Government of India and the Reserve Bank of India are launching numerous efforts to promote
financial inclusion under the SWABHIMAN campaign. Despite these efforts, only around 40
percent of the population has been covered by financial inclusion since its start. It may be
assumed that the basic aim of financial inclusion has yet to be achieved (Devi; 2016). The
ISSN: 2455-8834
efficacy of Pradhan Mantri Jan Dhan Yojana by assessing the target group's knowledge of the
programme as well as the effectiveness of financial literacy activities. The research was carried
out among the residents of Bandrasindri hamlet in Rajasthan's Ajmer district. Despite the fact
that the mission mode project PMJDY scheme aims to provide universal banking access, the
realities on the ground indicate that on-going efforts are required to really eliminate financial
untouchability. The PradhanMantri Jan Dan Yojana concentrated mainly on the supply side by
providing banking facilities in villages with populations higher than 2000, however the
programme did not target the whole geography and was not aimed at families. Furthermore, a
substantial number of bank accounts have remained dormant. As a result, it is recommended that
a comprehensive plan be devised in order to keep the accounts active and to utilise them as a tool
for some economic activity that leads to a living (Verma, Garg and Poonam; 2016).
The income level, financial information sources and knowledge of financial inclusion
programmes all play a role in the development of financial inclusion. The study discovered a link
between demographic factors and rural household knowledge of PMJDY. Rural families are
more likely to be financially involved when they are located closer to a bank (Sharma and Goyal;
2017). The role of mobile phone technology in boosting savings mobilisation in Sub-Saharan
African nations was investigated in their observation They discovered that the use of mobile
phone technology in financial services increases the chance of saving and has a substantial
influence on the quantity saved among the poor and low-income groups who have limited access
to conventional financial services (Ouma, Odongo, and Were; 2017).
 Impact on the macro-financial stability: There is a literature that examine the relationship
between financial inclusion and financial stability (Hannig and Jansen, 2010; Cull et al,
2012; Neaime and Gaysset, 2018; Ozili, 2018). Much of this literature contain little
empirical evidence (see Morgan and Pontines, 2014; Neaime and Gaysset; 2018), and the
relationship between financial inclusion and stability is rather mixed, and the channel
through which financial inclusion affects financial stability is still unclear in the
literature. For instance, does financial inclusion affect financial system stability because
there is a large ‘banked’ population (some of whom are risky) participating in the formal
sector? Alternatively, can financial inclusion have an impact on financial system stability
due to the unpredictable and illogical conduct of the huge 'banked' populace during hard
times? Even more study is needed to provide additional insight on this.

ISSN: 2455-8834
IV. Financial Innovation for Financial Inclusion
The literature proposed that financial institutions open up new perspectives for financial services.
According to the findings, the promotion of financial systems through technology should reach
people quickly and at a low cost. Banks should broaden their profile-raising efforts to include the
no-frills account feature. Technology is a cutting-edge tool for bringing banking goods to people
in rural regions. In this situation, banks will need to reengineer the architecture of existing
technology for conventional customers in order to provide access to the aforementioned services
(Sundaram, and Sriram; 2016). Digitising services lowers consumer transaction costs, such as
travel time, associated with traditional financial institutions. According to research, digital
technologies offer the potential to solve the transparency difficulties connected with traditional
financial services, as well as to increase privacy and autonomy over transactions and payments
(Holloway, Niazi, and Rouse; 2017).
The existing literature demonstrates that the mobile payment ecosystem in the United States can
assist individuals in gaining access to a broader range of financial services at a lower cost;
however, the intense advertising of mobile payments in the United States is more about affluence
and advertising than providing financial access to the unbanked population, and such practises
necessitate the application of regulations to the delivery of mob payments (Fonté; 2012). Mobile
banking systems use mobile phones and agents to offer financial services without the significant
expenses of construction and bank employees that are associated with traditional brick-and-
mortar banking institutions, making existing clients more accessible and fostering new customer
relationships (Kumar, McKay, and Rotman; 2010). Financial inclusion was accomplished in
Bangladesh, through banking innovations such as ‘Sure-Cash’s, which penetrated the
oligopolistic financial sector to reach women and impoverished people.Sure Cash's PESP
distribution service has assisted them in carving out a place in a crowded field. However, digital
disruption is beginning to alter the breadth of marketplaces across regions. With the introduction
of smartphones into the MFS industry, customers had access to a plethora of additional service
options (Ghosh and Bhattacharya; 2019).
The mobile phone innovation improved financial inclusion in 49 countries. Finding a strategy to
increase financial inclusion in the African area will fuel the region's much-anticipated growth.
Financial inclusion has not resulted in economic development or bank stability, although it is tied
to mobile phone penetration. Due to a lack of data, one key weakness of their study was that it
did not assess the quality of financial products (Chinoda and Kwenda; 2019).
The effect of agency banking in improving access to financial services was investigated in a
research. Using a sample size of 35 agency banking outlet operators in Kilindini District,
Mombasa, Kenya, the study concluded that banks have significantly reduced the costs associated

ISSN: 2455-8834
with accessing financial services, both in terms of structural barriers to opening bank accounts,
transactional costs, and costs associated with long distances travelled to access mainstream
financial services. Second, the study discovered that bill payments and access to financial
services had a favourable association (Isaac Munyao Muasya1 and Francis Kerongo; 2015). The
link between internet, mobile phones, and financial inclusion in Africa from 2000 to 2016 finds
that the internet and mobile phones enhanced people's capacity to access basic financial services,
resulting in increased financial inclusion (Evans; 2018).
The financial innovations such as the availability and use of mobile phones were leveraged to
provide financial services that encouraged household savings and increased the amount saved.
China has seen a rapid development in Fintech goods and services due to increased demand for
web-based services, and the government's 2016-2020 strategy was created to support digital
technologies in order to improve financial inclusion and social stability (Ouma et and Tsai;
2017). The Argentina's government exploited financial inclusion to raise substantial amounts of
tax revenue. Argentina's government utilised financial inclusion to get more individuals into the
official banking system; customers began to use less cash and more credit and debit cards,
resulting in more consumption occurring in formal marketplaces, which the government could
easily tax (Mitchell and Scott; 2019). The region has a big number of internet users and Fintech
businesses, which have contributed to increase financial inclusion, particularly for the unbanked
people.These studies mainly focus on the definition and the importance of FinTech to the
financial ecosystem especially in the Southeast Asia region. It also shows how FinTech helped to
provide solutions for financial inclusion, especially unbanked population. The research found out
how the huge percentage of internet users in the region was the cause of the development of new
FinTech companies (Al-Mudimigh and Anshari; 2020).
 Further measures to support financial inclusion: Future studies should examine other
interventions that promote financial inclusion. However apart from the popular strategies
such as financial innovations, digital technology, financial literacy, and low-cost loan
programs, alternative concepts should be studied so that policymakers looking to
implement new financial inclusion initiatives have a diverse range of possibilities. Future
research should provide new ideas, tactics, and actions to improve financial inclusion in
nations when all other choices have been exhausted.

ISSN: 2455-8834
5. Conclusion
The growing recognition of the incidence of the financial inclusion of the sizeable population in
developed and developing countries, the subject matter of financial inclusion has not attracted
attention of the researchers to the extent it deserves, particularly in Andhra Pradesh. The majority
of the Indian literature on financial inclusion is a detailed outline of the proactive steps taken by
the RBI to promote financial inclusion, which is supplemented by a number of writings on
policies relating to rural finances and credit performance, including the nature of farmer
indebtedness within the social banking framework. A few studies attempt to measure the FI at
the macro level using country specific Financial Inclusion Index, resulting in a dearth of studies
at micro level. Most of the studies on FI are based on secondary data, which give only a macro
picture. The appropriation of financial products and services at micro level, for a proper
assessment and understanding of financial inclusion or financial exclusion among the poor.
Relevant observations can only be obtained by a primary survey that takes into account state
distinctions. The literature study provided a summary of empirical investigations in many areas,
ranging from financial inclusion to a new growth route for poverty reduction. The review
research clarified the terms "inclusive growth," "pillars of inclusive growth," "exclusionary
growth," "types of" and "financial development." The key findings in this review indicate that
financial inclusion affects, and is influenced by, the level of financial innovation, poverty levels,
the stability of the financial sector, the state of the economy, financial literacy, and regulatory
frameworks which differ across countries. The findings have implications for policymaking.
Financial inclusion and poverty levels, financial innovation, financial stability, the status of the
economy, financial literacy, and regulatory systems should all be considered by policymakers.
Governments should strike a balance between increasing financial inclusion and financial system
stability, which is a concern for regulators, and discover new methods to supply financial
services to consumers through non-bank channels. Lastly, the analysis suggested a number of
potential research possibilities in financial inclusion.
References
[1] Aghion P, Bolton P. (1997) A Theory of Trickle-Down Growth and Development. lead
article in the Review of Economic Studies;64 (2) :151-172.
[2] Al-Mudimigh, A., &Anshari, M. (2020).Financial Technology and Innovative Financial
Inclusion. In Financial Technology and Disruptive Innovation in ASEAN (pp. 119-129).
IGI Global. Available at https://www.igi-global.com/chapter/financial-technology-and-
innovative-financial inclusion/231127
[3] Anand, S., and Saxena, D. (2010). “Technology Based Initiatives by Indian Commercial
Banks towards Financial Inclusion.” Proceedings of Annual Conference of IIM-

ISSN: 2455-8834
Bangalore.
[4] Babajide, A. A., Adegboye, F. B., &Omankhanlen, A. E. (2015).Financial inclusion and
economic growth in Nigeria. International Journal of Economics and Financial Issues,
5(3), 629e637.
[5] Babych, Y., M. Grigolia, and D. Keshelava. 2018. Financial Inclusion, Financial
Literacy, and Financial Education in Georgia. ADBI Working Paper 849. Tokyo: Asian
Development Bank Institute. Available: https://www.adb.org/publications/financial-
inclusion-financial-literacyand-financial-education-georgia.
[6] Basanta Kalita. (2018). Impact on Social Status of the Households due to SHG-Bank
Linkage Programme: A Study in Assam, India. International Journal of Research in
Social Sciences, 8(1), 445- 462.
[7] Bhardwaj, M., Hedrick-Wong, Y., & Howard, T. (2018), Financial inclusion for Asia's
unbanked. The World Bank blogs.Published on April 30, 2018.Retrieved on September
13, 2018. Available at: http://blogs.worldbank.org/ allaboutfinance/financial-inclusion-
asias-unbanked.
[8] Bold, Tessa, Mwangi Kimenyi, Germano Mwabu, and Justin Sandefur, “Why Did
Abolishing Fees Not Increase Public School Enrollment in Kenya?,” Center for Global
Development Working Paper Series, 2011, 271.
[9] C. Rangarajan (2008), Report of the Committee on Financial Inclusion in India, GOI.
[10] Chibba, M. (2009). Financial Inclusion, Poverty Reduction, and the Millennium
Development Goals. European Journal of Development Research, 21, 213-230.
https://doi.org/10.1057/ejdr.2008.17
[11] Chinoda, T., & Kwenda, F. (2019). Do mobile phones, economic growth, bank
competition and stability matter for financial inclusion in Africa? Cogent Economics &
Finance, 7(1), forthcoming.
[12] Christabell, P. J., and Raj, V. A. (2012). Financial Inclusion in Rural India : The role of
Microfinance as a Tool. IOSR Journal of Humanities and Social Science (JHSS), 2(5),
21–25.
[13] Collins, D., Morduch, J., Rutherford, S. and Ruthven, O., 2009: Portfolios of the Poor:
How the World’s Poor Live on $2 a Day. Cape Town: Cape Town University Press. 283
pp. £20.95 hard. ISBN-10: 0-691-14148-7
[14] Demirguc-Kunt, A. (2010). Measuring Access to Finance...One step at a time.Access to
Finance. W. Bank. Washington, World Bank.
[15] “Demirguc-Kunt, Asli; Klapper, Leora; Singer, Dorothe. (2017). Financial Inclusion and

ISSN: 2455-8834
Inclusive Growth: A Review of Recent Empirical Evidence. Policy Research Working

Paper;No. 8040. World Bank, Washington, DC. © World Bank.
https://openknowledge.worldbank.org/handle/10986/26479 License: CC BY 3.0 IGO.”
[16] Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The global
Findex database 2017: Measuring financial inclusion and the fintech revolution, The
World Bank.
[17] Demirguc-KuntLeoraKlapper (2012), Measuring Financial Inclusion: The Global Findex
Database, Policy Research Working Paper 6025The World Bank,New York.
[18] Devi, M. (2016). The International Journal Of Business & Management, Level of
Financial Inclusion in Rural Assam: A Study Based on the Accessibility of Banking
Service in the Barbhag Area of Nalbari District, Assam, 4(1), 145–149.
[19] Diniz, E., Birochi, R., and Pozzebon, M. (2012). Triggers and barriers to financial
inclusion: The use of ICT-based branchless banking in an Amazon county. Electronic
Commerce Research and Applications,11(5), 484–494.
http://doi.org/10.1016/j.elerap.2011.07.006
[20] Evans, O. (2018), Connecting the poor: the internet, mobile phones and financial
inclusion in Africa. Digital Policy, Regulation and Governance, 20(6), 568-581.
[21] Fonté, E. F. (2012). Mobile Payments in the United States: How Disintermediation May
Affect Delivery of Payment Functions, Financial Inclusion and Anti-Money Laundering
Issues. Wash. JL Tech. & Arts, 8, 419.
[22] Garg, B. (2014). An Introspection into India‟s Banking Sector Scenario from
Technological Perspective. Indian Streams Research Journal,4(6), 1-8.
[23] Ghosh, A., & Bhattacharya, L. (2019).SureCash: Promoting financial inclusion in
Bangladesh. Asian Management Insights Magazine, Vol 6, 1-4.
[24] Grohmann, A., Kluhs, T., and Menhoff, L. (2018). Does financial literacy improve
financial inclusion? Cross country evidence. World Development, 111, 84-96.
doi:https://doi.org/10.1016/j.worlddev.2018.06.020
[25] Gupta D (2015), Key Barriers Faced in Implementing Financial Inclusion. International
Journal of Engineering Technology Science and Research 3: 171-174.
[26] Hannig, A., & Jansen, S. (2010). Financial inclusion and financial stability: Current
policy issues. Asian Development Bank Institute Working Paper, No. 259, 1-29.
[27] Holloway, K., Z. Niazi, and R. Rouse. 2017, Women’s Economic Empowerment through
Financial Inclusion: A Review of Existing Evidence and Remaining Knowledge Gaps.
New Haven, CT: Innovations for Poverty Action. [Google Scholar]

ISSN: 2455-8834
[28] Isaac MunyaoMuasya& Francis Kerongo (2015) The effects of Agency Banking on
access to financial services: A Survey of Commercial Banks in Kilindini district.
International Journal of Management Research and Business Strategy. Vol. 4, No. 3, pp
103-118.
[29] Kempson, E. and Whyley, C. (1999) Understanding and Combating Financial Exclusion.
Insurance Trends (The Association of British Insurers), 18-22.
[30] Kempson, E., Caskey, J., Whyley, C. and Collard, S. (2000) In or out? London: Financial
Services Authority.
[31] Khan, S. (2015). Role of Banks In promoting Financial Inclusion In India. ASM‟s
International E- Journal of Ongoing Research in Management and IT E-ISSN-2320-0065,
1(2), 1–8.
[32] Kpodar, K. and Andrianaivo, M. (2011) ICT, Financial Inclusion, and Growth Evidence
from African Countries. IMF Working Paper No. 11/73.
[33] Kumar, C., C. McKay, and S. Rotman. 2010. “Microfinance and Mobile Banking: The
Story So Far.” CGAP Focus Note No. 62. Washington, DC: Consultative Group to Assist
the Poor.
[34] Leyshon A, Thrift N, 1995, “Geographies of financial exclusion: Financial abandonment
in Britain and the United States” Transactions of the Institute of British Geographers,
New Series 20 312–341
[35] Lusardi, Annmaria, Mitchell, and Olivia, S. (2011). Financial literacy around the world:
An overview. Journal of Pension Economics and Finance, 10(4), 497-508.
[36] Mehrotra, N., Puhazhendhi, V., G, G. N., and Sahoo, B. B. (2013). Financial Inclusion -
An Overview, 53(9), 1689–1699. http://doi.org/10.1017/ CBO9781107415324.004
[37] Mindra, R., Moya, M., Zuze, L. T., and Kodongo, O. (2017). Financial selfefficacy: a
determinant of financial inclusion. International Journal of Bank Marketing, 35(3), 338–
353. https://doi.org/10.1108/IJBM-05- 2016-0065.
[38] Mitchell, K., & Scott, R. H. (2019).Public Revenue, Financial Inclusion and Value-
Added Tax in Argentina.In Pesos or Plastic? (pp. 33-58). Palgrave Pivot, Cham.
[39] Neaime, S., & Gaysset, I. (2018). Financial inclusion and stability in MENA: Evidence
from poverty and inequality. Finance Research Letters, 24, 230-237.
[40] Neaime, Simon & Gaysset, Isabelle, 2018. "Financial inclusion and stability in MENA:
Evidence from poverty and inequality," Finance Research Letters, Elsevier, vol. 24(C),
pages 230-237. DOI: 10.1016/j.frl.2017.09.007.
[41] Osei-Assibey, Eric, Financial Exclusion: What Drives Supply and Demand for Basic

ISSN: 2455-8834
Financial Services in Ghana? (April 22, 2009). Saving and Development Journal, Vol.
33, No 3, 2009 , Available at SSRN: https://ssrn.com/abstract=1393318
[42] Ouma, S. A., Odongo, T. M., and Were, M. (2017). Mobile financial services and
financial inclusion: Is it a boon for savings mobilization? Review of Development
Finance, 7(1), 29–35. https://doi.org/10.1016/j.rdf.2017. 01.001
[43] Raihanath, M.P., & Pavithran, K.B. (2014).Role of Commercial Banks in the Financial
Inclusion Programme. Journal of Business Management & Social Sciences Research,
3(5), 75-81.
[44] Raju, B. Yerram (2006), “Financial Inclusion: Reaching the unreached”,
accessed from
<http://www.financialexpress.com/fe_full_story.php?content_id=146855> on
15/12/2006.
[45] Reddy (2007), Financial Inclusion and measurement, Published by RBI
[46] ReenaAgrawal. (2011). 100 per cent Financial Inclusion: A Challenging Task Ahead,
Conference on Global Competition & Competitiveness of Indian Corporate (pp. 276-
278). Lucknow: Indian Institution of Management.
[47] Sadyojathappa, S. (2012). Microfinance-Self Help Group Bank Linkage Programme
(SBLP) In India., International Journal of Social Sciences & Interdisciplinary
Research,1(6).
[48] Sahay, Ratna, Martin Čihák, Papa N’Diaye, Adolfo Barajas, Ran Bi, Diana Ayala, Yuan
Gao, Annette Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, and
Seyed Reza Yousefi. 2015a. “Rethinking Financial Deepening: Stability and Growth in
Emerging Markets.” IMF Staff Discussion Note 15/08, International Monetary Fund,
Washington.
[49] Sarma, M. and Pais, J. (2011) Financial Inclusion and Development. Journal of
International Development, 23, 613-625. https://doi.org/10.1002/jid.1698
[50] Sasidharan, A. (2016). The International Journal of Business and Management SHG – A
Viable Tool for Financial Inclusion with Reference to Panchayaths in Kerala, 4(2), 356–
360.
[51] Satpathy, I., Patnaik, C. M., and Das, P. K. (2014). Transformation from Class Banking
to Mass Banking through Inclusive Finance: A Paradigm Shift. Asian Social Science,
10(19), 11–16.
[52] Sayinzoga, A., Bulte, E. H., and Lensink, R. (2016), Financial Literacy and Financial
Behaviour: Experimental Evidence from Rural Rwanda. Economic Journal, 126(594),

ISSN: 2455-8834
1571–1599. https://doi.org/10. 1111/ ecoj.12217.

[53] Shafi, M., and Medabesh, A. H. (2012), Financial Inclusion in Developing Countries:
Evidences from an Indian State. International Business Research, 5(8), 116-122.
[54] Sharma, N., and Goyal, R. (2017). PradhanMantri Jan DhanYojana (Pmjdy) - A
Conceptual Study. International Journal of Research - Granthaalayah, 5(4), 143-152.
doi:10.5281/zenodo.569988.
[55] Siddaraju, V. G. (2012). Cooperatives and financial inclusion in India: Issues and
challenges. International NGO Journal, 7(October), 46–54.
[56] Sinclair, P.S. (2001) Financial Exclusion: An Introductory Survey. Centre for Research
in Socially Inclusive Services (CRISIS), Heriot-Watt University, Edinburgh.
[57] Sundaram, N. &Sriram, M. (2016) Financial Inclusion in India: A Review.International
Journal of Applied Engineering Research. Volume 11, Number 3, pp 1575-1578.
[58] Swamy, V. (2014).Financial Inclusion, Gender Dimension, and Economic Impact on
Poor Households. World Development, 56, 1–15.
https://doi.org/10.1016/j.worlddev.2013.10.019
[59] Verma, Y., and Garg, P. (2016).PradhanMantri Jan DhanYojana (PMJDY): A Step
Towards Eradicating Financial Untouchability. Indian Journal of Finance, 10(1).
doi:10.17010/ijf/2016/v101/85845
[60] World Bank (2010), Inclusive Finance: Korea-World Bank High Level Conference on
Post- Crisis Growth and Development, Conference at Busan, Korea.
[61] Zins, A., & Weill, L. (2016), The determinants of financial inclusion in Africa. Review
of Development Finance, 6(1), 46e57.

Ijsser 08 31

Uploaded by

Copyright:

Available Formats

Ijsser 08 31

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Ijsser 08 31

Uploaded by

Copyright:

Available Formats

International Journal of Social Science and Economic Research

AN EMPRICAL LITERATURE REVIEW ON FINNACIAL INCLUSION

DOI: 10.46609/IJSSER.2023.v08i03.003 URL: https://doi.org/10.46609/IJSSER.2023.v08i03.003

Received: 5 March. 2022 / Accepted: 20 March. 2023 / Published: 30 March 2023

Keywords: Financial Inclusion, Digital Finance, Poverty Reduction, Financial Stability,

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 387

2. Objectives of the study

The main purpose of the study is to fulfill the following objectives

1. To compare or contrast against findings resulting from existing literature review on

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 388

4. Analysis and Discussion

I. Social Exclusion and Financial Exclusion

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 389

Future research approaches

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 391

 Financial Inclusion governing regulation: The necessity for developing a regulatory

II. The context of Financial Inclusion

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 392

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 393

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 394

Future research approaches

 Complications of Financial Inclusion: There is lack of literature on the risks associated

 Absence of political economy of financial inclusion transparency: Existing studies on

III. Policy Initiatives on Financial Inclusion

Financial illiteracy is common in industrialised economies such as Germany, the Netherlands,

Future research approaches

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 398

IV. Financial Innovation for Financial Inclusion

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 399

Future research approaches

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 400

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 401

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 402

Inclusive Growth: A Review of Recent Empirical Evidence. Policy Research Working

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 403

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 404

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 405

1571–1599. https://doi.org/10. 1111/ ecoj.12217.

www.ijsser.org Copyright © IJSSER 2023, All rights reserved Page 406

You might also like