Chapter 13: FinTech and financial inclusion
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In 2012, Demirguc-Kunt and Klapper posited that effective and inclusive financial systems are likely to benefit poor people and other disadvantaged groups because without inclusive financial systems, poor people must rely on their own limited savings to invest in their education or become entrepreneurs – and small enterprises must rely on their limited earnings to pursue promising growth opportunities. This can contribute to persistent income inequality and slower economic growth. (2012, p. 1) Twenty years earlier, McKinnon the “financial liberalization” school, claimed that the development of the financial system is at the heart of the economic development process.

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