Title: Global perspective of the effects of digital financial inclusion and ICT intensity on socio-economic development

Authors: Ernest Akpaku; Zelda Arku; Stephen Boateng

Addresses: Department of Information Technology, Ghana Institute of Languages, P.O. Box M 67, Accra, Ghana ' Department of Management Studies, University of Mines and Technology, P.O. Box 237, Tarkwa, Ghana ' Department of Operations and Management Information Systems, University of Ghana, P.O. Box LG 78, Legon, Accra, Ghana

Abstract: Although digital financial inclusion (DFI) has recently received scholarly attention, large sections of these studies focused on the impacts, drivers, inhibiting factors, and firms, single and cross-countries. This study combines the partial least square structural equation modelling (PLS-SEM) and necessary condition analysis (NCA), a conceptual framework, and a global dataset to investigate the effects of DFI and the mediating role of ICT intensity on socio-economic development. The results show that ICT intensity and DFI positively influence socio-economic development and are necessary conditions. We also found that ICT regulation does not mediate the nexus between DFI, ICT intensity, and socio-economic development. The findings of this study offer global insights into the discourse and highlight theoretically the critical success factors in ICT4D (ICT for development) initiatives. It also provides insights on the level of ICT-based factors necessary for a country's socio-economic development while making better use of its limited resources.

Keywords: digital financial inclusion; DFI; information and communication technology; ICT; ICT intensity; socio-economic development; global perspective; necessary condition analysis; NCA; partial least squared-structural equation modelling; PLS-SEM.

DOI: 10.1504/IJBFMI.2023.127699

International Journal of Business Forecasting and Marketing Intelligence, 2023 Vol.8 No.1, pp.13 - 34

Received: 27 Jun 2022
Accepted: 28 Jun 2022
Published online: 14 Dec 2022 *