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Dangers of Digital-Only Financial Inclusion

Dangers of Digital-Only Financial Inclusion
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Author(s): Peterson K. Ozili (Central Bank of Nigeria, Nigeria)
Copyright: 2024
Pages: 17
Source title: Business Drivers in Promoting Digital Detoxification
Source Author(s)/Editor(s): Simon Grima (Department of Insurance, Faculty of Economics Management and Accountancy, University of Malta, Msida, Malta & Faculty of Business, Management and Economics, University of Latvia, Riga, Latvia), Shilpa Chaudhary (Lovely Professional University, India), Kiran Sood (Chitkara Business School, Chitkara University, India & Research Fellow at the Women Researchers Council (WRC) at Azerbaijan State University of Economics (UNEC), Azerbaijan)and Sanjeev Kumar (Lovely Professional University, India)
DOI: 10.4018/979-8-3693-1107-3.ch005


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The literature has not extensively examined the dangers of digital-only financial inclusion. The purpose of this chapter is to highlight the dangers of digital-only financial inclusion (DOFI). Using the discourse analysis method, the study showed that digital-only financial inclusion may be difficult to achieve when there is uneven availability and uneven access to digital devices. It was also argued that digital-only financial inclusion could lead to high cost of internet broadband, and it places much emphasis on accelerating digital access rather than protecting users who use digital finance platforms. Furthermore, it pays little attention to risk mitigation, and produces digital ID schemes that enable government surveillance. It also prioritizes digital access rather than financial health; and makes it easier to perpetrate fraud using digital means. Finally, it can enable the endless pursuit of power, and it prioritizes a digital version of financial inclusion at any cost.

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