Financial inclusion has gained attention as a means of reducing poverty and promoting economic development. However, its potential impact on human development, which encompasses a broader range of dimensions, has received less attention. This paper aims to explore the relationship between financial inclusion and human development by conducting a systematic review of the literature. Our analysis reveals a positive relationship between financial inclusion and human development, with financial inclusion having the potential to promote education, health, and entrepreneurship, and to reduce poverty and income inequality. The impact of financial inclusion on human development is mediated by various factors, such as education, gender, and social networks. The findings highlight the need for policymakers to prioritize financial inclusion as a key strategy for promoting human development, while ensuring consumer protection and financial stability..         

Financial inclusion, human development,, poverty reduction,

. Ababio, J., Botchwey, E., Assibey, E. and Barnor, C. (2020), “Financial inclusion and human

development in Frontier countries”, International Journal of Finance and Economics, Vol. 26

No. 1, pp. 42-59.

. Adetunji, O.M. and David-West, O. (2019), “The relative impact of income and financial Literacy on

financial inclusion in Nigeria”, Journal of International Development, Vol. 31 No. 4, pp. 312-335.

. Ahmed, W., Rauf, A., Khan, H. and Bano, S. (2021), “Simultaneous equation estimation in finance and

corporate financial decision: empirical evidence from Pakistan stock exchange”, Journal of

Asian Finance Economics and Business, Vol. 8 No. 3, pp. 11-21.

. Ajefu, J.B., Demir, A. and Haghpanahan, H. (2020), “The impact of financial inclusion on mental

health”, SSM-population Health, Vol. 11, doi: 10.1016/j.ssmph.2020.100630.

. Allen, F., Otchere, I. and Senbet, L. (2011), “African financial systems: a review”, Review of

Development Finance, Vol. 1 No. 2, pp. 79-113.

. Ardic, O., Heimann, M. and Mylenko, N. (2011), “Access to financial services and the financial

inclusion agenda around the world: a cross-country analysis with a new data set”, World Bank

policy research working paper 5537, World Bank, Washington D.C.

. Arellano, M. and Bond, S. (1991), “Some tests of specification for panel data: monte carlo evidence and an application to employment equations”, The Review of Economic Studies, Vol. 58 No. 2, pp. 277-297.

. Asongu, S. (2013), “Globalization and Africa: implications for human development”, International

Journal of Development Issues, Vol. 12 No. 3, pp. 213-238.

. Awad, M. and Eid, N. (2018), “Financial inclusion in the MENA region: a case study on Egypt”,

Journal of Economics and Finance, Vol. 9 No. 1, pp. 11-25.

. Blando, S. (2013), “Linking financial inclusion and development”, working paper, Universidad

Complutense, Madrid.

. Datta, S. and Singh, K. (2019), “Variation and determinants of financial inclusion and their association with human development: a cross-country analysis”, IMB Management Review, Vol. 31, pp. 336-349.

. Eusufzai, Z. (1996), “Openness, economic growth, and development: some further results”, Economic

Development and Cultural Change, Vol. 44, pp. 333-338.

. Geraldes, H., Gama, A. and Augusto, M. (2022), “Reaching financial inclusion: necessary and sufficient

conditions”, Social Indicators Research, doi: 10.1007/s11205-021-02850-0.

. Gokmenoglu, K., Apinran, M. and Taspinar, N. (2018), “Impact of foreign direct investment on human

development index in Nigeria”, Business and Economics Research Journal, Vol. 9 No. 1, pp. 1-13.