Comparative analysis of financial inclusion programs in developing countries

Chaikal Nuryakin, Lovina Aisha Malika Putri

Research output: Contribution to journalArticle


There has been tremendous development in providing formal financial services to the unbanked in developing countries since the Global Partnership for Financial Inclusion (GPFI) was established in 2010. Nevertheless, there is no universal agreement on how developing countries approach their financial inclusion programs. Kenya, for example, mainly depends on telecommunication companies (telco-based) to act as drivers of the financial inclusion program, while Indonesia chose the banks (bankbased). After years of the ongoing program, there is evidence that the success is primarily due to the countries’ approaches. This policy brief elaborates the critical features of telco-based, bank-based, and hybrid-based financial inclusion programs in developing countries. Finally, it summarizes indicators that need to be taken into consideration for choosing the suitable model of the country
Original languageEnglish
Pages (from-to)134-143
Number of pages10
JournalGlobal Solutions Journal
Publication statusPublished - 1 Mar 2022


  • financial inclusion
  • bank
  • telecommunication
  • developing countries


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