The effect of financial inclusion and financial technology on women’s empowerment

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Abstract

This paper examines the impact of financial inclusion and financial technology (FinTech) on women’s empowerment using panel data from 85 countries over four years, employing a comprehensive model that accounts for diverse income levels. The explanatory variables include FinTech and financial inclusion indicators, while the control variables encompass growth, inflation, education, and population growth. Key findings suggest that financial inclusion, through savings or mobile money accounts, has a significant impact on women’s empowerment in high-income economies. In upper-middle-class economies, education, inflation, and owning a bank account serve as crucial factors in women’s empowerment. Conversely, in lower-middle-income economies, education has a positive influence on empowerment, while financial inclusion through savings or mobile money exhibits a negative impact. The study highlights the significance of enhancing women’s financial literacy to improve access to financial services backed by contemporary FinTech and promote active economic participation. It emphasizes the need for crucial context-specific tactics to achieve successful gender equality and inclusive economic development. Its originality lies in its comprehensive analysis across income levels, uncovering complex relationships between FinTech, financial inclusion, and women’s empowerment.

Keywords: Financial Inclusion, Financial Technology, Women Empowerment, Sustainable Development Goals

Authors’ individual contribution: Conceptualization — L.K.; Methodology — L.K.; Validation — A.A.-A.; Formal Analysis — L.K.; Investigation — L.K.; Resources — N.M.; Data Curation — L.K.; Writing — Original Draft — A.A.-A. and R.A.W.; Writing — Review & Editing — A.A.-A., R.A.W., and N.M.; Visualization — A.A.-A. and R.A.W.; Supervision — A.A.-A.; Project Administration — L.K.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: I14, I24, O15, O31

Received: 12.09.2024
Revised: 18.12.2024; 06.10.2025; 26.12.2025
Accepted: 06.01.2026
Published online: 08.01.2026

How to cite this paper: Khalaf, L., Al-Amarneh, A., Abu Wadi, R., & Mryan, N. (2026). The effect of financial inclusion and financial technology on women’s empowerment. Journal of Governance and Regulation, 15(1), 64–74. https://doi.org/10.22495/jgrv15i1art6