A Bibliometric Analysis of Digital Financial Inclusion: Current Trends and Future Directions

2.1 Search String

We conducted a comprehensive review using the WoS Core Collection database, which includes publications indexed up to December 31, 2024. We searched the “TOPIC” field with the query: “digital financial inclusion” OR “digital inclusive finance,” covering titles, abstracts, and keywords. We restricted our analysis to English-language publications in order to maintain relevance to the target audience. The inclusion criteria were publications indexed in WoS, written in English, and published as peer-reviewed articles or reviews related to DFI or digital inclusive finance, with the keywords “digital financial inclusion” or “digital inclusive finance” appearing in the title, abstract, or keywords. Publications were excluded if they were non-English or conference papers, editorials, book chapters, or other non-article types. Publications unrelated to the core topic, despite the keywords, were excluded.

3.1 Publication Trend and Descriptive Analysis

Among the 739 papers retrieved from the WoS database, 12,172 were recorded, including 8,942 non-self-citations. On average, each publication received approximately 16.47 citations, and the dataset yielded an H-index of 52, indicating a substantial academic impact. The analysis also revealed a marked increase in scholarly interest in DFI beginning in 2020, with the number of publications increasing from 21 in 2020 to 278 in 2024. This upward trajectory is projected to continue through 2025. Figure 1 presents the annual progression of both the publication volume and citation frequency from 2017 to December 31, 2024.

Figure 1

All citations and publications from 2017 through December 31, 2024.

3.2 Co-Citation Analysis

Table 1 presents the ten most co-cited references ranked by their total link strength (TLS). Notably, publications by Guo et al. (2020), Li et al. (2020), and Ozili (2018) stand out, with TLS values of 777, 729, and 638, respectively. In this context, TLS refers to the sum of the link strengths between a given publication and all other publications in which it is co-cited. The higher the TLS value, the stronger the association and influence of publications within the co-citation network. This metric highlights the centrality and significance of the publications in the field.

By employing a co-citation analysis, four distinct clusters emerged, each offering a DFI perspective. These clusters reveal thematic linkages and evolving trends in the literature, highlighting the growing complexity of digital finance and its implications for economic development. Figure 2 visualizes these clusters as color-coded nodes representing the interconnectedness and thematic focus of publications.

• Cluster 1 (Red): “The Role of Financial Services and Digital Innovation in Advancing Financial Inclusion and Reducing Inequality.” This cluster emphasizes the transformative potential of digital financial services in bridging socioeconomic divides. By making formal financial accounts more accessible and affordable (Allen et al., 2016; Demirguc-Kunt et al., 2018), digital solutions created pathways for marginalized communities to participate in economic activities that were once beyond their reach. Beyond enabling transactions, these innovations can empower women, rural populations, and small-scale entrepreneurs by providing access to credit, savings, and insurance products tailored to their unique needs (Mushtaq & Bruneau, 2019). By reducing the cost of financial intermediation, fintech fosters competition, reduces service fees, and prompts innovation in product offerings. This, in turn, contributes to socioeconomic growth and alleviates gender-based inequalities by giving women greater control over household and business financing. Furthermore, the role of fintech in narrowing income gaps (Demir et al., 2022) highlights how technology-driven solutions can be powerful levers for inclusive economic development, especially in emerging markets. Policymakers and private sector stakeholders are increasingly recognizing that robust regulatory frameworks, consumer protection measures, and digital literacy initiatives must accompany the scale-up of digital finance. When thoughtfully implemented, these strategies can minimize fraud or data security risks, ensuring that technology-driven financial inclusion remains equitable and sustainable.

• Cluster 2 (Green): “Digital Financial Inclusion in China: Impacts on Economic Growth, Poverty Alleviation, and Urban-Rural Disparities.” Focusing on China, this cluster highlights how digital finance can catalyze inclusive growth and reduce inequalities between urban and rural regions. Leveraging extensive mobile penetration and innovative payment platforms, policymakers and businesses have shaped new financial ecosystems that encourage entrepreneurship, expand consumer markets, and stimulate sustainable development (Ahmad et al., 2021; Hasan et al., 2022; Liu et al., 2021). Digital financial tools have effectively lowered barriers to entry for small businesses, offering both credit and broader services such as inventory management and peer-to-peer lending. This approach has proven instrumental in narrowing the urban–rural divide, as rural populations gain greater autonomy over financial decision-making and revenue generation (Ji et al., 2021). The role of digital finance in alleviating rural poverty underscores its capacity to provide stable income streams, reduce vulnerability to financial shocks, and encourage asset accumulation (Wang & He, 2020). Moreover, the integration of environmental and sustainability goals (Ozturk & Ullah, 2022) signals the recognition that inclusive finance must transcend conventional growth metrics. Aligning with green principles, digital financial solutions can contribute to responsible resource management and long-term resilience, thereby enhancing their impact on poverty reduction and community well-being.

• Cluster 3 (Blue): “Digital Financial Inclusion and Sustainable Development: Green Innovation, Carbon Emissions, and Economic Growth.” This cluster underscores the intersection of digital finance with environmental sustainability and green innovation, arguing that access to digital financial tools can generate cascading benefits in both economies and ecosystems. By streamlining investments in renewable energy projects and incentivizing low-carbon technologies, digital finance platforms facilitate the adoption of cleaner production methods and contribute to enhanced energy-environmental performance (Cao et al., 2021; Lin & Ma, 2022). Such platforms can also help small and medium-sized enterprises adopt sustainable practices by easing the burden of initial capital outlays and providing real-time financial data that inform energy-efficient decision-making. At the macro level, digital finance mechanisms, from crowdfunding to mobile-based payment systems, reduce transaction costs, and guide behavior toward greener consumption patterns (Wang & Guo, 2022). Notably, the cluster highlights how these innovations create new forms of sustainable employment, ranging from eco-friendly startups to green project financing, underscoring that inclusive growth need not come at the expense of the environment (Geng & He, 2021). As policymakers and investors increasingly prioritize ESG criteria, a robust digital financial infrastructure may serve as a critical conduit for channeling funds into sustainable ventures, ultimately fostering a more resilient and equitable global economy.

• Cluster 4 (Yellow): “Fintech Evolution, Digital Finance Ecosystem, and Its Role in Entrepreneurship and Innovation.” Here, the spotlight is fintech’s transformative power and the capacity to reshape traditional financial landscapes. As fintech ecosystems mature (Gomber et al., 2018), they create an environment in which startups and established enterprises collaborate and share resources and expertise to develop innovative solutions. In China (Guo et al., 2020), the interplay between supportive policies, robust technology infrastructure, and a vast consumer base has catalyzed a fintech revolution beyond mere transactional efficiency. By offering alternatives to conventional bank loans, fintech platforms help entrepreneurs, especially those in underserved areas, gain the capital required to launch and scale their ventures (Tang et al., 2020). This shift has driven technological breakthroughs and fueled competition, pushing traditional financial institutions to adapt and innovate. Moreover, the broader social impact of the evolution of fintech cannot be overlooked. By democratizing access to financing, these solutions empower individuals from diverse socioeconomic backgrounds to pursue entrepreneurial activities, thereby promoting inclusive growth and social mobility. As fintech continues to evolve, the successful alignment of innovation, regulation, and consumer protection will be the key to ensuring that it remains a catalyst for opportunity rather than an amplifier of existing inequalities.

Figure 2

Co-citation analysis.

Table 2 summarizes the co-citation analysis related to research on DFI. The information provided consisted of the labels assigned to each cluster, the total number of publications within each cluster, and examples of key publications representing each cluster’s thematic focus.

3.3 Co-Occurrence of Keyword

The most commonly cited keyword was “digital financial inclusion,” appearing 232 times, followed by “digital inclusive finance” with 186 instances, and “growth” with 107 instances. Table 3 delineates the 15 most prevalent keywords, highlighting the principal subjects and the critical domains of DFI.

Figure 3 depicts a network consisting of four clusters of keywords that occur together and are connected to one another. By conducting a more in-depth analysis and discussing the characteristics and thematic focus of each cluster, one can gain insight into the interconnected research areas contained within this field.

• Cluster 1 (Red): “Technological Advancements and Sustainable Pathways in Digital Financial Inclusion.” This cluster underscores the increasing significance of technological innovation for broadening and improving digital financial services. As new tools and platforms emerge, they help individuals and communities overcome geographical and socioeconomic barriers and offer swift and reliable access to financial resources. The increasing ubiquity of mobile devices and internet connectivity, combined with targeted financial literacy initiatives, ensures that more people can actively participate in the digital economy (Gunawan et al., 2023). These developments are especially pertinent for underserved groups, which may have been excluded from formal financial systems because of cost, lack of infrastructure, or rigid regulatory frameworks. By leveraging continuous innovation, digital solutions can reduce transaction costs and bridge affordability (Hasan et al., 2024). Concurrently, a growing focus is on aligning these technological strides with sustainable practices, ensuring that economic advantages are balanced with social responsibility and environmental stewardship (Edunjobi, 2024). This integrated perspective drives inclusive economic growth and fosters resilience by encouraging transparent governance and responsible resource management. Consequently, future pathways to DFI will likely emphasize synergy between innovation, sustainability, and equitable access. Investments in cutting-edge infrastructure, supportive policies, and cross-sector collaborations are pivotal for creating a financial ecosystem in which technology catalyzes positive social change. By prioritizing user-friendly interfaces, robust data protection, and ongoing education, stakeholders can ensure that digital finance evolves into a key driver of inclusive and enduring progress for individuals and communities worldwide.

• Cluster 2 (Green): “Financial Development, Urbanization, and Environmental Sustainability.” This cluster examines how the accelerated pace of financial development and urban expansion intersect with urgent environmental considerations. As economies grow and urban populations surge, energy consumption inevitably increases, placing significant pressure on natural resources and contributing to higher carbon emissions (Manigandan et al., 2024). Consequently, policymakers and industry leaders are seeking ways to harness financial instruments to promote cleaner technologies, energy efficiency, and low-carbon strategies. Such measures range from green bonds and sustainability-linked loans to incentives for renewable energy projects, which can spur innovation and reduce environmental degradation (Dong et al., 2024). The challenge lies in harmonizing financial prosperity with ecological well-being; sustainable urban growth calls for regulatory frameworks that guide investments toward greener solutions and align economic incentives with emission-reduction goals. Urbanization also prompts a greater demand for infrastructure transportation networks, housing, and public facilities that can be developed by integrating renewable energy sources (Niu et al., 2024). This cluster highlights the importance of a balanced approach to economic development and environmental stewardship. By directing financial resources toward sustainable projects, societies can mitigate the adverse impacts of urbanization, minimize dependence on fossil fuels, and create healthier living spaces. It is equally important to raise awareness among stakeholders, the government, private sector, and citizens regarding the long-term benefits of environmentally conscious financial policies. In the coming years, attention will increasingly focus on how financial systems can expedite this transition, reflecting the growing realization that prosperity and sustainability are not mutually exclusive, but synergistic objectives.

• Cluster 3 (Blue): “Digital Financial Inclusion as a Catalyst for Socioeconomic Equity and Poverty Reduction.” In this cluster, DFI emerges as a transformative force that bridges the socioeconomic divide and elevates disadvantaged communities. The proliferation of information and communication technologies (ICT), especially mobile applications and payment platforms, has drastically widened access to financial services (van Zanden, 2023). By transcending traditional banking structures, digital tools empower individuals who lack formal financial accounts or who live in remote locations. Effortless transactions and immediate access to services such as remittances, savings, and insurance reduce poverty by facilitating capital accumulation and risk management (Mishra et al., 2024). Additionally, digital credit channels bolster entrepreneurship, particularly among low-income groups because they streamline lending processes and offer tailored financial products (Nguimkeu & Okou, 2021). This approach boosts productivity and fosters inclusivity by giving marginalized populations a stake in economic growth. As these platforms continue to evolve, data-driven insights can improve the customization of financial products, aligning them more closely with local needs and capabilities. Nonetheless, investments in infrastructure and digital literacy are essential to ensuring that digital finance genuinely benefits everyone. Governments, development agencies, and private-sector actors must collaborate to address cybersecurity, data privacy, and responsible lending issues. Overcoming these hurdles will solidify the role of DFI as a catalyst for reducing inequality. Ultimately, accessible, reliable, and secure digital platforms have the potential to reshape the global financial landscape and reinforce social stability and economic progress for communities historically excluded from the mainstream financial systems.

• Cluster 4 (Yellow): “Fintech and Digital Finance: Overcoming Barriers to Entrepreneurship and Economic Growth.” This cluster focuses on how fintech and digital finance revolutionize entrepreneurship by dismantling the long-standing barriers tied to funding and resource constraints. Traditional lending processes often sideline small enterprises that face rigorous credit requirements, limited collateral options, and lengthy approval procedures. However, fintech platforms offer nimble and inclusive alternatives, enabling entrepreneurs to secure capital more efficiently (Jin & Liu, 2025). By democratizing access to finance through peer-to-peer lending, crowdfunding, and mobile-based credit services, fintech reduces entry barriers that have historically stifled innovation among underrepresented groups. Such financial inclusion not only heightens economic activity but also mitigates income disparities, as individuals previously overlooked by mainstream institutions can now launch or expand their ventures (Mishra et al., 2024). Broadening credit access stimulates job creation and fosters a diverse and vibrant entrepreneurial ecosystem. Moreover, digital financial services generate real-time insights and analytics, providing entrepreneurs with valuable data to refine business strategies and optimize operations (Naili et al., 2023). Adaptability is vital to sustaining growth in competitive markets. Nevertheless, the success of fintech solutions depends on user trust and effective supervision. Regulators and industry players must collaborate to establish a balanced framework that protects consumers, ensures data security, and maintains financial integrity. Aligned with supportive policies, technological innovation in finance drives the virtuous cycle of entrepreneurship, employment, and inclusive economic expansion. Ultimately, by transforming how capital is accessed and managed, fintech and digital finance champion a more equitable, opportunity-rich future.

Figure 3

Co-word analysis.

Table 4 summarizes the results of the co-word analysis of DFI. This table provides information regarding the assigned title for each cluster, number of keywords contained within each cluster, and representative keywords that capture the principal ideas and concepts associated with each cluster.

The thematic map derived from the co-word analysis offers a visual representation of the conceptual landscape of DFI along two core dimensions: centrality, which reflects the theme’s relevance to the field as a whole, and density, which indicates the level of internal development or conceptual maturity of a theme. This dual-axis framework enables a nuanced interpretation of both the structural positioning and thematic evolution of DFI literature. Figure 4 illustrates the spatial distribution of keyword clusters within this framework.

Figure 4

Thematic map.

No themes are positioned in the upper-right quadrant, which typically signifies motor themes that are both well-developed and central to the field. The absence of clusters in this area suggests that, while several topics are widely addressed in the literature, none simultaneously exhibit both high centrality and high density. This indicates a potential gap in the development of conceptually mature and structurally integrated themes in DFI research.

Two basic themes were identified in the lower-right quadrant, both of which are central to DFI research, but exhibit relatively low density, indicating limited conceptual development. The first cluster, comprising keywords such as “growth,” “impact,” and “innovation,” reflects ongoing scholarly interest in the transformative potential of DFI for economic development and entrepreneurial activity. However, the low density of this cluster suggests that these concepts are yet to be systematically theorized or integrated into cohesive frameworks. The second cluster, consisting of “access,” “constraints,” and “inequality,” inequality, signals the enduring importance of foundational concerns regarding equitable financial participation. While these themes remain prominent in the literature, their theoretical underdevelopment underscores the need for more integrated models that address structural barriers to inclusion and map pathways to socioeconomic equity.

Two niche clusters were observed in the upper left quadrant. The first includes keywords such as “information-technology,” “user acceptance,” and “gender,” while the second comprises terms like “business,” “labor,” and “empowerment.” These themes are marked by high density but low centrality, indicating that they are internally well-developed yet relatively peripheral to the core discourse. They reflect specialized areas of inquiry, such as the gendered adoption of fintech and labor-related implications of digital finance, which, while mature, have not yet achieved mainstream prominence in the field.

Interestingly, the lower-left quadrant, which usually denotes emerging or declining themes, also contained no clusters. This absence suggests that the DFI literature is currently stable, with a limited emergence of entirely new themes or obsolescence of existing ones. It points to a relatively consolidated field, though potentially in need of revitalization, through interdisciplinary perspectives or novel conceptual approaches.

Figure 5 shows the trend topic analysis, revealing the dynamic progression of key terms within the DFI literature from 2020 to 2024. Notably, terms such as “services,” “emissions,” and “income” have shown marked increases in usage by 2024, indicating a growing scholarly interest in how DFI intersects with digital public services, environmental sustainability, and income distribution. The increasing visibility of “emissions,” in particular, reflects the rising convergence between the DFI and green finance initiatives, possibly linked to sustainable digital ecosystems and carbon-neutral financial infrastructure.

Figure 5

Temporal evolution of keywords in DFI.

Themes such as “growth,” “impact,” and “innovation” experienced consistent attention from 2020 to 2023. Their prominence aligns with broader discussions on the potential of DFI to drive inclusive economic development, foster entrepreneurial activity, and support technological innovation in underserved communities. However, the moderate density of these themes, as shown in the thematic map, suggests the need for further theoretical consolidation.

Earlier terms such as “economy,” “entrepreneurship,” “sector,” and “women” had higher visibility between 2020 and 2022 but have since declined in prominence. While these may represent foundational areas of study, their decreasing presence points to a shifting focus toward more recent global challenges such as climate resilience, digital service provision, and financial access in the post-pandemic world.

4.1 Theoretical Implications

This bibliometric investigation of the DFI yields significant theoretical insights by mapping the intellectual and thematic evolution of the field. The findings suggest a transition from an early economic emphasis on formal financial access to a more expansive multidimensional construct that incorporates technological innovation, sustainability transitions, and socio-behavioral perspectives.

The co-citation analysis reaffirms the field’s theoretical grounding in development economics and financial intermediation, with sustained attention paid to issues of access, stability, and poverty alleviation (Aziz & Naima, 2021; Khera et al., 2022). These foundational paradigms continue to shape the scholarly discourse on financial exclusion. In contrast, the co-word analysis revealed a more dynamic and fragmented thematic landscape, with growing interest in sustainability, urbanization, and digital innovation, suggesting a shift toward interdisciplinary integration and problem-oriented theorizing.

The thematic map provided further evidence of this evolution. Positioned in the lower-right quadrant, the clusters containing “access,” “constraints,” and “inequality” as well as “growth,” “impact,” and “innovation” are classified as basic themes central to the discourse but still lacking in theoretical depth and internal cohesion. This provides a clear opportunity to develop integrative models that link digital financial systems to measurable financial outcomes, inclusive growth, and systemic equity. The enduring relevance of these basic themes, coupled with their conceptual underdevelopment, indicates that DFI scholarship has not yet matured fully in its core focus areas.

Additionally, the growing presence of environmentally linked terms such as “carbon,” “emissions,” and “renewable energy” underscores an emergent convergence between DFI and global sustainability agendas. This intersection calls for new theoretical frameworks that conceptualize DFI not only as a tool for economic empowerment but also as a mechanism for environmental accountability and resilience (Cao et al., 2021; Wang & Guo, 2022). Integrating ESG considerations into DFI theory is imperative as digital finance becomes embedded in broader climate policy discourse.

Meanwhile, the upper-left quadrant houses well-developed but peripheral clusters, such as those focused on gender, user acceptance, and labor empowerment. Their thematic maturity suggests conceptual richness, but their marginal centrality points to limited integration into mainstream DFI theory. This highlights the need to incorporate behavioral, gender-sensitive, and sociological perspectives into core theoretical models to achieve a more inclusive and representative understanding of digital financial systems.

The centrality of China’s DFI ecosystem within the co-citation network also affirms the importance of contextualized theorization. Empirical insights from China demonstrate how regulatory innovation, state-led infrastructure, and fintech platforms can catalyze inclusion in ways that differ markedly from Western-centric models (Guo et al., 2020; Liu et al., 2021). This affirms the need for comparative theory building that accommodates institutional diversity and region-specific dynamics.

4.2 Practical Implications

The results of this study also offer actionable insights for policymakers, financial institutions, fintech developers, and development actors seeking to implement inclusive and sustainable DFI strategies.

First, the basic theme cluster comprising “access,” “constraints,” and “inequality” inequality reaffirms the enduring relevance of structural barriers to digital finance. Despite technological advancements, digital illiteracy, affordability concerns, and infrastructure gaps continue to marginalize vulnerable populations, particularly women, rural residents, and informal workers (Allen et al., 2016; Demirguc-Kunt et al., 2018). Addressing these barriers requires targeted investments in infrastructure, digital education, and culturally adaptive design of financial tools.

Second, the cluster featuring “growth,” “impact,” and “innovation” reveals the strategic potential but current underdevelopment of outcome-oriented digital finance interventions. Fintech solutions should be designed using mechanisms to measure tangible improvements in household income, business performance, and financial resilience. Tools such as dynamic credit scoring, predictive analytics, and AI-assisted user profiling can enhance the efficiency and inclusivity of these outcomes.

Third, the increased salience of environmentally linked themes points to a growing intersection between DFI and sustainability. Policymakers and financial innovators should align digital financial tools with climate mitigation strategies by promoting access to green financial products, supporting ESG data reporting, and integrating environmental incentives into financial behavior. Regulatory frameworks must ensure transparency, prevent greenwashing, and strike a balance between innovation and oversight (Ozturk & Ullah, 2022).

Fourth, the recent uptick in keywords such as “services,” “income,” and “emissions” suggests a widening application of DFI in public service delivery, income redistribution, and climate adaptation. Governments and multilateral organizations can leverage the DFI infrastructure to improve access to digital welfare systems, conditional cash transfers, and climate-resilient insurance schemes, thereby integrating financial inclusion with broader developmental objectives.

Fifth, the role of fintech in enabling entrepreneurship is underscored by keyword linkages with productivity, credit, and growth. Platforms, such as peer-to-peer lending, crowdfunding, and digital microfinance, have democratized access to capital. However, developers must address the ethical challenges related to data privacy, algorithmic bias, and exclusion. Policymakers should promote responsible innovation through inclusive design standards and regulatory sandboxes that prioritize user protection.

Finally, the emergence of well-developed but peripheral themes related to gender, labor, and user acceptance suggests a practical need for participatory and inclusive innovation. End-user engagement, especially with marginalized groups, should inform the design and rollout of digital financial tools. Policymakers may consider incentive structures that reward inclusivity in fintech services and penalize discriminatory or inaccessible models.

In conclusion, DFI is no longer merely an instrument for expanding access to finance. It is increasingly recognized as a critical infrastructure for inclusive digital transformation, intersecting climate resilience, economic equity, and social protection. To fully realize its potential, stakeholders must adopt systemic, coordinated, and ethically grounded strategies that align financial innovation with long-term development and environmental goals.