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Title page 1
Contents 4
ACKNOWLEDGEMENTS 2
EXECUTIVE SUMMARY 5
INTRODUCTION 6
FINANCIAL INCLUSION AND DIGITAL FINANCE IN AFRICA 8
FINANCIAL INCLUSION AND DIGITAL FINANCE IN LATIN AMERICA 10
REGULATORY GAPS AND MARKET CONCENTRATION 12
CASE: FINTECH LENDING AND FINANCIAL WELL-BEING IN KENYA 13
The growth and effects of fintech in Kenya 14
Fintech and declining financial health 16
Governance and regulation of fintech 19
CASE: FROM FINANCIAL INCLUSION TO FINANCIAL CITIZENSHIP IN BRAZIL 21
The proliferation of consumer credit through digital finance 22
Credit as social policy 24
Governance, data protection and financial justice 26
The limits of financial education in combatting over-indebtedness 27
Living on credit: between opportunity and vulnerability 28
DISCUSSION 29
CONCLUSION: INCLUSION IN THE DIGITAL ECONOMY AND GLOBAL PROSPERITY 32
REFERENCES 34
Figures 15
Figure 1. Interest rates for major Kenyan fintech lenders 15
Figure 2. Portion of Kenyans classified as financially healthy (2016-2024) 16
Figure 3. Percentage of borrowers experiencing symptoms of debt stress (2019) 17
Figure 4. Percentage of surveyed loan users reporting sacrifices to repay loan 18
Figure 5. Elements of financial citizenship 22
Figure 6. Types of debt in Brazil (in percent) (March 2024) 24
Boxes 19
Box 1. Financial literacy and financial opacity 19
