RECALIBRATING FINANCIAL INCLUSION THROUGH FINTECH: THE ROLE OF DIGITAL LITERACY AS A MODERATOR
Abstract
This research aims to examine the role of digital literacy as a moderator in the relationship between financial technology (biometric identification and mobile money) and digital financial inclusion among people with disabilities in East Java. This research uses a cross-sectional design with an analytical and descriptive approach. Data was collected through semi-structured questionnaires from 360 SMEs owned by people with disabilities in East Java. Data analysis was carried out using Pearson correlation and SEM. The research results show that digital literacy has a significant and positive moderating effect on the relationship between financial technology and digital financial inclusion. Biometric identification and mobile money significantly promote digital financial inclusion. These findings emphasize the importance of digital literacy in increasing the adoption of digital financial services, which can expand financial inclusion for vulnerable groups. The implications of this research indicate the need for the East Java government to strengthen digital literacy programs and improve digital infrastructure to support people with disabilities. Financial service providers are advised to expand outreach to the disabled population. Limitations of this study include data only being collected from one area and its cross-sectional design. Further research is recommended to expand regional coverage and use a longitudinal design
References
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Cherrat, E.M., Alaoui, R., & Bouzahir, H. (2020). A multimodal biometric identification system based on an advanced cascade of fingerprint, finger vein and face images. Indonesian Journal of Electrical Engineering and Computer Science, 17(3), 1562. https://doi.org/10.11591/ijeecs.v17.i3.pp1562-1570
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Drozdowski, P., Stockhardt, F., Rathgeb, C., Osorio-Roig, D., & Busch, C. (2021). Feature Fusion Methods for Indexing and Retrieval of Biometric Data: Application to Face Recognition With Privacy Protection. IEEE Access, 9, 139361–139378. https://doi.org/10.1109/ACCESS.2021.3118830
Furnell, S., Helkala, K., & Woods, N. (2022). Accessible authentication: Assessing the applicability for users with disabilities. Computers & Security, 113, 102561. https://doi.org/10.1016/j.cose.2021.102561
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Karki, J., Rushton, S., Bhattarai, S., & De Witte, L. (2023). Access to assistive technology for persons with disabilities: A critical review from Nepal, India and Bangladesh. Disability and Rehabilitation: Assistive Technology, 18(1), 8–16. https://doi.org/10.1080/17483107.2021.1892843
Kass-Hanna, J., Lyons, A.C., & Liu, F. (2022). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 51(100846). 10.1016/j.ememar.2021.100846.
Klapper, L., & Lusardi, A. (2020). Financial literacy and financial resilience: Evidence from around the world. Financial Management, 49(3), 589–614. https://doi.org/10.1111/fima.12283
Lev-On, A., Steinfeld, N., Abu-Kishk, H., & Pearl Naim, S. (2021). The long-term effects of digital literacy programs for disadvantaged populations: Analyzing participants' perceptions. Journal of Information, Communication and Ethics in Society, 19(1), 146–162. https://doi.org/10.1108/JICES-02-2020-0019
Mogaji, E., Adeola, O., Hinson, RE, Nguyen, NP, Nwoba, AC, & Soetan, TO (2021). Marketing bank services to financially vulnerable customers: Evidence from an emerging economy. International Journal of Bank Marketing, 39(3), 402–428. https://doi.org/10.1108/IJBM-07-2020-0379
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Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Polat, M. (2022). COMPARISON OF PERFORMANCE MEASURES OBTAINED FROM FOREIGN LANGUAGE TESTS ACCORDING TO ITEM RESPONSE THEORY VS CLASSICAL TEST THEORY.
Prete, A. (2022). Digital financial literacy: Awareness and access (Vol. 213). Economics Letters. 10.1016/j.econlet.2022.110378.
Purmadani, M. (2023). Want SMEs owned by people with disabilities to progress, this is the strategy implemented by the East Java Provincial Government. Radar Surabaya. https://radarsurabaya.jawapos.com/surabaya/773052530/ingin-umkm-klik-pendengan-disabilities-maju-ini-strategi-yang-dilaksana-pemprov-jatim
Rumjaun, A., & Narod, F. (2020). Social learning theory—Albert Bandura.
Saini, S. (2019). Digital financial literacy: Awareness and access. International Journal of Management, IT and Engineering, 9(4), 201–207.
Sanni, ML, Akinyemi, BO, Olalere, DA, Olajubu, EA, & Aderounmu, GA (2023). A Predictive Cyber Threat Model for Mobile Money Services. Annals of Emerging Technologies in Computing, 7(1), 40–60. https://doi.org/10.33166/AETiC.2023.01.004
Santoso, B. (2023). Inclusive Digital Financial Services for Persons with Disabilities: Impact on Economic Empowerment and Financial Inclusion. IJDS Indonesian Journal of Disability Studies, 10(1), 105–124. https://doi.org/10.21776/ub.ijds.2023.010.01.10
Soetan, TO, & Umukoro, OS (2023). Financial Inclusion in Rural and Urban Nigeria: A Quantitative and Qualitative Approach. International Journal of Economics and Finance, 15(11), 64. https://doi.org/10.5539/ijef.v15n11p64
Sürücü, L., & Maslakçi, A. (2020). VALIDITY AND RELIABILITY IN QUANTITATIVE RESEARCH. Business & Management Studies: An International Journal, 8(3), 2694–2726. https://doi.org/10.15295/bmij.v8i3.1540
Tentama, F., & Anindita, WD (2020). Employability Scale: Construct Validity and Reliability. 9(04).
Thommandru, A., & Chakka, D. B. (2023). Recalibrating the Banking Sector with Blockchain Technology for Effective Anti-Money Laundering Compliances by Banks. Sustainable Futures, 5, 100107. https://doi.org/10.1016/j.sftr.2023.100107
Wachira, G.N. (2023). EFFECTS OF MOBILE MONEY FINANCIAL TECHNOLOGY SERVICES ON OUTPUT GROWTH AND PRODUCTIVITY IN KENYA.
Wang, X., & He, G. (2020). Digital Financial Inclusion and Farmers' Vulnerability to Poverty: Evidence from Rural China. Sustainability, 12(4), 1668. https://doi.org/10.3390/su12041668
Wann, C.R., & Burke-Smalley, L. (2023). Differences in financial inclusion by disability type. International Journal of Bank Marketing, 41(5), 1104–1135.
Webb, S., Mat Ali, N., Sawyer, A., Clark, DJ, Brown, MA, Augustin, Y., Woo, Y.L., Khoo, SP, Hargreaves, S., Staines, HM, Krishna, S. , & Hayes, K. (2024). Patient preference and acceptability of self-sampling for cervical screening in colposcopy clinic attenders: A cross-sectional semi-structured survey. PLOS Global Public Health, 4(5), e0003186. https://doi.org/10.1371/journal.pgph.0003186
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Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy: Evidence from Chinese households. Journal of Banking & Finance, 156, 107005. https://doi.org/10.1016/j.jbankfin.2023.107005
Aboagye, J., & Anong, S. (2020). Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach. International Journal of Business and Economics Research, 9(4), 276. https://doi.org/10.11648/j.ijber.20200904.24
Addo, A., & Senyo, P. K. (2021). Advancing E-governance for development: Digital identification and its link to socioeconomic inclusion. Government Information Quarterly, 38(2), 101568.
Ahmad, A.H., Green, C., & Jiang, F. (2020). MOBILE MONEY, FINANCIAL INCLUSION AND DEVELOPMENT: A REVIEW WITH REFERENCE TO AFRICAN EXPERIENCE. Journal of Economic Surveys, 34(4), 753–792. https://doi.org/10.1111/joes.12372
Akpuokwe, C.U., Chikwe, C.F., & Eneh, N.E. (2024). Leveraging technology and financial literacy for women's empowerment in SMEs: A conceptual framework for sustainable development. Global Journal of Engineering and Technology Advances, 18(3), 020–032. https://doi.org/10.30574/gjeta.2024.18.3.0041
Alamenda, T. (2020). Data, AI and financial inclusion: The future of global banking—Responsible finance forum, responsible finance forum BBVA 2020. available at: https://responsiblefinanceforum.org/ data-ai-financial-inclusion-future-globalbanking/
Al-Debei, M.M., Hujran, O., & Al-Adwan, AS (2024). Net valence analysis of iris recognition technology-based FinTech. Financial Innovation, 10(1), 59. https://doi.org/10.1186/s40854-023-00509-y
Ali, G., Dida, MA, & Elikana Sam, A. (2021). A Secure and Efficient Multi-Factor Authentication Algorithm for Mobile Money Applications. Future Internet, 13(12), 299. https://doi.org/10.3390/fi13120299
Ali, SS, Baghel, VS, Ganapathi, II, & Prakash, S. (2020). Robust biometric authentication system with a secure user template. Image and Vision Computing, 104.
Anakpo, G., Xhate, Z., & Mishi, S. (2023). The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech, 2(2), 327–343. https://doi.org/10.3390/fintech2020019
Banco de Portugal. (2018). Commercialization of banking products and services in digital channels in Portugal. available at: https://www.bportugal.pt/sites/default/files/anexos/pdfboletim/ questionario_canais_digitais_2018_en.pdf
Banks, L.M., Davey, C., Shakespeare, T., & Kuper, H. (2021). Disability-inclusive responses to COVID-19: Lessons learned from research on social protection in low- and middle-income countries. World Development, 137, 105178. https://doi.org/10.1016/j.worlddev.2020.105178
Bongomin, GOC, Akol Malinga, C., Amani Manzi, A., & Balinda, R. (2023). Agent liquidity: A catalyst for mobile money banking among the unbanked poor population in rural sub-Saharan Africa. Cogent Economics & Finance, 11(1), 2203435. https://doi.org/10.1080/23322039.2023.2203435
Chen, Y., Kumara, E. K., & Sivakumar, V. (2023). RETRACTED ARTICLE: Investigation of finance industry on risk awareness models and digital economic growth. Annals of Operations Research, 326(S1), 15–15. https://doi.org/10.1007/s10479-021-04287-7
Cherrat, E.M., Alaoui, R., & Bouzahir, H. (2020). A multimodal biometric identification system based on an advanced cascade of fingerprint, finger vein and face images. Indonesian Journal of Electrical Engineering and Computer Science, 17(3), 1562. https://doi.org/10.11591/ijeecs.v17.i3.pp1562-1570
Chigada, J.M. (2020). A qualitative analysis of the feasibility of deploying biometric authentication systems to augment security protocols of bank card transactions. SA Journal of Information Management, 22(1). https://doi.org/10.4102/sajim.v22i1.1194
Demirg€uç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. The World Bank, Washington, DC.
Discop, & BPS. (2022). East Java MSME infographics. https://data.diskopukm.jatimprov.go.id/satu_data/
Dolson, E., & Jagtiani, J. (2024). Which Lenders are More Likely to Reach Out to Underserved Consumers: Banks Versus Fintechs Versus Other Nonbanks? Journal of Alternative Finance, 1(1), 35–66. https://doi.org/10.1177/27533743231218019
Drozdowski, P., Stockhardt, F., Rathgeb, C., Osorio-Roig, D., & Busch, C. (2021). Feature Fusion Methods for Indexing and Retrieval of Biometric Data: Application to Face Recognition With Privacy Protection. IEEE Access, 9, 139361–139378. https://doi.org/10.1109/ACCESS.2021.3118830
Furnell, S., Helkala, K., & Woods, N. (2022). Accessible authentication: Assessing the applicability for users with disabilities. Computers & Security, 113, 102561. https://doi.org/10.1016/j.cose.2021.102561
Global System for Mobile Communications [GSMA]. (2020). The state of mobile internet connectivity 2020. available at: https://www.gsma.com/r/wp-content/uploads/2020/09/GSMA-State-of- Mobile-Internet-Connectivity-Report-2020.pdf .
Hair, J.F., Hult, G.T.M., Ringle, C.M., & Sarstedt, M. (2022). An Introduction to Structural Equation Modeling Using CB-SEM and PLS-SEM, Book Chapter 1,. SAGE Publications Inc, Thousand Oaks, California. 10.1007/978-3-030-80519.
Hair, J.F., Hult, G.T.M., Ringle, C.M., Sarstedt, M., Danks, N.P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R: Workbook (Class Companion: Business). 2021.
Jain, A. K., Deb, D., & Engelsma, J. J. (2021). Biometrics: Trust, but Verify (arXiv:2105.06625). arXiv. http://arxiv.org/abs/2105.06625
Jayachandra, B.S. (2022). DOCTOR OF PHILOSOPHY.
Kamande, M.W., Kamanzi, A.C.R., Kituyi, A.W., & Qureshi, F. (2021). Exploring the use of mobile money services among Tea SACCOs in Rwanda. Rwanda Mobile Money Report Challenges and Opportunities. available at: https://www.usaid.gov/sites/default/files/documents/Rwanda_ Mobile_Money_Report_Final_0.pdf
Kara, A., Zhou, H., & Zhou, Y. (2021). Achieving the United Nations' sustainable development goals through financial inclusion: A systematic literature review of access to finance across the globe. International Review of Financial Analysis, 77, 101833. https://doi.org/10.1016/j.irfa.2021.101833
Karki, J., Rushton, S., Bhattarai, S., & De Witte, L. (2023). Access to assistive technology for persons with disabilities: A critical review from Nepal, India and Bangladesh. Disability and Rehabilitation: Assistive Technology, 18(1), 8–16. https://doi.org/10.1080/17483107.2021.1892843
Kass-Hanna, J., Lyons, A.C., & Liu, F. (2022). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 51(100846). 10.1016/j.ememar.2021.100846.
Klapper, L., & Lusardi, A. (2020). Financial literacy and financial resilience: Evidence from around the world. Financial Management, 49(3), 589–614. https://doi.org/10.1111/fima.12283
Lev-On, A., Steinfeld, N., Abu-Kishk, H., & Pearl Naim, S. (2021). The long-term effects of digital literacy programs for disadvantaged populations: Analyzing participants' perceptions. Journal of Information, Communication and Ethics in Society, 19(1), 146–162. https://doi.org/10.1108/JICES-02-2020-0019
Mogaji, E., Adeola, O., Hinson, RE, Nguyen, NP, Nwoba, AC, & Soetan, TO (2021). Marketing bank services to financially vulnerable customers: Evidence from an emerging economy. International Journal of Bank Marketing, 39(3), 402–428. https://doi.org/10.1108/IJBM-07-2020-0379
OECD. (2020). OECD/INFE 2020 international survey of adult financial literacy competencies. available at: https://www.oecd. org/financial/education/oecd-infe-2020-international-survey-of-adult-financial-literacy.pdf
Organization for Economic Co-operation and Development [OECD]. (2018). OECD Science, Technology and Innovation Outlook. OECD publishing, Paris.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Polat, M. (2022). COMPARISON OF PERFORMANCE MEASURES OBTAINED FROM FOREIGN LANGUAGE TESTS ACCORDING TO ITEM RESPONSE THEORY VS CLASSICAL TEST THEORY.
Prete, A. (2022). Digital financial literacy: Awareness and access (Vol. 213). Economics Letters. 10.1016/j.econlet.2022.110378.
Purmadani, M. (2023). Want SMEs owned by people with disabilities to progress, this is the strategy implemented by the East Java Provincial Government. Radar Surabaya. https://radarsurabaya.jawapos.com/surabaya/773052530/ingin-umkm-klik-pendengan-disabilities-maju-ini-strategi-yang-dilaksana-pemprov-jatim
Rumjaun, A., & Narod, F. (2020). Social learning theory—Albert Bandura.
Saini, S. (2019). Digital financial literacy: Awareness and access. International Journal of Management, IT and Engineering, 9(4), 201–207.
Sanni, ML, Akinyemi, BO, Olalere, DA, Olajubu, EA, & Aderounmu, GA (2023). A Predictive Cyber Threat Model for Mobile Money Services. Annals of Emerging Technologies in Computing, 7(1), 40–60. https://doi.org/10.33166/AETiC.2023.01.004
Santoso, B. (2023). Inclusive Digital Financial Services for Persons with Disabilities: Impact on Economic Empowerment and Financial Inclusion. IJDS Indonesian Journal of Disability Studies, 10(1), 105–124. https://doi.org/10.21776/ub.ijds.2023.010.01.10
Soetan, TO, & Umukoro, OS (2023). Financial Inclusion in Rural and Urban Nigeria: A Quantitative and Qualitative Approach. International Journal of Economics and Finance, 15(11), 64. https://doi.org/10.5539/ijef.v15n11p64
Sürücü, L., & Maslakçi, A. (2020). VALIDITY AND RELIABILITY IN QUANTITATIVE RESEARCH. Business & Management Studies: An International Journal, 8(3), 2694–2726. https://doi.org/10.15295/bmij.v8i3.1540
Tentama, F., & Anindita, WD (2020). Employability Scale: Construct Validity and Reliability. 9(04).
Thommandru, A., & Chakka, D. B. (2023). Recalibrating the Banking Sector with Blockchain Technology for Effective Anti-Money Laundering Compliances by Banks. Sustainable Futures, 5, 100107. https://doi.org/10.1016/j.sftr.2023.100107
Wachira, G.N. (2023). EFFECTS OF MOBILE MONEY FINANCIAL TECHNOLOGY SERVICES ON OUTPUT GROWTH AND PRODUCTIVITY IN KENYA.
Wang, X., & He, G. (2020). Digital Financial Inclusion and Farmers' Vulnerability to Poverty: Evidence from Rural China. Sustainability, 12(4), 1668. https://doi.org/10.3390/su12041668
Wann, C.R., & Burke-Smalley, L. (2023). Differences in financial inclusion by disability type. International Journal of Bank Marketing, 41(5), 1104–1135.
Webb, S., Mat Ali, N., Sawyer, A., Clark, DJ, Brown, MA, Augustin, Y., Woo, Y.L., Khoo, SP, Hargreaves, S., Staines, HM, Krishna, S. , & Hayes, K. (2024). Patient preference and acceptability of self-sampling for cervical screening in colposcopy clinic attenders: A cross-sectional semi-structured survey. PLOS Global Public Health, 4(5), e0003186. https://doi.org/10.1371/journal.pgph.0003186
World Bank. (2020). Universal Access to finance: Lessons for the Future. The World Bank Publication, Washington DC.
Wulff, J.N., Sajons, G.B., Pogrebna, G., Lonati, S., Bastardoz, N., Banks, G.C., & Antonakis, J. (2023). Common methodological mistakes (1st ed., 1–34). TheLeadership Quarterly.
Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy: Evidence from Chinese households. Journal of Banking & Finance, 156, 107005. https://doi.org/10.1016/j.jbankfin.2023.107005
Published
2024-09-26
How to Cite
DURA, Justita; BINTI AZHAM, Nur Azreen Azriana; AQROMI, Nur Lailatul.
RECALIBRATING FINANCIAL INCLUSION THROUGH FINTECH: THE ROLE OF DIGITAL LITERACY AS A MODERATOR.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 10, n. 1, p. 827-844, sep. 2024.
ISSN 2541-3333.
Available at: <https://conferences.uin-malang.ac.id/index.php/iconies/article/view/2911>. Date accessed: 03 feb. 2026.
Section
Articles
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