Leveraging Blockchain, Artificial Intelligence, And Fintech for Financial Inclusion and Economic Growth in Emerging Markets
Otuoke, Uche Ataisi, Perezide, Ayafou, and Godstime, Aloba Moses
Abstract
This study delves into how blockchain, artificial intelligence (AI), and financial technology (FinTech) can complement one another to propel inclusive banking with regard to emerging economies like Nigeria. It examines how the convergence of these technologies has the potential to improve the provision of service, lower costs of operation, improve financial inclusivity, and improve security in the financial industry. The research also investigates how AI can be leveraged to make informed decisions based on data, how blockchain technology can provide transparency and immutability, and how FinTech platforms can provide underbanked and unbanked people with easily accessible alternatives to conventional financial services. Even though it brings advantages, the convergence also comes with devastating drawbacks, such as issues of data privacy, ethical dilemmas when using AI, scalability constraints of blockchain, cybersecurity threats, and unclear regulations. This paper identifies critical risks and offers strategic suggestions to financial institutions, technology disruptors, and policymakers based on a thorough conceptual analysis and review of the literature over the last few years. These include investing in digital infrastructure, encouraging ethical AI activities, improving regulatory environments, and creating public-private partnerships. The study concludes that although this intersection of these technologies has enormous potential for fueling inclusive finance, their use will need a balanced approach combining innovation with effective governance, moral protection, and human-centered design. Developing strong, accessible, and inclusive financial systems can be expedited by the synergy of blockchain, artificial intelligence, and fintech if harnessed correctly.
Keywords
Blockchain Technology
Artificial Intelligence
FinTech
Financial Inclusion
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Journal, 9, 100344. https://doi.org/10.1016/j.dajour.2023.100344
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paradigm? Journal of Financial Innovation, 1(1), 1-16.
Arner, D. W., Barberis, J., & Buckley, R. P. (2017). FinTech, RegTech and the reconceptualization
of financial regulation. Northwestern Journal of International Law & Business, 37(3), 371–
Arnold, M. (2024). UK fintech investors sharpen focus on likely 'winners'. Financial Times.
Retrieved from https://www.ft.com
Artificial intelligence in healthcare. (2025). Wikipedia. Retrieved March 28, 2025, from
https://en.wikipedia.org/wiki/Artificial_intelligence_in_healthcare
Balyuk, T. (2019). Financial innovation and borrower credit access: Evidence from online
consumer
lending.
Journal
of
Financial
Economics,
133(2),
570–590.
https://doi.org/10.1016/j.jfineco.2018.12.006
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right
crowd.
Journal
of
Business
Venturing,
29(5),
585–609.
https://doi.org/10.1016/j.jbusvent.2013.07.003
Binns, R. (2018). Fairness in machine learning: Lessons from political philosophy. Proceedings of
the 2018 Conference on Fairness, Accountability and Transparency, 149–159.
Bussmann, O. (2020). Artificial intelligence in finance: A review of the current state. Journal of
Financial Data Science, 2(1), 1-12.
Bussmann, K. D. (2020). AI in fraud detection: Adapting modern technologies to traditional risks.
Journal of Financial Crime, 27(1), 40–49. https://doi.org/10.1108/JFC-12-2018-0130
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Ethereum White Paper. Retrieved from https://ethereum.org/en/whitepaper/
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evidence on attitudes, behavior, and cognitive biases. Management Science, 65(1), 346–
https://doi.org/10.1287/mnsc.2017.2873
Casino, F., Dasaklis, T. K., & Patsakis, C. (2019). A systematic literature review of blockchain-
based applications: Current status, classification and open issues. Telematics and
Informatics, 36, 55–81. https://doi.org/10.1016/j.tele.2018.11.006
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Paper No. 5191-16. https://doi.org/10.2139/ssrn.2874598
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challenges. Philosophical Transactions of the Royal Society A, 376(2133), 20180080.
https://doi.org/10.1098/rsta.2018.0080
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https://www.cgap.org/research/publication/instant-credit-story-m-shwari
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C. (2024). Artificial intelligence for business: A conceptual review. International Journal
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Scientific
Research
and
Management,
12(10).
https://doi.org/10.18535/ijsrm/v12i10.em06
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IEEE
Communications
Surveys
&
Tutorials,
20(4),
3416–3452.
https://doi.org/10.1109/COMST.2018.2842460
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Financial Cryptography and Data Security, 106–125. Springer.
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https://www2.deloitte.com
Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex
Database 2017: Measuring financial inclusion and the fintech revolution. World Bank
Publications. https://doi.org/10.1596/978-1-4648-1259-0
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https://en.wikipedia.org/wiki/Ethics_of_artificial_intelligence
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blockchain
for
supply
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transparency.
Logistics,
2(1),
https://doi.org/10.3390/logistics2010002
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development? Brookings Institution Press.
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2017). On the fintech revolution:
Interpreting the forces of innovation, disruption, and transformation in financial services.
Journal of Financial Innovation, 2(1), 1-32.
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution:
Interpreting the forces of innovation, disruption, and transformation in financial services.
Journal
of
Management
Information
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35(1),
220–265.
https://doi.org/10.1080/07421222.2018.1440766
Goyal, S. (2018). Artificial intelligence in banking: A review of the current state. Journal of
Banking and Financial Technology, 2(1), 1-12.
Hileman, G., & Rauchs, M. (2017). Global blockchain benchmarking study. Cambridge Centre for
Alternative Finance.
Hornuf, L., & Schwienbacher, A. (2017). Should securities regulation promote equity
crowdfunding? Business Horizons, 60(2), 151-160.
Jack, W., & Suri, T. (2016). The long-run poverty and gender impacts of mobile money. Science,
354(6317), 1288–1292. https://doi.org/10.1126/science.aah5309
Jain, A. K., Ross, A., & Nandakumar, K. (2016). Introduction to biometrics. Springer.
Jenik, I., & Lauer, K. (2017). Regulatory sandboxes and financial inclusion. CGAP Working
Paper.
https://www.cgap.org/research/publication/regulatory-sandboxes-and-financial-
inclusion
Kagan,
J.
(2023).
Financial
technology—Fintech.
Investopedia.
Retrieved
from
https://www.investopedia.com
Kouam, A. W. F. (2024). The Impact of Artificial Intelligence on Fintech Innovation and Financial
Inclusion: A Global Perspective. Research Square. https://doi.org/10.21203/rs.3.rs-
5391575/v1
Kshetri, N. (2020). Blockchain and AI for inclusive finance: A systematic review. Journal of
Financial Innovation, 6(1), 1-18.
Kumar, N., Patel, N., & Kumar, R. (2020). Artificial intelligence in finance: A review of the
current state. Journal of Financial Data Science, 2(1), 1-12.
Lagarde, C. (2018). A regulatory approach to fintech: Balancing innovation and risks. IMF Blog.
https://blogs.imf.org/2018/03/14/a-regulatory-approach-to-fintech/
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and
challenges. Business Horizons, 61(1), 35-46.
McKinsey & Company. (2020). The future of fintech and banking: Digitally disrupted or
reimagined? Retrieved from https://www.mckinsey.com
Manyika, J., Chui, M., Bisson, P., Woetzel, J., Stolyar, K., & Dias, M. (2016). A future that works:
Automation, employment, and productivity. McKinsey Global Institute.
Morduch, J., & Armendariz, B. (2010). The economics of microfinance (2nd ed.). MIT Press.
Morkunas, V., Paschen, J., & Boon, E. (2019). Blockchain and AI for inclusive finance: A
systematic review. Journal of Financial Innovation, 5(1), 1-18.
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Retrieved from
https://bitcoin.org/bitcoin.pdf
Ogunleye, O. (2022). Emerging technologies in African finance: The case of AI and blockchain in
Nigeria. African Journal of Science, Technology, Innovation and Development, 14(5),
12
