Socio-Economic Problems
of the Modern Period of Ukraine

Collection SEPSPU -- sep2018.02.008

Repository of Institute of Regional Research Repository of Vernadsky Library UDC 336.051; JEL G02, G21, G28
Dudynets, L., & Vernei, O. (2018). Finansova inklyuzyvnist' ta yiyi determinanty [Financial inclusion and its determinants]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-Economic Problems of the Modern Period of Ukraine]: Vol. 130 (2) (pp. 8-13). Retrieved from [in Ukrainian].
Sources: 15


Dudynets Lidiya Anatoliyivna

Ph.D. of Economics

Lecturer of the Department of finance, banking and insurance of the Lviv Institute of the University of Banking



Verney Olha Yevhenivna

Ph.D. of Economics

Lecturer of the Department of economics and information technologies of the Lviv Institute of the University of Banking




As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key priority. According to the World Bank, more than 2.5 billion people in the world do not have access to quality financial services. For borrowing and insurance of their assets, they use informal methods. The objective of this paper is to examine the determinants of financial inclusion. The article explains the notion of financial inclusivity as an indicator of access to financial services. The authors of this study identified four components of financial inclusion, namely, 1) access, 2) quality, 3) usage and 4) welfare. We also analysed the factors that matter for financial inclusion. These factors are place of living, limited knowledge of financial services, level of incom, absence of legal identity, public confidence in financial institutions. This study also considers the existing approaches to assessment of financial inclusion. The most used is the World Bank methodology Global Financial Inclusion (Global Findex). The indicators are drawn from survey data collected by Gallup, covering about 150,000 adults in more than 140 economies and representing about 97 percent of the world’s population. A comparative research on access to financial services to population in Ukraine and other countries has been carried out. The results show that according to the Global Findex in Ukraine, there is a rather low level of financial inclusion of the population in the organized money market. In particular, almost all indicators of financial inclusion in Ukraine are lower than in the developed countries of the OECD, and in some places – from the average world values. The authors suggest priority measures to improve the accessibility of financial services and protection of consumers’ rights. This study examine the impact of digital finance for financial inclusion and financial system stability. Digital finance through Fintech providers has positive effects for financial inclusion in emerging and advanced economies, and the convenience that digital finance provides to individuals with low and variable income is often more valuable to them than the higher cost they will pay to obtain such services from conventional regulated banks.


financial sector, financial services market; financial inclusiveness, financial inclusion, financial service, availability of financial services, financial technologies, digital financial inclusion


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