Date of Award
8-2026
Document Type
Dissertation
Degree Name
Doctor of Philosophy (PhD)
Department
Policy Studies
Committee Chair/Advisor
Dr. Lori Dickes
Committee Member
Dr. Xiaobo Hu
Committee Member
Dr. Thomas Walker III
Committee Member
Dr. Michal Jerzmanowski
Abstract
Billions of people still lack a bank account or the means to save, send payments, or borrow through banks and licensed lenders. Mobile phones have made Digital payment accessible, including mobile accounts and payment apps, bringing millions of excluded people into the financial system without visiting a bank. Yet we do not fully understand who adopts Digital payment, why some countries are further ahead, or how a person's environment shapes their chances of becoming financially included. This dissertation attempts to address those questions.
The study draws on the Global Findex Database, a survey of 143,000 people in 139 countries conducted in 2021. The first analysis examined which personal characteristics, including income, education, gender, and mobile or internet access, best predict Digital payment use. The second tracked 174 countries from 2011 to 2024 to understand what drives or slows adoption. The third tested whether living in a country with high overall financial participation makes it easier for individuals, particularly women, to become financially included.
Four main findings stand out. First, education and mobile phone access are the personal factors that best predict Digital payment use. A person with a university degree is roughly six times as likely to have a financial account as someone with only primary schooling. Second, women who already have a mobile phone or internet access are more likely than men to adopt Digital payment. This suggests mobile technology can narrow rather than widen the gender gap in financial access. Third, the 40 countries still lagging behind face a specific barrier: not income, but where they started. Countries already ahead in 2011 pulled even further ahead by 2024. Fourth, living in a country where financial participation is already high strongly increases an individual's chances of becoming financially included, regardless of personal income or education level.
The findings suggest that policies combining mobile phone access, education investment, and a stronger financial environment are more effective than targeting any single barrier in isolation. No single lever is sufficient on its own, but when countries put these conditions in place together, the model estimates that lagging countries could close a 13-year adoption gap within a decade.
Recommended Citation
Isiguzo, Chikezie, "Digital Payment and Financial Inclusion: Micro-Foundations, Macro Diffusion, and Micro-Macro Interactions Using the Global Findex Database" (2026). All Dissertations. 4363.
https://open.clemson.edu/all_dissertations/4363