Financial Inclusion as a Driver of Growth in Emerging Economies with a Theoretical Framework and Implications for Morocco

Abstract

This article develops an in-depth theoretical analysis of the relationship between financial inclusion and economic growth, with a particular focus on the specific characteristics of emerging economies. It is based on a critical and integrative review of the economic and institutional literature, aiming to synthesize and conceptualize existing theoretical contributions on the subject. Through this approach, the article explores the main mechanisms through which financial inclusion may act as a catalyst for development. By facilitating access to formal financial services such as credit, savings, insurance, and payment systems for households and businesses, particularly the most vulnerable, financial inclusion can promote the mobilization of domestic savings, the financing of productive investment, the formalization of economic activity, and, ultimately, an increase in overall productivity. However, the analysis highlights that these positive effects are neither automatic nor uniform. They depend heavily on the quality of the institutional framework, technological infrastructure, financial regulation, and the level of financial education of target populations. Persistent geographical, social, and gender-based inequalities continue to limit the effectiveness of financial inclusion in many developing economies. This study also emphasizes the potential risks associated with poorly designed or weakly regulated inclusion strategies, including over indebtedness, digital dependency, and the unintended exclusion of certain population groups. Finally, it is important to note that this research is purely theoretical in nature and does not rely on empirical or econometric analysis, which constitutes a methodological limitation. Keywords: Financial inclusion, Economic growth, Financing, Emerging economies, Financial institutions. Classification JEL : G21, O16, O47, I32, O55, E42, L86. Paper type: Theoretical Research