Digital financial inclusion (DFI) has become a central topic in financial inclusion research because digital payments, mobile money, internet banking, and platform-based finance can reduce access barriers and expand formal financial participation. Prior studies have documented the development relevance of financial inclusion and have constructed multidimensional financial inclusion and DFI indices, often using PCA and related composite-indicator methods. A remaining measurement gap concerns the equal observability of different digital-finance architectures within a common cross-country indicator set. This study addresses that gap by analyzing an existing PCA-based DFI score for 40 Organisation of Islamic Cooperation (OIC) countries over 2015–2024 through a channel-observability framework. The objective is to examine whether the observed DFI ranking is captured more directly through mobile-money indicators than through the available infrastructure-based representation of bank-led digital finance. The analysis decomposes the six available indicators into a bank-led visibility proxy, based on internet penetration and ATM density, and a mobile-money visibility proxy, based on mobile agents, mobile accounts, mobile transaction volume, and transaction value relative to GDP. The OIC-wide mean DFI score increased from 11.31 in 2015 to 31.24 in 2024, while dispersion widened and the 2015 and 2024 top-ten country groups had zero overlap. The channel diagnostics show that the highest observed DFI scores are concentrated among countries whose digital-finance activity is directly recorded through mobile-money indicators, whereas several financially advanced economies are visible mainly through the bank-led infrastructure proxy. Zero-coded mobile-money observations are interpreted as indicator-visibility signals for the standalone mobile-money channel and considered separately from broader digital-finance activity. The Random Forest analysis functions as a bounded internal sensitivity audit of the existing six-indicator score and shows that mobile-money transaction variables carry the largest within-score explanatory weight. The theoretical contribution is to frame DFI measurement as an architecture-dependent observability problem rather than only as a weighting problem. The practical implication is that cross-country DFI rankings should be interpreted together with channel diagnostics, especially when bank-led digital services such as mobile banking, card payments, POS transactions, QR payments, and instant-payment systems are outside the balanced indicator set.
Al-Hafidh et al. (Mon,) studied this question.