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Background: Financial technology (FinTech), integral to any economy, transcends banking, sparking innovation and accessibility. Its global impact facilitates financial market globalisation. But, for underserved and underdeveloped communities, FinTech offers more: a path to financial inclusion and the removal of historical barriers. Objectives: This research aims to explore the current FinTech adoption landscape and barriers to financial inclusion for small and micro enterprises (SMEs) in underserved communities like the townships of Soweto, South Africa. Method: The study explores the pivotal role of research in advancing knowledge. Employing a pragmatic approach and a deductive reasoning framework, the study focuses on FinTech adoption challenges among SMEs in underserved communities, utilising an online survey design for data collection. Results: Insights around FinTech adoption by Soweto SMEs are revealed, discussing challenges, trust dynamics, and operational implications. It explores the transformative role of FinTech in township economies. Conclusion: This study explored FinTech adoption in underserved communities, emphasising tailored solutions, financial inclusion, evolving acceptance, and the need for financial education campaigns. Contribution: This research contributes insights that can facilitate the achievement of critical mass for FinTech products and services in South African townships, fostering financial emancipation in underserved communities.
Phalatse et al. (Mon,) studied this question.