FinTech and Financial Inclusion in MSMEs: A Systematic Literature Review and Socio-Technical Framework in Emerging Economies

Financial inclusion has become a fundamental pillar of sustainable economic development, particularly in developing economies where micro, small, and medium enterprises (MSMEs) continue to face significant barriers in accessing formal financial services. In this context, financial technology (FinTech) has emerged as a transformative force reshaping financial systems through innovations such as digital payments, mobile banking, and alternative lending mechanisms. Despite its rapid expansion, the extent to which FinTech effectively promotes inclusive financial outcomes remains fragmented and highly context-dependent in the existing literature. This study provides a systematic literature review of 25 peer-reviewed studies published between 2010 and 2025, selected from major academic databases following rigorous inclusion and exclusion criteria. The findings indicate that FinTech enhances financial inclusion by reducing transaction costs, expanding geographical outreach, and enabling alternative credit assessment models. However, its impact is neither uniform nor automatic, as financial inclusion outcomes are critically influenced by digital and financial literacy, digital infrastructure, and regulatory frameworks. The study contributes by proposing a socio-technical framework that conceptualises financial inclusion as a multidimensional outcome emerging from the interaction between technological, human, and institutional factors. From a policy perspective, the results highlight the need for coordinated and context-specific strategies to ensure inclusive and sustainable FinTech ecosystems.