Impact of ICT and Digital Transformation on Financial Inclusion and Economic Growth

The 21st century uses financial inclusion as its primary method to achieve equal economic growth. The financial services sector has undergone a major transformation because people now use digital systems and Information and Communication Technology (ICT) continues to develop rapidly. The research paper uses ICT and digital transformation technology to study their role in advancing financial inclusion which drives economic development. The research examines how mobile banking systems and digital wallet services and artificial intelligence technology improvements help people without sufficient banking resources to access financial services. The research uses empirical evidence and theoretical frameworks and worldwide case studies to demonstrate how digital financial services enable people to access economic opportunities while they reduce transaction costs and increase economic productivity. The research will also examine multiple obstacles which include digital divides and regulatory security gaps and social and economic disparities. The study demonstrates that ICT-based financial services enable more people to access banking services which results in a statistically significant positive impact on economic development.