Digital financial inclusion: opportunities and barriers for Ukraine

Naumenkova Svitlana
Dr. Sc. (Econ.), Prof., Department of Finance, Kyiv National University named after Taras Shevchenko, e-mail: naumenkova@knu.ua

Mishchenko Svitlana
Dr. Sc. (Econ.), Prof., Department of Finance, Banking and Insurance, Banking University, e-mail: smischenko1806@gmail.com

Cite this article:

Naumenkova S., Mishchenko S. Digital financial inclusion: opportunities and barriers for Ukraine. Scientific Bulletin of the Odessa National Economic University. 2020. № 1-2 (274-275). pp. 133-149.

Abstract

Object of study. The object of the study are the processes of digitalization of financial intermediation and digital access of the population to basic financial services in Ukraine. Methodology. The information base of the research are the data of international organizations and the results of scientific achievements of leading scientists. The research methods have been the following: induction, deduction, abstract-logical (in determining the essence of the concept of “digital financial inclusion”, generalization of research results and formulation of conclusions), monographic (in the study of the current state of digitalization of financial intermediation in Ukraine), comparison, graphical and tabular for visual display of analytical information, etc. Results. On the basis of theoretical generalizations the necessity of system digitalization of the financial sector of Ukraine has been substantiated in the article. To ensure equal access of citizens to digital financial services, the basic principles of digital financial intermediation have been formulated. Possibilities of digital access of the population to basic financial services in Ukraine and other countries of the world have been analyzed. The main barriers to public access to financial services have been identified. Scientific novelty. The results of the study have provided the opportunity to reveal the content of digital financial inclusion. Based on the analysis of the economic situation in Ukraine, it has been determined that its deterioration increases the share of "financially excluded" population, complicates the access of citizens to digital financial services in the most convenient form for them. The information obtained has become the basis for the development of priority measures for the integrated development of the financial sector in Ukraine, the elimination of existing price and nonprice barriers, etc. Practical and (or) theoretical significance. Practical significance is that the results of the study can be used by practitioners, scientists, government officials to apply a systematic approach to improving the level of financial services in Ukraine. The implementation of the formulated proposals will contribute to the development of the infrastructure of the market of digital financial products and services; strengthening the processes of regulation and supervision of financial intermediaries that use remote customer service mechanisms.

Keywords

digital financial inclusion, financial institutions, digital financial services, access to finance, financial intermediation, principles, digital market.

JEL classification: : G200; O300

УДК: 336.717.111:330.341.1(477)

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