The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines

Ibrahim Suleiman Roba; Maxwell Muthini Kyalo

doi:doi:10.11648/j.ijeee.20251006.12

Research Article |

| Peer-Reviewed

The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines

Ibrahim Suleiman Roba^*

, Maxwell Muthini Kyalo

Published in International Journal of Economy, Energy and Environment (Volume 10, Issue 6)

Received: 7 October 2025 Accepted: 25 October 2025 Published: 24 December 2025

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

This study examines digital financial inclusion's impact on economic growth within the developing nations of Kenya and the Philippines, where digital economies demonstrate fast expansion. The study draws its data from global financial databases and national statistics to analyze DFI indicators, including account ownership and mobile money usage, while comparing gender disparities and GDP per capita trends. Economic growth in both Kenya and the Philippines substantially increased due to mobile money services that drive financial inclusion, according to the data; 8.4% and 5.3% GDP growth in the Philippines and Kenya, respectively, in 2023 alone. The survey results also showed that 52.6% and 45% of adults use Mobile Money in Kenya and the Philippines, respectively. Further, research results show that male users of mobile money services reach 54%, whereas female users reach only 48%. On the other hand, digital financial service use stands at 46% for men, yet only reaches 42% for women in the Philippines. The main obstacles to equal access include gender and rural population differences. This article demonstrates that inclusive policies with digital infrastructure and financial literacy training alongside monitoring systems result in equal financial access. Overall, the study contributes to the growing body of evidence that digital financial inclusion promotes not only individual financial empowerment but also drives macroeconomic development in emerging markets.

Published in	International Journal of Economy, Energy and Environment (Volume 10, Issue 6)
DOI	10.11648/j.ijeee.20251006.12
Page(s)	169-176
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2025. Published by Science Publishing Group

Keywords

Digital Financial Inclusion, Economic Growth, Mobile Money, Account Ownership, Financial Literacy

References

[1]	Alliance for Financial Inclusion (AFI) (2024). Policy Frameworks to Support Digital Financial Services in Africa and Asia. https://www.afi-global.org
[2]	Alom, K., Rahman, M. Z., Khan, A. I., Akbar, D., Hossain, M. M., Ali, M. A., & Mallick, A. (2025). Digital finance leads women entrepreneurship and poverty mitigation for sustainable development in Bangladesh. Journal of Innovation and Entrepreneurship, 14(1), 34.
[3]	Bakker, M. B. B., Garcia-Nunes, B., Lian, W., Liu, Y., Marulanda, C. P., Sumlinski, M. A., ... & Vasilyev, D. (2023). The rise and impact of Fintech in Latin America. International Monetary Fund.
[4]	Central Bank of Kenya. (2024). FinAccess Household Survey 2024. Nairobi: CBK.
[5]	Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319-340.
[6]	Gurley, J. G., & Shaw, E. S. (1960). Money in a Theory of Finance. Washington, DC: Brookings Institution.
[7]	McKinnon, R. I. (1973). Money and Capital in Economic Development. Brookings Institution Press.
[8]	Philippine Statistics Authority (PSA) (2023). National Accounts and GDP by Region. https://psa.gov.ph
[9]	Philippine Statistics Authority. (2024). Digital Economy and GDP Contribution Report 2023. Manila: PSA.
[10]	Reuters. (2024). Kenya's GDP Growth Accelerates to 5.6% in 2023, Driven by Digital Transactions.
[11]	Shaw, E. S. (1973). Financial Deepening in Economic Development. Oxford University Press.
[12]	Wikimedia Commons. (2015). Map showing the locations of Kenya and the Philippines. https://commons.wikimedia.org
[13]	World Bank. (2021). Global Financial Inclusion (Global Findex) Database. Washington, DC: World Bank.

Cite This Article

Plain Text BibTeX RIS

APA Style

Roba, I. S., Kyalo, M. M. (2025). The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines. International Journal of Economy, Energy and Environment, 10(6), 169-176. https://doi.org/10.11648/j.ijeee.20251006.12

Copy | Download

ACS Style

Roba, I. S.; Kyalo, M. M. The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines. Int. J. Econ. Energy Environ. 2025, 10(6), 169-176. doi: 10.11648/j.ijeee.20251006.12

Copy | Download

AMA Style

Roba IS, Kyalo MM. The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines. Int J Econ Energy Environ. 2025;10(6):169-176. doi: 10.11648/j.ijeee.20251006.12

Copy | Download

@article{10.11648/j.ijeee.20251006.12,
  author = {Ibrahim Suleiman Roba and Maxwell Muthini Kyalo},
  title = {The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines},
  journal = {International Journal of Economy, Energy and Environment},
  volume = {10},
  number = {6},
  pages = {169-176},
  doi = {10.11648/j.ijeee.20251006.12},
  url = {https://doi.org/10.11648/j.ijeee.20251006.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijeee.20251006.12},
  abstract = {This study examines digital financial inclusion's impact on economic growth within the developing nations of Kenya and the Philippines, where digital economies demonstrate fast expansion. The study draws its data from global financial databases and national statistics to analyze DFI indicators, including account ownership and mobile money usage, while comparing gender disparities and GDP per capita trends. Economic growth in both Kenya and the Philippines substantially increased due to mobile money services that drive financial inclusion, according to the data; 8.4% and 5.3% GDP growth in the Philippines and Kenya, respectively, in 2023 alone. The survey results also showed that 52.6% and 45% of adults use Mobile Money in Kenya and the Philippines, respectively. Further, research results show that male users of mobile money services reach 54%, whereas female users reach only 48%. On the other hand, digital financial service use stands at 46% for men, yet only reaches 42% for women in the Philippines. The main obstacles to equal access include gender and rural population differences. This article demonstrates that inclusive policies with digital infrastructure and financial literacy training alongside monitoring systems result in equal financial access. Overall, the study contributes to the growing body of evidence that digital financial inclusion promotes not only individual financial empowerment but also drives macroeconomic development in emerging markets.},
 year = {2025}
}

Copy | Download

TY  - JOUR
T1  - The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines
AU  - Ibrahim Suleiman Roba
AU  - Maxwell Muthini Kyalo
Y1  - 2025/12/24
PY  - 2025
N1  - https://doi.org/10.11648/j.ijeee.20251006.12
DO  - 10.11648/j.ijeee.20251006.12
T2  - International Journal of Economy, Energy and Environment
JF  - International Journal of Economy, Energy and Environment
JO  - International Journal of Economy, Energy and Environment
SP  - 169
EP  - 176
PB  - Science Publishing Group
SN  - 2575-5021
UR  - https://doi.org/10.11648/j.ijeee.20251006.12
AB  - This study examines digital financial inclusion's impact on economic growth within the developing nations of Kenya and the Philippines, where digital economies demonstrate fast expansion. The study draws its data from global financial databases and national statistics to analyze DFI indicators, including account ownership and mobile money usage, while comparing gender disparities and GDP per capita trends. Economic growth in both Kenya and the Philippines substantially increased due to mobile money services that drive financial inclusion, according to the data; 8.4% and 5.3% GDP growth in the Philippines and Kenya, respectively, in 2023 alone. The survey results also showed that 52.6% and 45% of adults use Mobile Money in Kenya and the Philippines, respectively. Further, research results show that male users of mobile money services reach 54%, whereas female users reach only 48%. On the other hand, digital financial service use stands at 46% for men, yet only reaches 42% for women in the Philippines. The main obstacles to equal access include gender and rural population differences. This article demonstrates that inclusive policies with digital infrastructure and financial literacy training alongside monitoring systems result in equal financial access. Overall, the study contributes to the growing body of evidence that digital financial inclusion promotes not only individual financial empowerment but also drives macroeconomic development in emerging markets.
VL  - 10
IS  - 6
ER  -

Copy | Download

Author Information

Ibrahim Suleiman Roba

Department of Diplomacy and International Studies, University of Nairobi, Nairobi, Kenya

Contact Email

http://orcid.org/0000-0002-8844-783X
Maxwell Muthini Kyalo

Department of Diplomacy and International Studies, University of Nairobi, Nairobi, Kenya

Contact Email

Download PDF

Submit an Article

Sections

Plain Text BibTeX RIS

APA Style

Roba, I. S., Kyalo, M. M. (2025). The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines. International Journal of Economy, Energy and Environment, 10(6), 169-176. https://doi.org/10.11648/j.ijeee.20251006.12

Copy | Download

ACS Style

Roba, I. S.; Kyalo, M. M. The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines. Int. J. Econ. Energy Environ. 2025, 10(6), 169-176. doi: 10.11648/j.ijeee.20251006.12

Copy | Download

AMA Style

Roba IS, Kyalo MM. The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines. Int J Econ Energy Environ. 2025;10(6):169-176. doi: 10.11648/j.ijeee.20251006.12

Copy | Download

@article{10.11648/j.ijeee.20251006.12,
  author = {Ibrahim Suleiman Roba and Maxwell Muthini Kyalo},
  title = {The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines},
  journal = {International Journal of Economy, Energy and Environment},
  volume = {10},
  number = {6},
  pages = {169-176},
  doi = {10.11648/j.ijeee.20251006.12},
  url = {https://doi.org/10.11648/j.ijeee.20251006.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijeee.20251006.12},
  abstract = {This study examines digital financial inclusion's impact on economic growth within the developing nations of Kenya and the Philippines, where digital economies demonstrate fast expansion. The study draws its data from global financial databases and national statistics to analyze DFI indicators, including account ownership and mobile money usage, while comparing gender disparities and GDP per capita trends. Economic growth in both Kenya and the Philippines substantially increased due to mobile money services that drive financial inclusion, according to the data; 8.4% and 5.3% GDP growth in the Philippines and Kenya, respectively, in 2023 alone. The survey results also showed that 52.6% and 45% of adults use Mobile Money in Kenya and the Philippines, respectively. Further, research results show that male users of mobile money services reach 54%, whereas female users reach only 48%. On the other hand, digital financial service use stands at 46% for men, yet only reaches 42% for women in the Philippines. The main obstacles to equal access include gender and rural population differences. This article demonstrates that inclusive policies with digital infrastructure and financial literacy training alongside monitoring systems result in equal financial access. Overall, the study contributes to the growing body of evidence that digital financial inclusion promotes not only individual financial empowerment but also drives macroeconomic development in emerging markets.},
 year = {2025}
}

Copy | Download

TY  - JOUR
T1  - The Impact of Digital Financial Inclusion on Economic Growth: A Comparative Analysis of Kenya and the Philippines
AU  - Ibrahim Suleiman Roba
AU  - Maxwell Muthini Kyalo
Y1  - 2025/12/24
PY  - 2025
N1  - https://doi.org/10.11648/j.ijeee.20251006.12
DO  - 10.11648/j.ijeee.20251006.12
T2  - International Journal of Economy, Energy and Environment
JF  - International Journal of Economy, Energy and Environment
JO  - International Journal of Economy, Energy and Environment
SP  - 169
EP  - 176
PB  - Science Publishing Group
SN  - 2575-5021
UR  - https://doi.org/10.11648/j.ijeee.20251006.12
AB  - This study examines digital financial inclusion's impact on economic growth within the developing nations of Kenya and the Philippines, where digital economies demonstrate fast expansion. The study draws its data from global financial databases and national statistics to analyze DFI indicators, including account ownership and mobile money usage, while comparing gender disparities and GDP per capita trends. Economic growth in both Kenya and the Philippines substantially increased due to mobile money services that drive financial inclusion, according to the data; 8.4% and 5.3% GDP growth in the Philippines and Kenya, respectively, in 2023 alone. The survey results also showed that 52.6% and 45% of adults use Mobile Money in Kenya and the Philippines, respectively. Further, research results show that male users of mobile money services reach 54%, whereas female users reach only 48%. On the other hand, digital financial service use stands at 46% for men, yet only reaches 42% for women in the Philippines. The main obstacles to equal access include gender and rural population differences. This article demonstrates that inclusive policies with digital infrastructure and financial literacy training alongside monitoring systems result in equal financial access. Overall, the study contributes to the growing body of evidence that digital financial inclusion promotes not only individual financial empowerment but also drives macroeconomic development in emerging markets.
VL  - 10
IS  - 6
ER  -

Copy | Download