Factors influencing digital financial services adoption in low- and medium-income countries: a systematic literature review

Purpose The purpose of this systematic literature review is to identify key factors that facilitate or inhibit the adoption and use of digital financial services (DFS) among low-income individuals in low- and middle-income countries. Design/methodology/approach A comprehensive search of academic and grey literature published between January 2017 and December 2024 was undertaken. Records were screened according to pre-set criteria, and a mixed-method appraisal tool was used to assess the quality of the academic studies. Narrative synthesis was used to report the findings. Findings A total of 113 studies from scholarly sources and an additional 12 grey literature sources were identified. The review identified multiple factors that significantly influenced individuals’ intention to adopt and use DFS, which were conceptualised into four overarching themes: structural, knowledge, quality and social and psychological aspects. The methodological quality of the academic literature varied greatly, with only 32% of studies meeting all quality indicators and 49% lacking two or more indicators. No single factor was identified to be the primary driver of or impediment to DFS adoption. Rather, several factors simultaneously influenced the adoption of DFS, highlighting the varied circumstances faced by each individual or community. Originality/value This review contributes to the existing body of knowledge by detailing the complex interplay of factors influencing the adoption of DFS in disadvantaged communities. It highlights the necessity for further research on DFS adoption strategies tailored to the unique contexts of low-income individuals in low- and middle-income countries.