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

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.