The Evolution of Financial Inclusion Indicators from Quantitative Measures to Quality of Usage: A Descriptive and Analytical Study in the Context of International Experiences

Abstract

This article examines the evolution of financial inclusion indicators, highlighting the shift from a quantitative expansion in access to financial services toward a stronger emphasis on actual usage, service quality, and developmental impact. The study analyzes the four main dimensions of financial inclusion (access, usage, quality, and impact) through a comparative assessment of four selected international experiences: India, Kenya, Brazil, and South Africa, drawing on data from the Global Findex Database and World Bank reports.

The findings indicate that global account ownership has increased significantly, reaching over 76% of adults in 2021. However, the effective use of financial services—particularly savings and credit—remains below the level of account ownership expansion. Countries that have embraced digital financial technologies, such as Kenya and India, have achieved notable progress in enhancing active usage, while others continue to face challenges in deepening service quality and ensuring product suitability for low-income populations.

   The article concludes that relying solely on quantitative indicators may lead to what can be termed “formal financial inclusion.” Therefore, composite indicators integrating access, usage, and quality are necessary to achieve meaningful economic and social impact, strengthen financial resilience, and contribute to poverty reduction.