Financial inclusion is a critical factor in fostering economic growth. A robust financial system is vital for economic development, as evidenced in studies like Biag (2020). Innovations like SMS banking, mobile money, and tailored banking products for specific demographics facilitate access to financial services, thereby promoting economic growth. Affordable financial services, including credit and insurance, expand livelihood opportunities and empower underserved populations. This empowerment contributes to social, political, and economic stability. Beyond these benefits, financial inclusion provides formal identity, access to payment systems, and security for savings, functioning as an economic catalyst.

Access to formal financial channels enables the aggregation of savings and idle funds, channeling them toward investments, entrepreneurship, and public projects, thus driving economic growth. This symbiotic relationship underscores the importance of financial inclusion in achieving sustainable economic development (Boateng, 2018).

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