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<p>Financial inclusion remains a major challenge for low-income women in emerging economies, where limited digital capability, technological access, and institutional trust often restrict participation in formal financial systems. This study investigates the influence of frugal innovation and digital financial literacy on financial inclusion among low-income women in Pakistan, while examining the mediating role of trust in FinTech services and the moderating role of access to technology. A hybrid structural equation modeling-artificial neural network (SEM-ANN) approach was employed using survey data collected from 281 low-income women micro-entrepreneurs. The findings reveal that frugal innovation and digital financial literacy significantly enhance financial inclusion, while trust in FinTech services acts as a critical mediating mechanism. Access to technology further strengthens the relationship between trust and financial inclusion. ANN analysis additionally identifies trust in FinTech services as the most influential predictor of financial inclusion. The study highlights the importance of affordable digital financial solutions, technological accessibility, and trust-building strategies in promoting inclusive financial ecosystems for underserved women. The study contributes to the FinTech and financial inclusion literature by contextualizing frugal FinTech adoption in a resource-constrained environment and integrating explanatory and predictive insights through a combined SEM-ANN framework.</p>

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Frugal fintech: cost-effective financial technologies for low-income women

  • 期刊论文

  • 发表日期：

    2026年7月9日

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  • Muhammad Asif,
  • Muhammad Shahid Tufail,
  • Asli Ersoy,
  • Muhammad Farrukh Shahzad

摘要

Financial inclusion remains a major challenge for low-income women in emerging economies, where limited digital capability, technological access, and institutional trust often restrict participation in formal financial systems. This study investigates the influence of frugal innovation and digital financial literacy on financial inclusion among low-income women in Pakistan, while examining the mediating role of trust in FinTech services and the moderating role of access to technology. A hybrid structural equation modeling-artificial neural network (SEM-ANN) approach was employed using survey data collected from 281 low-income women micro-entrepreneurs. The findings reveal that frugal innovation and digital financial literacy significantly enhance financial inclusion, while trust in FinTech services acts as a critical mediating mechanism. Access to technology further strengthens the relationship between trust and financial inclusion. ANN analysis additionally identifies trust in FinTech services as the most influential predictor of financial inclusion. The study highlights the importance of affordable digital financial solutions, technological accessibility, and trust-building strategies in promoting inclusive financial ecosystems for underserved women. The study contributes to the FinTech and financial inclusion literature by contextualizing frugal FinTech adoption in a resource-constrained environment and integrating explanatory and predictive insights through a combined SEM-ANN framework.