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1. Introduction
Financial inclusion has shifted the debate on the links between finance and economic growth toward the contribution of finance to the reduction of poverty and inequality and to the empowerment of individuals by increasing their capabilities. Financial inclusion leads to a large access for individuals and enterprises to the basic financial services (remittances transfers, payments, savings, credit and insurance) that match their needs at an affordable price (Demirguc-Kunt et al., 2018, p. 1). Recall that, worldwide, 1.7 billion adults do not have a formal account in a financial institution (Demirguc-Kunt et al., 2018).
Financial inclusion is defined as “an equitable access for all individuals and enterprises to formal financial products and services (transactions' payments, savings, financing and insurance) to be used according to their needs and resources, in order to promote economic and social inclusion while preserving their rights and dignity” (Bank Al-Maghrib and MEFAR, 2019, p. 14 [1]). Access to finance is different from the use of financial services. Access refers to the availability of affordable financial services. Use relates to the effective consumption of financial services (Claessens, 2006, p. 210, Ezzahid, 2017). Lack of use does not necessarily mean lack of access. Some people may have access to affordable financial services but choose not to use them for religious reasons, that is, a voluntary exclusion. Others do not use financial services due to the fact that the costs of these services are higher, which is an illustration of involuntary exclusion (World Bank, 2014, p. 2).
Today, the digital tools and processes are taking an important place in our daily lives activities. The financial system must adapt to this digital revolution to avoid being lagged behind in its environment. Indeed, the finance industry is struggling to adapt through different practices, in particular, the introduction of fintech in its activities, in order to make financial services more accessible and available to different segments of the population.
Fintech is a channel of financial inclusion. Fintech, the acronym of “Financial technology,” means the set of technological innovations that began to be used in the financial industry during the last few years. Considered as a new channel to provide financial services, these innovations have revolutionized traditional financing models by...