Advancing Financial Inclusion through Platform-Enabled Financial Services

Platforms are having a global impact, with purpose-built marketplaces and general-purpose social media platforms acting as catalysts, enabling newcomers and established businesses to enter and navigate the digital economy. However, platform participation has not been equitable, with some evidence suggesting that platformization can exclude marginalized groups, perpetuate gender inequalities, and undermine the promised flexibility of work.

This report explores the connections between the digital economy, livelihoods, and financial inclusion. It focuses on three traditional, offline livelihoods that are being platformed and have the strongest potential to engage and include low-income segments: independent resellers, nanostores, and two- and three-wheel ride-hailing and delivery drivers. These segments generally have lower barriers to entry and operate within localized or hyper-localized markets rather than competing on a global scale. Examining the practices of these livelihoods in relation to platforms demonstrates the challenges faced by marginalized groups, particularly women.

Recommendations center on building and improving digital public infrastructure, including digital identity systems, payment systems, and data-sharing frameworks that balance innovation with privacy. Additionally, the report calls for platforms to intentionally design services that are accessible to women, low-income groups, and rural communities, overcoming barriers such as digital literacy and trust issues, to maximize the potential of digital platforms in driving socioeconomic empowerment.