Efficacy of Fintech Solutions in Advancing Financial Inclusion for the Underserved in South Africa: A Systematic Literature Review

Efficacy of Fintech Solutions in Advancing Financial Inclusion for the Underserved in South Africa: A Systematic Literature Review

Accra, Ghana and Virtual

Financial inclusion in South Africa is a critical mechanism for addressing systemic poverty, unemployment, and inequality. Fintech solutions have increasingly been positioned as key enablers of expanded access to financial services, particularly among underserved populations. However, there remains a lack of literature that evaluates the efficacy, rather than merely the impact, of these technologies. This study presents a systematic literature review (SLR) of 21 peer-reviewed articles, policy documents, and industry reports to examine how Fintech advances financial inclusion in South Africa. The literature is synthesised into four thematic categories: Financial Inclusion (Concepts and Metrics); Fintech in South Africa and Global Perspectives; Efficacy of Fintech in Accelerating Financial Inclusion; and Regulatory, Policy, and Infrastructure Ecosystems. Across these themes, five interrelated domains emerge as central to assessing efficacy: infrastructure readiness, cultural fit, regulatory context, solution design, and measurable outcomes. The study provides a contextualized framework for evaluating Fintech interventions, offering a foundation for targeted empirical research and offering policymakers, regulators, and practitioners actionable insights for designing inclusive, effective, and sustainable financial solutions in South Africa.