GSSD/
Articles/
2603003479
  • Open Access
  • Article

Financial Inclusion and Its Potential for Sustainable Development: Evidence from Syrian

  • Suliaman Mouselli 1,*,   
  • Riad Abdulraouf 2

Received: 12 Jan 2026 | Revised: 25 Mar 2026 | Accepted: 26 Mar 2026 | Published: 01 Apr 2026

Abstract

The nexus between financial inclusion and sustainable development is intensifying. Data-based evidence in a global context supports a positive correlation between financial inclusion and sustainable development. In the post-conflict Syria, it is crucial to scrutinize the level of the sustainable development and financial inclusion to highlight the required efforts to accelerate the sustainable development. Accordingly, the aim of this article is to explore how financial inclusion can be capitalized upon to improve the achievement of the sustainable development goals, particularly decent work and economic growth (SDG 8), industry, innovation and infrastructure (SDG 9), and reduced inequalities (SDG 10). Based on an exploratory study, the article investigates the status quo of financial inclusion and sustainable development goals and uncovers a modest level of financial inclusion as proxied by financial institutions access despite a clear improvement in the number and value of e-payment transactions. In addition, it highlights a positive association between e-payment development and sustainable development goals (8 and 10) indicating that developing e-payment systems is a necessary condition but is not sufficient to boost economic growth and reduce inequalities. A national framework is proposed to improve and unify the efforts towards the achievement of those SDGs. In particular, capitalizing on digital credit, microinsurance, and FinTech solutions such as crowdfunding and digital currencies is critical to speed up the achievement of sustainable development goals. Moreover, this article stresses the need to pay special attention to raise the financial literacy among Syrians and provide proper regulation of innovative financial services to unleash the full potentials of financial inclusion while minimizing its possible negative consequences. 

References 

  • 1.

    World Bank. Press Release. (7 July 2025). Available online: https://www.worldbank.org/en/news/press-release/2025/07/07/-new-world-bank-report-highlights-syria-s-economic-challenges-and-recovery-prospects-for-2025#:~:text=WASHINGTON%2C%20July%207%2C%202025%20%E2%80%93,threshold%20for%20low%2Dincome%20countries (accessed on 24 December 2025).

  • 2.

    UNDP. Human Development Reports, Data Centre. Available online: https://hdr.undp.org/data-center/ specific-country-data#/countries/SYR (accessed on 24 December 2025).

  • 3.

    Central Bureau of Statistics. Food Security Survey, Phase VII; Survey Carried Out in Collaboration with World Food Programme; Central Bureau of Statistics: Jerusalem, Israel, 2023.

  • 4.

    ISPAR. Available online: https://ispar.unescwa.org/country-index.aspx?Country=168 (accessed on 24 December 2025).

  • 5.

    Central Bureau of Statistics, Government of Syria. Labour Force Survey; Central Bureau of Statistics, Government of Syria: Damascus, Syria, 2024.

  • 6.

    Levine, R. Finance and Growth: Theory and Evidence; Handbook of Economic Growth 1; Elsevier: Amsterdam, The Netherlands, 2005; pp. 865–934.

  • 7.

    King, R.G.; Levine, R. Finance, entrepreneurship and growth. J. Monet. Econ. 1993, 32, 513–542.

  • 8.

    Ozili, P.K. Financial inclusion and sustainable development: An empirical association. J. Money Bus. 2022, 2, 186–198.

  • 9.

    Chen, C.; Pal, S.; Mahalik, M.K.; et al. The impact of financial inclusion on sustainable development: Evidence from BICS economies. Res. Int. Bus. Financ. 2026, 82, 1–10.

  • 10.

    Das, B.; Kumar, G. Financial Inclusion for Sustainable Development: How Climate Vulnerability Shapes SDG Outcomes. Sustain. Dev. 2026. https://doi.org/10.1002/sd.70830.

  • 11.

    Van, H.N.; Le Quoc, D. Assessing the Impact of Digital Financial Inclusion on Sustainable Development Goals: Analyzing Differences by Financial Development Levels Across Countries. J. Knowl. Econ. 2025, 16, 15140–15163.

  • 12.

    Choudhary, P.; Ghosh, C.; Thenmozhi, M. Impact of fintech and financial inclusion on sustainable development goals: Evidence from cross country analysis. Financ. Res. Lett. 2025, 72, 106573.

  • 13.

    Klapper, L.; Singer, D.; Starita, L.; et al. The Global Findex Database, Connectivity and Financial Inclusion in the Digital Economy; World Bank: Washington, DC, USA, 2025.

  • 14.

    Alkhouri, A.M. Arab Index for Digital Economy, The Rise of AI Applications in Arab Economy; Arab Federation for Digital Economy: Abu Dhabi, UAE, 2024.

  • 15.

    IMF. Financial Development Data. Available online: https://legacydata.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b (accessed on 18 January 2023).

  • 16.

    Planning and Statistics Commission. 2025. Available online: www.psc.gov.sy (accessed on 22 February 2026).

  • 17.

    International Telecommunication Union. 2025. Available online: https://datahub.itu.int/dashboards/idi/?e=SYR&y=2025 (accessed on 1 January 2026).

  • 18.

    Alnafrah, I.; Sultan, R.; Aldoumani, R.; et al. The impact of ICT on financial development: An Empirical evidence from Syria. SSRN 2021.

  • 19.

    Syrian Electronic Payment Co. Unpublished Data. 2025. Available online: https://www.sep.com.sy (accessed on 1 January 2026).

  • 20.

    Alsayed Suliman, B.; Mouselli, S. The quality of e-payment services offered by mobile companies: The Syrian evidence. Cogent Bus. Manag. 2024, 11, 2365998.

  • 21.

    Sachs, J.D.; Lafortune, G.; Fuller, G. Financing Sustainable Development to 2030 and Mid-Century; Sustainable Development Report; Dublin University Press: Dublin, Ireland, 2025.

  • 22.

    Zehri, C.; Bendahmane, M.E.A., Zgarni, I.; et al. Exploring the nexus of decent work, financial inclusion, and economic growth: A study aligned with SDG 8. Sustain. Futures 2024, 7, 100213.

  • 23.

    Kattan-Rodríguez, G.E.; Galindo-Manrique, A.F. From access to impact: How digital financial inclusion drives sustainable development. Sustainability 2025, 17, 23, 10799.

  • 24.

    Neaime, S.; Gaysset, I. Financial inclusion and stability in MENA: Evidence from poverty and inequality. Financ. Res. Lett. 2018, 24, 230–237.

  • 25.

    World Bank. Available online: https://www.worldbank.org/en/topic/financialinclusion/overview (accessed on 1 January 2026).

  • 26.

    Akkad, B.A.; Mouselli, S. Syrian SMEs in times of COVID-19 pandemic: Challenges, adaptation, and policy measures. J. Risk Financ. Manag. 2023, 16, 142.

  • 27.

    Vishwakarma, D.; Sonkar, S.; Keshari, S.K. Achieving sustainable development goals through microfinance: An incremental step towards growth. Eur. Econ. Lett. 2024, 14, 2022–2031.

  • 28.

    Sultan, R.; Mouselli, S. The Impact of the Introduction of Online Trading Service on the Performance of Financial Services and Brokerage Firms at Damascus Securities Exchange. Al-Baath Univ. J. 2024, 46, 151–176.

  • 29.

    Sultan, R.; Mouselli, S. What drives the profitability of brokerage firms at Damascus Securities Exchange? J. Financ. Report. Account. 2025. https://doi.org/10.1108/JFRA-12-2024-0938.

  • 30.

    Umar, M.; Helmi bin Hidthiir, M.; Binti Fadzim, W.R. Threshold analysis, financial inclusion and financial stability in developing economies: Assessing the moderating role of digital financial inclusion. Pak. J. Commer. Soc. Sci. 2025, 19, 330–356.

  • 31.

    Thaker, M.A.B.M.T.; Khaliq, A.B.; Thaker, H.B.M.T.; et al. The potential role of fintech and digital currency for Islamic green financing: Toward an integrated model. In Green Digital Finance and Sustainable Development Goals; Springer Nature Singapore: Singapore, 2022; pp. 287–308.

  • 32.

    Khan, N.; Kchouri, B.; Yatoo, N.A.; et al. Tokenization of sukuk: Ethereum case study. Glob. Financ. J. 2022, 51, 100539.

  • 33.

    Pinjaman, S. Digital Sukuk: The Evolution and Potential of Digital Islamic Bonds. In Business and Management in Asia: Finance and Investments in the Digital Age; Springer Nature Singapore: Singapore, 2025; pp. 139–155.

  • 34.

    Baumgardner, T.; Neufeld, C.; Huang, PCT.; et al. Crowdfunding as a fast-expanding market for the creation of capital and shared value. Thunderbird Int. Bus. Rev. 2017, 59, 115–126.

  • 35.

    Assessment Coordination Unit (ACU). Need Assessment for Developing Crowdfunding Platforms to Support Economic Empowerment and Social Cohesion in Syria; ACU/IMU: North Sydney, NSW, Australia, 2025.

  • 36.

    Beck, T.; Senbet, L.; Simbanegavi, W. Financial inclusion and innovation in Africa: An overview. J. Afr. Econ. 2015, 24, i3–i11.

  • 37.

    Laeven, L.; Levine, R.; Michalopoulos, S. Financial innovation and endogenous growth. J. Financ. Intermediation 2015, 24, 1–24.

  • 38.

    Alnafrah, I.; Mouselli, S. From cash to code: FinTech’s dual role in reshaping Malaysian financial inclusion landscape. J. Financ. Report. Account. 2025. Forthcoming.

  • 39.

    World Bank. R&D Data. Available online: https://data.worldbank.org/indicator/GB.XPD.RSDV.GD.ZS?locations=SY (accessed on 1 January 2026).

  • 40.

    Pellegrino, G.; Savona, M. Is Money All? Financing versus Knowledge and Demand Constraints to Innovation; UNU-MERIT Working Paper 2013-029; UNU-MERIT: Maastricht, The Netherlands, 2013.

  • 41.

    Zhao, X.; Wang, S.; Chen, Y. Digital inclusion finance, government subsidies and R&D investment—Empirical evidence based on listed Chinese pharmaceutical firms. Front. Public Health 2025, 13, 1545215.

  • 42.

    Jeník, I.; Duff, S. How to Build a Regulatory Sandbox: A Practical Guide for Policy Makers, Technical Guide; CGAP: Washington, DC, USA, 2020.

  • 43.

    Nuta, A.C.; Cutcu, I.; Puime-Guillen, F. Financial innovation and financial inclusion in European countries: How do they interact? EM Econ. Manag. 2025, 28, 163–179.

  • 44.

    Aziz, A.; Naima, U. Rethinking digital financial inclusion: Evidence from Bangladesh. Technol. Soc. 2021, 64, 101509.

  • 45.

    Mhlanga, D. Blockchain for digital financial inclusion towards reduced inequalities. FinTech and Artificial Intelligence for Sustainable Development: The Role of Smart Technologies in Achieving Development Goals; Springer Nature: Cham, Switzerland, 2023; pp. 263–290.

  • 46.

    Areghan, I.; Emeje, R.O.; Victory, O.C.; Adediran, A.R. Financial Inclusion and Access to Finance in Nigeria. J. Bus. Afr. Econ. 2025, 11, 38–51.

  • 47.

    Tay, L.Y.; Tai, H.T.; Tan, G.S. Digital financial inclusion: A gateway to sustainable development. Heliyon 2022, 8, e09766.

  • 48.

    Sabbaghi, O. Mobile money, digital financial inclusion, and evidence on saving and borrowing. Digit. Policy Regul. Gov. 2025, 27, 389–403.

  • 49.

    Ncube, T.; Murray, U.; Dennehy, D. Digitalising social protection systems for achieving the sustainable development goals: Insights from Zimbabwe. Commun. Assoc. Inf. Syst. 2023, 53, 138–161.

  • 50.

    Salleh, W.N.A.W.M.; Rasid, S.Z.A.; Basiruddin, R. Towards transforming zakat collection and distribution roles using digital wallet in support of social justice and social financing. Open Int. J. Inform. 2019, 7, 95–103.

  • 51.

    Alnafrah, I.; Mouselli, S. Constructing the reconstruction process: A smooth transition towards knowledge society and economy in post-conflict Syria. J. Knowl. Econ. 2020, 11, 931–948.

  • 52.

    Izaguirre, J.C.; Arenaza, S.; Meagher, P.; et al. Responsible Digital Credit: Frontier Solutions for Authorities and Providers; Technical Guide; CGAP: Washington, DC, USA, 2025.

  • 53.

    Koonprasert, T.; Kanada, S.; Tsuda, N.; et al. Central Bank Digital Currency Adoption: Inclusive Strategies for Intermediaries and Users; IMF Fintech Notes, No. 2024: 005; IMF: Washington, DC, USA, 2024.

Share this article:
Download PDF
DOI
10.53941/gssd.2026.100013
Issue
Volume 1, Issue 1
How to Cite
Mouselli, S.; Abdulraouf, R. Financial Inclusion and Its Potential for Sustainable Development: Evidence from Syrian. Global South & Sustainable Development 2026, 1 (1), 13. https://doi.org/10.53941/gssd.2026.100013.
RIS
BibTex
Copyright & License
article copyright Image
Copyright (c) 2026 by the authors.