A Study on the Influence of Digital Finance on Bank Account Ownership of Filipinos

• Main Authors: Antonio, Ian Carlo, Magante, Maire Carroline
• Format: text
• Published: Animo Repository 2023
• Subjects: financial inclusion; bank account ownership; urbanity; access; financial technology
• Online Access: https://animorepository.dlsu.edu.ph/apssr/vol23/iss4/2; https://animorepository.dlsu.edu.ph/context/apssr/article/1513/viewcontent/RA_201.pdf
• Institution: De La Salle University

Financial inclusion remains a recurring problem that various governments need to address. Despite digitalization, financial institutions struggle to make their products and services available to the public. The Philippines has among the weakest financial inclusion coverages, as shown by the minimal account penetration of the population. This study used the 2019 Financial Inclusion Survey (FIS), specifically mobile phone usage in financial transactions and other socioeconomic characteristics as determinants of financial inclusion measured by bank account ownership. The findings show that mobile phones, financial literacy, and urbanity remain as significant players in accessing financial products and services, but in varying degrees of importance.