The Challenges of FinTechs in Ensuring Financial Inclusion in Mozambique

Abstract

The development of telecommunications spurred the rise of FinTechs. Its entry into operation brought advances to the traditional financial sector, but like any system it faces difficulties. This research sought to analyze the challenges faced by FinTechs in materializing financial inclusion. For this purpose, qualitative research was used with regard to the approach and, regarding the objectives, we opted for exploratory research. Bibliographical research with regard to the procedures was shown to be indicated since the data to be analyzed will be extracted from available material. The survey found that FinTechs have made and continue to make significant strides in delivering financial services thereby supporting traditional banking. They face several challenges from the quality of the internet, low financial literacy of the final consumer to the reduced availability of cell phones that support the technology.