Title: The Future of Financial Access: Blockchain's Impact on Banking the Unbanked in Iringa Municipal
Authors: Romed Kavenuke
Volume: 9
Issue: 3
Pages: 160-170
Publication Date: 2025/03/28
Abstract:
This study explored the integration of block-chain-enabled solutions with mobile money ecosystems, focusing on adoption rates, transaction efficiency, risk mitigation, and interoperability. It also examined the socio-economic impacts of block-chain adoption, including financial inclusion growth; trust in formal financial systems, economic empowerment, and gender inclusion. Additionally, the research investigated infrastructural and cultural challenges, such as internet and mobile accessibility, digital literacy, resistance to technological change, and regulatory barriers. The study was conducted using a sample size of 148 respondents, including smallholder farmers, informal traders, women entrepreneurs, and financial service providers. Findings revealed that block-chain adoption varied, with a moderate uptake among respondents. Transaction efficiency improved, with participants citing faster and more secure transactions. Block-chain significantly reduced fraud and security risks, fostering trust in financial systems. However, challenges such as limited internet accessibility, low digital literacy, and resistance to change hindered adoption. Regulatory and institutional barriers also posed significant obstacles. The study concludes that while block-chain has the potential to transform mobile money ecosystems, strategic efforts are required to overcome adoption challenges. Recommendations include policy reforms, improved digital infrastructure, financial literacy programs, and enhanced stakeholder collaboration to maximize block-chain's benefits in financial inclusion and economic empowerment.