The “black box” of digital finance: An umbrella review of the challenges and drawbacks in advancing financial inclusion

In recent years, scholars have highlighted the pivotal role of digital finance in promoting financial inclusion among underserved populations, alleviating urban poverty, supporting individuals and households, and fostering green economies. However, despite these benefits, digital finance also presents challenges and limitations, including the risk of triggering financial crises. Additionally, its antecedents, dynamics, and global impacts remain underexplored. This article addresses this gap using an umbrella review methodology—a “review of reviews”—which consolidates insights from existing literature to provide a comprehensive perspective. To achieve this, 47 systematic and bibliometric reviews published in Chartered Association of Business Schools (ABS)-ranked journals were analysed. The analysis identifies five key barriers to financial inclusion via digital finance: accessibility, technological and ethical, and economic and structural challenges, as well as regulatory and policy barriers, and social and behavioural factors. This review introduces the concept of a digital finance “black box”, highlighting the uncertainty surrounding the outputs of financial inclusion initiatives resulting from policy interventions. It concludes by suggesting future research directions and offering recommendations for policymakers and practitioners. • Identifies five major barriers to financial inclusion through digital finance. • Introduces the concept of the "black box" in digital financial inclusion initiatives. • Applies an umbrella review method to synthesize findings from 47 systematic reviews. • Highlights accessibility, regulatory, technological, social, and economic challenges. • Provides actionable recommendations for policymakers and future research directions.