By comparing the situation with financial inclusion in developing and developed countries
we look at the notion of ‘new financially excluded’. There seems to be a growing evidence that the
implementation of new technologies that was seen as a universal cure for financial exclusion
backfires for some social groups who cannot keep up with the pace of fintech. This means that
traditional ‘more technology-more inclusion’ approach does not always work, and financial
inclusion policies shall be amended to include the propositions on digital literacy and access to
cash as well.