Institutional and Technological Determinants of FinTech Diffusion: A Systematic Review Applied to the Moroccan Case (International Journal of Accounting, Finance, Auditing, Management and Economics)

Summary

• The systematic review protocol based on Google Scholar searches spanning 2004 to 2025 screened 98 unique references and retained 74 publications.p.2
• Global adult account ownership reached 79% in 2024, up from 74% in 2021 and 51% in 2011, with low- and middle-income economies reaching 75%.p.11
• The network of 18 authorized payment institutions in Morocco reached 32,221 service points in 2024, surpassing traditional bank agency networks by more than 5 times.p.12
• Transaction volumes using payment accounts in Morocco grew from 10.1 billion dirhams in 2023 to 43.6 billion dirhams in 2024.p.12
• Interbank data shows Morocco had 20 million bank card holders and 8 million electronic wallet holders in 2023.p.13

Key insights

1. FinTech diffusion is driven by the interaction of four key determinants: underbanking as the functional driver, digital infrastructure as the channel, institutional voids and financial crises as accelerators, and regulatory frameworks as shapers of its nature.p.2
2. Digital infrastructure acts as a necessary but insufficient channel for adoption, as 31% of unbanked adults in low- and middle-income economies still do not own a mobile phone.p.11
3. In Nigeria, out of approximately 250 identified FinTech companies, only 80 are registered with the central bank, showing that regulatory gaps shape market practices rather than stop expansion speed.p.12
4. Morocco's low bank account ownership rate of 44% coexists with an extensive physical service network, demonstrating that the primary adoption barrier is social and institutional rather than technical.p.12
5. Perceived trialability of financial innovation is not an intrinsic property but depends on user status, being non-significant for unbanked informal workers while positively influencing adoption among SMEs.p.14
6. Financial regulation acts as an endogenous variable determining whether digital financial expansion results in financial inclusion or extractive data monetization practices.p.15
7. Islamic finance compliance considerations contribute significantly to voluntary abstention from formal bank accounts in North Africa beyond simple issues of financial literacy or pricing.p.15