Systematic literature review and framework development of smallholder-inclusive Agri-FinTech ecosystem
Joko Sustiyo, Kodrad Winarno, Suzanne Bonner, Ammar Abdul Aziz, Risti PermaniPurpose
Although the global financial technology (FinTech) market continues to grow, its potential role in agriculture remains underdeveloped, especially in developing countries. This study aims to examine the agricultural FinTech (Agri-FinTech) ecosystem, identify actors, drivers, and impacts of FinTech adoption in the agricultural sector and conceptualise a development framework.
Design/methodology/approach
A systematic literature review (SLR) was conducted following the Preferred Reporting Items for Systematic reviews and Meta-Analyses framework, analysing 107 studies published between 2013 and October 2023.
Findings
Synergy among actors in the Agri-FinTech ecosystem is key to driving inclusive innovation in the agricultural finance sector. Meanwhile, drivers of the use of Agri-FinTech are ease of use, perceived benefits, job relevance, habits and hedonic motivation. Agri-FinTech is associated with a wide range of positive impacts, including increased crop yields, improved farmer household income, enhanced village economic resilience, greater adoption of sustainable agricultural practices, digital transformation of the agribusiness sector and reduced carbon emissions. This study recommends further research to explore Agri-FinTech designs tailored to smallholder preferences, gender-responsive strategies, eco-friendly financing models and context-appropriate regulatory structures.
Originality/value
This study provides an important contribution to the development of Agri-FinTech by proposing a smallholder-inclusive Agri-FinTech development framework. The framework offers a conceptual roadmap for designing inclusive, sustainable and responsive technology-based financial services tailored to smallholder farmers' needs.