Systematic Review of API-Driven Innovation in Digital Financial Platforms Across Emerging Economies

• Author(s): Oluwasanmi Segun Adanigbo ; Florence Sophia Ezeh ; Unomah Success Ugbaja ; Comfort Iyabode Lawal ; Solomon Christopher Friday
• Paper ID: 1708020
• Page: 195-204
• Published Date: 31-10-2022
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 6 Issue 4 October-2022

Abstract

This paper provides a systematic review of the role of Application Programming Interfaces (APIs) in driving innovation within digital financial platforms across emerging economies. The growing importance of APIs in enabling scalable, customizable, and integrated financial services has revolutionized the fintech sector, particularly in regions that face significant challenges in financial inclusion. APIs have emerged as critical enablers of digital transformation, offering solutions that bridge gaps between traditional financial institutions and underserved populations, such as the unbanked and underbanked. This review explores how APIs contribute to the democratization of financial services, enabling access to payments, lending, and insurance, while fostering interoperability across diverse financial ecosystems The paper also delves into the challenges associated with API adoption, including regulatory fragmentation, cybersecurity concerns, and cross-border data flow restrictions. In addition, it outlines practical implications for fintech firms, financial institutions, and policymakers, offering actionable insights on leveraging API-driven innovation effectively. Finally, the paper identifies key gaps in the existing literature, proposing areas for future research, including the integration of emerging technologies like blockchain and AI within API-driven financial platforms. This review contributes to understanding how APIs can enhance financial inclusion, promote economic growth, and support the sustainable development of digital financial services in emerging markets.

Keywords

API-driven Innovation, Digital Financial Platforms, Emerging Economies, Financial Inclusion, Regulatory Challenges, Fintech.

Citations

IRE Journals:
Oluwasanmi Segun Adanigbo , Florence Sophia Ezeh , Unomah Success Ugbaja , Comfort Iyabode Lawal , Solomon Christopher Friday "Systematic Review of API-Driven Innovation in Digital Financial Platforms Across Emerging Economies" Iconic Research And Engineering Journals Volume 6 Issue 4 2022 Page 195-204

IEEE:
Oluwasanmi Segun Adanigbo , Florence Sophia Ezeh , Unomah Success Ugbaja , Comfort Iyabode Lawal , Solomon Christopher Friday "Systematic Review of API-Driven Innovation in Digital Financial Platforms Across Emerging Economies" Iconic Research And Engineering Journals, 6(4)