This study examines the paradoxical role of financial technology (FinTech) in African nations' inclusive finance practices, investigating how it simultaneously promotes financial access while potentially deepening economic inequalities. Through systematic literature review and directed content analysis, the research evaluates the impact of mobile payments and digital loans on vulnerable populations, with particular attention to gender equality and economic inclusion. The findings reveal a complex landscape where FinTech innovations like M-Pesa have substantially improved financial service accessibility in remote areas and for women, enhancing economic participation. However, three critical challenges emerge: First, structural barriers, including inadequate infrastructure, limited digital literacy, and cultural gender biases, significantly constrain these technologies' effectiveness. Second, certain FinTech platforms employ exploitative business models based on high-interest loans and data exploitation, potentially creating new "poverty traps" rather than economic opportunities. Third, foreign-dominated technological supply chains and capital flows facilitate resource extraction and data exploitation, suggesting patterns of neo-colonial economic control. The research proposes a multifaceted policy framework to address these challenges: developing digital infrastructure and education to narrow urban-rural and gender-based digital divides; strengthening regulatory oversight of FinTech platforms to prevent predatory lending and data misuse; and promoting locally designed financial products that support small business development and economic independence among marginalized groups. This study contributes to the growing discourse on inclusive Finance by providing evidence-based insights into FinTech's dual impact in Africa. While acknowledging FinTech's potential to expand financial inclusion, the findings emphasize the necessity of balanced policies that promote technological innovation while safeguarding against the perpetuation of structural inequalities.

 

Key words: FinTech, inclusive finance, poverty trap, digital divide, neo-colonialism.