Inclusion-Risk Paradox of Fintech P2P Lending as an MSME Financing Source in Emerging Markets: A Systematic Literature Review
DOI:
https://doi.org/10.55606/ijemr.v5i2.768Keywords:
Cashless Society, Credit Risk, Digital Msmes, Financial Inclusion, P2P LendingAbstract
This study consolidates evidence from SINTA's indexed journal on the influence of fintech peer-to-peer (P2P) lending on micro, small, and medium enterprises (MSMEs) in emerging markets, emphasizing the tension between expanding inclusion and increasing risk. The PRISMA 2020 procedure was used to select SINTA-accredited journal articles (January 2000–January 2025) based on a predetermined combination of keywords and agreed eligibility criteria; A total of 21 studies were eligible. The synthesis shows that P2P platforms are able to expand MSME credit access through the use of alternative data, digital workflows, and reduction of collateral barriers. However, MSMEs also face real risks in the form of default, repayment pressure, high loan costs, information asymmetry, potential fraud, and over-indebtedness. To realize the benefits of inclusion in a sustainable manner, risk-based supervision (including SupTech), strengthening the financial capacity of MSMEs, and responsible product design and billing mechanisms are needed. This study provides a conceptual framework that balances opportunities and risks, as well as a reference for regulators, industry players, and academics in formulating P2P lending development strategies that support the sustainability of MSMEs in the digital era.
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