







































 
 

 

 

92 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

Asian Business Research Journal 
Vol. 10, No. 7, 92-104, 2025 
ISSN: 2576-6759 
DOI: 10.55220/2576-6759.503 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 
 

 

 
Harnessing Fintech Innovations for Renewable Energy: Revolutionizing Investment 
Models to Achieve Sustainable Development Goal 7 

 
Akomolehin Francis Olugbenga 
 

 
 

Dept.  of  Finance, College of Social and Management Sciences, Afe Babalola  University, Ado - Ekiti, Nigeria. 
Email: akomolehinfrancis@pg.abuard.edu.ng 
 

 
Abstract 

In order to attain Sustainable Development Goal (SDG) 7 - Access to affordable, reliable, and 
modern energy for all, and the energy-related SDGs (SDGs 9 and 13), innovative financing 
mechanisms are needed to attract a range of actors and sources of finance at scale. This paper 
examines the disruptive potential of fintech on the renewable energy investment model. In 
particular, it explores how fintechs underpinned by blockchain, crowdfunding, artificial 
intelligence/machine learning (AI/ML), and decentralized finance (DeFi) can unlock capital 
access, streamline transactions, and build transparency in clean energy financing ecosystems. 
Drawing on an integrative review approach and complemented by country case studies from 
Nigeria, Kenya, and India, the article highlights patterns of how fintech apps facilitate access to 
inclusive, distributed, and ESG-compliant renewable energy solutions. Key findings indicate that 
fintech significantly widens access to energy finance and fosters local stakeholders, but regulation, 
cybersecurity, and digital exclusion present scaling challenges. The paper is rooted in Financial 
Intermediation Theory and Sustainable Investment Theory, providing a conceptual model to 
explore how digital innovations and policy environments interact with sustainable energy 
outcomes. It concludes with policy suggestions for developing enabling regulatory frameworks, 
strengthening digital infrastructure, and promoting cross-sector collaboration to scale up fintech-
facilitated energy transitions. This study contributes to the growing body of literature on digital 
sustainability and offers practical guidance for policymakers and other stakeholders on connecting 
financial innovation with global clean energy objectives. 

 
Keywords: AFintech Innovations, Renewable Energy Finance, Blockchain Technology, Sustainable development goal 7 (SDG 7), Peer-to-
peer energy trading, Digital financial inclusion. 

 
1. Introduction 

FinancialGlobal energy markets are in a midst of a great transition away from reliance upon fossil fuels and 
toward increased deployment of renewable energy. Not only is this shift indispensable to reduce greenhouse gas 
emissions and improve energy access, but it is also pivotal to reaching Sustainable Development Goal 7 (SDG7), 
which targets universal access to affordable, reliable, sustainable, and modern energy by 2030 (United Nations, 
2019). Financing this shift, however, is a formidable challenge, especially in emerging economies where energy 
poverty is the harshest. Renewable energy goals at the global level are projected to need trillions in cumulative 
investment to achieve (International Renewable Energy Agency (IRENA), 2020), however traditional finance is 
unlikely to be available to the extent needed, as characterized by high upfront costs, long time to approval, and 
risk-aversion—see (World Bank, 2019). 

Within these limitations, fintech is coming to the fore as the disruptive and transformative voice of 
sustainable development. Deleware 4, O L Bremner and A Lennartz—Reforms ensured the high quality of their 
information-technology-essential economy, faster and more secure compared to traditional financial structures, 
Fintech innovations like blockchain, P2P (peer to peer) lending, and digital crowd-funding provide 
decentralized, transparent, and scalable alternatives, Zhang et al. Such technologies can help to democratize 
capital access, reduce transaction and operational costs and improve traceability and integrity in financial flows, 
which could lead to making renewable energy projects less risky and more attractive to financial institutions 
(Mendes & Soares, 2022). 

When looking at new technologies that can do this, blockchain is being increasingly identified as a 
technology that can facilitate secure, immutable, and transparent transactions related to energy. For renewable 
energy investments, blockchain technology can guide decentralized energy market structure, online peer-to-peer 
energy trading, and green financial instrument issuance (such as green bond, carbon credit, etc.) (Saberi et al., 
2021). Blockchain reduces dependence on financial intermediaries and substantially reduces transaction costs as 
well as speeding up capital extraction for clean energy investment (Pazaitis et al., 2022). 

mailto:akomolehinfrancis@pg.abuard.edu.ng
https://doi.org/10.55220/2576-6759.503


Asian Business Research Journal, 2025, 10(7): 92-104 

93 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

Likewise, P2P lending platforms present a viable option as an alternative source of capital to banks 
especially for small and medium renewable energy projects which always have constraints in securing funding 
from institutional sources. These intermediation services enable direct contact regarding loan or credit 
provision, and lend support to more inclusive and flexible financing products that incorporate social and 
environmental impact objectives (De la Hera et al., 2020 ). Thus P2Ps are positioned to fill the credit access holes 
through collaborative finance particularly at niche markets (Mansour, 2021) where rescue metrics are integrated 
into their investing decision (Hussain et al., 2023). 

Crowdfunding stands as another disruptive fintech toolsthatinvolve in democratizing renewable energy 
finance. Online portals allow developers of renewable clean energy projects to solicit investments directly from 
individuals, communities and mission-aligned investors, avoiding reliance on conventional capital markets 
(Shneor et al., 2020). This process not only increases financial inclusion but also fosters a sense of community 
involvement and project ownership —both of which are vital for long-term sustainability and energy justice 
(Belleflamme et al., 2022; Hörisch, 2021). 

Notwithstanding the great promise associated with these fintech applications, their application in renewable 
energy finance is relatively young and up against several structural challenges. However, regulatory ambiguity, 
cybersecurity challenges, poor digital infrastructure, and lack of uniform operational guidelines limits wider 
uptake (Boreiko & Massarotti, 2022). There is, furthermore, little robust empirical evidence on the impact, scale-
up potential, and sustainability of these innovations, especially in low and lower middle income countries 
(LMICs) (Zhao et al., 2023). 

Against this background, this paper examines the potential of financial innovations in the fintech sector to 
transform investment models in renewable energy for SDG 7. It examines how blockchain, P2P lending, and 
digital crowdfunding can close financing gaps and democratize access to capital and create transparent and 
inclusive energy financing systems. Drawing on financial technology, energy policy, sustainable development, and 
crossdiscipline topics, this research adds to a growing body of literature on digital finance for climate and energy. 
The results of the report provide useful guidance for policy makers, development finance institutions, investors, 
and project developers who want to use technology-based financial instruments to scale up investment in 
renewable energy. 
 

2. Conceptual and Theoretical Review 
2.1. Conceptual Review 

The deployment of financial technology (fintech) in renewable energy finance is a game changer in how capital 
is raised, utilized, and managed for clean energy projects. The proposed nexus, which combines the intersection of 
the innovation diffusion theory and the sustainable investment architectures, is expected to offer a better 
understanding about how fintech mechanisms (i.e., blockchain technology, digital crowdfunding AI/ML, and 
DeFi) can reconfigure the conventional investment landscape to contribute to meeting the Sustainable 
Development Goal 7 (SDG 7). 

Blockchain technology is the underlying infrastructure for transparency, security and disintermediation in 
renewable energy finance. Using decentralized ledgers and smart contracts, blockchain makes traceable, tamper-
proof transactions which don’t need intermediaries or central authorities. This enables decentralized power 
trading markets, tokenized green assets and, automated issuance of green bonds leading to an increased confidence 
for the investors and higher market liquidity (Saberi et al., 2021; Pazaitis et al., 2022). In the particular case of 
energy financing, blockchain enables transparent, on-the-fly verification of energy output, carbon credits, and 
financial flows, establishing tangible and credible links between impact and investment. 

Crowdfunding gets clean energy finance to the people Today, however, an increasing number of platforms are 
relying on digital technology and social connections to bring renewable energy investment to the masses. These 
platforms allow people, communities, and impact investors to finance energy projects—particularly small-scale 
community-government projects—without the need for major institutional financing. Crowdfunding further 
supports financial inclusion and local ownership, by enabling retail investors to invest according to their values 
and sustainability preferences (Shneor et al., 2020; Belleflamme et al., 2022). In addition, the participatory aspect of 
crowdfunding often triggers increased stakeholder involvement and ongoing commitment to the transition to 
renewables. 

AI/ML provide with sophisticated data analytic tools to increase the accuracy, speed and safety of financing 
decision-making for RE. AI models can analyze a borrower’s credit history by using nontraditional data sources, 
thus allowing for more inclusive credit scoring, particularly in markets where no credit history exists (Mansour 
2021 ). It can also leverage predictive analytics to Fewer Costs of Compliance, More Funds for Innovation 2014 
CA and the CA logo As mentioned earlier, providers can cut costs in compliance and utilize the savings in new 
areas service infrastructure, such as energy pricing models, detection of fraud in finance organizations and demand 
forecasting for grid planning. Both of them can thus improve the reliability and responsiveness of clean energy 
financing mechanism as well as reduces transaction costs and human errors. 

Decentralized Finance (DeFi) is the next frontier of fintech disruption and enables the execution of 
programmable, permissioned and composable services that leverage blockchain protocols. By leveraging smart 
contracts, the DeFi platforms can help to automate lending, borrowing and yield farming activities for renewable 
energy projects, which eliminate the centralization of financial intermediaries or gatekeepers (Schär, 2021). These 
distributed architectures not only speed and improve the flexibility of capital allocation, but also reduce operational 
costs and reduce costs to entry for small energy producers, enabling a more inclusive, agile energy finance 
community. 

These fintech mechanisms are conceptually related to clean energy finance through a few primary mechanisms: 
access to capital, transaction efficiency, and investment transparency. Fintech does two things in the first instance: 
it broadens access to capital by providing alternative and disintermediated pools of capital that are accessible even 
to underserved or completely un-banked users. Second, it improves efficiency by simplifying the flow of work and 
optimizing the costs and time needed for classical finance. Third, it increased transparency and accountability 



Asian Business Research Journal, 2025, 10(7): 92-104 

94 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

through the integration of transparency-technologies as well as data/integrity technologies in financial 
transactions and project results. 

As a whole, these advances fundamentally redesign the ecosystem of finance underpinning SDG 7. The 
framework argues that, through the appropriate pairing with enabling regulatory environments and institutional 
capabilities – fintech can reduce financial obstacles, mitigate investments risks in renewables, and support broader 
access to the worldwide clean energy transition. This construct establishes the basis for unpacking the operative 
paths by which fintech applications are facilitating sustainable and scalable energy solutions in different economic 
contexts. 
 

 
Figure 1. Conceptual Framework: Fintech Innovations for Clean Energy Financing toward Achieving SDG 7. 

 
This conceptual framework illustrates how fintech mechanisms—blockchain, crowdfunding, AI/ML, and 

DeFi—collectively enhance capital access, transaction efficiency, and investment transparency. These elements 
converge to strengthen clean energy financing systems, addressing critical barriers in renewable energy investment. 
By streamlining financial flows and democratizing access, fintech innovations significantly contribute to accelerating 
progress toward Sustainable Development Goal 7 (SDG 7). 

 
Figure 2. Extended Conceptual Framework: Fintech Innovations, Mediating and Moderating Factors in Clean Energy Financing for SDG 
7. 

 
This extended conceptual framework highlights how fintech innovations—blockchain, crowdfunding, AI/ML, 

and DeFi—impact clean energy financing through key mediating factors: capital access, transaction efficiency, and 
investment transparency. These mechanisms are influenced by moderating conditions such as institutional 



Asian Business Research Journal, 2025, 10(7): 92-104 

95 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

readiness and regulatory environment, ultimately shaping clean energy outcomes and advancing Sustainable 
Development Goal 7 (SDG 7) in both developed and emerging economies. 
 

2..2. Theoretical Framework 
ThThe study of financial technology (fintech) as an enabler in fast-tracking investment in renewable energy 

and the attainment of Sustainable Development Goal 7 (SDG 7) needs a solid theory investment. A multi-
dimensional lens that draws from Financial Intermediation Theory, Diffusion of Innovation Theory and Sustainable 
Investment Theory is used in this paper. Specifically, these theories together present a multi-faceted framework for 
interpreting processes of how fintech innovations— including blockchain, crowdfunding, artificial intelligence and 
machine learning (AI/ML), and decentralized finance (DeFi)— reshape conventional financing models and facilitate 
clean energy development. 

Financial Intermediation Theory, as developed by Gurley and Shaw (1960), suggests that intermediaries are 
necessary to lower the real costs of engaging in both the production and exchange of information and to provide 
efficient means through which savings and borrowers can be matched. Conventional financial intermediaries, like 
banks and development finance institutions, have generally been the dominant channels for clean energy finance. 
But, such organizations are often found to be relatively shackled by regulation, they have only a modest access and 
their investment behaviour quite conservative, and in particular as regards the funding of decentralized or small 
scale renewable projects (Allen & Santomero, 1997). It is in this backdrop that innovations (fintech) are chipping this 
landscape by cutting through financial intermediation. On the other hand, blockchain can assert peer-to-peer 
trustless transactions, crowdfinding platforms democratize capital raising, and directly match with investment, 
energy developers over investors with no need to go through traditional credit intermediaries lending channels 
(Zhang et al., 2021; Pazaitis et al., 2022). These solutions accelerate financing and lower the barriers to entry by 
increasing the number of players who can invest in clean energy, which in turn achieves greater efficiency of capital 
flows and greater access to finance. 

This is complemented by a macro-structural view, incorporating the famous theory progression of diffusion of 
innovation (Rogers, 2003), which describes how innovations are adopted and spread in societies throughout time. 
The adoption of fintech in RE is influenced by the perceived innovation attributes: relative advantage, compatibility, 
complexity, trialablity and observability. The transparency, immutability and decentralization of the blockchain, for 
example, renders it especially appropriate for trust-building in energy transactions and verification of green assets 
(Saberi et al., 2021). Crowdfunding platforms appeal to socially responsible investors interested in handson 
involvement in meaningful projects (Shneor et al., 2020). AI also fosters more comprehensive and data based risk 
profiling as it allows for newfangled credit models to reach unbanked segments (Mansour, 2021). The penetration 
of these technologies is shaped by forces, however, that moderate and reshape the adoption and implementation of 
these technologies, such as the readiness of institutions to support them, regulatory regimes, digital infrastructure, 
and cultural acceptance, that in turn shapes the speed, scale, and equity of adoption in various contexts. 

Value Based- Value Based :This theory posits that investment decisions should not be made based on the 
financial data alone, but also consider other factors such as “the economic and societal cost of connecting” the ESG 
factors. Philosophically solidly based on long-termism and stakeholder theory, it acknowledges that the use of 
capital must be consistent with societal aims more broadly, such as climate mitigation, energy justice and inclusive 
development (Sullivan & Mackenzie, 2017). Fintech solutions support these guidelines through the provision of 
platforms and protocols enabling impact measurement, transparency and accountability. For instance, blockchain 
makes traceable green bond issuance and carbon credit verification (Boreiko and Massarotti, 2022); artificial 
intelligence powers ESG scoring and sustainability risk assessment; DeFi protocols enable programmable 
investments against environmental thresholds; and crowd-funding nurtures contested locally owned and civic-
participant energy transition (Belleflamme et al.2022. These fintech apps translate the message in sustainable 
finance by integrating ESG in the very foundation of investments. 

Combined, these three theories offer a dynamic and comprehensive perspective on how and why fintech 
innovation and clean energy financing intersect. Understandably the structural shift in financial markets is informed 
by Smith-Mencka’s Financial Intermediation Theory; the adoption and scaling of fintecs by Drucker’s Time, Talent 
and Knowledge Society through the lens of Diffusion of Innovation Theory; and their alignment with long-term 
environmental and social objectives through Governance on Digital Finance by using Sustainable Investment 
Theory. 

In summary, this study also relies on a dual theoretical framework: Financial Intermediation Theory is 
mobilized to examine how fintech mechanisms reshape the acce ss to and efficiency of capital flows, while 
Sustainable Investment Theory informs the analysis of the alignment of these mechanisms with sustainability and 
climate goal s at large. The Diffusion of Innovation Theory indeed is a complementary approach to understand the 
adoption behaviour and contextual triggers or obstacles. This combined theoretical basis is the analytic scaffolding 9 
10 to investigate how fintech innovations can disrupt investment models and accelerate towards achieving SDG 7. 
 

2.3. Empirical Review 
The intersection of financial technology (fintech) and renewable energy investment has received academic and 

policy attention in recent years, largely as a response to the financing constraints of Sustainable Development Goal 
7 (SDG 7)—universal access to affordable, reliable, sustainable and modern energy. An emerging literature delves 
into the prospects for new fintech business models to transform direct investments into financing solutions, and 
work to create more inclusive, efficient, transparent energy systems. This article provides a review and synthesis of 
the existing literature on four major fintech innovations—blockchain, crowdfunding, artificial intelligence (AI) and 
machine learning (ML), and decentralized finance (DeFi)—and their uses within the renewable energy domain. 
 

2.3.1. Fintech and Financing of Renewable Energy 
Conventional financial systems have found it difficult to adapt to the decentralized, capital-intensive and risk-

embracing dimension of investments in renewable energy, especially in developing countries (IRENA, 2020; World 
Bank, 2019). In return, fintech has become a disruptive catalyst in connecting capital voids while driving down 



Asian Business Research Journal, 2025, 10(7): 92-104 

96 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

economic walls. According to Zhang et al. (2021), through fintech, money and information can flow through new 
channels without traditional intermediaries, which contribute to financial inclusion and green investment. Fostering 
investments consistent with ESG principles Devices for robo advice in the fintech sense model investing decisions 
in an ESG-compliant way as underlined by Boreiko and Massarotti (2022). 

 

2.3.2. Applications of Blockchian in Clean Energy 
The focus and attention of the power community on blockchain technology has the same logic of being driven 

by the utility of the technology to improve transparency, lower transaction costs, and to enable decentralized 
trading systems. Saberi et al. (2021), blockchain supports direct P2P energy trade, instantaneous transaction 
payment, and renewable energy asset tokenization, leading to energy democratization. Pazaitis et al. (2022) 
illustrate how blockchain can be employed to verify carbon credits and support green bond issuance, as a trust-
enabling infrastructure around ESG-linked finance. However, adoption is limited due to regulatory ambiguity, 
complex technology, scaling in the developing world (Zhao et al., 2023). 

 

2.3.3. Crowdfunding & Community Finance 
Such platforms have emerged as key facilitators in driving grass-roots investment in local renewable projects. 

Shneor et al. (2020) explain that crowdfunding enables participatory finance with individuals and communities co-
financing solar mini-grids and bioenergy systems. Belleflamme et al. (2022)) underscore how equity- and reward-
based crowdfunding models have succeeded in engaging retail investors with green energy startups, in particular 
through the value-based connection to sustainability. Yet some doubts still arise about investors protection, due 
diligence for ensuring that small projects are not already collapsed and non-institutionally funded crowdfunding 
projects will survive in the long time (De la Hera et al., 2020). 

 

2.3.4. Risk Assessment and Optimization Using AI and Machine Learning 
Credit scoring, fraud detection, and financial forecasting in energy finance are increasingly becoming augmented 

by AI and ML technologies. Mansour (2021) shows how AI-driven alternative credit scoring can improve financial 
inclusion of underbanked renewable energy (RE) entrepreneurs. AI also supports dynamic pricing, load prediction 
and predictive analytics for energy demand, thus improving project feasibility and financial planning (Wang et al., 
2021). However, the dependence on high-quality data and concerns of algorithmic bias make equitable 
implementation challenging (Hussain et al., 2023). 

 

 
2.3.5. DeFi and Programmable Investments 

DeFi is a budding subsect of fintech that uses blockchain technology to provide decentralized lending, 
borrowing, and asset management without the need for traditional intermediaries. Schär (2021) [Informal 
Comments, 5] describes DeFi protocols as providing programmable finance – smart contracts that automatically 
implement investment criteria like sustainability thresholds or emission limits. This feature is especially applicable 
for green finance where performance-based investment models are gaining significant importance. But the volatility 
of DeFi markets and lack of established regulatory structures pose risks for large investors (Aramonte et al., 2022). 
 

2.4. Gaps in the Literature 
Although the literature demonstrates the transformative role of fintech in green finance, there are still some 

gaps. First, many articles are merely about the functionality of the technology without a fair assessment of the 
project success, social equity, or environmental performance. Second, evidence from empirical studies on the fintech-
enabled energy finance are primarily focused on developed markets, with a dearth of studies in Sub- Saharan Africa, 
where access to finance is most problematic (Mendes & Soares, 2022). Third, no integrative study on the composite 

impact of multiple fintech tools―blockchain, crowdfunding, AI, and DeFi together―on one financing mode. Finally, 
little is known about mediating or moderating variables: i.e., the readiness of regulation (Susskind, 2013) or the 
willingness of agents in the renewable energy field (hdr) and omnibus law, 2020). 
 

3. Methodology 
This piece is designed as a qualitative, multi-method study appropriate for an interdisciplinary examination at 

the intertwined nodes of fintech, renewables and sustainable development. Because fintech applications in renewable 
energy finance are still developing and are contextually embedded, the methodology combines desk research, 
integrative literature review and multi-case study approach to provide conceptual rigour and empirical applicability. 
This architecture allows for testing of new financial architectures and their effects on SDG 7 (in particular in 
developing and transitional economies). 
 

3.1. Research Design and Approach 
The research is explorative in nature and the methods of interpretation and analysis occupy a more important 

place than those of testing hypothesises. The justification for this is that there is a requirement to comprehend the 
complicated concepts that are associated with how fintech innovations, such as blockchain, crowdfunding, AI/ML, 
and decentralized finance (DeFi), alter the investment patterns for renewables. Because of the novelty of fintech 
apps in this domain and the limited amount of empirical evidence from across regions, qualitative studies provide 
rich contextualization, thematic exploration, and theory-generative research. 

 

3.2. Data Sources 
The research is based on secondary data from academic studies, policy papers, regulatory reports, fintech white 

papers, and international institutions' databases. Fintech and green finance trends you can learn from Fintech and 
green finance trends you can learn from No-header article Text published 2017-10-03 Reference to Fintech in the 
scientific papers also reads with a pixel weight (http://www.50partners.com/wp-



Asian Business Research Journal, 2025, 10(7): 92-104 

97 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

content/uploads/2016/05/fintech_colorspace.pdf) In this edited volume, For instance, Scopus-indexed journals, 
such as ScienceDirect, SpringerLink, Wiley, and Emerald Insight to name a few, offer academic perspectives on 
fintech and green finance trends. Institutional sources constitute reports, papers and documents from IRENA, 
UNSDG, World Bank, AfDB and IEA. Moreover, reports and working papers from major fintech platforms and 
blockchain consortia are referred to for practical applications within energy finance ecosystems. 

 

3.3. Literature Selection and Review Process 
The review is conducted using an integrative review approach to integrate knowledge across inter-discipline 

fields and learn from a range of literatures. This focus makes sense in terms of theorising about the convergence of 
finance, technology, and sustainability in relation to energy access. The search strategy is in accordance to the 
Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guideline for qualitative 
syntheses. The following keywords have been used: fintech AND renewable energy, blockchain AND energy 
finance, AI AND sustainable investment, crowdfunding AND SDG 7, DeFi AND energy access, green digital 
finance. Eligibility criteria Peer-reviewed published studies between 2018 and 2024 focussing on fintech in clean 
energy or ESG-aligned finance. Excluded are editorials, speculative opinion pieces and publications lacking an 
appropriate methodological description. 

 
 

 
Figure 3. PRISMA 2020 Flow Diagram. 

 

3.4. Case Study Selection and Framework 
To contextualize the conceptual insights, multiple case studies are incorporated, focusing on countries where 

fintech innovations are actively supporting renewable energy deployment. These include: 
Nigeria: Crowdfunded solar mini-grids and mobile payment integration. 
Kenya: M-PESA-based financing of off-grid clean energy systems. 
India: Blockchain-enabled peer-to-peer energy trading platforms. 
Germany/Estonia: Tokenized green bonds and DeFi-based green finance pilots. 
The case selection criteria include geographical diversity, innovation maturity, and demonstrable impact on 

energy access or financing mechanisms. Each case is examined using a thematic framework comprising innovation 
type, regulatory environment, capital mobilization model, ESG alignment, and outcome effectiveness. 
 

3.5. Analytical Strategy 
The data is analyzed using thematic content analysis, organized around four analytical dimensions: 
Mechanism of fintech innovation (e.g., blockchain architecture, AI algorithm, DeFi protocol), 
Financing model (e.g., P2P lending, crowdfunding, tokenization) 
Outcomes (e.g., improved access to capital, enhanced transparency, ESG compliance), 
Enabling or moderating factors (e.g., regulatory frameworks, institutional capacity, technological 

infrastructure). 
NVivo or ATLAS.ti software tools are optionally applied for coding literature and policy texts where needed, 

ensuring a consistent coding scheme for pattern identification. 
 

3.6. Trustworthiness and Rigor 
For rigor, the study follows Lincoln and Guba (1985) qualitative research trustworthiness criteria of credibility, 

transferability, dependability, and confirmability. Credibility is established using various sources of data 
triangulation. Detailed contextualization aids in transferability. Dependability is established by documenting the 
analysis process, and confirmability is achieved by citing publicly available data sources and published evidence. 



Asian Business Research Journal, 2025, 10(7): 92-104 

98 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

 

3.7. Ethical Considerations 
Since the research is purely based on secondary data and published literatures, a research of this nature 

confirms its non-human subject benefit and not involving the ethical issues related to primary research. However, I 
am careful to cite sources, because that of course is part of getting the data right and abiding by the ethical practices 
of academic research. 

 

4. Case Study and Comparison of Alignment 
The use of fintech advances in financing renewable energy is more and more apparent in emerging and 

transitional economies. This chapter focuses on three country-level examples Nigeria, Kenya, and India to discuss 
how different types of digital tools, namely blockchain, crowdfund, and mobile fintech solutions are transforming 
access to clean energy finance. Each case is analyzed according to fintech modality, financing architecture and 
synergy with Sustainable Development Goal 7 (SDG 7), and compared in relation to lessons and scalability factors. 

 

4.1. Nigeria: Crowdfunded Solar Mini-Grids 
Energy access still presents an enormous challenge for over 85 million Nigerians who are without access to 

sustainable power (IEA, 2021). The conventional grid expansion is still not economically and practically viable for 
isolated regions, which has led to the emergence of off-grid renewable energy solutions like solar mini-grids. 
Crowdfunding networks such as Havenhill Synergy, AllOn and the Renewable Energy Performance Platform 
(REPP) have also enlisted small-scale private financing to fund solar mini-grids in rural areas. Via online platforms, 
they combine investment from individual and institutional investors (reward and debt-based models). 

These platforms have succeeded thanks to their transparency, low investment thresholds and social impact 
narratives, all catering to impact-oriented investors and diaspora communities (Shneor et al., 2020; Belleflamme et 
al., 2022). For instance, Havenhill’s crowdfunding provided for the installation of Solar Microgrids to underserved 
villages in Abuja and Nasarawa states, marrying technology access with community participation (REPP, 2021). 
These interventions use digital monitoring instruments for performance monitoring and mobile-based repayment 
structures that increase financial accountability and user affordability. 

 

4.2. Kenya: M-Power Integration in Off-Grid Renewable Projects 
Kenya is a global leader in harnessing mobile fintech for inclusive energy access. Over 70% of adults are using 

mobile money platforms (mainly M-PESA), and the country has built a strong eco- system for pay-asyou-go 
(PAYG) solar systems. Firms such as M-KOPA Solar, Azuri Technologies and d.light, operate in a similar 
manner—these companies employ mobile fintech platforms to supply off-grid households with solar lighting, mobile 
charging and efficient appliances on pay-as-you-go terms (Kudo et al., 2021). 

The fintech service in Kenya leverages mobile payments, ID systems, and AI- driven credit scoring to enable 
real-time, risk-mitigated energy lending. These new technologies enable unbanked communities to apply for clean 
energy without the need for any collateral or investment up front (Hussain et al., 2023). The convergence of mobile 
fintech with energy service delivery contributes not just to SDG 7 but also intersects with SDG 1 (No Poverty) and 
SDG 9 (Industry, Innovation and Infrastructure) by promoting entrepreneurship and digital inclusion. 

 

4.3. India: Blockchain-Enabled Peer Energy Trading 
India is integrating Blockchain-powered peer-to-peer (P2P) energy trading to increase grid flexibility and 

decetralize energy access. The Uttar Pradesh Power Corporation Ltd. and Bihar State Power Holding Company 
have worked with Power Ledger (an Australian blockchain company) to trial decentralized energy markets in parts 
of their urban and peri-urban areas (Power Ledger, 2020). These markets enable households with rooftop solar 
power (prosumers) to sell electricity to their neighbors directly using smart contracts and blockchain ledgers. 
The blockchain-based infrastructure allows secure, transparent, and real-time energy settlement to minimize the 
transaction costs and inefficiencies of centralized utilities (Saberi et al., 2021; Pazaitis et al., 2022). Energy tokens are 
transferred to customers when they get surplus power back and can either be cashed or used as reinvestment into 
the circular energy economy etc. The regulatory sandbox and digital utility reforms of the Indian government, on 
the other hand, have enabled these pilots, effectively making India one of the first of the emerging economies to be 
experimenting with scalable blockchain solutions in the retail energy market (Zhao et al., 2025).  
 

 
Figure 4. Blockchain-Based Peer-to-Peer Energy Trading Model. 

 
This comprehensive diagram illustrates a blockchain-based peer-to-peer (P2P) energy trading model, where 

energy prosumers with solar or wind generation trade excess power directly with consumers through a 



Asian Business Research Journal, 2025, 10(7): 92-104 

99 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

decentralized ledger system. Smart contracts automate payments, and tokenized energy units facilitate secure, 
transparent, and real-time settlements. The model promotes efficiency, reduces intermediaries, and supports 
localized, low-carbon energy economies.Saberi et al., 
 

 
4.4. Lessons Learnt and Scalability across Comparisons 

These three cases bring out the themes of how fintech is fast tracking the deployment of renewable energy. 
First, the technology aligns with user behavior, driving strong adoption rates; witness mobile money in Kenya or 
social media-based crowdfunding in Nigeria. Second, the digital financial inclusion is strategic in achieving 
penetration to the underbanked segments, and it permits small-ticket investments as well as micro-repayments, 
which the traditional bankers cannot support (Mansour, 2021). 

But disparate levels in regulatory preparedness, infrastructure development and digital literacy mean different 
paths to scalability. The success of India’s blockchain is supported by the proactive energy regulation and the 
sophisticated ICT infrastructure cycle, and Nigeria’s crowd funding models, which are very reliant on diaspora and 
philanthropic capital, are not completely institutionally embedded in the support structures. Kenya’s mobile-first 
ecosystem, supported by the ubiquity of M-PESA, demonstrates how fintech has been integrated into service 
delivery models to achieve larger social impact. 

Scalability, in turn, depends on several convergent elements: (i) regulatory environment, including regulatory 
support in the form of sandboxes and licensing regimes; (ii) institutional capacity, chiefly, but not exclusively, 
among utilities and start-ups; (iii) access to infrastructures (in particular mobile and digital connectivity); and (iv) 
collaboration with the ecosystem including government, donor and investment partners. All of these variables will 
influence the extent to which fintech-driven energy models can evolve from tests to system-wide applications, 
which are significant contributors to the SDG 7 targets. 
 

Table 1. Comparative Table: Fintech Applications in Renewable Energy Finance. 

 
5. Policy and Regulatory: Implications 

The successful incorporation of fintech solutions in renewable energy finance are inherently contingent on a 
supporting policy and regulatory framework that juxtaposes the digital financial systems with sustainability goals. 
Central banks, financial regulators, and energy commissions, and so on, are all involved in (perhaps unconsciously) 
shaping the institutional architecture which dictates the patterns of capital flow, operation of financial technologies 
and progression of energy markets. Their interventions influence the uptake of technologies including blockchain, 
peer-to-peer lending and DeFi, and their supervision is instrumental in maintaining a balance between innovation 
and systemic stability (Arner et al., 2016). Central banks, in particular, play a crucial role in framing the regulatory 
environment for digital payments, mobile money platforms, and open banking systems—technologies that 
underpin fintech-enabled energy access, especially in ‘off-grid’ rural populations (Ozili, 2018). 
 

 
Figure 5. Benefits of Blockchain in Renewable Energy Markets. 

 
This diagram highlights the comprehensive benefits of blockchain in renewable energy markets. It showcases 

how blockchain enhances transparency, reduces transaction costs, automates contract execution, facilitates 
decentralized energy trading, and improves traceability of green assets. By removing intermediaries and enabling 

Country 
Fintech 
Application 

Technology 
Used Key Actors 

Regulatory 
Support Outcomes Challenges 

Nigeria 
Crowdfunding for 
solar mini-grids 

Crowdfunding 
platforms, 
mobile 
payments, 
digital 
monitoring 

Havenhill 
Synergy, 
REPP, AllOn 

Limited; evolving 
regulatory 
framework for 
crowdfunding 

Expanded rural 
energy access, 
community 
engagement, 
diaspora 
investment 

Low 
regulatory 
clarity, reliance 
on donor and 
diaspora 
capital 

Kenya 

Mobile Pay-as-
you-go (PAYG) 
solar systems 

M-PESA, AI-
driven credit 
scoring, mobile 
platforms 

M-KOPA, 
d.light, Azuri 
Technologies 

Strong; well-
established mobile 
finance ecosystem 

Inclusive access 
for unbanked 
populations, 
improved 
payment 
flexibility 

Affordability at 
scale, 
cybersecurity 
vulnerabilities 

India 

Blockchain-
enabled peer-to-
peer energy 
trading 

Blockchain, 
smart 
contracts, IoT 
integration 

Power 
Ledger, Uttar 
Pradesh and 
Bihar utilities 

Supportive pilot 
programs via 
regulatory 
sandboxes 

Transparent 
energy trading, 
reduced 
transaction costs 

Scalability, 
integration 
with national 
grid, legal 
ambiguity 



Asian Business Research Journal, 2025, 10(7): 92-104 

100 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

real-time, tamper-proof data flows, blockchain fosters trust, scalability, and financial innovation in clean energy 
systems. Saberi et al., 2021. 

An increasingly successful tool to foster innovation and safeguard regulation at the same time, are regulatory 
sandboxes. These are sandboxed domains where fintech enterprises can try out new models — they might include 
using artificial intelligence in credit assessments for off-grid energy projects, or using blockchain-based systems to 
trade energy — in restricted pilot areas under short-term waivers or limited licenses, under the watch of financial 
authorities. Regulatory sandboxes have been successfully implemented in countries including Nigeria, Kenya and 
India, in the latter case where financial innovation units within central banks have teamed up with energy agencies 
to test inclusive and green finance solutions (Zetzsche et al., 2017; Di Castri & Plaitakis, 2021). Regulators can use 
these frameworks to observe the evolution of risks and facilitate market experimentation. Alongside sandboxes, 
sustainability and financial inclusion objectives are gaining traction in national digital finance strategies. For 
example, in Kenya, the National Treasury Digital Finance Policy (2020) lists green finance and renewable energy 
investment as targeted areas for digital finance scale up. Governments could use fintechs to leverage private capital 
towards renewables more effectively by embedding ESG considerations into fintechs and providing incentives, 
such as tax relief or concessional finance, to help them steer finance towards sustainability-aligned projects (IFC, 
2021). 

Still, the potential of fintech for renewable energy finance remains limited by entrenched structural 
impediments. These include, but are not limited, to a digital divide expressed as the uneven access to internet 
infrastructure, digital equipment, and digital literacy, especially among rural areas, women, and the poor. This 
cleft impedes broad participation in fintech platforms and worsens inequalities of access to clean energy and 
financial inclusion (World Bank, 2022). Furthermore, fears over cyber security are mounting as fintech platforms 
manage more and more customer data and transactions. (2022) also argue that breaches in data, system, and fraud 
protections can lead to a loss of trust and investor confidence, and that this is especially the case where cyber 
security regulation is lacking or unevenly applied. There is also a legal uncertainty of smart contracts, tokenized 
energy assets as well as cross-border DeFi transactions that generate regulatory complications. Most developing 
nations do not yet have any comprehensive legal framework to facilitate the decentralized paradigm, which has 
given rise to ambiguous white spots and therefore to obstacles for institutional investors becoming involved and 
for the long term scalability (Ghosh & Ghosh, 2022). 

Navigating these issues will require multi-stakeholder governance that involves financial, energy, and digital 
regulators. Collaboration between fintech developers, utilities, regulators, and civil society is critical and must be 
driven across the sector in order to co-create regulatory environments that promote innovation and protect the 
public. These frameworks must be developed with interoperability, digital inclusion and sustainability at their 
heart. The systemic impact of fintech to democratize renewable energy finance will be limited by infrastructure and 
incumbents’ inertia unless policy integration is pursued deliberately. As such, a proactive, forward-looking 
approach to regulation is necessary to capture the complete potential of fintech policy to facilitate clean energy 
transitions and to hasten progress on SDG 7 (United Nations, 2019; Zhang et al., 2021). 
 

6. Findings and Discussion 
This article reviews literature, policy documents, and international cases and shows that financial technology 

(fintech) is gradually changing renewable financing by facilitating access to capital, improving investment 
efficiency, and promoting transparency. Such changes are of particular importance in developing and transition 
economies where energy access continues to be hindered by a lack of infrastructure and barriers related to 
traditional financing. The results highlight three key mechanisms by which fintech solutions—blockchain, 
crowdfunding, artificial intelligence and machine learning, (AI/ML) and decentralized finance (DeFi)—can help 
achieve Sustainable Development Goal 7 (SDG 7). 
 

 
Figure 6. AI Integration in Renewable Energy Systems. 

 
This diagram illustrates a comprehensive integration of Artificial Intelligence (AI) across the renewable energy 

system. It shows how AI supports energy forecasting, predictive maintenance, dynamic load management, grid 
optimization, and real-time trading. Through machine learning and smart sensors, the system improves efficiency, 
reduces downtime, and facilitates intelligent energy distribution aligned with sustainability goals.Wang et al., 2021 

First, fintech significantly expands access to capital for renewable energy projects. Crowdfunding and peer-to-
peer (P2P) lending platforms have emerged as effective alternatives to traditional financing, enabling small and 
medium-scale developers to raise funds from retail and impact investors. Evidence from Nigeria shows that 
crowdfunded solar mini-grids successfully mobilize diaspora capital and promote energy inclusion in underserved 
communities (REPP, 2021). Similarly, Kenya's use of mobile-money platforms like M-PESA to support pay-as-you-
go (PAYG) solar systems demonstrates how digital financial tools can empower previously unbanked populations 



Asian Business Research Journal, 2025, 10(7): 92-104 

101 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

to access clean energy (Kudo et al., 2021). These mechanisms decentralize financial decision-making, bypass credit 
gatekeepers, and foster localized ownership—features that are especially valuable in contexts where institutional 
finance is absent or risk-averse. 
 

 
Figure 7. Smart Grid Architecture Incorporating Fintech Solutions. 

 
This diagram presents a smart grid architecture integrated with fintech solutions, where renewable sources 

like solar and wind are connected to smart meters, storage systems, and decentralized markets. Fintech 
applications enable real-time payments, data analytics, and customer engagement through blockchain, mobile 
platforms, and AI. The system ensures efficient energy flow, transparency, and financial inclusivity across the 
energy value chain.  Zhang et al., 2021 

Second, fintech enhances the efficiency and scale of renewable energy financing by utilizing advanced analytics 
and digitalized infrastructure. Dynamic credit scoring, load forecasting and fraud detection leveraged by AI/ML 
tools have helped improve the accuracy and speed in delivery of financial and energy services (Mansour, 2021; 
Wang et al., 2021). In India, the introduction of blockchain-facilitated peer-to-peer energy trading platforms has 
shown promise in driving down transaction costs and enabling settlement to be made more speedily through smart 
contracts and distributed ledgers (Power Ledger 2020). These advancements decrease both the cost and cycle time 
of energy financing and open up new business models, which were not possible with traditional financing models. 

Third, fin-tech-powered traceability and real-time monitoring tools have helped improve transparency & 
accountability in clean energy finance. Blockchain technologies can make it possible to verify that green assets 
perform as promised, and to issue digitalized financial instruments, such as green bonds and carbon credits (Saberi 
et al., 2021; Pazaitis et al., 2022). The suite of tools are especially powerful in attracting institutional and impact 
investors, who are increasingly asking for measurable environmental and social impacts. Fintech and the 
incorporation of ESG Metrics The incorporation of ESG metrics into digital finance ordinances brings investor 
expectations into deeper alignment with underlying project performance, thereby contributing toward a more 
sustainable future. 

On the negative side, however, the results also present barriers and contextual limitations that prevent the 
exploitation of full potentials of fintech in the renewable energy finance. A key challenge is the digital divide, 
which limits the reach and impact of fintech platforms for marginalised groups, particularly in rural and low 
income areas (World Bank, 2022). Further, cybersecurity weaknesses and regulatory ambiguity, especially 
regarding DeFi protocols, smart contracts and cross-border deals, also present threats to trust and scalability 
(Ghosh & Ghosh, 2022; Boreiko & Massarotti, 2022). This suggests that while fintech can reduce inefficiencies in 
energy finance, its efficacy depends very much on facilitating policy contexts, digital infrastructures, and 
institutional capabilities. 

The conversation confirms the theoretical foundations of the study as well. Under a Financial Intermediation 
Theory approach, fintech explains how financial intermediaries’ role change by facilitating decentralized capital 
movements and lowering transactional issues (Allen & Santomero, 1997). Using Diffusion of Innovation Theory 
(Rogers, 2003), the adoption of fintech in renewable energy follows trends in innovation adoption, more so 
influenced by perceived value, trialability and contextual factors. Sustainable Investment Theory is also reinforced 
as ESG benchmarking and impact verification tools become more integrated in the design of fintech platforms, 
encouraging the long-term integration of values and responsible investment practices (Sullivan & Mackenzie, 
2017). 

The results of this study note that those fintech innovations are technologically transformative and structurally 
disruptive, meaning involving them democratize access, improve efficiency and reinforce accountability in the 
context of renewable energy finance. Nevertheless, these platforms' scale, and utility is contingent upon 
overcoming systemic obstacles such as legal uncertainty, cybersecurity infrastructure, and the digital competence 
of end-users. This informs the need for future research to incorporate these insights as elements of larger financial 
and energy policy frameworks that accommodate a fintech as an enabler—rather than just an efficiency driver— for 
just and sustainable energy transitions in the Global South. 
 

7. Conclusion and Suggestions 
This article aims to explore how fintechsolutions – in the form of blockchain, crowdfunding, artificial 

intelligence/machine learning (AI/ML), and decentralized finance (DeFi) – are disrupting renewable energy 
investments models and supporting the attainment of Sustainable Development Goal 7 (SDG 7). The research is 
primarily informed by integrative literature review, policy analysis and cross-national case studies, and has 
revealed that fintech shows great potential in transforming financing of clean energy by providing better access to 
capital, making transactions more efficient, and by improving transparency and traceability. 



Asian Business Research Journal, 2025, 10(7): 92-104 

102 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

The results emphasize that fintech platforms are facilitating new types of decentralized, inclusive and scalable 
sustainable energy finance – especially in growth markets such as Nigeria, Kenya and India. In this way, fintech is 
not just tackling age-old challenges to financing, but also enabling communities locked out of funding sources to 
be part of the transition to clean energy. Innovations like mobile-enabled PAYG models, blockchain-powered 
energy trading, and digital crowdfunding are disrupting the geography of financial intermediation and driving 
lower-level investment streams. 

Nevertheless, the study also highlights important constraints and contextual risks for attention. The digital 
divide still represents a significant barrier to the inclusiveness of fintech-enabled energy solutions. Cybersecurity 
exposure, uncertainty about DeFi and smart contract legalities, and the lack of harmonized regulations still present 
challenges to further scale and trust in fintech. Implications-These findings indicate that although fintech 
innovations are inherently transformative, their sustained transformational effects largely depend on enabling 
institutional contexts, effective governance frameworks and inclusive digital infrastructures. 

In view of this awareness there are the following recommendations made by the study: 
Policymakers and regulators need to develop flexible, innovation-friendly regulatory environments that 

encourage fintech experimentation, before safeguarding consumer protection and data security, for example 
through mechanisms such as regulatory sandboxes. The convergence of regulations among financial and energy 
fields is essential for the scaling of integrated solutions. 

DFIs and multilateral institutions should finance digital infrastructure and capacity-building programs, 
especially in low-income and rural areas, in order to narrow the digital divide and improve access to fintech by 
renewable energy stakeholders. 

Fintech and energy developers should focus on inclusive design by incorporating environmental, social and 
governance (ESG) metrics, affordability mechanisms and localized UI, to ensure that financial and technological 
innovation is integrated with social equity goals. 

The intersection between fintech, energy access, and sustainability deserves more attention by scholars, 
nongovernmental organizations, think tanks, and the research community, especially in under studied regions. 
Given the paucity of evidence regarding the long-term (and perceived) developmental, risk and socio-
environmental implications of fintech-driven clean energy projects, there is need for empirical research to guide 
real-time policies. 

Cross-sector alliances between governments, fintech providers, utilities, civil society, and the private sector 
must be enhanced to develop collective innovation systems that can pool a range of financial resources towards 
universal energy access. 

Fintech is, in sum, a key facilitator of the energy transition. When used in a thoughtful and transparent 
manner, it has the potential to unlock new paths to reach SDG 7 – to make universal and affordable, reliable, and 
modern energy services a global and common reality. 
 

References 
Allen, F., & Santomero, A. M. (1997). The theory of financial intermediation. Journal of Banking & Finance, 21(11–12), 1461–1485. 

https://doi.org/10.1016/S0378-4266(97)00032-0 
Aramonte, S., Huang, W., & Schrimpf, A. (2022). DeFi risks and the decentralisation illusion. BIS Quarterly Review, December 2022, 49–63. 

https://www.bis.org/publ/qtrpdf/r_qt2212e.htm 
Arner, D. W., Barberis, J. N., & Buckley, R. P. (2016). The evolution of fintech: A new post-crisis paradigm? Georgetown Journal of 

International Law, 47(4), 1271–1319. 
Belleflamme, P., Omrani, N., & Peitz, M. (2022). The economics of crowdfunding platforms. Information Economics and Policy, 59, 100957. 

https://doi.org/10.1016/j.infoecopol.2021.100957 
Boreiko, D., & Massarotti, N. (2022). FinTech in sustainable finance: Applications and challenges. Sustainability, 14(2), 683. 

https://doi.org/10.3390/su14020683 
De la Hera, T., Dijkstra, K., & van der Meijden, A. (2020). Sustainable crowdfunding: How the crowd motivates itself. Journal of Cleaner 

Production, 273, 122600. https://doi.org/10.1016/j.jclepro.2020.122600 
Di Castri, S., & Plaitakis, A. (2021). Innovation facilitators: Sandbox, accelerators and innovation hubs for financial inclusion. Journal of 

Digital Banking, 5(1), 29–41. 
Ghosh, S., & Ghosh, S. (2022). Smart contracts, legal enforceability and regulatory challenges: A developing country perspective. Journal of 

Financial Regulation and Compliance, 30(3), 412–429. https://doi.org/10.1108/JFRC-03-2021-0034 
Gurley, J. G., & Shaw, E. S. (1960). Money in a theory of finance. Brookings Institution. 
Hörisch, J. (2021). The role of crowdfunding in financing sustainable energy projects: Evidence from a transaction cost perspective. Journal of 

Cleaner Production, 289, 125720. https://doi.org/10.1016/j.jclepro.2020.125720 
Hussain, M., Rehman, A., & Shabbir, M. (2023). Ethical concerns of algorithmic bias in AI-driven financial services. Journal of Financial 

Regulation and Compliance, 31(1), 45–59. https://doi.org/10.1108/JFRC-09-2022-0123 
International Energy Agency. (2021). Africa energy outlook 2021. https://www.iea.org/reports/africa-energy-outlook-2021 
International Finance Corporation. (2021). Digital finance and climate resilience: How fintech can support sustainable recovery. https://www.ifc.org 
International Renewable Energy Agency. (2020). Global renewables outlook: Energy transformation 2050. 

https://www.irena.org/publications/2020/Apr/Global-Renewables-Outlook-2020 
Kudo, Y., Shonchoy, A. S., & Takahashi, K. (2021). Pay-as-you-go and off-grid solar: Adoption and impact in Kenya. World Development, 138, 

105190. https://doi.org/10.1016/j.worlddev.2020.105190 
Mansour, F. (2021). AI-driven credit scoring and financial inclusion in emerging markets. Journal of Emerging Market Finance, 20(3), 411–

430. https://doi.org/10.1177/09726527211036862 
Mendes, G. H. S., & Soares, T. C. (2022). Fintech for renewable energy: A review of applications and challenges. Renewable and Sustainable 

Energy Reviews, 158, 112143. https://doi.org/10.1016/j.rser.2022.112143 
MDPI. (2023). Blockchain-based peer-to-peer energy trading architecture. Electronics, 12(2), 287. https://www.mdpi.com/2079-

9292/12/2/287 
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. 

https://doi.org/10.1016/j.bir.2017.12.003 
Pazaitis, A., Kostakis, V., & Bauwens, M. (2022). Blockchain and value systems in the sharing economy: The illustrative case of Backfeed. 

Technological Forecasting and Social Change, 170, 120936. https://doi.org/10.1016/j.techfore.2021.120936 
Power Ledger. (2020). India pilot results: Peer-to-peer energy trading platform. https://www.powerledger.io/article/india-pilot-results 
Renewable Energy Performance Platform. (2021). Nigeria mini-grid investment profile. https://repp.energy/project/nigeria-mini-grids 
Rogers, E. M. (2003). Diffusion of innovations (5th ed.). Free Press. 
Saberi, S., Kouhizadeh, M., Sarkis, J., & Shen, L. (2021). Blockchain technology and its relationships to sustainable supply chain management. 

International Journal of Production Research, 59(7), 2117–2135. https://doi.org/10.1080/00207543.2020.1720639 

https://doi.org/10.1016/S0378-4266(97)00032-0
https://www.bis.org/publ/qtrpdf/r_qt2212e.htm
https://doi.org/10.1016/j.infoecopol.2021.100957
https://doi.org/10.3390/su14020683
https://doi.org/10.1016/j.jclepro.2020.122600
https://doi.org/10.1108/JFRC-03-2021-0034
https://doi.org/10.1016/j.jclepro.2020.125720
https://doi.org/10.1108/JFRC-09-2022-0123
https://www.iea.org/reports/africa-energy-outlook-2021
https://www.ifc.org/
https://www.irena.org/publications/2020/Apr/Global-Renewables-Outlook-2020
https://doi.org/10.1016/j.worlddev.2020.105190
https://doi.org/10.1177/09726527211036862
https://doi.org/10.1016/j.rser.2022.112143
https://www.mdpi.com/2079-9292/12/2/287
https://www.mdpi.com/2079-9292/12/2/287
https://doi.org/10.1016/j.bir.2017.12.003
https://doi.org/10.1016/j.techfore.2021.120936
https://www.powerledger.io/article/india-pilot-results
https://repp.energy/project/nigeria-mini-grids
https://doi.org/10.1080/00207543.2020.1720639


Asian Business Research Journal, 2025, 10(7): 92-104 

103 
© 2025 by the author; licensee Eastern Centre of Science and Education, USA 

 

Schär, F. (2021). Decentralized finance: On blockchain- and smart contract-based financial markets. Federal Reserve Bank of St. Louis Review, 
103(2), 153–174. https://doi.org/10.20955/r.103.153-74 

Shneor, R., Zhao, L., & Flåten, B.-T. (2020). Advances in crowdfunding: Research and practice. Palgrave Macmillan. 
https://doi.org/10.1007/978-3-030-46309-0 

Sullivan, R., & Mackenzie, C. (2017). Responsible investment: Guide to ESG data providers and relevant trends. CFA Institute. 
Susskind, R. (2013). Tomorrow's lawyers: An introduction to your future. Oxford University Press. 
United Nations. (2019). The Sustainable Development Goals Report 2019. https://unstats.un.org/sdgs/report/2019/ 
Wang, Q., Wang, Y., & Li, R. (2021). AI and machine learning applications in the energy sector: A systematic review. Renewable and 

Sustainable Energy Reviews, 141, 110858. https://doi.org/10.1016/j.rser.2021.110858 
World Bank. (2019). Tracking SDG7: The energy progress report 2019. https://trackingsdg7.esmap.org/ 
World Bank. (2022). Digital development overview: Bridging the digital divide. 

https://www.worldbank.org/en/topic/digitaldevelopment/overview 
Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Barberis, J. N. (2017). Regulating a revolution: From regulatory sandboxes to smart 

regulation. Fordham Journal of Corporate & Financial Law, 23(1), 31–103. 
Zhang, Y., Xue, L., & Zhang, L. (2021). Fintech and inclusive green finance: Prospects for environmental sustainability. Finance Research 

Letters, 41, 101857. https://doi.org/10.1016/j.frl.2020.101857 
Zhao, S., Liu, X., & Yu, Y. (2023). Blockchain for energy finance in developing economies: Constraints and potential. Energy Reports, 9, 

12156–12172. https://doi.org/10.1016/j.egyr.2023.03.122 

 
 

https://doi.org/10.20955/r.103.153-74
https://doi.org/10.1007/978-3-030-46309-0
https://unstats.un.org/sdgs/report/2019/
https://doi.org/10.1016/j.rser.2021.110858
https://trackingsdg7.esmap.org/
https://www.worldbank.org/en/topic/digitaldevelopment/overview
https://doi.org/10.1016/j.frl.2020.101857
https://doi.org/10.1016/j.egyr.2023.03.122

