To the extent that e-money replaces the existing banknotes and coins on a one-for-one relationship, the redefinition of the monetary aggregates would leave the demand for money unchanged. However, to the extent that e-money allows people to economise in their overall holdings of currency, it could lead to a decline in the monetary aggregates.
It is not just because the financial system is underdeveloped, but because they are hard to service profitably. Nevertheless, this is not a reason to abandon hope, but to ask how we can overcome the impediments in the way of inclusion. The best way to characterise the impediments are through the acronym IIT: Information, Incentives, and Transaction Costs.