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Does financial inclusion induce poverty, income inequality, and financial stability: empirical evidence from the 54 African countries?

Author

Listed:
  • Iftikhar Khan
  • Ismail Khan
  • Aziz Ullah Sayal
  • Muhammad Zubair Khan

Abstract

Purpose - The aim of the study is to examine the impact of financial inclusion on poverty, income inequality and financial stability using panel data of 54 African countries. Design/methodology/approach - To achieve this objective, the current study used multiple regressions across an unbalanced panel data of 54 African countries which are based on the four years mean value for the period 2001–2019. Findings - The results show that financial inclusion (FI) is a valuable indicator; it reduces poverty, income inequality and improves financial stability. Research limitations/implications - The study invokes the attention of government and policymakers to build up a financially inclusive system which, in turn, leads to improve financial stability and lower poverty and income inequality. They should focus on quality and sustainable financial products and services in terms of financial inclusion to avoid dominant accounts and ensure consumer protection. Originality/value - This adds to the scarce literature on the impact of financial inclusion on poverty, income inequality and financial stability in the context of African countries. The study contributes to the literature on the issue of financial inclusion and poverty, income inequality and financial stability by reconfirming (or otherwise) findings of previous studies.

Suggested Citation

  • Iftikhar Khan & Ismail Khan & Aziz Ullah Sayal & Muhammad Zubair Khan, 2021. "Does financial inclusion induce poverty, income inequality, and financial stability: empirical evidence from the 54 African countries?," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 49(2), pages 303-314, March.
    • Handle: RePEc:eme:jespps:jes-07-2020-0317
    DOI: 10.1108/JES-07-2020-0317
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    Citations

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    Cited by:

    1. Biruk B. Ashenafi & Dong Yan, 2023. "Financial intermediation, inclusion, Fintech, and income inequality in Africa: Robust evidence from the supply and demand side data," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 52(2), July.
    2. Salman Mahmood & Wen Shuhui & Shoaib Aslam & Tanveer Ahmed, 2023. "Financial Inclusion: Does it matter in Alleviating Poverty in Pakistan," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 169(3), pages 1125-1146, October.
    3. Jiahao Shen & Runze Liu & Yanling Lin & Ridwan Lanre Ibrahim, 2023. "Technological advancement and regulatory quality," African Development Review, African Development Bank, vol. 35(4), pages 336-350, December.
    4. Dina Azzam Alshanty, 2022. "The Impact of Financial Inclusion on Economic Growth and Social Development in the Hashemite Kingdom of Jordan," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(7), pages 368-375, July.
    5. Anushka Verma & Arun K. Giri & Byomakesh Debata, 2023. "Does ICT diffusion reduce poverty? Evidence from SAARC countries," Poverty & Public Policy, John Wiley & Sons, vol. 15(1), pages 8-28, March.

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