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How has mobile banking stimulated financial development in Africa?

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  • Simplice A, Asongu

Abstract

In the first empirical assessment of the incidence of mobile banking on financial intermediary development in Africa, we use two definitions of the financial system: the traditional IFS (2008) and Asongu (2011) measures of financial sector importance. When the conception of a financial system is based only on banks and other financial institution (IFS, 2008), mobile banking has a negative incidence on traditional financial intermediary dynamics of depth, activity and size. However, when a previously missing informal-financial sector component is integrated into the definition (Asongu, 2011), mobile-banking has a positive incidence on informal financial intermediary development. Three major implications result from the findings. (1) There is a growing role of informal finance in developing countries. (2) The incidence of the burgeoning phenomenon of mobile-banking cannot be effectively assessed at a macroeconomic level by traditional financial development indicators. (3) It is a wake-up call for scholarly research on informal financial intermediary development indicators which will oriented monetary policy; since a great chunk of the monetary base(M0) in less developed countries is now captured by mobile-banking.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38576.

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Date of creation: 04 May 2012
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Handle: RePEc:pra:mprapa:38576

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Keywords: Banking; Mobile Phones; Shadow Economy; Financial Development; Africa;

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References

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  1. Asongu Simplice, 2011. "Finance and Democracy in Africa," Working Papers 11/020, African Governance and Development Institute..
  2. Asongu Simplice, 2011. "Law, finance, economic growth and welfare: why does legal origin matter?," Working Papers 11/007, African Governance and Development Institute..
  3. William Jack & Tavneet Suri, 2011. "Mobile Money: The Economics of M-PESA," NBER Working Papers 16721, National Bureau of Economic Research, Inc.
  4. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  5. Simplice A. Asongu, 2012. "Law and Finance in Africa," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 55(4), pages 385-408.
  6. Simplice A, Asongu, 2012. "Democracy and Stock Market Performance in African Countries," MPRA Paper 38168, University Library of Munich, Germany.
  7. Asongu Simplice, 2011. "New financial intermediary development indicators for developing countries," Working Papers 11/005, African Governance and Development Institute..
  8. Demombynes, Gabriel & Thegeya, Aaron, 2012. "Kenya's mobile revolution and the promise of mobile savings," Policy Research Working Paper Series 5988, The World Bank.
  9. Julius A. Agbor, 2011. "How Does Colonial Origin Matter for Economic Performance in Sub-Saharan Africa?," Working Paper Series UNU-WIDER Working Paper W, World Institute for Development Economic Research (UNU-WIDER).
  10. Stulz, Rene M. & Williamson, Rohan, 2003. "Culture, openness, and finance," Journal of Financial Economics, Elsevier, vol. 70(3), pages 313-349, December.
  11. Asongu Simplice, 2011. "Why do French civil-law countries have higher levels of financial efficiency?," Working Papers 11/011, African Governance and Development Institute..
  12. Jenny C. Aker & Isaac M. Mbiti, 2010. "Mobile Phones and Economic Development in Africa," Journal of Economic Perspectives, American Economic Association, vol. 24(3), pages 207-32, Summer.
  13. Jenny Aker and Isaac M. Mbiti, 2010. "Mobile Phones and Economic Development in Africa," Working Papers 211, Center for Global Development.
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Cited by:
  1. Simplice A, Asongu, 2012. "Financial sector competition and knowledge economy: evidence from SSA and MENA countries," MPRA Paper 43009, University Library of Munich, Germany.
  2. Asongu Simplice, 2013. "The Knowledge Economy-finance nexus in SSA and MENA countries," Working Papers 13/022, African Governance and Development Institute..
  3. Asongu Simplice, 2013. "How do financial reforms affect inequality through financial sector competition? Evidence from Africa," Working Papers 13/011, African Governance and Development Institute..
  4. Asongu Simplice, 2013. "How has politico-economic liberalization affected financial allocation efficiency? Fresh African evidence," Working Papers 13/012, African Governance and Development Institute..
  5. Asongu Simplice & Oasis Kodila-Tedika, 2013. "Fighting African Conflicts and Crimes: Which Governance Tools Matter?," Working Papers 13/007, African Governance and Development Institute..
  6. Simplice A Asongu, 2013. "The ‘Knowledge Economy'-finance nexus: how do IPRs matter in SSA and MENA countries?," Economics Bulletin, AccessEcon, vol. 33(1), pages 78-94.

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