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An Investigation of the Impacts of Artificial Intelligence on Financial Inclusion in Developing Economies: Case of Sub-Saharan Africa

Author

Listed:
  • Austin Mwange

    (Graduate School of Business, University of Zambia, Lusaka, Zambia)

  • Kampamba Clarence Chibesa

    (Institute of Distance Education, University of Zambia, Lusaka, Zambia)

  • Windu Matoka

    (School of Business, ZCAS University, Lusaka, Zambia)

  • Lwando Kalaba

    (Graduate School of Business, University of Zambia, Lusaka, Zambia)

Abstract

This study investigates the long-run and causal relationship between artificial intelligence and financial inclusion across 43 Sub-Saharan African countries from 2019 to 2023. Employing an ARDL model estimated using the Generalized Method of Moments, the findings reveal a significant positive and bi-directional relationship between artificial intelligence and financial inclusion. The study concludes that technological advancement plays a crucial role in deepening financial inclusion and recommends increased investment in digital infrastructure to promote inclusive financial systems.

Suggested Citation

  • Austin Mwange & Kampamba Clarence Chibesa & Windu Matoka & Lwando Kalaba, 2025. "An Investigation of the Impacts of Artificial Intelligence on Financial Inclusion in Developing Economies: Case of Sub-Saharan Africa," African Journal of Commercial Studies, African Journal of Commercial Studies, vol. 6(3).
    • Handle: RePEc:cwk:ajocsk:2025-59
    DOI: 10.59413/ajocs/v6.i3.4
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    Keywords

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    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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