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What determines financial inclusion in Sub-Saharan Africa?

Author

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  • Sydney Chikalipah

Abstract

Purpose - The purpose of this paper is to investigate the determinants of financial inclusion (FI) in Sub-Saharan Africa (SSA). Design/methodology/approach - The paper uses the World Bank country-level data from 20 SSA countries for the year 2014. Findings - The empirical findings in this study indicate that illiteracy is the major hindrance to FI in SSA. The findings provide useful information to government agencies and international development organisations. Also, the findings can help accelerate and strengthen FI strategies among SSA countries. Research limitations/implications - Some countries were excluded from the final analysis due to lack of data. Practical implications - In the last two decades, there has been renewed interest in fighting financial exclusion in Africa. Therefore, this study provide evidence which clearly shows that enhancing literacy levels in a country can immensely contribute towards building the financially inclusive societies in the SSA region. Originality/value - To the best of the author’s knowledge, this is the first study to empirically test the determinants of FI in SSA using the World Bank FI data set. Furthermore, this is the first attempt to estimate the determinants of FI with a combined data of SSA countries.

Suggested Citation

  • Sydney Chikalipah, 2017. "What determines financial inclusion in Sub-Saharan Africa?," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 8(1), pages 8-18, March.
    • Handle: RePEc:eme:ajemsp:ajems-01-2016-0007
    DOI: 10.1108/AJEMS-01-2016-0007
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    Citations

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    Cited by:

    1. Okowa, Ezaal, Vincent & Moses Owede, 2022. "‘Financial Inclusion-Income Inequality’ Nexus in Nigeria: Evidence from Dynamic Ordinary Least Square (DOLS) Modeling Approach," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 9(2), pages 84-94, February.
    2. Kebede, Jeleta & Naranpanawa, Athula & Selvanathan, Saroja, 2023. "Financial inclusion and income inequality nexus: A case of Africa," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 539-557.
    3. Simplice A. Asongu & Nicholas M. Odhiambo, 2022. "Financial Access and Value Added in Sub-Saharan Africa: Empirical Evidence from the Agricultural, Manufacturing and Service Sectors," Working Papers of the African Governance and Development Institute. 22/009, African Governance and Development Institute..
    4. Tendai Chikweche & James Lappeman & Paul Egan, 2024. "Marketing financial services in Africa: exploring the heterogeneous middle-class consumer across nine countries," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(1), pages 1-16, March.
    5. Ozili, Peterson K, 2024. "Comparative analysis of financial inclusion in Nigeria, sub-Saharan Africa and the World," MPRA Paper 121527, University Library of Munich, Germany.
    6. Jeleta Kebede & Saroja Selvanathan & Athula Naranpanawa, 2024. "Financial inclusion and monetary policy effectiveness in a monetary union: Heterogenous panel approach," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 32(3), pages 779-805, July.
    7. Ammara Sarwar & Wajid Alim & Saleh Nawaz Khan, 2023. "Exploring the Relationship Between Financial Inclusion and Liquidity Creation in The SAARC Countries," Journal of Economic Impact, Science Impact Publishers, vol. 5(1), pages 114-122.
    8. Nur Diniey Ezzati Zainorin & Syuhada Jalaludin & Nor Farradila Abdul Aziz & Balachandran Balasingam, 2023. "Determinants of Financial Inclusion in OIC Countries," Information Management and Business Review, AMH International, vol. 15(2), pages 9-16.
    9. Shahid Manzoor Shah & Amjad Ali, 2023. "Macro Dimensions of Financial Inclusion Index and its Status in Developing Countries," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(1), pages 1-12, March.
    10. Saleh F. A. Khatib & Ernie Hendrawaty & Ayman Hassan Bazhair & Ibraheem A. Abu Rahma & Hamzeh Al Amosh, 2022. "Financial Inclusion and the Performance of Banking Sector in Palestine," Economies, MDPI, vol. 10(10), pages 1-15, October.

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