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The contribution of digital financial services to financial inclusion in Mozambique: an ARDL model approach

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  • Carla Fernandes
  • Maria Rosa Borges
  • Jorge Caiado

Abstract

This paper analyses the contribution of digital financial services to financial inclusion in Mozambique, based on the Autoregressive Distributed Lag (ARDL) model, for the period from January 2011 to September 2019. We study two models to analyse the contribution of digital financial services to financial inclusion (measured by the number of bank accounts) in Mozambique. The first model uses traditional digital means of payments as independent variables, such as the volume of financial transactions through automated teller machines (ATMs), point-of-sales (POSs), electronic transfers of inter and intrabank funds, direct debit, and domestic and cross-border remittances. The second model considers innovative digital means of payments, such as internet banking, mobile banking and electronic money. We conclude that, excluding domestic remittances and direct debit, which present low levels of penetration in the country, and internet banking transactions, the remaining variables contribute to financial inclusion. Our results confirm the crucial role that digital financial services play in financial inclusion, particularly in improving access to and the use of services by the under-served population.

Suggested Citation

  • Carla Fernandes & Maria Rosa Borges & Jorge Caiado, 2021. "The contribution of digital financial services to financial inclusion in Mozambique: an ARDL model approach," Applied Economics, Taylor & Francis Journals, vol. 53(3), pages 400-409, January.
    • Handle: RePEc:taf:applec:v:53:y:2021:i:3:p:400-409
    DOI: 10.1080/00036846.2020.1808177
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    Citations

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    Cited by:

    1. Ozili, Peterson K, 2025. "Macro Determinants of Global Financial Inclusion: Evidence from World Data," MPRA Paper 126305, University Library of Munich, Germany.
    2. Behice Canatan & Ayşe Akboz Caner & Gökhan Özbilge, 2024. "Dynamics of Digital Financial Inclusion in Türkiye," Istanbul Business Research, Istanbul University Business School, vol. 53(2), pages 185-200, September.
    3. Jing Liu & Chin-Hong Puah & Mohammad Affendy Arip & Meng-Chang Jong, 2024. "Can Digital Financial Inclusion Narrow the Urban-rural Income Disparity in Central Region of China?," Business and Economic Research, Macrothink Institute, vol. 14(3), pages 108-122, December.
    4. Fang, Yuxia & Li, Yuhua, 2024. "How does internet finance affect firm exports? Evidence from China," Research in International Business and Finance, Elsevier, vol. 71(C).
    5. Tao Cen & Shuping Lin & Qiaoyun Wu, 2022. "How Does Digital Economy Affect Rural Revitalization? The Mediating Effect of Industrial Upgrading," Sustainability, MDPI, vol. 14(24), pages 1-13, December.
    6. Kalandi Charan Pradhan & Sumit Kumar & Ritik Sharma, 2025. "Adopting Digital Financial Technology in Madhya Pradesh, Central India: Opportunities, Challenges, and Determinants," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 10599-10638, June.
    7. Bogdan Marza & Renate-Doina Bratu & Razvan Serbu & Sebastian Emanuel Stan & Camelia Oprean-Stan, 2025. "Applying AHP and FUZZY AHP Management Methods to Assess the Level of Financial and Digital Inclusion," Papers 2501.10001, arXiv.org.
    8. Kenan İlarslan, 2024. "Non-parametric evidence on the determinants of access to financial services in the countries of the Organization of Turkic States," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(4), pages 1035-1055, December.
    9. Gongli Luo & Yu Yang & Lu Wang, 2023. "Driving rural industry revitalization in the digital economy era: Exploring strategies and pathways in China," PLOS ONE, Public Library of Science, vol. 18(9), pages 1-21, September.
    10. Dao Ha & Mai Nguyen & Kim Nguyen & Ahmet Şensoy, 2025. "Unveiling financial inclusion dynamics: Fintech's resonance in Association of Southeast Asian Nations (ASEAN)," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1348-1371, April.

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