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Do mobile phones, economic growth, bank competition and stability matter for financial inclusion in Africa?

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  • Tough Chinoda
  • Farai Kwenda

Abstract

The lower levels of financial inclusion and severe financial inclusion gaps in Africa motivates the investigation of whether mobile phones, economic growth, bank competition and stability matter for financial inclusion. Data from 49 countries for the periods 2004–2016 were collected and analysed using a five-variable panel structural vector autoregressive model. There was evidence to show that financial inclusion responds positively and significantly to shocks in bank competition, economic growth, mobile phones and bank stability. However, the results reveal that all the variables respond to one standard deviation shock in financial inclusion, suggesting that while the variables matter for financial inclusion, they also require financial inclusion for their effective operation. Hence, the conclusion is that financial inclusion plays a central in the effective running of economies.

Suggested Citation

  • Tough Chinoda & Farai Kwenda, 2019. "Do mobile phones, economic growth, bank competition and stability matter for financial inclusion in Africa?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 7(1), pages 1622180-162, January.
    • Handle: RePEc:taf:oaefxx:v:7:y:2019:i:1:p:1622180
    DOI: 10.1080/23322039.2019.1622180
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    Cited by:

    1. Alfonso Siano & Lukman Raimi & Maria Palazzo & Mirela Clementina Panait, 2020. "Mobile Banking: An Innovative Solution for Increasing Financial Inclusion in Sub-Saharan African Countries: Evidence from Nigeria," Sustainability, MDPI, vol. 12(23), pages 1-24, December.
    2. Weidong Chen & Xiaohui Yuan, 2021. "Financial inclusion in China: an overview," Frontiers of Business Research in China, Springer, vol. 15(1), pages 1-21, December.
    3. Antonella Francesca Cicchiello & Amirreza Kazemikhasragh & Stefano Monferrá & Alicia Girón, 2021. "Financial inclusion and development in the least developed countries in Asia and Africa," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-13, December.
    4. Muhammad Usman Arshad & Zeeshan Ahmed & Ayesha Ramzan & Muhammad Nadir Shabbir & Zahid Bashir & Fahad Najeeb Khan, 2021. "Financial inclusion and monetary policy effectiveness: A sustainable development approach of developed and under-developed countries," PLOS ONE, Public Library of Science, vol. 16(12), pages 1-19, December.
    5. Pradhan, Rudra P. & Arvin, Mak B. & Nair, Mahendhiran S. & Hall, John H. & Bennett, Sara E., 2021. "Sustainable economic development in India: The dynamics between financial inclusion, ICT development, and economic growth," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    6. Ibrahim Niankara, 2022. "Government and private sectors' electronic transfer practices and financial inclusion in the economic community of the West African States," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4018-4047, October.
    7. Ozili, Peterson, 2023. "Impact of financial inclusion on economic growth: review of existing literature and directions for future research," MPRA Paper 118788, University Library of Munich, Germany.
    8. Shahid Manzoor Shah & Amjad Ali, 2022. "A Survey on Financial Inclusion: Theoretical and Empirical Literature Review," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(4), pages 310-330, December.
    9. David Damiyano & Stephen Mago, 2023. "An Analysis of the Impact of Financial Inclusion on Poverty and Development: Case of SACU Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 13(6), pages 141-147, November.
    10. Ozili, Peterson K, 2020. "Financial inclusion research around the world: a review," MPRA Paper 101809, University Library of Munich, Germany.
    11. Bakry, Walid & Nghiem, Xuan-Hoa & Farouk, Sherine & Vo, Xuan Vinh, 2023. "Does it hurt or help? Revisiting the effects of ICT on economic growth and energy consumption: A nonlinear panel ARDL approach," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 597-617.
    12. Muri Wole Adedokun & Mehmet Ağa, 2023. "Financial inclusion: A pathway to economic growth in Sub‐Saharan African economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2712-2728, July.
    13. 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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