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The role of financial inclusion in achieving finance-related sustainable development goals (SDGs): a cross-country analysis

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  • Shen Yap
  • Hui Shan Lee
  • Ping Xin Liew

Abstract

Financial inclusion is critical for the achievement of the Sustainable Development Goals (SDGs). Therefore, as there is a lack of extant studies linking financial inclusion to the SDGs, this present study used a panel regression model to examine the individual and combined effects of financial inclusion on the SDGs in selected countries between 2017 to 2020. As most extant studies have only examined specific SDGs individually, this present study is the first to examine the correlation between financial inclusion and finance-related Sustainable Development Goals (SDGs). The findings indicate that financial inclusion positively correlates to the 2nd, 5th, and 8th SDGs but not significantly enough to the 1st, 3rd, 9th, and 10th SDGs. A significant and positive correlation was also identified between financial inclusion and sustainable development in its entirety (finance-related SDG index). As financial inclusion may not directly affect all the SDGs, the uniqueness of this present study is that it examines seven finance-related aspects of SDGs, as outlined by the World Bank. The findings could encourage policymakers to increase efforts to raise the extent of financial inclusion to enhance the finance-related SDGs.

Suggested Citation

  • Shen Yap & Hui Shan Lee & Ping Xin Liew, 2023. "The role of financial inclusion in achieving finance-related sustainable development goals (SDGs): a cross-country analysis," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 36(3), pages 2212028-221, December.
    • Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2212028
    DOI: 10.1080/1331677X.2023.2212028
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    Cited by:

    1. Mebratu Negera & Tekie Alemu & Fitsum Hagos & Amare Haileslassie, 2025. "Does financial inclusion enhance farmers' resilience to climate change? Evidence from rural Ethiopia," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(2), pages 3008-3022, April.
    2. Xolani Sibande & Dumakude Nxumalo & Keaoleboga Mncube & Steve Koch & Nicola Viegi, 2025. "Regulation and Bank Lending in South Africa: A Narrative Index Approach," South African Journal of Economics, Economic Society of South Africa, vol. 93(1), pages 73-85, March.
    3. Jeswin Jose & Nabanita Ghosh, 2025. "Digital financial literacy and financial inclusion in the global south for a sustainable future: A scoping review," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 52(1), pages 129-148, March.
    4. Sheru W Muuo & Bhavisha Virendrakumar & George Okello & Moses Chege & Vibian Angwenyi & Kenneth Gichohi & Hillary Kibet & Sally Nduta & Stevens Bechange & Elena Schmidt & Simon Brown & Emma Jolley, 2025. "Financial inclusion for persons with disabilities: Experiences of providers and users of financial products and services in Kenya," PLOS ONE, Public Library of Science, vol. 20(4), pages 1-16, April.
    5. Shen Yap & Hui Shan Lee & Ping Xin Liew, 2024. "The Roles of Insurance and Banking Services on Financial Inclusion," SAGE Open, , vol. 14(2), pages 21582440241, May.
    6. Naseer, Mirza Muhammad & Hunjra, Ahmed Imran & Palma, Alessia & Bagh, Tanveer, 2025. "Sustainable development goals and environmental performance: Exploring the contribution of governance, energy, and growth," Research in International Business and Finance, Elsevier, vol. 73(PB).
    7. Hasan, Morshadul & Hoque, Ariful & Abedin, Mohammad Zoynul & Gasbarro, Dominic, 2024. "FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    8. Amila Gankandage & Ruwan Jayathilaka, 2025. "Unveiling the challenges: exploring start-up hurdles faced by small and medium-sized enterprise entrepreneurs in Sri Lanka," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.

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