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Financial Inclusion, Banking Sector Development, and Financial Stability in Africa

In: The Economics of Banking and Finance in Africa

Author

Listed:
  • Ebenezer Bugri Anarfo

    (Ghana Institute of Management and Public Administration)

  • Miracle Ntuli

    (University of the Witwatersrand)

  • Sarah Serwah Boateng

    (Ghana Institute of Management and Public Administration)

  • Joshua Yindenaba Abor

    (University of Ghana Business School)

Abstract

This chapter simultaneously explored the causal links among financial inclusion, banking sector development, and financial stability. It used a panel vector autoregressive (VAR) estimation approach to empirically explore these causal links. Financial inclusion, banking sector development, and financial stability all have a reverse causation, according to the findings. This finding suggests that these variables are complementary rather than contradictory. Accordingly, financial institutions and central governments should not separately pursue any of these variables as a policy objective but rather consider them as complements when modeling or implementing economic policies for development. This allows the pursuit of financial stability without compromising financial inclusion and banking sector development.

Suggested Citation

  • Ebenezer Bugri Anarfo & Miracle Ntuli & Sarah Serwah Boateng & Joshua Yindenaba Abor, 2022. "Financial Inclusion, Banking Sector Development, and Financial Stability in Africa," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Joshua Yindenaba Abor & Charles Komla Delali Adjasi (ed.), The Economics of Banking and Finance in Africa, chapter 0, pages 101-134, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-04162-4_4
    DOI: 10.1007/978-3-031-04162-4_4
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