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The Moderating Role of Supervision and Regulation on the Fintech-Financial Inclusion-Financial Stability Nexus in Sub-Saharan Africa

In: Shadow Banking and Financial Risk in Emerging and Developing Markets

Author

Listed:
  • Tough Chinoda

    (University of Fort Hare)

  • Forget Mingiri Kapingura

    (University of Fort Hare)

Abstract

Purpose The study examines the moderating effect of supervision and regulation on the relationship between fintech, financial inclusion, and financial stability. Design/Methodology/Approach: Using a sample of 11 countries in Sub-Saharan Africa over the period 2016 to 2021, the study employed the dynamic panel two-step Generalized Method of Moments estimators to determine the relationship. Findings: The results show that supervision and regulation moderate the fintech-financial stability nexus and the financial inclusion-financial stability nexus in SSA. Practical Implications: The findings imply that supervision and regulation reduce the negative effects of fintech on financial stability. Our findings provide some important implications for policymakers and regulators in SSA. In terms of the efforts being made to grow FinTechs in developing countries, the results of our study warn regulators that such efforts affect the stability of the financial system to a greater extent. Thus, to sustainably develop FinTechs, countries in SSA must make efforts aimed at ensuring effective supervision and regulation of these FinTechs. Originality/Value: The study is carried out at cross-country level, with a focus on the SSA region. The study contributes to the debate on the role of supervision and regulation on the fintech-financial inclusion-financial stability nexus in SSA.

Suggested Citation

  • Tough Chinoda & Forget Mingiri Kapingura, 2025. "The Moderating Role of Supervision and Regulation on the Fintech-Financial Inclusion-Financial Stability Nexus in Sub-Saharan Africa," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Sheunesu Zhou (ed.), Shadow Banking and Financial Risk in Emerging and Developing Markets, chapter 0, pages 253-273, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-86224-3_10
    DOI: 10.1007/978-3-031-86224-3_10
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