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ICT, Financial Sector Development and Financial Access

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  • Asongu, Simplice
  • Nwachukwu, Jacinta

Abstract

This study assesses the role of ICT (internet and mobile phone penetration) in complementing financial sector development (financial formalization and informalization) for financial access. The empirical evidence is based on Generalised Method of Moments with 53 African countries for the period 2004-2011. The following findings are established from linkages between ICT, financial sector development and financial activity. First, the interaction between ICT and financial formalization (informalization) decreases (increases) financial activity. Second, with regards to net effects, the expected signs are established for the most part. In spite of the negative marginal effects from financial informalization, the overall net effects are positive. Third, the potentially appealing interaction between ICT and informalization produces positive thresholds that are within ranges. Policy implications are discussed in three main strands. They include implications for (i) mobile/internet banking; (ii) a quiet life and (iii) ICT in reducing information asymmetry and surplus liquidity.

Suggested Citation

  • Asongu, Simplice & Nwachukwu, Jacinta, 2017. "ICT, Financial Sector Development and Financial Access," MPRA Paper 78863, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:78863
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    2. Emmanuel Baffour Gyau & Paschal P. Paaga & Ernest Asimeng & Bright Boadu, 2023. "Empirical Analysis of the Relationship Between Financial Development and ICT Infrastructure Development in Sub-Saharan Africa," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(8), pages 629-641, August.
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    More about this item

    Keywords

    Allocation efficiency; Financial sector development; ICT;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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