Determinants of Financial Inclusion in Sub-Sahara African Countries

Lukman O. Oyelami, Olufemi M. Saibu, Babatunde S. Adekunle

Abstract


As the exclusion of large percentage of population has been identified as major obstacle to inclusive growth and development in developing countries of the world it is against this background this study investigates the determinants of financial inclusion in Sub-Saharan Africa using Panel Autoregressive Distributed Lag (ARDL). The results from the study reveal that financial inclusion in the region is meaningfully influenced by both demand side factors (level of income and literacy) and Supply side factors (Interest rate and bank innovation proxy by ATM usage). Government in the sub region should put policy in place to promote financial literacy and other forms of innovative banking in their respective country as this will go a long way in promoting financial inclusion in the region.


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