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Financial inclusion and migrant remittances in Sub-Saharan Africa: a panel VAR approach

Author

Listed:
  • Ebenezer Bugri Anarfo
  • Godfred Amewu
  • Gloria Clarissa Dzeha

Abstract

Purpose - This study examines the causal and dynamic link between financial inclusion and migrant remittances in sub-Saharan Africa. Design/methodology/approach - The study employed a panel vector autoregressive (VAR) framework to examine the dynamic relationship between financial inclusion and migrant remittances in sub-Saharan Africa. Findings - The findings indicate that there is a reverse causality between financial inclusion and migrant remittances in sub-Saharan Africa. Practical implications - The practical implications of these findings are that central governments and economic policymakers in sub-Saharan African countries should formulate and implement policies aimed at fostering financial inclusion if they are to attract more migrant remittances to promote economic growth and financial sector development. This suggests that these two variables are complementary and not contradictory. The results also suggest that central banks and other financial institutions can leverage the positive effect of financial inclusion of financial sector development to enhance the development of the financial sector instead of pursuing financial sector development as a policy objective. This means policies aimed at promoting financial inclusion will not impede or sacrifice migrant remittances, economic growth and financial sector development. Originality/value - This paper is the first to construct a financial inclusion index to examine the link between financial inclusion and migrant remittances from the sub-Saharan Africa perspective Peer review - The peer review history for this article is available at:https://publons.com/publon/10.1108/IJSE-10-2019-0612/

Suggested Citation

  • Ebenezer Bugri Anarfo & Godfred Amewu & Gloria Clarissa Dzeha, 2020. "Financial inclusion and migrant remittances in Sub-Saharan Africa: a panel VAR approach," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 47(7), pages 809-829, June.
    • Handle: RePEc:eme:ijsepp:ijse-10-2019-0612
    DOI: 10.1108/IJSE-10-2019-0612
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    Citations

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    Cited by:

    1. Elham Jafarzadeh & He Shaquan & Bambi Prince Dorian Rivel, 2021. "The Impact of the COVID-19 Crisis on the Remittance of the Migrants Transfer of Funds in Central Africa," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 13(8), pages 1-60, August.
    2. Wang, Rui & Luo, Hang (Robin), 2022. "How does financial inclusion affect bank stability in emerging economies?," Emerging Markets Review, Elsevier, vol. 51(PA).
    3. Ziauddin Ahmed & Anchana NaRanong, 2023. "The Effects of ICT/e-Government on Migrant Workers' Remittance Inflows in Bangladesh: An Empirical Study," Journal of Sustainable Development, Canadian Center of Science and Education, vol. 16(1), pages 1-53, May.

    More about this item

    Keywords

    Financial inclusion; Migrant remittances; Financial sector development; Economic growth; Panel vector autoregression; G0; G5; G53;
    All these keywords.

    JEL classification:

    • G0 - Financial Economics - - General
    • G5 - Financial Economics - - Household Finance
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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