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The Role of Informal Financial Services in Africa

Author

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  • Leora Klapper
  • Dorothe Singer

Abstract

This paper uses data from the Global Financial Inclusion (Global Findex) database to document the state of financial inclusion in Africa. The data show that less than a quarter of adults in Africa have an account at a formal financial institution and many adults in Africa use informal methods to save and borrow. The data also show deep disparities across sub-regions and individual characteristics in how adults use financial services. The database can be used to track financial inclusion policies within the region and to develop a deeper and more nuanced understanding of how Africans save, borrow, make payments and manage risk.

Suggested Citation

  • Leora Klapper & Dorothe Singer, 2015. "The Role of Informal Financial Services in Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 24(suppl_1), pages 12-31.
    • Handle: RePEc:oup:jafrec:v:24:y:2015:i:suppl_1:p:i12-i31.
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    File URL: http://hdl.handle.net/10.1093/jae/eju027
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    Citations

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    Cited by:

    1. Leanne Roncolato & Nicholas Reksten & Caren Grown, 2017. "Engendering Growth Diagnostics: Examining Constraints to Private Investment and Entrepreneurship," Development Policy Review, Overseas Development Institute, vol. 35(2), pages 263-287, January.
    2. Nokulunga, Mbona & Klara, Major, 2023. "Determinants of using formal vs informal financial sector in BRICS group," Finance Research Letters, Elsevier, vol. 55(PB).
    3. Simplice A. Asongu & Valentine B. Soumtang & Ofeh M. Edoh, 2021. "Financial determinants of informal financial development in Sub-Saharan Africa," Research Africa Network Working Papers 21/077, Research Africa Network (RAN).
    4. Marybeth-Rouse & Bernardo Batiz-Lazo & Santiago Carbo-Valverde, 2023. "Financial inclusion in South Africa - Influencing factors and public policy," Papers 23001, Working Papers of Business and Economics School. Anahuac University (Mexico)..
    5. Rouse, Marybeth & Verhoef, y Grietjie, 2017. "Mobile banking in Sub-Saharan Africa: setting the way towards financial development," MPRA Paper 78006, University Library of Munich, Germany.
    6. Kara, Alper & Zhou, Haoyong & Zhou, Yifan, 2021. "Achieving the United Nations' sustainable development goals through financial inclusion: A systematic literature review of access to finance across the globe," International Review of Financial Analysis, Elsevier, vol. 77(C).
    7. Izabela Karpowicz, 2016. "Financial Inclusion, Growth and Inequality: A Model Application to Colombia," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(6), pages 68-89, June.
    8. Tchakoute Tchuigoua, Hubert & Soumaré, Issouf & Hessou, Hélyoth T.S., 2020. "Lending and business cycle: Evidence from microfinance institutions," Journal of Business Research, Elsevier, vol. 119(C), pages 1-12.
    9. Joseph Ochieng Onginjo & Zhou Dong Mei, 2023. "A study on the social and economic sustainability of rewards-based crowdfunding in Africa," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(9), pages 9619-9646, September.

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