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Financial inclusion and human development: Evidence from Sub-Saharan Africa

Author

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  • Weliswa Matekenya
  • Clement Moyo
  • Leward Jeke

Abstract

Despite the rapid economic growth recorded since the 1990s, inequality, poverty and unemployment levels remain high in most African countries. As such, achieving socio-economic goals has been the major focus of policymakers. The objective of this study is to examine the effect of financial inclusion on human development in Sub-Saharan Africa (SSA). Access to and usage of financial services may encourage business start-ups, allow individuals to invest in health and education, manage risk and lessen the burden of financial shocks, and therefore, impact positively on human development. The study employs the panel data approach and utilises the Generalised Method of Moments (GMM) technique. The results show that financial inclusion has a positive effect on human development. Therefore, it is recommended that policymakers implement measures that reduce the costs of access to and usage of financial services, such as investments in infrastructure, and raise awareness of the available financial services.

Suggested Citation

  • Weliswa Matekenya & Clement Moyo & Leward Jeke, 2021. "Financial inclusion and human development: Evidence from Sub-Saharan Africa," Development Southern Africa, Taylor & Francis Journals, vol. 38(5), pages 683-700, September.
    • Handle: RePEc:taf:deveza:v:38:y:2021:i:5:p:683-700
    DOI: 10.1080/0376835X.2020.1799760
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    Cited by:

    1. Armand Fréjuis Akpa & Dado Fabrice Degbedji & Augustin Foster Chabossou, 2024. "Assessing the effect of financial inclusion on human capital in West Africa: an heterogeneous analysis based on income level," SN Business & Economics, Springer, vol. 4(1), pages 1-18, January.
    2. Mahmood Ahmad & Zahoor Ahmed & Xiyue Yang & Muhlis Can, 2023. "Natural Resources Depletion, Financial Risk, and Human Well-Being: What is the Role of Green Innovation and Economic Globalization?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 167(1), pages 269-288, June.
    3. Biruk Birhanu Ashenafi & Yan Dong, 2022. "Financial Inclusion, Fintech, and Income Inequality in Africa," FinTech, MDPI, vol. 1(4), pages 1-12, November.
    4. Kais Tissaoui & Abdelaziz Hakimi & Taha Zaghdoudi, 2024. "Can financial inclusion enhance human development? Evidence from low- and middle-income countries," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    5. Ofeh M. Edoh & Tii N. Nchofoung & Ofeh E. Anchi, 2021. "The Impact of Financial Inclusion on Household Health Expenditures in Africa," Working Papers of the African Governance and Development Institute. 21/080, African Governance and Development Institute..
    6. Bhanu Pratap Singh & Anup Kumar Yadava, 2022. "Technical efficiency of financial inclusion and human development: Insights from the Indian states," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 51(2), July.
    7. Oyewole, Oluwatomisin J. & Al-Faryan, Mamdouh Abdulaziz Saleh & Adekoya, Oluwasegun B. & Oliyide, Johnson A., 2024. "Energy efficiency, financial inclusion, and socio-economic outcomes: Evidence across advanced, emerging, and developing countries," Energy, Elsevier, vol. 289(C).
    8. Aarakit, Sylvia Manjeri & Ntayi, Joseph M. & Wasswa, Francis & Buyinza, Faisal & Adaramola, Muyiwa S. & Ssennono, Vincent F., 2022. "The role of financial inclusion in adoption of solar photovoltaic systems: A case of Uganda," Renewable Energy, Elsevier, vol. 198(C), pages 984-998.
    9. Issa Dianda & Idrissa Ouedraogo & Hamidou Sawadogo, 2024. "Inclusive human development effect of financial inclusion in sub‐Saharan Africa: A gender perspective," Journal of International Development, John Wiley & Sons, Ltd., vol. 36(3), pages 1896-1917, April.
    10. Sulayman Jallow & Pradipta Kumar Sahoo & Bamadev Mahapatra, 2024. "Promoting Financial Inclusivity, A Route To Economic Growth: An Empirical Analysis From Sub-Saharan African Countries," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 27(Spesial I), pages 59-74, Februari.
    11. Oyebola Etudaiye-Muhtar, Fatima & Johan, Sofia & Lawal, Rodiat & Sakariyahu, Rilwan, 2024. "Fintech, human development and energy poverty in sub-Saharan Africa," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    12. Lin Tai & Fu Xiaopeng & Gong Ting & Xu Xinpeng & Stavros Sindakis & Gazal Showkat, 2024. "Assessing the Relationship Between Digital Inclusive Finance and the Well-Being of Elderly Individuals: A Study of Life Satisfaction," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9597-9628, June.
    13. Awdeh Ali & Assaf Rima & Ghosn Fadi, 2024. "How do Financial Development and Stability Shape Human Development?," Review of Middle East Economics and Finance, De Gruyter, vol. 20(1), pages 77-111, April.
    14. Luo, Chunyang & Yang, Fucheng & Pan, Lu, 2024. "Exploring the nexus between natural resources, environmental pollution, external conflicts, financial stability and human development: Evidence from OECD nations," Resources Policy, Elsevier, vol. 88(C).
    15. Dyah Titis Kusuma Wardani & Navi'ah Khusniati & Susilo Nur Aji Cokro Darsono, 2023. "Sociodemographic Effects on Financial Inclusion: Implications from Online Transaction in Developing-8 Countriesfrom Online Transaction in Developing-8 Countries Abstract: The world has reached the ind," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 69, pages 67-86, Juni.

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