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Estimating the effects of financial inclusion on welfare in sub-Saharan Africa

Author

Listed:
  • Grace Ofori-Abebrese
  • Samuel Tawiah Baidoo
  • Ebenezer Essiam

Abstract

The prominent role of financial inclusion in every economy—as it has been widely acknowledged as an enabler to achieving eight out of the 17 Sustainable Development Goals (SDGs) cannot be overemphasized as far as the welfare of individuals is concerned. This study estimates the effects of financial inclusion on welfare using cross-section data from 33 sub-Saharan African countries and the ordinary least squares technique is employed for the analysis. The results from the financial inclusion index estimation reveal that, generally, financial inclusion in the sub-region is low as 29 out of the 33 sampled countries have low financial inclusion index. It is also revealed that financial inclusion has positive effect on welfare. With regard to the control variables, the study reveals that education and income also improve welfare. Based on the positive effect of financial inclusion on welfare, important implications that seek to promote financial inclusion in the sub-region have been provided for policy consideration.

Suggested Citation

  • Grace Ofori-Abebrese & Samuel Tawiah Baidoo & Ebenezer Essiam, 2020. "Estimating the effects of financial inclusion on welfare in sub-Saharan Africa," Cogent Business & Management, Taylor & Francis Journals, vol. 7(1), pages 1839164-183, January.
    • Handle: RePEc:taf:oabmxx:v:7:y:2020:i:1:p:1839164
    DOI: 10.1080/23311975.2020.1839164
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    Cited by:

    1. Laston Petro Manja & Isatou A. Badjie, 2022. "The Welfare Effects of Formal and Informal Financial Access in the Gambia: A Comparative Assessment," SAGE Open, , vol. 12(1), pages 21582440221, March.
    2. Ebrahim Endris & Andualem Kassegn, 2022. "The role of micro, small and medium enterprises (MSMEs) to the sustainable development of sub-Saharan Africa and its challenges: a systematic review of evidence from Ethiopia," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-18, December.
    3. Godfred Anakpo & Zizipho Xhate & Syden Mishi, 2023. "The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy," FinTech, MDPI, vol. 2(2), pages 1-17, June.
    4. Shubham Chavriya & Gagan Deep Sharma & Mandeep Mahendru, 2024. "Financial inclusion as a tool for sustainable macroeconomic growth: An integrative analysis," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 95(2), pages 527-551, June.

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