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Financial inclusion dynamics in WAEMU: Was digital technology the missing piece?

Author

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  • Melain Modeste Senou
  • Wautabouna Ouattara
  • Denis Acclassato Houensou

Abstract

Like most of International Institutions, the Central Bank of West African States (BCEAO) considers universal access to finance as key to empowering disadvantaged people. Fitting into that context, this study aims to assess the accelerating role of digital technologies using mobile phone penetration and internet usage as broad indicators, on the dynamics of financial inclusion in WAEMU. Using data from the Central Bank of West African States (BCEAO) and the International Telecommunication Union (ITU) over the periods 2006–2017, we estimated first a random effect model and thereafter a system GMM devised by Arrelano-Bover/Bundell-Bond, to correct the endogeneity issue raised from the static model. Findings show that beyond the specific effects of mobile phone penetration and Internet usage, the joint use of these two technologies is very key to financial inclusion in the WAEMU countries. It urges then for policy makers to take steps toward the availability, accessibility, affordability and to design flexible legislation pertaining to mobile financial services providers in order to accelerate financial inclusion in that region.

Suggested Citation

  • Melain Modeste Senou & Wautabouna Ouattara & Denis Acclassato Houensou, 2019. "Financial inclusion dynamics in WAEMU: Was digital technology the missing piece?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 7(1), pages 1665432-166, January.
    • Handle: RePEc:taf:oaefxx:v:7:y:2019:i:1:p:1665432
    DOI: 10.1080/23322039.2019.1665432
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    Citations

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    Cited by:

    1. Steve Douanla Meli & Benjamin Fomba Kamga, 2023. "Unobserved heterogeneity in the analysis of mobile financial services use: Evidence from the City of Yaoundé," Economics Bulletin, AccessEcon, vol. 43(1), pages 161-176.
    2. Charles S. Saba & Simplice A. Asongu & Nicholas Ngepah & Yolande E. Ngoungou, 2023. "Governance in the exploration of global and regional determinants of ICT development," Working Papers of the African Governance and Development Institute. 23/040, African Governance and Development Institute..
    3. Douanla Meli, Steve & Fosso Djoumessi, Yannick & Djiogap, Constant Fouopi, 2022. "Analysis of the socio-economic determinants of mobile money adoption and use in Cameroon," Telecommunications Policy, Elsevier, vol. 46(9).
    4. Xiaojie Qu & Bao Zhu, 2023. "Digital Finance and Corporate Cash-Holding Strategy: Organizational Heterogeneity and Strategic Transmission Channels," Sustainability, MDPI, vol. 15(3), pages 1-23, January.
    5. Armand F. Akpa & Simplice A. Asongu, 2023. "The role of governance in the effect of the internet on financial inclusion in sub-Saharan Africa," Working Papers of the African Governance and Development Institute. 23/004, African Governance and Development Institute..
    6. Singh Tanu & Pande Sarveshwar, 2023. "Indian Government Schemes Based Analysis on Women Empowerment In Financial Inclusion," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 33(4), pages 1-22, December.
    7. Ozili, Peterson K, 2022. "Digital financial inclusion," MPRA Paper 113789, University Library of Munich, Germany.
    8. Joseph Siani, 2020. "International remittances, poverty and growth into WAEMU countries: evidence from panel cointegration approach," Economics Bulletin, AccessEcon, vol. 40(2), pages 1446-1456.
    9. Melain Modeste Senou & Denis Acclassato Houensou, 2024. "From expanding financial services to tackling poverty in West African Economic and Monetary Union: The accelerating role of mobile money," Journal of International Development, John Wiley & Sons, Ltd., vol. 36(3), pages 1707-1737, April.
    10. Nur Diniey Ezzati Zainorin & Syuhada Jalaludin & Nor Farradila Abdul Aziz & Balachandran Balasingam, 2023. "Determinants of Financial Inclusion in OIC Countries," Information Management and Business Review, AMH International, vol. 15(2), pages 9-16.

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