Financial Inclusion in Sub-Saharan Africa: Recent Trends and Determinants

Patrick O. Asuming · Lotus Gyamfuah Osei-Agyei · Jabir Ibrahim Mohammed

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Abstract

This paper conducts a comparative analysis of financial inclusion in 31 Sub-Saharan African countries using data from the global Findex database. We find that while the aggregate level of financial inclusion has increased significantly between 2011 and 2014, there are variations in both the level and rates of improvement among the countries. We also find that individual-level covariates (age, education, gender and wealth), macroeconomic variables (growth rate of GDP and presence of financial institutions) and Business Freedom are significant predictors of financial inclusion. Our findings suggest that financial inclusion policies should target key populations like women and young people.

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References

1993Finance, entrepreneurship and growth 1990Financial Development, Growth, and the Distribution of Income 1989Financial Development, Growth, and the Distribution of Income 2012Measuring Financial Inclusion: The Global Findex Database 2016The foundations of financial inclusion: Understanding ownership and use of formal accounts 2016The determinants of financial inclusion in Africa 2014Understanding financial inclusion in China 2013Access to Finance in Sub-Saharan Africa: Is There a Gender Gap?

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