Financial inclusion and sustainable development: an empirical association Open Access

Peterson K Ozili

133 citations0/0 files storedJournal of Money and Business

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Microfinance and Financial Inclusion FinTech, Crowdfunding, Digital Finance Economic Growth and Development

Abstract

Purpose This paper aims to investigate the association between financial inclusion and sustainable development in a global context. Design/methodology/approach The study used two datasets, and employed the Pearson correlation analysis and granger causality test to examine the correlation and pairwise causality between financial inclusion and sustainable development. Findings High levels of financial inclusion (in terms of higher commercial bank branches per 100,000 adults) is significantly associated with higher electricity production from renewable sources, higher industry productivity, higher adult literacy rate and higher renewable electricity output. Also, higher financial inclusion is significantly associated with low combustible renewables and waste. There is a uni-directional granger causality between global interest in internet information about sustainable development and global interest in internet information about financial inclusion, particularly in the period after the global financial crisis but before the COVID-19 pandemic. Practical implications The correlation between financial inclusion and sustainable development depends on the indicators employed to measure financial inclusion and sustainable development. The results support global calls for greater financial inclusion and the speedy attainment of the sustainable development goals for the good of all people, the environment and for the planet. Originality/value This paper is the first study in the literature to analyze the link between financial inclusion and sustainable development using global data. This study contributes to the existing literature by investigating the association between financial inclusion and sustainable development in a global context.

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References

2018Impact of digital finance on financial inclusion and stability 2018Does financial literacy improve financial inclusion? Cross country evidence 2017Financial inclusion and economic growth in OIC countries 2020Financial inclusion research around the world: A review 2021Can digital financial inclusion promote China's economic growth?2017Financial inclusion and stability in MENA: Evidence from poverty and inequality 2020Effect of Financial Inclusion on Poverty and Vulnerability to Poverty: Evidence Using a Multi-Dimensional Measure of Financial Inclusion 2014The African Financial Development and Financial Inclusion Gaps

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2023Sustainable development: Driving force from the relationship between finance inclusion, green finance and green growth 2023The role of financial inclusion in achieving finance-related sustainable development goals (SDGs): a cross-country analysis 2024Harnessing digital technologies for triple bottom line sustainability in the banking industry: a bibliometric review 2025Use of central bank digital currency in the travel context

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