The Relevance of Financial Inclusion on Sustainable Economic Growth in Sub-Saharan African Nations

Menyelim M. Chima, Abiola Ayopo Babajide, Alex Adegboye, Segun Kehinde and Oluwatobi Fasheyitan
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Menyelim M. Chima: Department of Banking and Finance, College of Management and Social Sciences, Covenant University, Ota PMB 1023, Ogun State, Nigeria
Abiola Ayopo Babajide: Department of Banking and Finance, College of Management and Social Sciences, Covenant University, Ota PMB 1023, Ogun State, Nigeria
Alex Adegboye: Department of Accounting, College of Management and Social Sciences, Covenant University, Ota PMB 1023, Ogun State, Nigeria
Segun Kehinde: Department of Business Administration, College of Management and Social Sciences, Covenant University, Ota PMB 1023, Ogun State, Nigeria
Oluwatobi Fasheyitan: Department of Banking and Finance, College of Management and Social Sciences, Covenant University, Ota PMB 1023, Ogun State, Nigeria

Sustainability, 2021, vol. 13, issue 10, 1-20

Abstract: The primary concern of this examination is to systematically survey the importance of inclusive access to finance on the growth in terms of the economy in 48 sub-Saharan African (SSA) sovereign states with periodicity from 1995 to 2017. This study reports the results using both static and dynamic estimation techniques. For consistency, the baseline finding of the study estimation is based on the Generalized Method of Moments (GMM) system GMM. This article finds that there is a complimentary association between the present degree of inclusiveness of finance and economic advancement in SSA. The suggestion deduced in this examination is that programs with the plan of comprehensive financing ought to be custom fitted to the agricultural segment of the economy to encourage more economic opportunities for development in a sustainable manner.

Keywords: sub-Saharan African (SSA); Generalised Method of Moments (GMM); financial inclusion; economic growth (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:10:p:5581-:d:556113

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