An Investigation of the Impacts of Artificial Intelligence on Financial Inclusion in Developing Economies: Case of Sub-Saharan Africa

Austin Mwange, Kampamba Clarence Chibesa, Windu Matoka and Lwando Kalaba
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Austin Mwange: Graduate School of Business, University of Zambia, Lusaka, Zambia
Kampamba Clarence Chibesa: Institute of Distance Education, University of Zambia, Lusaka, Zambia
Windu Matoka: School of Business, ZCAS University, Lusaka, Zambia
Lwando Kalaba: Graduate School of Business, University of Zambia, Lusaka, Zambia

African Journal of Commercial Studies, 2025, vol. 6, issue 3

Abstract: This study investigates the long-run and causal relationship between artificial intelligence and financial inclusion across 43 Sub-Saharan African countries from 2019 to 2023. Employing an ARDL model estimated using the Generalized Method of Moments, the findings reveal a significant positive and bi-directional relationship between artificial intelligence and financial inclusion. The study concludes that technological advancement plays a crucial role in deepening financial inclusion and recommends increased investment in digital infrastructure to promote inclusive financial systems.

Keywords: Artificial Intelligence; Financial Inclusion; Sub-Saharan Africa (search for similar items in EconPapers)
JEL-codes: G21 O33 O55 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:cwk:ajocsk:2025-59

DOI: 10.59413/ajocs/v6.i3.4

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