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Financial Inclusion and Economic Growth in West Africa: The Moderating Effect of Financial Openness

Ibrahim Nandom Yakubu and Alhassan Bunyaminu

MPRA Paper from University Library of Munich, Germany

Abstract: This paper examines the impact of financial inclusion on economic growth in the Economic Community of West African States (ECOWAS) countries. The study also investigates how financial inclusion through financial openness enhances growth. Applying the pooled estimated generalized least squares (EGLS) technique with data from 10 countries in ECOWAS over the period 2010-2017, the results reveal that financial inclusion exerts a positive significant influence on economic growth through its direct effect and via financial openness. The findings also show that while inflation reduces growth, trade openness and foreign direct investment significantly stimulate economic growth in ECOWAS. The study emphasizes the need for greater efforts to address the challenges involved in accessing financial services as one of the most effective ways of realizing inclusive growth.

Keywords: financial inclusion; economic growth; pooled EGLS; ECOWAS (search for similar items in EconPapers)
JEL-codes: G21 O40 O43 (search for similar items in EconPapers)
Date: 2021-02-01
New Economics Papers: this item is included in nep-fdg and nep-fle
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Published in Empirical Economics Letters 2.20(2021): pp. 155-164

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