ICT, Conflicts in Financial Intermediation and Financial Access: Evidence of Synergy and Threshold Effects

Asongu, Simplice and Acha-Anyi, Paul (2017): ICT, Conflicts in Financial Intermediation and Financial Access: Evidence of Synergy and Threshold Effects. Published in: NETNOMICS: Economic Research and Electronic Networking , Vol. 18, No. 2-3 (December 2017): pp. 131-168.

Abstract

In this study we investigate the role of information and communication technology (ICT) in conflicts of financial intermediation for financial access. The empirical evidence is based on contemporary (or current values) and non-contemporary (or lagged by a year) quantile regressions in 53 African countries for the period 2004-2011. The main findings are: First, the net effect of ICT in formalization for financial activity in the banking system is consistently beneficial with positive thresholds. The fact that corresponding, unconditional and conditional effects are persistently positive is evidence of synergy or complementary effects. Second, the net effect of ICT in financial informalization for financial activity in the financial system is negative with a consistent negative threshold. Hence, the positive (negative) complementarity of ICT and financial formalization (informalization) is an increasing (decreasing) function of financial activity. Policy measures on how to leverage the synergy or complementarity between ICT and financial formalization in order to enhance financial access are discussed.

• Item Type: MPRA Paper
• Language: English
• Keywords: Allocation efficiency; financial sector development; ICT
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services > G20 - General; G - Financial Economics > G2 - Financial Institutions and Services > G29 - Other; L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L96 - Telecommunications; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General; O - Economic Development, Innovation, Technological Change, and Growth > O5 - Economywide Country Studies > O55 - Africa

References

1. Abu-Bader, S., & Abu-Qarn, A. S., (2008). “Financial Development and Economic Growth: Empirical Evidence from Six MENA countries”, Review of Development Economics, 12(4), pp. 803-817.

2. Adeusi, S. O., Azeez, B. A., & Olanrewaju, H. A., (2012). “The Effect of Financial Liberalization on the Performance of Informal Capital Market”, Research Journal of Finance and Accounting, 3(6), pp. 1-16.

3. Adjasi, C.K. D., & Biekpe, N. B., (2006). “Stock Market Development and Economic Growth: The Case of Selected African Countries”, African Development Review, 18(1), pp. 144–161.

4. Aker, J. C., & Fafchamps, M., (2010). “How Does Mobile Phone Coverage Affect FarmGate Prices? Evidence from West Africa”, Department of Economics and the Fletcher School, Tufts University.

5. Al-Obaidan, A, M., (2008). “Efficiency Effect of Openness in the Banking Industry of Emerging Markets”, International Research Journal of Finance and Economics, 17(July), pp.92-104.

6. Alafeef, M., Singh, D., & Ahmad, K., (2011). “Influence of demographic factors on the adoption level of mobile banking applications in Jordan”. Research Journal of Applied Science, 6 (6), pp. 373–377.

7. Alafeef, M., Singh, D., & Ahmad, K., (2012. “The influence of demographic factors and user interface on mobile banking adoption: a review”. Research Journal of Applied Science, 12 (20), pp. 2082–2095.

8. Allen, F., Otchere, I., & Senbet, L. W., (2011). “African financial systems: a review”, Review of Development Finance, 1(2), pp. 79-113.

9. Amin, H., Supinah, R., Aris, M.M., & Baba, R., (2012). “Receptiveness of mobile banking by Malaysian local customers in Sabah: an empirical investigation”. Journal of Internet Banking Commerce, 17(1), pp. 1-12.

10. Aminuzzaman, S., Baldersheim, H., & Jamil, I., (2003). “Talking back! Empowerment and mobile phones in rural Bangladesh: a study of the village phone scheme of Grameen Bank”, Contemporary South Asia, 12(3), pp. 327-348.

11. Andonova, V., (2006). “Mobile phones, the Internet and the institutional environment”, Telecommunications Policy, 30(1), pp. 29-45.

12. Ashraf, Q., & Galor, O., (2013). “The Out of Africa Hypothesis, Human Genetic Diversity, and Comparative Economic Development”. American Economic Review, 103(1), pp. 1-46.

13. Asongu, S. A. (2012a). “Government quality determinants of stock market performance in Africa”, Journal of African Business, 13(3), pp. 183-199.

14. Asongu, S. A., (2012b). “Law and finance in Africa”, Brussels Economic Review, 55(4), pp. 385-408.

15. Asongu, S. A. (2013). “How Has Mobile Phone Penetration Stimulated Financial Development in Africa”, Journal of African Business, 14(1), pp. 7-18.

16. Asongu, S. A., (2014a). “Correcting Inflation with Financial Dynamic Fundamentals: Which Adjustments Matter in Africa?”,Journal of African Business, 15(1). pp. 64-73.

17. Asongu, S. A., (2014b). “Knowledge Economy and Financial Sector Competition in African Countries”, African Development Review, 26(2), pp. 333-346.

18. Asongu, S. A., (2014c). “Financial development dynamic thresholds of financial globalisation: evidence from Africa”, Journal of Economic Studies, 41(2), pp. 166-195.

19. Asongu, S. A., (2014d). “Globalization (fighting), corruption and development: How are these phenomena linearly and nonlinearly related in wealth effects?”, Journal of Economic Studies, 41(3), pp. 346-369.

20. Asongu, S. A., (2015a). “Conditional Determinants of Mobile Phones Penetration and Mobile Banking in Sub-Saharan Africa”, Journal of the Knowledge Economy, DOI: 10.1007%2Fs13132-015-0322-z.

21. Asongu, S. A., (2015b). “Liberalisation and Financial Sector Competition: A Critical Contribution to the Empirics with an African Assessment”, South African Journal of Economics, 83(3), pp. 425-451.

22. Asongu, S. A., (2015c). “Financial Sector Competition and Knowledge Economy: Evidence from SSA and MENA Countries”, Journal of the Knowledge Economy, 6(4), pp. 717-748.

23. Asongu, S. A., (2017). “The effect of reducing information asymmetry on loan price and quantity in the African banking industry”, Research in International Business and Finance, 14(October), pp. 185-197.

24. Asongu, S. A., Anyanwu, J. C., & Tchamyou, V. S., (2017). “Technology-driven information sharing and conditional financial development in Africa”, Information Technology for Development. DOI: 10.1080/02681102.2017.1311833.

25. Asongu, S. A., & Biekpe, N., (2017). “ICT, information asymmetry and market power in African banking industry”, Research In International Business and Finance. DOI: 10.1016/j.ribaf.2017.07.121.

26. Asongu, S. A., & Le Roux, S., (2017). “Asongu, S. A., & Le Roux, S., (2017). “Enhancing ICT for inclusive human development in Sub-Saharan Africa”, Technological Forecasting and Social Change, 118(May), pp. 44–54.

27. Asongu, S. A., & Nwachukwu, J. C., (2017). “The Synergy of Financial Sector Development and Information Sharing in Financial Access: Propositions and Empirical Evidence“, Research in International Business and Finance, 40 (April), pp. 242-258.

28. Asongu, S. A., Nwachukwu, J. C., & Tchamyou, V. S., (2016). “Information Asymmetry and Financial Development Dynamics in Africa”, Review of Development Finance, 6(2), pp. 126-138.

29. Arestis, P., Demetriades, P. O., Fattouh, B., & Mouratidis, K., (2002). “The impact of financial liberalisation policies on financial development: evidence from developing countries”, International Journal of Finance and Economics, 7(2), pp. 109-121.

30. Ataullah, A., Cockerill, T., & Le, H., (2004). “Financial liberalization and bank efficiency: a comparative analysis of India and Pakistan”, Applied Economics, 36(17), pp. 1915-1924.

31. Aryeetey, E., (2005). “Informal Finance and Private Sector Development in Africa”, Journal of Microfinance, 7(1), pp. 13-37.

32. Banya, R. & Biekpe, N. (2017). “Banking Efficiency and its determinants in selected Frontier African Markets”, Economic Change and Restructuring. DOI: DOI: 10.1007/s10644-016- 9200-3.

33. Bartels, F. L., Alladina, S. N., & Lederer, S., (2009), “Foreign Direct Investment in Sub-Saharan Africa: Motivating Factors and Policy Issues”, Journal of African Business, 10(2), pp. 141-162.

34. Batuo, M. E., (2015). “The role of telecommunications infrastructure in the regional economic growth of Africa”, Journal of Development Areas, 49(1), pp. 313-330.

35. Batuo, M. E., & Kupukile, M., (2010), “How can economic and political liberalization improve financial development in African countries?”,Journal of Financial Economic Policy, 2(1), pp. 35-59.

36. Biekpe, N., (2011). “The Competitiveness of Commercial Banks in Ghana”, African Development Review, 23(1), pp. 75–87.

37. Billger, S. M., & Goel, R. K., (2009), “Do existing corruption levels matter in controlling corruption? Cross-country quantile regression estimates”, Journal of Development Economics, 90(2), pp. 299-305.

38. Boadi, I., Dana, L. P., Mertens, G., & Mensah, L., (2017). “SMEs’ Financing and Banks’ Profitability: A “Good Date” for Banks in Ghana?”, Journal of African Business, 18(2), pp. 257-277.

39. Bocher, F. T., Alemu, B. A., & Kelbore, Z. G., (2017). “Does access to credit improve household welfare? Evidence from Ethiopia using endogenous regime switching regression”, African Journal of Economic and Management Studies, 8(1), pp. 51-65.

40. Boyd, J. H., Levine, R., & Smith, B. D., (2001), “The impact of inflation on financial sector performance”, Journal of Monetary Economics, 47(2), pp. 221-248.

41. Breitung, J., (2000). The local power of some unit root tests for panel data. Advances in Econometrics, Volume 15: Nonstationary Panels, Panel Cointegration, and Dynamic Panels, ed. B. H. Baltagi, 161–178. Amsterdam: JAY Press.

42. Breitung, J., & Das, S., (2005). “Panel unit root tests under cross-sectional dependence”, Statistica Neerlandica 59(4), pp. 414–433.

43. Brambor, T., Clark, W. M., & Golder, M., (2006). “Understanding Interaction Models: Improving Empirical Analyses”, Political Analysis, 14 (1), pp. 63-82.

44. Caulderwood, K., (2015). “Mobile Banking Market In Sub-Saharan Africa Could Be Worth$1.3B In Four Years”, International Business Times,http://www.ibtimes.com/mobile-banking-market-sub-saharan-africa-could-be-worth-13bfour-years-1788648(Accessed: 24/03/2015).

45. Chan, A., & Jia, T., (2011). “The Role of Mobile Banking in Facilitating Rural Finance: Reducing Inequality in Financial Services between Urban and Rural Areas”, Accenture Banking Services, http://www.accenture.com/SiteCollectionDocuments/PDF/PoVMobile-Banking-051611-EN.pdf (Accessed: 02/02/2015).

46. Chapoto, T., & Aboagye, A. Q. Q., (2017). “African innovations in harnessing farmer assets as collateral”, African Journal of Economic and Management Studies, 8(1), pp. 66-75.

47. Chen, C., (2009). “Bank Efficiency in Sub-Saharan African Middle-Income Countries”, IMF Working Paper, No. WP/09/14, Washington.

48. Chikalipah, S., (2017). “What determines financial inclusion in Sub-Saharan Africa?” African Journal of Economic and Management Studies, 8(1), pp. 8-18.

49. Claus, I., & Grimes, A., (2003). “Asymmetric Information, Financial Intermediation and the Monetary Transmission Mechanism: A Critical Review”, NZ Treasury Working Paper No. 13/019, Wellington.

50. Cummins, J. (2000). Language, power and pedagogy: Bilingual children in the crossfire. Clevedon, England: Multilingual Matters.

51. Darley, W. K., (2012), “Increasing Sub-Saharan Africa's Share of Foreign Direct Investment: Public Policy Challenges, Strategies, and Implications”, Journal of African Business, 13(1), pp. 62-69.

52. Donner, J., & Tellez, C.A., (2008). “Mobile banking and economic development: linking, adoption, impact, and use”. Asian Journal of Communication, 18 (4), pp. 318–332.

53. Duncombe, R., & Boateng, R., (2009). “Mobile phones and financial services in developing countries: a review of concepts, methods, issues, evidence and future research directions”. Third World Quarterly, 30(7), pp. 1237–1258.

54. Choi, I. (2001). “Unit root tests for panel data”. Journal of International Money and Finance, 20(2), pp. 249-272.

55. Demetriades, P. O., & Hussein, K. A., (1996). “Does Financial Development Cause Economic Growth? Time-Series Evidence from Sixteen Countries,” Journal of Development Economics, 51(2), pp. 387-411.

56. Daniel, A., (2017). “Introduction to the financial services in Africa special issue”, African Journal of Economic and Management Studies, 8(1), pp. 2-7.

57. Do, Q. T., & Levchenko, A. A., (2004), “Trade and financial development”, World Bank Policy Research Working Paper No. 3347, Washington.

58. Domeher, D., Musah, G., & Hassan, N., (2017). “Inter-sectoral Differences in the SME Financing Gap: Evidence from Selected Sectors in Ghana”, Journal of African Business, 18(2), pp. 194-220.

59. Easterly, W., (2005). “What did structural adjustment adjust? The association of policies and growth with repeated IMF and World Bank adjustment loans,” Journal of Development Economics, 76(1), pp. 1-22.

60. Fanta, A. B., (2017). “Complementarity between Relationship Lending and Collateral in SME Access to Bank Credit: Evidence from Ethiopia”, Journal of African Business, 17(3), pp. 308-318.

61. Fouda, O. J. P., (2009). “The excess liquidity of banks in Franc zone: how to explain the paradox in the CEMAC”, Revue Africaine de l’Integration, 3(2), pp. 1-56.

62. Fowowe, B., (2014). “Law and Finance Revisited: Evidence from African Countries”, South African Journal of Economics, 82(2), pp. 193–208.

63. Gossel, S. J., & Biekpe, N., (2014). “Economic growth, trade and capital flows: A causal analysis of post-liberalised South Africa.” The Journal of International Trade & Economic Development, 23(6), pp. 815-836.

64. Greenwood, J., & Jovanovic, B., (1990). “Financial development, growth and distribution of income”, Journal of Political Economy,98, pp. 1076-1107.

65. Hadri, K. (2000). “Testing for stationarity in heterogeneous panel data”. Econometrics Journal 3(2), pp. 148–161.

66. Harris, R. D. F., & Tzavalis, E., (1999). “Inference for unit roots in dynamic panels where the time dimension is fixed”. Journal of Econometrics 91(2), pp. 201–226.

67. Hauner, D., & Peiris, S. J., (2005). “Bank Efficiency and Competition in Low-Income Countries: The Case of Uganda”, IMF Working Paper, No. WP/05/240, Washington.

68. Huang, Y., (2011). “Private Investment and financial development in a globalised world”, Empirical Economics, 41(1), pp. 43-56.

69. Huang, Y.,(2005), “ What determines financial development?”, Bristol University, Discussion Paper No. 05/580, Bristol.

70. Huang, Y.,& Temple, J. R. W., (2005), “Does external trade promote financial development?”CEPR Discussion Paper No. 5150, London.

71. Huybens, E., & Smith, B. D., (1999), “Inflation, financial markets and long-run real activity”, Journal of Monetary Economics, 43(2), pp. 283-315.

72. Im, K. S., M. H. Pesaran, M. H., & Shin, Y., (2003). “Testing for unit roots in heterogeneous panels”. Journal of Econometrics, 115(1), pp. 53–74.

73. IMF (2008, October). “International Financial Statistics Yearbook, 2008”, IMF Statistics Department.

74. Iyke, B., N., & Odiambo, N. M., (2017). “Foreign exchange markets and the purchasing power parity theory: Evidence from two Southern African countries”, African Journal of Economic and Management Studies, 8(1), pp. 89-102.

75. Jaffee, D., & Levonian, M., (2001), “Structure of banking systems in developed and transition economies”, European Financial Management, 7 (2), pp. 161-181.

76. Jain, Y., (2013). “Mobile banking: a study on adoption and challenges in southern Rajasthan’, India”. International Journal of Innovation Research and Development, 2(4), pp. 902–914.

77. Kablan, S., (2009). “Mesure de l'Efficacité des Banquesdans les Pays en Voie de Développement: Le Cas de l'Union Economique et Monetaire Ouest Africaine (UEMOA)”, African Development Review, 21(2), pp. 367-369.

78. Kablan, S., (2010). “Banking efficiency and financial development in Sub-Saharan Africa”, IMF Working Paper No.10/136, Washington.

79. Kirui, O. K., Okello, J. J., Nyikal, R. A., & Njiraini, G. W., (2013). “Impact of Mobile PhoneBased Money Transfer Services in Agriculture: Evidence from Kenya”, Quaterly Journal of International Agriculture, 52(2), pp. 141-162.

80. Koenker, R., & Hallock, F. K., (2001), “Quantile regression”, Journal of Economic Perspectives, 15(4), pp.143-156.

81. La Porta, R., Lopez-de-Silanes, F., & Shleifer, A., (2008), “The Economic Consequences of Legal Origin,” Journal of Economic Literature, 46(2), pp. 285-332.

82. Levine, R., (1997), “Financial development and economic growth: Views and agenda”, Journal of Economic Literature, 35(2), pp. 688-726.

83. Levin, A., Lin, C.-F., & Chu, C.-S. J., (2002). “Unit root tests in panel data: Asymptotic and finite-sample properties”. Journal of Econometrics 108(1), pp. 1–24.

84. Maurer, B., (2008, May). “Retail electronic payments systems for value transfers in the developing world”, Department of Anthropology, University of California.

85. Meagher, K., (2013). “Unlocking the Informal Economy: A Literature Review on Linkages Between Formal and Informal Economies in the Developing Countries”, WIEGO Working Paper No. 27, Cambridge.

86. Meniago, C., & Asongu, S. A., (2017). “Financial Development and Income Inequality: Does Kuznets curve hypothesis hold in Africa?”, World Bank Working Paper No. , Washington D.C.

87. Mensah, E., Abor, J., Aboagye, A.Q.Q., & Adjasi, C. K. D., (2012). Enhancing the Economic Growth of Africa: Does Banking Sector Efficiency Matter?, in Kojo Menyah, Joshua Abor (ed.) Finance and Development in Africa (Research in Accounting in Emerging Economies, Volume 12 Part B) Emerald Group Publishing Limited, pp.1 - 23.

88. Mishra, V., & Bisht, S. S., (2013). “Mobile banking in a developing economy: A customer-centric model for policy formulation”, Telecommunications Policy, 37(6-7), pp. 503-514.

89. Mlachila, M., Tapsoba, R., & Tapsoba, S. J. A., (2014). “A Quality of Growth Index for Developing Countries: A Proposal”, IMF Working Paper No. 14/172, Washington.

90. Muto, M., & Yamano, T., (2009). “The Impact of Mobile Phone Coverage Expansion on Market Participation: Panel Data Evidence from Uganda”, World Development, 37(12), pp. 1887-1896.

91. Nyasha, S., & Odhiambo, N. M. (2015a). “Do banks and stock market spur economic growth? Kenya’s experience”, International Journal of Sustainable Economy, 7(1), pp. 54-65.

92. Nyasha, S., & Odhiambo, N. M. (2015b). “The Impact of Banks and Stock Market Development on Economic Growth in South Africa: An ARDL-bounds Testing Approach “, Contemporary Economics, 9(1), pp. 93-108.

93. Obeng, S. K., & Sakyi, D., (2017). “Macroeconomic determinants of interest rate spreads in Ghana”, African Journal of Economic and Management Studies, 8(1), pp. 76-88.

94. Ofori-Sasu, D., Abor, J. Y., & Osei, A. K., (2017). “Dividend Policy and Shareholders’ Value: Evidence from Listed Companies in Ghana”, African Development Review, 29(2), pp. 293–304.

95. Okada, K., & Samreth, S.,(2012), “The effect of foreign aid on corruption: A quantile regression approach”, Economic Letters, 115(2), pp. 240-243.

96. Osabuohien, E. S., & Efobi, E. R., (2013). “Africa’s Money in Africa”, South African Journal of Economics, 81(2), pp. 292-306.

97. Osah, O., & Kyobe, M., (2017). “Predicting user continuance intention towards M-pesa in Kenya”, African Journal of Economic and Management Studies, 8(1), pp. 36-50.

98. O’Toole, C. M., (2014). “Does Financial Liberalization Improve Access to Investment Finance in Developing Countries?”, Journal of Globalization and Development, 5(1), pp. 41-74.

99. Owusu, E. L., & Odhiambo, N. M., (2014). “Stock market development and economic growth in Ghana: an ARDL-bounds testing approach”, Applied Economics Letters, 21(4), pp. 229-234.

100. Penard, T., Poussing, N., Yebe, G. Z., & Ella, P. N., (2012). “Comparing the Determinants of Internet and Cell Phone Use in Africa : Evidence from Gabon ”, Communications & Strategies, 86(2), pp. 65-83.

101. Price, G. N., & Elu, J. U., (2014). “Does regional currency integration ameliorate macroeconomic shocks in sub-Saharan Africa? The case of the 2008-2009 global financial crisis”, Journal of Economic Studies, 41(5), pp. 737-750.

102. Qiang, C. Z., Kuek, S. C., Dymond, A., & Esselaar, S., (2011). “Mobile Applications for Agricultural and Rural Development”, ICT Sector Unit, World Bank http://siteresources.worldbank.org/INFORMATIONANDCOMMUNICATIONANDTEC HNOLOGIES/Resources/MobileApplications_for_ARD.pdf (Accessed: 02/02/2015).

103. Rolfe, R. J., & Woodward, D. P.,(2004). “Attracting foreign investment through privatization: the Zambian experience”, Journal of African Business, 5(1), pp.5-27.

104. Roller, L-H., & Waverman, L. (2001). “Telecommunications infrastructure and economic development: a simultaneous approach”, American Economic Review, 91(4), pp. 909-923.

105. Safeena, R., Date, H., Kammani, A., & Hundewale, N., (2012). “Technology adoption and Indian consumers: study on mobile banking”. International Journal of Computer Theory and Engineering, 4(6), pp. 1020–1024.

106. Saint Paul, G., (1992), “Technological choice, financial markets and economic development”, European Economic Review, 36(4), pp. 763-781.

107. Saleem, Z., & Rashid, K., (2011). “Relationship between customer satisfaction and mobile banking adoption in Pakistan”. International Journal of Trade, Economics and Finance, 2 (6), pp. 537–544.

108. Saxegaard, M., (2006), “Excess liquidity and effectiveness of monetary policy: evidence from sub-Saharan Africa”, IMF Working Paper No. 06/115, Washington.

109. Singh, A. B., (2012). “Mobile banking based money order for India Post: Feasible model and assessing demand potential”, Procedia - Social and Behavioral Sciences, 37(2012), pp. 466-481.

110. Steel, W. F., 2006. “Extending Financial Systems to the poor: What strategies for Ghana”,Paper presented at the 7th ISSER-Merchant Bank Annual Economic Lectures, University of Ghana, Legon.

111. Tchamyou, V. S., (2016). “The role of knowledge economy in African business”, Journal of the Knowledge Economy. DOI: 10.1007/s13132-016-0417-1.

112. Tchamyou, V. S., (2017). “The Role of Information Sharing in Modulating the Effect of Financial Access on Inequality”. Faculty of Applied Economics, University ofAntwerp, Antwerp. Unpublished PhD Thesis Chapter.

113. Tchamyou, V. S., & Asongu, S. A., (2017a). “Information Sharing and Financial Sector Development in Africa”, Journal of African Business, 18(1), pp. 24-49.

114. Tchamyou, V. S., & Asongu, S. A., (2017b). “Conditional market timing in the mutual fund industry”, Research in International Business and Finance, 42(December), pp. 1355-1366.

115. Tchamyou, V. S., Erreygers, G., & Cassimon, D., (2017). “Inequality, ICT And Financial Access in Africa”, Faculty of Applied Economics, University of Antwerp, Antwerp. Unpublished PhD Thesis Chapter.

116. Triki, T., & Gajigo, O., (2014), “Credit Bureaus and Registries and Access to Finance: New Evidence from 42 African Countries”, Journal of African Development, 16(2), pp.73-101.

117. Tuomi, K., (2011), “The Role of the Investment Climate and Tax Incentives in the Foreign Direct Investment Decision: Evidence from South Africa”, Journal of African Business, 12(1), pp. 133-147.

118. Wale, L.E., & Makina, D., (2017). “Account ownership and use of financial services among individuals: Evidence from selected Sub-Saharan African economies”, African Journal of Economic and Management Studies, 8(1), pp. 19-35.

119. Warren, M., (2007). “The digital vicious cycle: links between social disadvantage and digital exclusion in rural areas”. Telecommunications Policy, 31(6-7), pp. 374-388.

120. Weeks, J., 2010. “Why Monetary Policy is Irrelevant in Africa South of the Sahara. School of Oriental and African Studies”, Center for Development and Policy Research, Development Viewpoint No. 53. http://www.soas.ac.uk/cdpr/publications/dv/file59766.pdf (accessed: 26/04/2012).