Effects of financial inclusion on financial stability: evidence from ssa countries

Damane, Moeti and Ho, Sin-Yu (2024): Effects of financial inclusion on financial stability: evidence from ssa countries.

Abstract

The study explores the link between financial inclusion and financial stability in 37 Sub-Saharan African countries. Results of our panel data analysis show that financial inclusion positively impacts financial stability, especially in low-income countries with low levels of financial stability. Additionally, prior improvements in financial stability were found to have positive effects on present levels of financial stability. The study recommends policymakers to enhance cooperation, target excluded communities for financial inclusion, improve financial literacy, and cross-fertilize skills.

• Item Type: MPRA Paper
• Language: English
• Keywords: Sub-Saharan Africa; Financial Inclusion; Financial Stability; Dynamic Common Correlated Effects; Quantile Regression
• Subjects: G - Financial Economics > G0 - General; G - Financial Economics > G2 - Financial Institutions and Services; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G28 - Government Policy and Regulation

References

Abdulkarim, F. M., & Ali, H. S. (2019). Financial inclusions, financial stability, and income inequality in OIC countries: a GMM and quantile regression application. Journal of Islamic Monetary Economics and Finance, 5(2), 419-438.

Adasme, O., Majnoni, G., & Uribe, M. (2006). Access and risk: Friends or Foes? Lessons from Chile. World Bank Policy Research Working Paper 4003. World Bank.

Aduda, J., & Kalunda, E. (2012). Financial inclusion and financial sector stability with reference to Kenya: A review of literature. Journal of Applied Finance and Banking, 2(6), 95.

Ahamed, M. M., & Mallick, S. K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization, 157, 403-427.

Ahmad, D. (2018). Financial inclusion and financial stability: Survey of the Nigeria’s financial system. International Journal of Research in Finance and Management, 1(2), 47-54.

Allen, F., Demirguc-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of financial Intermediation, 27, 1-30.

Al-Smadi, M. O. (2018). The role of financial inclusion in financial stability: lesson from Jordan. Banks and Bank Systems, 13(4), 31-39.

Amatus, H., & Alireza, N. (2015). Financial inclusion and financial stability in Sub-Saharan Africa (Ssa). International journal of social sciences, 36(1), 2305-4557

Anarfo, E. B., Ntuli, M., Boateng, S. S., & Abor, J. Y. (2022). Financial Inclusion, Banking Sector Development, and Financial Stability in Africa. In The Economics of Banking and Finance in Africa: Developments in Africa’s Financial Systems (pp. 101-134). Cham: Springer International Publishing.

Anthony-Orji, O. I., Orji, A., Ogbuabor, J. E., & Nwosu, E. O. (2019). Do financial stability and institutional quality have impact on financial inclusion in developing economies? A new evidence from Nigeria. International Journal of Sustainable Economy, 11(1), 18-40.

Aportela, F. (1999), “Effects of financial access on savings by low-income people”, Working Paper, Massachusetts Institute of Technology (MIT), Cambridge, MA.

Aracil, E., Gómez-Bengoechea, G., & Moreno-de-Tejada, O. (2022). Institutional quality and the financial inclusion-poverty alleviation link: Empirical evidence across countries. Borsa Istanbul Review, 22(1), 179-188.

Arora, R. (2019). The links between financial inclusion and financial stability: A study of BRICS. The Oxford Handbook of BRICS and Emerging Economies, Oxford University Press

Asante, G. N., Takyi, P. O., & Mensah, G. (2023). The impact of financial development on economic growth in sub-Saharan Africa. Does institutional quality matter? Development Studies Research, 10(1), 2156904.

Asongu, S. A., & le Roux, S. (2023). The role of mobile money innovations in the effect of inequality on poverty and severity of poverty in Sub-Saharan Africa. Information Systems Frontiers, 1-15.

Banna, H., & Alam, M. R. 2021. Impact of digital financial inclusion on ASEAN banking stability: implications for the post-Covid-19 era. Studies in Economics and Finance, 38(2), 504-523.

Barik, R., & Lenka, S. K. (2023). Does financial inclusion control corruption in upper-middle and lower-middle income countries? Asia-Pacific Journal of Regional Science, 7(1), 69-92.

Beck, T., & De Jonghe, O. (2013). Lending concentration, bank performance and systemic risk: exploring cross-country variation. World Bank Policy Research Working Paper, (6604).

Beck, Thorsten, Asli Demirgüç-Kunt, and Ross Levine. 2007. Finance, inequality and the poor. Journal of Economic Growth 12: 27–49.

Bhatia, R. J., Mahmoud, M. I., Mougani, G. V., Petersen, A., Ugolini, P., & Zhang, J. (2009). Financial sector integration in three regions of Africa. SILDRA, Tunis.

Binder, M., Coad, A., 2011. From Average Joe’s happiness to Miserable Jane and Cheerful John: Using quantile regressions to analyze the full subjective well-being distribution. Journal of Economic Behavior & Organization. 79(3), 275-290.

Bond, Steve and Markus Eberhardt (2009) 'Cross-section dependence in nonstationary panel models: a novel estimator', paper presented at the Nordic Econometrics Conference in Lund.

Brei, M., Gadanecz, B., & Mehrotra, A. (2020). SME lending and banking system stability: Some mechanisms at work. Emerging Markets Review, 43, 100676.

Burgess, R. and Pande, R. (2005), “Do rural banks matter? Evidence from the Indian social banking experiment”, American Economic Review, Vol. 95 No. 3, pp. 780-795.

Chaudhry, I. S., Ali, S., Bhatti, S. H., Anser, M. K., Khan, A. I., & Nazar, R. (2021). Dynamic common correlated effects of technological innovations and institutional performance on environmental quality: Evidence from East-Asia and Pacific countries. Environmental Science & Policy, 124, 313–323. doi:10.1016/j.envsci.2021.07.007

Chen, F. W., Feng, Y., & Wang, W. (2018). Impacts of financial inclusion on non-performing loans of commercial banks: Evidence from China. Sustainability, 10(9), 3084.

Chen, Y. S., Chen, Z., Ali, S., Ullah, M. I., & Anser, M. K. (2022). Dynamic common correlated effects of financial inclusion on foreign direct investment: Evidence from East-Asia and Pacific countries. Borsa Istanbul Review.

Chibba, M. (2009), “Financial inclusion, poverty reduction and the millennium development goals”, The European Journal of Development Research, Vol. 21 No. 2, pp. 213-230.

Chudik A, Pesaran MH (2015) Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. J Econ 188(2):393–420

Cicchiello, A. F., Kazemikhasragh, A., Monferrá, S., & Girón, A. (2021). Financial inclusion and development in the least developed countries in Asia and Africa. Journal of Innovation and Entrepreneurship, 10(1), 1-13.

Čihák, M., Mare, D. S., & Melecky, M. 2016. The nexus of financial inclusion and financial stability: A study of trade-offs and synergies. World Bank Policy Research Working Paper, (7722).

Čihák, M., Mare, D. S., & Melecky, M. 2021. Financial Inclusion and Stability: Review of Theoretical and Empirical Links. The World Bank Research Observer, 36(2), 197-233.

Cull, R., Demirgüç-Kunt, A., & Lyman, T. (2012). Financial Inclusion and Stability: What Does Research Show? (No. 9443). The World Bank Group. curated/en/332881525873182837/pdf/126033-PUB-PUBLIC-pubdate-4-19-2018.pdf (accessed on 17 August 2023).

Danisman, G. O., & Tarazi, A. (2020). Financial inclusion and bank stability: Evidence from Europe. The European Journal of Finance, 26(18), 1842-1855.

De Hoyos RE, & Sarafidis V (2006) Testing for cross-sectional dependence in panel-data models. Stata J 6(4):482–496

Dell'Ariccia, G., & Marquez, R. (2006). Lending booms and lending standards. The journal of finance, 61(5), 2511-2546.

Demirgüç-Kunt, A., Klapper, L., & Singer, D. (2017). Financial inclusion and inclusive growth: A review of recent empirical evidence. World Bank Policy Research Working Paper, No. 8040, Washington, DC.

Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar, and Jake Hess. 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. Washington DC: World Bank. Available online: http://documents.worldbank.org/

Dienillah, A. A., Anggraeni, L., & Sahara, S. (2018). Impact of financial inclusion on financial stability based on income group countries. Buletin Ekonomi Moneter Dan Perbankan, 20(4), 429-442.

DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American sociological review, 147-160.

Ditzen J (2016) xtdcce: estimating dynamic common correlated effects in Stata. SEEC Discussion Papers, 1601

Ditzen, J. (2018). Cross-country convergence in a general Lotka–Volterra model. Spatial Economic Analysis, 13(2), 191-211.

Dogan E, Seker F, Bulbul S (2017) Investigating the impacts of energy consumption, real GDP, tourism and trade on CO2 emissions by accounting for cross-sectional dependence: a panel study of OECD countries. Curr Issue Tour 20(16):1701–1719

Donath, L. E., & Cismas, L. M. (2008). Determinants of Financial stability. The Romanian Economic Journal, 3, 27-44.

Eberhardt, Markus and Francis Teal (2010) 'Productivity Analysis in Global Manufacturing Product’on', Economics Series Working Papers 515, University of Oxford, Department of Economics.

Eichengreen, B. (1998). Exchange rate stability and financial stability. Open Economies Review, 9, 569-608.

European Central Bank (ECB). (2012). Financial Stability Review December 2012. Available Online: https://www.ecb.europa.eu/pub/pdf/fsr/financialstabilityreview201212en.pdf (Accessed 19th September 2022).

Fan, J., Y. Liao & J. Yao. 2015. Power Enhancement in High-Dimensional Cross-Sectional Tests. Econometrica (83): 497–1541.

Frączek, B. (2019). Relationships Between Financial Inclusion and Financial Stability and Economic Growth—The Opportunity or Threat for Monetary Policy? In Multiple Perspectives in Risk and Risk Management (pp. 261-278). Springer, Cham.

Frey, L., & Volz, U. (2013). Regional Financial Integration In Sub‐Saharan Africa–An Empirical Examination of Its Effects on Financial Market Development. South African Journal of Economics, 81(1), 79-117.

García, M. J. R., & José, M. (2016). Can financial inclusion and financial stability go hand in hand. Economic Issues, 21(2), 81-103.

Goldsmith, R.W. (1969), Financial Structure and Development (No. HG174 G57), Yale University Press, New Haven, CT.

Greene, W. (2001). Estimating Sample Selection Models with Panel Data. Manuscript, Department of Economics, Stern School of Business, NYU.

Griffith-Jones, S., & Karwowski, E. (2013, April). Finance and growth in Sub-Saharan Africa: Policy and research challenges. In Working paper prepared for JICA/IPD Africa Task Force Meeting (No. 6, pp. 1-33). JICA Reseach Institute.

Hakimi, A., Boussaada, R., & Karmani, M. (2022). Are financial inclusion and bank stability friends or enemies? Evidence from MENA banks. Applied Economics, 54(21), 2473-2489.

Han, R., & Melecky, M. (2013). Financial inclusion for financial stability: Access to bank deposits and the growth of deposits in the global financial crisis. World bank policy research working paper, (6577).

Hannig A and Jansen S (2010) 'Financial Inclusion and Financial Stability: Current Policy Issues', ADBI Working Paper Series, No. 259, Asian Development Bank Institute, Manila, Philippines

Hardy, D. C., & Pazarbaşioğlu, C. (1999). Determinants and leading indicators of banking crises: further evidence. IMF staff papers, 46(3), 247-258.

Hawkins, P. (2006). Financial access and financial stability. BIS (2006), www. bis. org/press/p060619. htm.

Huong, N. T. T. (2018). The impact of financial inclusion on monetary policy: A case study in Vietnam. Journal of Economics and Development, 20(2), 5-22.

Igan, D., & Pinheiro, M. (2011). Credit growth and bank soundness; fast and furious? IMF working papers 2011/278, International Monetary Fund

Jeanneau, S. (2014). Financial Stability Objectives and Arrangements–What's New?. BIS Paper, (76e).

Jima, M. D., & Makoni, P. L. (2023b). Causality between financial inclusion, financial stability, and economic growth in sub-Saharan Africa. Sustainability, 15(2), 1152.

Jungo, J., Madaleno, M., & Botelho, A. (2022). The Effect of Financial Inclusion and Competitiveness on Financial Stability: Why Financial Regulation Matters in Developing Countries? Journal of Risk and Financial Management, 15(3), 122.

Kamal, A., Hussain, T., & Khan, M. M. S. (2021). Impact of Financial inclusion and financial stability: Empirical and theoretical review. Liberal Arts and Social Sciences International Journal (LASSIJ), 5(1), 510-524.

Kapetanios G, Pesaran MH, Yamagata T (2011) Panels with nonstationary multifactor error structures. J Econ 160(2):326–348

Khan, H. R. (2011). Financial inclusion and financial stability: are they two sides of the same coin. Address by Shri HR Khan, Deputy Governor of the Reserve Bank of India, at BANCON, 1-12.

Khan, I., Khan, I., Sayal, A. U., & Khan, M. Z. 2022. Does financial inclusion induce poverty, income inequality, and financial stability: empirical evidence from the 54 African countries?. Journal of Economic Studies, 49(2), 303-314.

Kim, J.H. (2016), “A study on the effect of financial inclusion on the relationship between income inequality and economic growth”, Emerging Markets Finance and Trade, Vol. 52 No. 2, pp. 498-512.

King, R.G. and Levine, R. (1993), “Finance and growth: schumpeter might be right”, The Quarterly Journal of Economics, Vol. 108 No. 3, pp. 717-737.

Koenker, R. (2005). Quantile regression. New York, NY: Cambridge University Press.

Koenker, R., Bassett, G. J., 1978. Regression quantiles. Econometrica: journal of the Econometric Society. 46, 33-50.

Koudalo, Y. M., & Toure, M. (2023). Does financial inclusion promote financial stability? Evidence from Africa. Cogent Economics & Finance, 11(2), 2225327.

Kuznyetsova, A., Boiarko, I., Khutorna, M., & Zhezherun, Y. (2022). Development of financial inclusion from the standpoint of ensuring financial stability. Public and Municipal Finance, 11(1), 20-36.

Laeven, L and Valencia, F 2013, ‘The real effects of financial sector interventions during crises’, Journal of money, credit and Banking, Vol. 45, No. 1, pp. 147-177

Latif Z, Latif S, Ximei L, Pathan ZH, Salam S, Jianqiu Z (2018) The dynamics of ICT, foreign direct investment, globalization and economic growth: panel estimation robust to heterogeneity and cross-sectional dependence. Telematics Inform 35(2):318–328

Le, T. H., Chuc, A. T., & Taghizadeh-Hesary, F. 2019. Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa Istanbul Review, 19(4), 310-322.

Leigh, L., & Mansoor, A. (2016). Financial inclusion and stability in Africa’s middle-income countries. In Africa on the Move: Unlocking the Potential of Small MiddleIncome States. International Monetary Fund.

Lenka, S. K., & Bairwa, A. K. (2016). Does financial inclusion affect monetary policy in SAARC countries? Cogent Economics & Finance, 4(1), 1127011.

Levine, Ross. 2005. Chapter 12 Finance and growth: Theory and evidence. In Handbook of Economic Growth. Edited by Philippe Aghion and Steven N. Durlauf. Amsterdam: Elsevier Science.

Lovegrove, A., Fuchs, M., Long, M., Schwartz, J., Weaver, J., Didenko, R., ... & Denton-Clark, J. (2007). Financial sector integration in two regions of Sub-Saharan Africa: How creating scale in financial markets can support growth and development. Making Finance Work for Development, World Bank.

Maity, S., & Sahu, T. N. (2022). Bank branch outreach and access to banking services toward financial inclusion: an experimental evidence. Rajagiri Management Journal, (ahead-of-print).

Makoni, Patricia Lindelwa. 2014. From financial exclusion to financial inclusion through microfinance: The case of rural Zimbabwe. Corporate Ownership and Control 11: 447–55

Mashamba, T., & Gani, S. (2023). Fintech, bank funding, and economic growth in Sub-Saharan Africa. Cogent Economics & Finance, 11(1), 2225916.

Matsebula, V., & Sheefeni, J. P. (2022). An Analysis of the Relationship Between Financial Inclusion and Financial Stability in South Africa. Global Journal of Economics and Business, 12(5), 637-648.

Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American journal of sociology, 83(2), 340-363.

Mbutor, M. O., & Uba, I. A. (2013). The impact of financial inclusion on monetary policy in Nigeria. Journal of Economics and International Finance, 5(8), 318-326.

McKinnon, Ronald. 1973. Money and Capital in Economic Development. Washington DC: The Brookings Institution. Available online: https://www.brookings.edu/book/money-and-capital-in-economic-development/ (accessed on 19 August 2023).

Mehrotra, A. N., & Yetman, J. (2015). Financial inclusion-issues for central banks. BIS Quarterly Review March.

Mehrotra, A., & Nadhanael, G. V. (2016). Financial inclusion and monetary policy in emerging Asia. Financial Inclusion in Asia: Issues and Policy Concerns, 93-127.

Morgan, P. J., & Pontines, V. (2018). Financial stability and financial inclusion: The case of SME lending. The Singapore Economic Review, 63(01), 111-124.

Morawetz, V. (1908). Evils of excessive credit expansion. Journal of Accountancy (pre-1986), 5(000005), 345.

Naceur, S.B., Candelon, B. & Lajaunie, Q. (2019). Taming financial development to reduce crisis. Emerging Markets Review, Elsevier, 40, 100618, https://doi.org/10.1016/j.ememar.2019.05.003

Naceur, Sami Ben, Adolfo Barajas, and Alexander Massara. 2017. Can Islamic Banking Increase Financial Inclusion? In Handbook of Empirical Research on Islam and Economic Life. Edward Elgar Publishing: pp. 213–52. Available online: https://www.elgaronline.com/display/edcoll/9781784710729/9781784710729.00017.xml (accessed on 11 July 2022).

Nanda, Kajole, and Mandeep Kaur. 2016. Financial Inclusion and Human Development: A Cross-country Evidence. Management and Labour Studies 41: 127–53.

Neaime, S., & Gaysset, I. (2018). Financial inclusion and stability in MENA: Evidence from poverty and inequality. Finance Research Letters, 24, 230-237.

Negm, A. 2021. The Effect of Financial Inclusion on Financial stability in the SME’s From Bankers’ Viewpoint 'The Egyptian Case' (September 5, 2021). Available at SSRN: https://ssrn.com/abstract=3917928 or http://dx.doi.org/10.2139/ssrn.3917928

Nguyen, T. D., & Du, Q. L. T. (2022). The effect of financial inclusion on bank stability: Evidence from ASEAN. Cogent Economics & Finance, 10(1), 2040126. https:// doi.org/10.1080/23322039.2022.2040126

Obstfeld, M., Shambaugh, J. C., & Taylor, A. M. (2010). Financial stability, the trilemma, and international reserves. American Economic Journal: Macroeconomics, 2(2), 57-94.

OECD (Organization for Economic Co-operation and Development). (2013). Financial Literacy and Inclusion. Available online: https://www.oecd.org/daf/fin/financial-education/TrustFund2013_OECD_INFE_Fin_Lit_and_Incl_SurveyResults_by_Country_and_Gender.pdf. (Accessed 26th March 2022).

Owen, Ann L., and Javier M. Pereira. 2018. Bank concentration, competition, and financial inclusion. Review of Development Finance 8: 1–17.

Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329-340.

Ozili, P. K. (2021a). Financial inclusion research around the world: A review. In Forum for social economics (Vol. 50, No. 4, pp. 457-479). Routledge.

Ozili, P. K. (2021b). Financial inclusion: Globally important determinants. Financial Internet Quarterly, 17(4), 1-11.

Ozili, P.K. (2020), "Theories of Financial Inclusion", Özen, E. and Grima, S. (Ed.) Uncertainty and Challenges in Contemporary Economic Behaviour (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Bingley, pp. 89-115. https://doi.org/10.1108/978-1-80043-095-220201008

Ozili, P. K. (2023). Institutional theory of financial inclusion. In Handbook of Research on Acceleration Programs for SMEs (pp. 45-53). IGI Global. Edited by Inês Lisboa, Nuno Teixeira, Liliane Segura, Tomáš Krulický and Veronika Machová.

Pal, S., & Bandyopadhyay, I. 2022. Impact of financial inclusion on economic growth, financial development, financial efficiency, financial stability, and profitability: an international evidence. SN Business & Economics, 2(9), 139.

Park, Cyn-Young, and Rogelio V. Mercado. 2015. Financial Inclusion, Poverty, and Income Inequality in Developing Asia. Available online: https://www.adb.org/sites/default/files/publication/153143/ewp-426.pdf (accessed on 21 July 2023).

Pesaran MH (2006) Estimation and inference in large heterogenous panels with multifactor error structure. Econometrica 74(4):967– 1012

Pesaran, M. H. 2015. Testing Weak Cross-Sectional Dependence in Large Panels. Econometric Reviews 34(6-10): 1089-1117.

Pesaran, M. H. 2021. General diagnostic tests for cross-sectional dependence in panels. Empirical Economics 60: 13-50.

Petscher, Y., & Logan, J. A. (2014). Quantile regression in the study of developmental sciences. Child development, 85(3), 861-881.

Pham, M. H., & Doan, T. P. L. (2020). The impact of financial inclusion on financial stability in Asian countries. The Journal of Asian Finance, Economics and Business, 7(6), 47-59.

Plümper, T., Troeger, V. E., & Manow, P. (2005). Panel data analysis in comparative politics: Linking method to theory. European Journal of Political Research, 44(2), 327-354.

Porter, S. R. (2014). Quantile regression: Analyzing changes in distributions instead of means. Higher Education: Handbook of Theory and Research: Volume 30, 335-381.

Prasad, E. (2010). Financial Sector Regulation and Reforms in Emerging Markets: An Overview. NBER Working Paper No. 16428. Cambridge, MA: National Bureau of Economic Research. https://www.nber.org/papers/w16428

Rahman A (2014) The Mutually Supportive Relationship Between Financial Inclusion and Financial Stability, afiViewpoints Issue 1, Bangkok: Alliance for Financial Inclusion.

Saha, M., & Dutta, K. D. (2021). Nexus of financial inclusion, competition, concentration and financial stability: Cross-country empirical evidence. Competitiveness Review: An International Business Journal, 31(4), 669-692.

Sahay, M. R., Cihak, M., N'Diaye, M. P., Barajas, M. A., Mitra, M. S., Kyobe, M. A., ... & Yousefi, M. R. (2015). Financial inclusion: can it meet multiple macroeconomic goals? International Monetary Fund.

Sahminan, S. (2007). Effects of exchange rate depreciation on commercial bank failures in Indonesia. Journal of Financial Stability, 3(2), 175-193.

Sarpong, B., & Nketiah-Amponsah, E. (2022). Financial inclusion and inclusive growth in sub-Saharan Africa. Cogent Economics & Finance, 10(1), 2058734.

Schinasi, G. (2004). Defining Financial Stability (No. 2004/187). International Monetary Fund.

Schumpeter, J.A. (1911), The Theory of Economic Development, Harvard University Press.

Sethi, D. and Acharya, D. (2018), “Financial inclusion and economic growth linkage: some cross-country evidence”, Journal of Financial Economic Policy, Vol. 10 No. 3, pp. 369-385.

Sethi, D. and Sethy, S.K. (2018), “Financial inclusion matters for economic growth in India: some evidence from cointegration analysis”, International Journal of Social Economics, Vol. 46 No. 1, pp. 132-151.

Shaikh, A. A., Glavee-Geo, R., Karjaluoto, H., & Hinson, R. E. (2023). Mobile money as a driver of digital financial inclusion. Technological Forecasting and Social Change, 186, 122158.

Shirono, M. K., Chhabra, E., Das, M. B., Fan, M. Y., & Villanova, M. H. C. (2021). Is mobile money part of money? Understanding the trends and measurement. Available online: Is Mobile Money Part of Money? Understanding the Trends and Measurement in: IMF Working Papers Volume 2021 Issue 177 (2021) (Accessed November 9, 2023)

Siddik, M., Alam, N., & Kabiraj, S. (2018). Does financial inclusion induce financial stability? Evidence from cross-country analysis. Australasian Accounting, Business and Finance Journal, 12(1), 34-46.

Vo, D. H., Nguyen, N. T., & Van, L. T. H. (2021). Financial inclusion and stability in the Asian region using bank-level data. Borsa Istanbul Review, 21(1), 36-43.

Wang, R., & Luo, H. R. (2022). How does financial inclusion affect bank stability in emerging economies? Emerging Markets Review, 51, 100876. https://doi.org/ 10.1016/j.ememar.2021.100876

World Bank (2015). World Bank Group and a Coalition of Partners Make Commitments to Accelerate Universal Financial Access. Available online: https://www.worldbank.org/en/news/press-release/2015/04/17/world-bank-group-coalition-partners-make-commitments-accelerate-universal-financial-access (Accessed 16th March 2022).

World Bank (2018). The Little Data Book on Financial Inclusion 2018. Available online: https://openknowledge.worldbank.org/bitstream/handle/10986/29654/LDB-FinInclusion2018.pdf?sequence=1&isAllowed=y (Accessed 16th March 2022).

World Bank (2022). The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Available online: https://www.worldbank.org/en/publication/globalfindex/Report (Accessed 18th July 2022).

World Bank (2023). Digital Financial Inclusion in Africa Interview Series. Available online: https://www.worldbank.org/en/news/feature/2023/09/28/digital-financial-inclusion-in-africa-interview-series-ashley-olson-onyango#:~:text=Mobile%20money%20has%20been%20an,or%20other%20financial%20institution%20account. (Accessed 9th November 2023).

WSBI (2010), “Financial inclusion: how do we make it happen?”, Position paper. DOC 1169/10 (Vers. 1.0.), available at: www.wsbi-esbg.org/SiteCollectionDocuments/1169.pdf (accessed 19 Augsut 2023)

Yoshino, N., & Morgan, P. J. (2018). Financial inclusion, financial stability, and income inequality: Introduction. The Singapore Economic Review, 63(01), 1-7.

Zhang, Q., and A. Posso. 2019. “Thinking Inside the Box: A Closer Look at Financial Inclusion and Household Income.” The Journal of Development Studies 55 (7): 1616–1631.

Zins, Alexandra, and LaurentWeill. 2016. The determinants of financial inclusion in Africa. Review of Development Finance 6: 46–57.