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31/07/2024
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Esely, N., & Taonezvi, L. (2024). The nexus among digital financial inclusion, monetary policy transmission, and economic development in Sub-Saharan Africa. Journal of International Economics and Management, 24(2), 1-23. https://doi.org/10.38203/jiem.024.2.0083
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The nexus among digital financial inclusion, monetary policy transmission, and economic development in Sub-Saharan Africa
Main Article Content
Abstract
This paper aims to examine the complex relationship between digital financial inclusion, monetary policy transmission, and economic development in 18 Sub-Saharan African countries from 2004 to 2021. The study utilizes panel data and employs a digital financial inclusion index, broad money growth, and real gross domestic product per capita as proxies for digital financial inclusion, monetary policy transmission, and economic development, respectively. The panel autoregressive distributed lag model results uncover a bi-directional causality between economic development and digital financial inclusion, emphasizing the pivotal role of digital financial inclusion in fostering economic development. Additionally, another bi-directional causality between digital financial inclusion and monetary policy transmission highlights their interdependence. Unidirectional causality from monetary policy transmission to economic development is also established. This study emphasizes the crucial role of robust measures in enhancing digital financial inclusion to avert adverse consequences, offers nuanced insights into policy dynamics, particularly regarding inflation mitigation, and enhances monetary policy effectiveness. These findings underscore the importance of policy reform, legislation, and regulatory improvements to promote digital financial inclusion by Sub-Saharan African central banks. Strengthening rural financial infrastructure is crucial for driving digital financial inclusion, sustainable economic development, and reducing regional inequalities.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Keywords
Digital financial inclusion, Sustainable economic development, Monetary policy transmission, Sub-Saharan Africa, Panel data models
References
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African Development Bank (2022), Africa Economic Outlook 2022, African Development Bank, Côte d’Ivoire.
Akalpler, E. and Duhok, D. (2018), “Does monetary policy affect economic growth: evidence from Malaysia”, Journal of Economic and Administrative Sciences, Vol. 34 No. 1, pp. 2-20.
Akanbi, S.B., Dauda, R.O., Yusuf, H.A. and Abdulrahman, A.I. (2020), “Financial inclusion and monetary policy in West Africa”, Journal of Emerging Economies and Islamic Research, Vol. 8 No. 2, pp. 88-99.
Anarfo, J.Y. (2019), “Monetary policy and financial inclusion in Sub-Sahara Africa: a panel VAR approach”, Journal of African Business, Vol. 20 No. 4, pp. 549-572.
Arshad, M.U., Ahmed, Z., Ramzan, A., Shabbir, M.N., Bashir, Z. and Khan, F.N. (2021), “Financial inclusion and monetary policy effectiveness: a sustainable development approach of developed and under-developed countries”, PLOS One, Vol. 16 No. 12, e0261337.
Atje, R.J. (1989), “Stock markets and development”, European Economic Review, Vol. 37 No. 2, pp. 632-640.
Babatunde, A.S.A. and Olasunkanmi, A.S. (2023), “Monetary policy and economic performance in Sub-Saharan Africa”, African Journal of Economic Review, Vol. 11 No. 1, pp. 83-100.
Badruddin, R. (2017), “Conceptualization of the effectiveness of fintech in financial inclusion”, International Journal of Engineering Technology Science and Research, Vol. 4 No. 7, pp. 960-965.
Barro, R. (1991), “Economic growth in cross section of countries”, Quarterly Journal of Economics, Vol. 106 No. 2, pp. 407-443.
Blackburne, E.F. and Frank, M.W. (2007), “Estimation of nonstationary heterogeneous panels”, The Stata Journal, Vol. 7 No. 2, pp. 197-208.
Bodie, Z., Kane, A. and Marcus, A. (2024), Investments, 13th Edition, McGraw Hill, New York.
Breza, E. and Kinnan, C. (2021), “Measuring the equilibrium impacts of credit: evidence from the Indian microfinance crisis”, The Quarterly Journal of Economics, Vol. 136 No. 3, pp. 1447-1497.
CBN (2019), “The conduct of monetary policy”, Available at https://www.cbn.gov.ng/MonetaryPolicy/Conduct.asp (Accessed 10 May, 2023).
Chinoda, T. and Kapingura, F.M. (2023), “Digital financial inclusion and economic growth in Sub-Saharan Africa: the role of institutions and governance”, African Journal of Economic and Management Studies, Vol. 15 No. 1, pp. 15-30.
Chipote, P. and Makhetha-Kosi, C. (2014), “Impact of monetary policy on economic growth: a case study of South Africa”, Mediterranean Journal of Social Sciences, Vol. 5 No. 15, pp. 76-84.
Chirwa, T.G. and Odhiambo, N.M. (2018), “Exogenous and endogenous growth models: a critical review”, Comparative Economic Research, Vol. 21 No. 4, pp. 63-84.
Claessens, S., Demirgüç-Kunt, A. and Huizinga, H. (2008), “How does foreign entry affect domestic banking markets?”, Journal of Banking and Finance, Vol. 32 No. 5, pp. 788-799.
Czartoryski, P. (1985), Copernicus and the Money Question, Palgrave Macmillan, London.
Dluhopolskyi, O., Pakhnenko, O., Lyeonov, S., Semenog, A., Artyukhova, N., Cholewa-Wiktor, M. and Jastrzebski, W. (2023), “Digital financial inclusion: COVID-19 impacts and opportunities”, Sustainability, Vol. 15, 2383.
Eltis, W. (2000), “Adam Smith’s theory of economic growth”, in The Classical Theory of Economic Growth, Palgrave Macmillan, London, pp. 68-105.
Evans, O. and Adeoye, B. (2016), “Determinants of financial inclusion in Africa: a dynamic panel data approach”, University of Mauritius Research Journal, Vol. 22, pp. 1-23.
Fernandes, C., Borges, M.R., Macome, E. and Caiado, J. (2023), “Measuring an equilibrium long-run relationship between financial inclusion and monetary stability in Mozambique”, Applied Economics, Vol. 56 No. 24, pp. 2915-2930.
Friedman, M. (1995), The Role of Monetary Policy, Macmillan Education, UK.
Gatawa, N.M., Abdulgafar, A. and Olarinde, M.O. (2017), “Impact of money supply and inflation on economic growth in Nigeria (1973-2013)”, Journal of Economics and Finance, Vol. 8 No. 3, pp. 26 - 37.
Goldsmith, R.N. (1969), Financial Structure and Development, Yale University Press, New Haven.
Gourène, G.A.Z. and Mendy, P. (2019), “Financial inclusion and economic growth in WAEMU: a multiscale heterogeneity panel causality approach”, Theoretical Economics Letters, Vol. 9 No. 3, pp. 477-488.
Huong, N. (2018), “The impact of financial inclusion on monetary policy: a case study in Vietnam”, Journal of Economics and Development, Vol. 20 No. 2, pp. 5-22.
International Monetary Fund (2019), FinTech in Sub-Saharan African countries: a Game Changer?, International Monetary Fund, Washington, D.C.
Jiang, S., Qiu, S. and Zhou, H. (2022), “Will digital financial development affect the effectiveness of monetary policy in emerging market countries?”, Economic Research-Ekonomska Istraživanja, Vol. 35 No. 1, pp. 3437-3472.
Kao, C. (1999), “Spurious regression and residual-based tests for cointegration in panel data”, Journal of Econometrics, Vol. 90 No. 1, pp. 1-44.
Kapaya, S.M. (2021), “Financial development and economic growth in Tanzania: an ARDL and bound testing approach”, Asian Journal of Economics and Banking, Vol. 5 No. 1, pp. 46-65.
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.
Lagna, A. and Ravishankar, M.N. (2021), “Making the world a better place with fintech research”, Information Systems Journal, Vol. 32 No. 1, pp. 61-102.
Law, S. and Singh, N. (2014), “Does too much finance harm economic growth?”, Journal of Banking and Finance, Vol. 41, pp. 36-44.
Lenka, S.K., Bairwa, A.K. and McMillan, D. (2016), “Does financial inclusion affect monetary policy in SAARC countries?”, Cogent Economics & Finance, Vol. 4 No. 1, 1127011.
Lyons, J.K.H. (2021), The Evolution of Financial Services in the Digital Age, De Gruyter, Chicago.
Mbiti, I. and Weil, D.N. (2015), “Mobile banking: the impact of M-Pesa in Kenya”, in Edwards, S, Johnson, S. and Weil, D.N. (Eds.), African Successes, Volume III: Modernization and Development, University of Chicago Press, Chicago, pp. 247-293.
Mbutor, M. and Uba, I. (2013), “The impact of financial inclusion on monetary policy in Nigeria”, Journal of Economics and International Finance, Vol. 5, pp. 318-326.
Modugu, K.P. and Dempere, J. (2022), “Monetary policies and bank lending in developing countries: evidence from Sub-Sahara Africa”, Journal of Economics and Development, Vol. 24 No. 3, pp. 217-229.
M-Pesa (2023), “What is M-PESA?”, Available at https://www.vodafone.com/about-vodafone/what-we-do/consumer-products-and-services/m-pesa (Accessed 14 June, 2023).
Odei-Appiah, S., Wiredu, G. and Adjei, J.K. (2022), “Fintech use, digital divide and financial inclusion”, Digital Policy, Regulation and Governance, Vol. 24 No. 5, pp. 435-448.
Oruo, J. (2013), “The relationship between financial inclusion and GDP growth in Kenya”, Department of Finance and Accounting School of Business Research Project No. D61/67890/2011, University of Nairobi, Kenya.
Ozili, P.K. (2023), “Impact of monetary policy on financial inclusion in emerging markets”, Journal of Risk and Financial Management, Vol. 16 No. 7, 303.
Ozturk, I. and Ullah, S. (2022), “Does digital financial inclusion matter for economic growth and environmental sustainability in OBRI economies? An empirical analysis”, Resources, Conservation and Recycling, Vol. 185, 106489.
Pedroni, P. (1999), “Critical values for cointegration tests in heterogeneous panels with multiple regressors”, Oxford Bulletin of Economics and Statistics, Vol. 61 No. S1, pp. 653-670.
Pesaran, H. and Shin, Y. (1998), “Generalized impulse response analysis in linear multivariate models”, Economics Letters, Vol. 58 No. 1, pp. 17-29.
Pesaran, M. and Smith, R. (1995), “The role of theory in econometrics”, Journal of Econometrics, Vol. 67 No. 1, pp. 61-79.
Pesaran, M.H., Shin, Y. and Smith, R.P. (1999), “Pooled mean group estimation of dynamic heterogeneous panels”, Journal of the American Statistical Association, Vol. 94, pp. 621-634.
Petrakis, P.E. (2020), Theoretical Approaches to Economic Growth and Development. An Interdisciplinary Perspective, National and Kapodistrian University of Athens, Switzerland.
Rafindadi, A. and Yosuf, Z. (2013), “An application of panel ARDL in analysing the dynamics of financial development and economic growth in 38 Sub-Saharan African continents”, Kuala Lumpur International Business, Vol. 2 No. 3, pp. 118-135.
Revell, J.R. (1970), “Reviewed work: financial structure and development. By R.W. Goldsmith”, The Economic Journal, Vol. 80 No. 318, pp. 365-367.
Romer, P.M. (1990), “Endogenous technological change”, Journal of Political Economy, Vol. 98 No. 5, pp. S71-S102.
Salisu, A. (2022), “Relationship between financial inclusion and monetary policy on economic growth: evidence from panel data draw from a sample of developing countries”, European Scientific Journal, Vol. 18 No. 22, pp. 225-255.
Saraswati, B.D., Maski, G., Kaluge, D. and Sakti, R.K. (2020), “The effect of financial inclusion and financial technology on effectiveness of the Indonesian monetary policy”, Business: Theory and Practice, Vol. 21 No. 1, pp. 230-243.
Schumpeter, J.A. (1911), The Theory of Economic Development, Harvard University Press, Cambridge.
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.
Shen, Y., Hu, W. and Hueng, C.J. (2021), “Digital financial inclusion and economic growth: a cross-country study”, Procedia Computer Science, Vol. 187, pp. 218-223.
Solow, R.M. (1956), “A contribution to the theory of economic growth”, The Quarterly Journal of Economics, Vol. 70 No. 1, pp. 65-94.
Takyi, P.O., Sakyi, D., Yusif, H., Asante, G.N., Osei-Fosu, A.K. and Mensah, G. (2023), “Financial inclusion and financial development: implications for monetary policy effectiveness and economic growth in Sub Saharan Africa”, Journal of Economics, Vol. ahead-of-print No. ahead-of-print.
Tay, L, Tai, H. and Tan, G. (2022), “Digital financial inclusion: A gateway to sustainable development”, Heliyon, Vol. 8, pp. 1-10.
Thaddeus, K., Chi, A. and Manasseh, C. (2020), “Digital financial inclusion and economic growth: evidence from Sub-Saharan Africa (2011-2017)”, International Journal of Business and Management, Vol. 8, pp. 212-226.
Ucak, A. (2015), “Adam Smith: the inspirer of modern growth theories”, Procedia - Social and Behavioral Sciences, Vol. 195, pp. 663-672.
Ugwuanyi, U., Ugwuoke, R., Onyeanu, E., Festus Eze, E., Isahaku Prince, A., Anago, J. and Ibe, G.I. (2022), “Financial inclusion-economic growth nexus: traditional finance versus digital finance in Sub-Saharan Africa”, Cogent Economics & Finance, Vol. 10 No. 1, 2133356.
UNCTAD (2021), “Botswana launches strategy to diversify economy through e-commerce”, Available at https://shorturl.at/agmF3 (Accessed 20 October, 2022).
Van den Berg, H. (2016), Economic Growth and Development, World Scientific Publishing Company, New Jersey.
Volckart, O. (1997), “Early beginnings of the quantity theory of money and their context in Polish and Prussian monetary policies”, The Economic History Review, Vol. 50 No. 3, pp. 430-449.
Weinhold, D. (1999), A Dynamic Fixed Effects Model for Heterogeneous Panel Data, London School of Economics, London.
World Bank (2013), Global Financial Development Report 2014: Financial Inclusion (Vol. 2), World Bank Publications, Washington, D.C.
World Bank (2020), “Digital financial inclusion”, Available at https://shorturl.at/hoqrt (Accessed 21 November, 2022).
World Bank (2022), Fintech and the Future of Finance, World Bank Publications, Washington, D.C.
Zardoub, A. and Sboui, F. (2021), “Impact of foreign direct investment, remittances and official development assistance on economic growth: panel data approach”, PSU Research Review, Vol. 7 No. 2, pp. 73-89.
Zogning, F. (2023), “Financial inclusion, inclusive entrepreneurship, and alternative financing options”, Journal of Small Business and Entrepreneurship, Vol. 35 No. 1, pp. 8-13.
African Development Bank (2022), Africa Economic Outlook 2022, African Development Bank, Côte d’Ivoire.
Akalpler, E. and Duhok, D. (2018), “Does monetary policy affect economic growth: evidence from Malaysia”, Journal of Economic and Administrative Sciences, Vol. 34 No. 1, pp. 2-20.
Akanbi, S.B., Dauda, R.O., Yusuf, H.A. and Abdulrahman, A.I. (2020), “Financial inclusion and monetary policy in West Africa”, Journal of Emerging Economies and Islamic Research, Vol. 8 No. 2, pp. 88-99.
Anarfo, J.Y. (2019), “Monetary policy and financial inclusion in Sub-Sahara Africa: a panel VAR approach”, Journal of African Business, Vol. 20 No. 4, pp. 549-572.
Arshad, M.U., Ahmed, Z., Ramzan, A., Shabbir, M.N., Bashir, Z. and Khan, F.N. (2021), “Financial inclusion and monetary policy effectiveness: a sustainable development approach of developed and under-developed countries”, PLOS One, Vol. 16 No. 12, e0261337.
Atje, R.J. (1989), “Stock markets and development”, European Economic Review, Vol. 37 No. 2, pp. 632-640.
Babatunde, A.S.A. and Olasunkanmi, A.S. (2023), “Monetary policy and economic performance in Sub-Saharan Africa”, African Journal of Economic Review, Vol. 11 No. 1, pp. 83-100.
Badruddin, R. (2017), “Conceptualization of the effectiveness of fintech in financial inclusion”, International Journal of Engineering Technology Science and Research, Vol. 4 No. 7, pp. 960-965.
Barro, R. (1991), “Economic growth in cross section of countries”, Quarterly Journal of Economics, Vol. 106 No. 2, pp. 407-443.
Blackburne, E.F. and Frank, M.W. (2007), “Estimation of nonstationary heterogeneous panels”, The Stata Journal, Vol. 7 No. 2, pp. 197-208.
Bodie, Z., Kane, A. and Marcus, A. (2024), Investments, 13th Edition, McGraw Hill, New York.
Breza, E. and Kinnan, C. (2021), “Measuring the equilibrium impacts of credit: evidence from the Indian microfinance crisis”, The Quarterly Journal of Economics, Vol. 136 No. 3, pp. 1447-1497.
CBN (2019), “The conduct of monetary policy”, Available at https://www.cbn.gov.ng/MonetaryPolicy/Conduct.asp (Accessed 10 May, 2023).
Chinoda, T. and Kapingura, F.M. (2023), “Digital financial inclusion and economic growth in Sub-Saharan Africa: the role of institutions and governance”, African Journal of Economic and Management Studies, Vol. 15 No. 1, pp. 15-30.
Chipote, P. and Makhetha-Kosi, C. (2014), “Impact of monetary policy on economic growth: a case study of South Africa”, Mediterranean Journal of Social Sciences, Vol. 5 No. 15, pp. 76-84.
Chirwa, T.G. and Odhiambo, N.M. (2018), “Exogenous and endogenous growth models: a critical review”, Comparative Economic Research, Vol. 21 No. 4, pp. 63-84.
Claessens, S., Demirgüç-Kunt, A. and Huizinga, H. (2008), “How does foreign entry affect domestic banking markets?”, Journal of Banking and Finance, Vol. 32 No. 5, pp. 788-799.
Czartoryski, P. (1985), Copernicus and the Money Question, Palgrave Macmillan, London.
Dluhopolskyi, O., Pakhnenko, O., Lyeonov, S., Semenog, A., Artyukhova, N., Cholewa-Wiktor, M. and Jastrzebski, W. (2023), “Digital financial inclusion: COVID-19 impacts and opportunities”, Sustainability, Vol. 15, 2383.
Eltis, W. (2000), “Adam Smith’s theory of economic growth”, in The Classical Theory of Economic Growth, Palgrave Macmillan, London, pp. 68-105.
Evans, O. and Adeoye, B. (2016), “Determinants of financial inclusion in Africa: a dynamic panel data approach”, University of Mauritius Research Journal, Vol. 22, pp. 1-23.
Fernandes, C., Borges, M.R., Macome, E. and Caiado, J. (2023), “Measuring an equilibrium long-run relationship between financial inclusion and monetary stability in Mozambique”, Applied Economics, Vol. 56 No. 24, pp. 2915-2930.
Friedman, M. (1995), The Role of Monetary Policy, Macmillan Education, UK.
Gatawa, N.M., Abdulgafar, A. and Olarinde, M.O. (2017), “Impact of money supply and inflation on economic growth in Nigeria (1973-2013)”, Journal of Economics and Finance, Vol. 8 No. 3, pp. 26 - 37.
Goldsmith, R.N. (1969), Financial Structure and Development, Yale University Press, New Haven.
Gourène, G.A.Z. and Mendy, P. (2019), “Financial inclusion and economic growth in WAEMU: a multiscale heterogeneity panel causality approach”, Theoretical Economics Letters, Vol. 9 No. 3, pp. 477-488.
Huong, N. (2018), “The impact of financial inclusion on monetary policy: a case study in Vietnam”, Journal of Economics and Development, Vol. 20 No. 2, pp. 5-22.
International Monetary Fund (2019), FinTech in Sub-Saharan African countries: a Game Changer?, International Monetary Fund, Washington, D.C.
Jiang, S., Qiu, S. and Zhou, H. (2022), “Will digital financial development affect the effectiveness of monetary policy in emerging market countries?”, Economic Research-Ekonomska Istraživanja, Vol. 35 No. 1, pp. 3437-3472.
Kao, C. (1999), “Spurious regression and residual-based tests for cointegration in panel data”, Journal of Econometrics, Vol. 90 No. 1, pp. 1-44.
Kapaya, S.M. (2021), “Financial development and economic growth in Tanzania: an ARDL and bound testing approach”, Asian Journal of Economics and Banking, Vol. 5 No. 1, pp. 46-65.
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.
Lagna, A. and Ravishankar, M.N. (2021), “Making the world a better place with fintech research”, Information Systems Journal, Vol. 32 No. 1, pp. 61-102.
Law, S. and Singh, N. (2014), “Does too much finance harm economic growth?”, Journal of Banking and Finance, Vol. 41, pp. 36-44.
Lenka, S.K., Bairwa, A.K. and McMillan, D. (2016), “Does financial inclusion affect monetary policy in SAARC countries?”, Cogent Economics & Finance, Vol. 4 No. 1, 1127011.
Lyons, J.K.H. (2021), The Evolution of Financial Services in the Digital Age, De Gruyter, Chicago.
Mbiti, I. and Weil, D.N. (2015), “Mobile banking: the impact of M-Pesa in Kenya”, in Edwards, S, Johnson, S. and Weil, D.N. (Eds.), African Successes, Volume III: Modernization and Development, University of Chicago Press, Chicago, pp. 247-293.
Mbutor, M. and Uba, I. (2013), “The impact of financial inclusion on monetary policy in Nigeria”, Journal of Economics and International Finance, Vol. 5, pp. 318-326.
Modugu, K.P. and Dempere, J. (2022), “Monetary policies and bank lending in developing countries: evidence from Sub-Sahara Africa”, Journal of Economics and Development, Vol. 24 No. 3, pp. 217-229.
M-Pesa (2023), “What is M-PESA?”, Available at https://www.vodafone.com/about-vodafone/what-we-do/consumer-products-and-services/m-pesa (Accessed 14 June, 2023).
Odei-Appiah, S., Wiredu, G. and Adjei, J.K. (2022), “Fintech use, digital divide and financial inclusion”, Digital Policy, Regulation and Governance, Vol. 24 No. 5, pp. 435-448.
Oruo, J. (2013), “The relationship between financial inclusion and GDP growth in Kenya”, Department of Finance and Accounting School of Business Research Project No. D61/67890/2011, University of Nairobi, Kenya.
Ozili, P.K. (2023), “Impact of monetary policy on financial inclusion in emerging markets”, Journal of Risk and Financial Management, Vol. 16 No. 7, 303.
Ozturk, I. and Ullah, S. (2022), “Does digital financial inclusion matter for economic growth and environmental sustainability in OBRI economies? An empirical analysis”, Resources, Conservation and Recycling, Vol. 185, 106489.
Pedroni, P. (1999), “Critical values for cointegration tests in heterogeneous panels with multiple regressors”, Oxford Bulletin of Economics and Statistics, Vol. 61 No. S1, pp. 653-670.
Pesaran, H. and Shin, Y. (1998), “Generalized impulse response analysis in linear multivariate models”, Economics Letters, Vol. 58 No. 1, pp. 17-29.
Pesaran, M. and Smith, R. (1995), “The role of theory in econometrics”, Journal of Econometrics, Vol. 67 No. 1, pp. 61-79.
Pesaran, M.H., Shin, Y. and Smith, R.P. (1999), “Pooled mean group estimation of dynamic heterogeneous panels”, Journal of the American Statistical Association, Vol. 94, pp. 621-634.
Petrakis, P.E. (2020), Theoretical Approaches to Economic Growth and Development. An Interdisciplinary Perspective, National and Kapodistrian University of Athens, Switzerland.
Rafindadi, A. and Yosuf, Z. (2013), “An application of panel ARDL in analysing the dynamics of financial development and economic growth in 38 Sub-Saharan African continents”, Kuala Lumpur International Business, Vol. 2 No. 3, pp. 118-135.
Revell, J.R. (1970), “Reviewed work: financial structure and development. By R.W. Goldsmith”, The Economic Journal, Vol. 80 No. 318, pp. 365-367.
Romer, P.M. (1990), “Endogenous technological change”, Journal of Political Economy, Vol. 98 No. 5, pp. S71-S102.
Salisu, A. (2022), “Relationship between financial inclusion and monetary policy on economic growth: evidence from panel data draw from a sample of developing countries”, European Scientific Journal, Vol. 18 No. 22, pp. 225-255.
Saraswati, B.D., Maski, G., Kaluge, D. and Sakti, R.K. (2020), “The effect of financial inclusion and financial technology on effectiveness of the Indonesian monetary policy”, Business: Theory and Practice, Vol. 21 No. 1, pp. 230-243.
Schumpeter, J.A. (1911), The Theory of Economic Development, Harvard University Press, Cambridge.
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.
Shen, Y., Hu, W. and Hueng, C.J. (2021), “Digital financial inclusion and economic growth: a cross-country study”, Procedia Computer Science, Vol. 187, pp. 218-223.
Solow, R.M. (1956), “A contribution to the theory of economic growth”, The Quarterly Journal of Economics, Vol. 70 No. 1, pp. 65-94.
Takyi, P.O., Sakyi, D., Yusif, H., Asante, G.N., Osei-Fosu, A.K. and Mensah, G. (2023), “Financial inclusion and financial development: implications for monetary policy effectiveness and economic growth in Sub Saharan Africa”, Journal of Economics, Vol. ahead-of-print No. ahead-of-print.
Tay, L, Tai, H. and Tan, G. (2022), “Digital financial inclusion: A gateway to sustainable development”, Heliyon, Vol. 8, pp. 1-10.
Thaddeus, K., Chi, A. and Manasseh, C. (2020), “Digital financial inclusion and economic growth: evidence from Sub-Saharan Africa (2011-2017)”, International Journal of Business and Management, Vol. 8, pp. 212-226.
Ucak, A. (2015), “Adam Smith: the inspirer of modern growth theories”, Procedia - Social and Behavioral Sciences, Vol. 195, pp. 663-672.
Ugwuanyi, U., Ugwuoke, R., Onyeanu, E., Festus Eze, E., Isahaku Prince, A., Anago, J. and Ibe, G.I. (2022), “Financial inclusion-economic growth nexus: traditional finance versus digital finance in Sub-Saharan Africa”, Cogent Economics & Finance, Vol. 10 No. 1, 2133356.
UNCTAD (2021), “Botswana launches strategy to diversify economy through e-commerce”, Available at https://shorturl.at/agmF3 (Accessed 20 October, 2022).
Van den Berg, H. (2016), Economic Growth and Development, World Scientific Publishing Company, New Jersey.
Volckart, O. (1997), “Early beginnings of the quantity theory of money and their context in Polish and Prussian monetary policies”, The Economic History Review, Vol. 50 No. 3, pp. 430-449.
Weinhold, D. (1999), A Dynamic Fixed Effects Model for Heterogeneous Panel Data, London School of Economics, London.
World Bank (2013), Global Financial Development Report 2014: Financial Inclusion (Vol. 2), World Bank Publications, Washington, D.C.
World Bank (2020), “Digital financial inclusion”, Available at https://shorturl.at/hoqrt (Accessed 21 November, 2022).
World Bank (2022), Fintech and the Future of Finance, World Bank Publications, Washington, D.C.
Zardoub, A. and Sboui, F. (2021), “Impact of foreign direct investment, remittances and official development assistance on economic growth: panel data approach”, PSU Research Review, Vol. 7 No. 2, pp. 73-89.
Zogning, F. (2023), “Financial inclusion, inclusive entrepreneurship, and alternative financing options”, Journal of Small Business and Entrepreneurship, Vol. 35 No. 1, pp. 8-13.