Determinants of Financial Inclusion in West African Economic and Monetary Union (WAEMU) Countries

Abstract

This paper analyzes the determinants of financial inclusion and proposes an instrument of measuring financial inclusion in West African Economic and Monetary Union (WAEMU) countries. WAEMU countries do not have a reliable synthetic index to measure their financial inclusion level. The need for an accurate way to assess financial inclusion in the WAEMU zone is imperative because a set of indicators has been adopted within the Regional Financial Inclusion Strategy by the Central Bank of West African States (CBWAS). Our panel regressions reveal that real GDP, mobile phone penetration, and literacy rate have a positive effect on financial inclusion. Conversely, the weight of the rural population and interbank credit is negatively associated with the level of financial inclusion. Agricultural financing via the credit channel that banks grant to the government is likely to increase financial inclusion. We also find a positive impact of rural-oriented literacy on financial inclusion.

Determinants of financial inclusion across gender in Saudi Arabia: evidence from the World Bank's Global Financial Inclusion survey

“…Considering the importance of financial inclusion for inclusive development and the gap in adoption of financial services across demographics, several studies have analyzed the factors affecting financial inclusion (Demirg€ uç-Kunt et al, 2013;Del echat et al, 2018;Arnold and Gammage, 2019;Dar and Ahmed, 2020;Kaur and Kapuria, 2020;Oumarou and Celestin, 2021;Nandru et al, 2021). Ghosh and Vinod (2017) have identified different possible factors which hamper financial inclusion and argue that gender disparity badly affects the access to finance among households headed by females in India.…”

“…, 2013; Deléchat et al. , 2018; Arnold and Gammage, 2019; Dar and Ahmed, 2020; Kaur and Kapuria, 2020; Oumarou and Celestin, 2021; Nandru et al. , 2021).…”

“…Financial inclusion is critical in reducing poverty, enhancing social transformation, improving gender empowerment and achieving inclusive economic growth (Ouechtati, 2020;Omar and Inaba, 2020;Oumarou and Celestin, 2021;Hewa Wellalage et al, 2021). It is argued that participation in the financial system enables people to save, invest in businesses, improve their quality of life and absorb financial shocks.…”

“…Financial inclusion is critical in reducing poverty, enhancing social transformation, improving gender empowerment and achieving inclusive economic growth (Ouechtati, 2020; Omar and Inaba, 2020; Oumarou and Celestin, 2021; Hewa Wellalage et al. , 2021).…”

Analisis Inklusi Keuangan Pada Komunitas Wisatawan Domestik

“…Studi pada responden di luar Pulau Jawa menyimpulkan bahwa jasa keuangan digital merupakan inovasi yang menjembatani kondisi geografis dan keterbatasan akses lembaga keuangan (Febriaty et al, 2020;Fitriastuti et al, 2015) Inklusi keuangan menjadi hal yang penting untuk diperhatikan oleh pemerintah, karena merupakan upaya mendorong sistem keuangan agar dapat diakses seluruh lapisan masyarakat. Hal ini mendorong pertumbuhan ekonomi yang berkualitas dan mengatasi kemiskinan (Linh et al, 2020;Oumarou & Celestin, 2021). Semakin tinggi indeks inklusi keuangan, semakin tinggi tingkat kesejahteraan masyarakat.…”