The purpose of this study is to analyze the effect
of institutional factors on financial inclusion through the lens of the
integration of mobile money. To achieve this objective, a multiple regression
model is chosen, justified by the acceptance of the null hypothesis that the
specified endogenous regressor, in our case GDP per capita, can indeed be
treated as exogenous. The estimation of this model by Ordinary Least Squares (OLS)
using data from the World Development Indicators (WDI) and the World Governance
Indicators (WGI) databases reveals that the quality of regulation is, a priori,
the only institutional factor affecting financial inclusion since it is a
driver of financial inclusion in SSA. This result, which corroborates the
theory of financial liberalization, makes it possible to identify economic policy
implications supporting the implementation of incentive-based regulation in the
banking system and the regulation of the mobile money sector.
References
[1]
Acemoglu, D., & Johnson, S. (2005). Unbundling Institutions. Journal of Political Economy, 113, 949-995. https://doi.org/10.1086/432166
[2]
AFI. (2010). Note politique: Services financiers via téléphonie mobile. Les approches réglementaires qui améliorent l’accès aux services financiers. Alliance pour l’inclusion financière.
[3]
Allen, F., Demirgüc-Kunt, A., Klapper, L., & Martinez, M. (2016). The Foundations of Financial Inclusion: Understanding Ownership and Use of Formal Accounts. Journal of Financial Intermediation. https://doi.org/10.1016/j.jfi.2015.12.003
[4]
Alter, A., & Yontcheva, B. (2015). Financial Inclusion and Development in the CEMAC. IMF Working Paper 15/235. International Monetary Fund.
https://doi.org/10.5089/9781484317556.001
[5]
Anayiotos, G., & Toroyan, H. (2009, Novembre). Institutional Factors and Financial Sector Development Evidence from Sub-Saharian Africa. IMF Working Paper 09/258. Monetary and Capital Markets Department.
https://doi.org/10.5089/9781451874044.001
[6]
Bahia, K., & Muthiora, B. (2019). Indice de réglementation de l’argent mobile. Londres: GSMA.
[7]
BCEAO (2019). Rapport sur la situation de l’inclusion financière dans l’UEMOA au cours de l’année 2018. Banque Centrale des Etats de l’Afrique de l’Ouest.
[8]
Beck, T., Demirgüc-Kunt, A., & Maksimovic, V. (2003). Bank Competition, Financing Obstacles and Access to Credit. World Bank Policy Research Paper No. 2996. Washington, DC: World Bank. https://doi.org/10.1596/1813-9450-2996
[9]
Beck, T., Maimba, S., Faye, I., & Triki, T. (2011). Financing Africa: Through the Crisis and Beyond. World Bank. https://doi.org/10.1596/978-0-8213-8797-9
[10]
BEI. (2018). Le secteur bancaire en Afrique: De l’inclusion financière à la stabilité financière. Banque Européenne d’Investissement.
[11]
Bencivenga, V. R., & Smith, B. D. (1990). Deficit Inflation and the Banking System in Developing Countries: The Optimal Degree of Financial Repression. Rochester, NY: Rochester Center for Economic Research, 214.
[12]
Bidiasse, H., & Mvogo, G. P. (2019). Les déterminants de l’adoption du mobile money: l’importance des facteurs spécifiques au Cameroun. Revue d’économie industrielle, 1, 85-115. https://doi.org/10.4000/rei.7845
[13]
Bourenane, N., Lhériau, L., & Bourjij, S. (2011). Réduire les costs des transferts d’argent des migrants et optimiser leur impact sur le développement: Outils et produits financiers pour le Maghreb et la zone franc. Banque Africaine de développement; Ministère francais des finances; Agence francaise de développement.
[14]
Cho, Y. (1990). Mc-Kinnon-Shaw versus the Neostructuralists on Financial Liberalization: A Conceptual Note. World Development, 18, 477-480.
https://doi.org/10.1016/0305-750X(90)90131-G
[15]
Dabla-Norris, E., Ji, Y., Townsend, R., & Unsal, D. F. (2015). Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy. IMF Working Paper WP/15/22. https://doi.org/10.5089/9781498381598.001
[16]
Demetriades, P., & Fielding, D. (2011). Information, Institutions and Banking Sector Development in West Africa. Economic Inquiry, 50, 739-753.
https://doi.org/10.1111/j.1465-7295.2011.00376.x
[17]
Demirgüc-Kunt, A., & Klapper, L. (2012). Financial Inclusion in Africa: An Overview. Policy Research Working Paper 6088. The World Bank, Development Research Group.
https://doi.org/10.1596/1813-9450-6088
[18]
Demirgüc-Kunt, A., & Maksimovic, V. (2002). Funding Growth in Bank-Based and Market Based Financial System: Evidence from Firm Level Data. Journal of Financial Economics, 65, 337-363. https://doi.org/10.1016/S0304-405X(02)00145-9
[19]
Demirgüc-Kunt, A., Klapper, L., & Singer, D. (2017). Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence. Policy Research Working Paper 8040. World Bank Group; Development Research Group.
https://doi.org/10.1596/1813-9450-8040
[20]
Demirgüc-Kunt, A., Klapper, L., Singer, D., Anser, S., & Hess, J. (2018). Base de données Global findex 2017: Mesurer l’inclusion financière et la révolution technico-financière. Washington, DC: World Bank Group.
[21]
Demirgüc-Kunt, A., Laeven, L., & Levine, R. (2003). Regulations, Market Structure, Institutions, and the Cost of Financial Intermédiation. Working Paper No. 9890. National Bureau of Economic Research. https://doi.org/10.3386/w9890
[22]
Durbin, J. (1954). Error in Variables. Review of the Institute of International Statistics, 22, 23-32. https://doi.org/10.2307/1401917
[23]
Fanta, A. B., Mutsonziwa, K., Goosen, R., Emanuel, M., & Kettles, N. (2016). The Role of Mobile Money in Financial Inclusion in the SADC Region: Evidence Using Survey. Policy Research Paper No. 03/2016. Finmark Trust.
[24]
Fanta, A., Mutsonziwa, K., Goosen, R., Emanuel, M., & Kettles, N. (2016). The Role of Mobile Money in Financial Inclusion in the SADC Region: Evidence Using Finscope Surveys.
https://www.researchgate.net/profile/Ashenafi_Fanta/publication/311576448_The_role_ of_mobile_money_in_financial_inclusion_in_the_SADC_region
[25]
Fry, M. (1988). Money, Interest and Banking in Economic Development. Baltimore, MD: The John Hopkins University Press.
[26]
Gani, A., & Ngassam, C. (2008). Effect of Institutional Factors on Stock Market Development in Asia. American Journal of Finance and Accounting, 1, 103-120.
https://doi.org/10.1504/AJFA.2008.019947
[27]
Geourjon, A. M., Guérineau, S., Guillaumont, P., & Guillaumont Jeanneney, S. (2013). Intégration régionale pour le développement en zone franc. Fondation pour les études et recherches sur le développement international, Economica.
Hannig, A., & Jensen, S. (2010). Financial Inclusion and Financial Stability: Current Policy Issues. A. D. Institute, Ed., ABDI Working Paper Series, 259.
https://doi.org/10.2139/ssrn.1729122
[30]
Hansen, L. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50, 1029-1054. https://doi.org/10.2307/1912775
Jacolin, L., Keneck Massil, J., & Noah, A. (2019). Informal Sector and Mobile Financial Services in Developing Countries: Does Financial Innovation Matters? Working Paper No. 721, Banque de France. https://doi.org/10.2139/ssrn.3396046
[33]
Kapur, B. K. (1992). Formal and Informal Financial Markets and the Neo-Structuralist Critique of the Financial Liberalization Strategy in Less-Developed Countries. Journal of Development Economics, 38, 63-77. https://doi.org/10.1016/0304-3878(92)90018-5
[34]
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2009). Governance Matters V: Governance Indicators for 1996-2008. http://info.worldbank.org/governance/wgi/ressources.htm
[35]
La Porta, R., Lopes-de-Silaneset, F., & Schleifer, A. (1997). Legal Determinants of External Finance. Journal of Finance, 52, 1131-1150.
https://doi.org/10.1111/j.1540-6261.1997.tb02727.x
[36]
La Porta, R., Lopes-de-Silaneset, F., & Schleifer, A. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155. https://doi.org/10.1086/250042
[37]
Love, I. (2003). Financial Development and Financing Constraints: International Evidence from the Structure of Capital Investment Model. The Review of Financial Studies, 16, 765-791. https://doi.org/10.1093/rfs/hhg013
[38]
Mackinnon, R. (1973). Money and Capital an Economic Development. Washington, DC: Washington DC Brooking Institution.
[39]
Mankiw, N., Romer, D., & Weil, D. N. (1992). A Contribution to the Empirics of Economic Growth. The Quarterly Journal of Economics, 107, 407-437.
https://doi.org/10.2307/2118477
[40]
Mcdonald, C., & Schumacher, L. (2007). Financial Deepening in Sub-Saharan Africa: Empirical Evidence on the Role of Creditor Rights Protection and Information Sharing. Working Paper 07/203. International Monetary Fund.
https://doi.org/10.5089/9781451867671.001
[41]
Muriu, P. (2020). Role of Institutional Quality in Promoting Financial Inclusion. Research Paper No. 384. Nairobi: African Economic Research Consortium.
[42]
North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9780511808678
[43]
Pagano, M., & Volpin, P. (2001). The Political Economy of Finance. Oxford Review of Economic Policy, 17, 502-519. https://doi.org/10.1093/oxrep/17.4.502
[44]
Sargan, J. D. (1958). The Estimation of Economic Relationships Using Instrumental Variables. Econometrica, 26, 393-415. https://doi.org/10.2307/1907619
[45]
Sekantsi, L., & Motelle, S. (2016). The Financial Inclusion Conundrum in Lesotho: Is Mobile Money the Missing Piece in the Puzzle? Journal of Financial Research, 8, 138-192.
[46]
Shaw, E. S. (1973). Financial Deepings in Economic Development. New York: Oxford University Press.
[47]
Taylor, L. (1983). Structuralist Macroeconomics: Applicable Models for the Third World. New York: Basics Books.
[48]
Tchouassi, G., & Tamchap, S. F. (2017). Influence des réformes bancaires et micro-financières sur le taux de bancarisation dans la zone BEAC.
https://www.researchgate.net/publication/316241143
[49]
Venet, B. (1994). Libéralisation financière et développement économique: Une revue critique de la littérature. Revue d’économie financière, 29, 87-111.
https://doi.org/10.3406/ecofi.1994.2040
[50]
Wurgler, J. (2000). Financial Markets and the Allocation of Capital. Journal of financial Economics, 58, 187-214. https://doi.org/10.1016/S0304-405X(00)00070-2
[51]
Zulkhibri, M., & Ghazal, R. (2017). The Impact of Governance and Institution on Financial Inclusion: Evidence from Muslim Countries and Developing Economies. Journal of King Abdulaziz University: Islamic Economics, 30, 37-60.
https://doi.org/10.4197/Islec.30-SI.3
