Digitisation and financial sector development in sub-saharan african countries
No Thumbnail Available
Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
KNUST
Abstract
The study sought to examine how digitisation–innovation interaction shocks affect financial development in Sub-Saharan African countries. The explanatory research design based on the positivist research paradigm was adopted. All 54 Sub-Saharan Regions were chosen as the demographic for this research. Census sampling was used in this study to sample all 54 Sub-Saharan Regions due to data availability. Secondary data was gathered through the WDI database. The information was gathered from the period (2000-2021). Bayesian Panel Vector Auto-Regressive (BPVAR) was adopted to estimate the parameters involved in the study objectives. In conclusion, the studies highlighted the positive impact of digital innovation on financial development in Sub-Saharan Africa. The results indicate that digitalisation can help to increase financial inclusion, reduce transaction costs, and promote the development of new financial products and services, all of which can contribute to economic growth and poverty reduction. The findings also suggest that other factors, such as financial inclusion, economic development, institutional quality, government support, and infrastructure, are important for the development of the financial sector and should be addressed in conjunction with digital innovation. Policymakers in Sub-Saharan Africa should take note of these findings and work to create an enabling environment that supports digital innovation and financial sector development. Efforts to improve institutional quality, governance, and infrastructure can help to create a more conducive environment for financial development and economic growth. Overall, the studies suggest that digitalisation has the potential to complement financial sector development in Sub-Saharan Africa and other regions, and can play a key role in promoting economic growth and poverty reduction
Description
Thesis submitted to the department of accounting and finance of the school of business, kwame nkrumah university of science and technology, in partial fulfillment of the requirements for the award of master of science in accounting and finance (idl)