Impact of Financial Inclusion on Poverty in Sub-Saharan Africa
Poverty alleviation remains a pressing challenge across Africa. The COVID-19 pandemic has exacerbated this issue, pushing an additional 150 million individuals into deplorable living conditions globally. Given this alarming rise in poverty levels, developing effective policy interventions has become more urgent. Financial inclusion is a pivotal policy mechanism in addressing poverty by reducing extreme deprivation and fostering shared economic growth. Therefore, this study investigated the role of financial inclusion in alleviating poverty in sub-Saharan Africa. The study employed fixed effects, random effects, and Driscoll and Kraay standard errors to examine the relationships. The findings of the study revealed that financial inclusion significantly mitigates poverty in Africa. The study suggested that African governments work with central banks to establish laws that help commercial banks and other financial providers offer low-cost services to people who lack access to them. Keywords: Poverty, financial inclusion, financial services, financial institution, Sub-Saharan Africa JEL classifications: G21, O16, I32, O55 Paper Classification: Research paper
Keywords: Financial Inclusion and Poverty Alleviation in Sub-Saharan Africa
Citation: Faseesin, O., Adeleke, O., & Osuntuyi, B.V. (2025). Impact of Financial Inclusion on Poverty in Sub-Saharan Africa. International Journal of Innovative Research in Accounting and Sustainability, 10(2), 15-24.