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The study examines the role of regulation in the fintech-based financial inclusion (FBFI)–risk-taking nexus in the Sub-Saharan African (SSA) region.

Using a sample of 10 countries in SSA over the period 2014 to 2021, the study employed the fixed-effect regression model and the two-step generalized method of moments (GMM) estimator.

The results show that FBFI mitigates commercial banks risk-taking in SSA. But as FBFI progresses, the association takes the shape of an inverted U, increasing risks initially and decreasing them later on. Effective supervision and regulatory quality, in particular, are essential in moderating this relationship by offsetting the adverse consequences of FBFI in its early stages.

First, while our sample is limited to banks in ten SSA countries, future studies could extend the sample size, enabling more explicit generalization of the results. Second, the FBFI–bank risk nexus can be explored further by comparing diverse forms of fintech participation, such as fintech company investment, fintech technology investment, cooperation with specific fintech service providers and cooperation with Internet giants.

Policymakers, banks and fintech companies should collaborate to certify the sustainable utilization of fintech tools to ensure financial inclusion. Policymakers should craft policies that encourage effective supervision and regulatory quality of fintechs since they reduce banks' risk-taking practices, which usually have positive effect on the economy.

The study adds value to the debate on the role of regulation on the FBFI–risk-taking nexus, taking into account countries that are at different levels of development.

The purpose of this paper is to examine the relationship between financial sector development and inequality in South Africa for the period from 1990 to 2012. Unlike previous studies, the study examines the role of both the broad measure of financial sector development (Bank credit to the private sector) and a measure of financial inclusion (ATMs).

Utilising quarterly data, the autoregressive distributed lag bounds testing model approach to cointegration test was estimated. The approach was preferred due to its compatibility with data of different orders and flexibility.

The findings indicate that financial development, especially when it is inclusive reduces the level of inequality in South Africa both in the short- and long-run. The results also highlighted that economic growth, external trade activities and government activities have played a very important role in reducing inequality in South Africa. On the other hand the empirical results also highlight that increasing inflation is regressive on inequality in South Africa.

The results from the study imply that financial development on its own though important may not benefit the disadvantaged groups such as the poor and the rural community until it is inclusive. It is important to note that the study was carried out on the premise that inequality plays a very important role in exacerbating poverty levels in South Africa.

The paper highlights another avenue which authorities can pursue to reduce the level of inequality in the country.

The paper documents the importance of financial inclusion in reducing the level of inequality in South Africa rather than advocating for financial sector development only.

The paper makes a contribution through analysing the effect of financial inclusion on income inequality rather than broad financial sector development which is common to the majority of the available empirical studies.

Infrastructure deficiency and supply disruption challenges are quite common among developing economies. While Sub-Saharan Africa is not unique to these challenges, it is the extent of levels of infrastructure deficiency and disruptions that affect the level of performance of small businesses. Literature on the performance of small businesses suggests both infrastructure availability and disruptions affect the performance of small businesses, but the effects on informal enterprises that operate from locations where the supply of infrastructure is weak are less documented. The paper, therefore, investigates the effects of four types of infrastructure supply in two dimensions of availability and disruption levels on the performance of informal enterprises in 12 Sub-Saharan African countries.

The study uses data from World Bank informal enterprises surveys based on a sample of 3 735 informal enterprises. The study uses the multiple analysis of variance method based on the World Bank's Informal Enterprise Surveys (IFS) country-level cross-sectional data collected between 2009 and 2019.

Results show infrastructure supply is quite low irrespective of the form of infrastructure. Infrastructure availability is associated with high supply disruptions. Infrastructure supply deficiency and disruption intensities are negatively associated with informal enterprises' performance. Finally, the effects of both infrastructure availability and supply disruptions are positively associated with informal enterprises' business activity levels.

Due to data limitations, only four types of infrastructure are captured in the analysis. A wider variety of types of infrastructure could improve the analysis.

Given the deficiency level of infrastructure and its implications on informal enterprise development, therefore, policy interventions aiming at addressing informal enterprises' challenges should focus on improving infrastructure supply deficiencies and disruption challenges. This paper provides the link between infrastructure levels, infrastructure supply disruptions and performance of the informal enterprises which is an essential starting point for policy intervention in informal enterprise development.

This study examines the role of institutions and governance on the digital financial inclusion and economic growth nexus in Sub-Saharan Africa (SSA) from 2014 to 2020.

This study adopts the generalised method of moments technique which controls for endogeneity. The authors employed four main variables namely, index of digital financial inclusion, gross domestic product per capita growth, institutions and governance.

The results suggest a significant positive effect of institutional quality and governance on the digital financial inclusion-economic growth nexus in SSA. Furthermore, the authors find that effect of trade and population growth on economic growth was significantly positive while inflation reduces economic growth in the region.

This study also ignored the effect of digital financial inclusion on environmental quality. Future researches should focus on addressing these drawbacks and replicating the study in Africa as a whole and other developing countries across the world that are experiencing digital financial inclusion and economic growth challenges. The results from the study imply that a positive relationship between digital financial inclusion and economic growth. It is important to note that the study was carried out on the premise that institutions play a pivotal role in enhancing economic growth in SSA.

The results confirm the significance of policies that enhances institutional quality and governance which are other avenues the authorities can pursue to enhance economic growth in SSA.

The paper documents the importance of institutions in boosting economic growth which impacts on social life rather than digital financial inclusion only.

The paper makes a contribution through analysing the role of institutions and governance on the digital financial inclusion-economic growth nexus rather than the traditional financial inclusion–economic growth nexus which is common to the majority of the available empirical studies.

This study investigated the interactive impact of global and domestic stock market variables on the depth of the financial system in Sub-Saharan African (SSA) countries from 1990 to 2018.

The study used the mean group and pooled mean group estimators for the dynamic heterogeneous panel.

The results provide strong statistical evidence that the depth of the financial system in SSA countries is influenced by a combination of local and international stock market indicators. While the local variables exert a positive influence, the global indicator tends to negatively affect the depth of the system, particularly the monetization ratio.

While the tendency of portfolio adjustments and reversal can be inferred, the study stresses the need for a more globalized approach to financial policy formulation and implementation even as the trend of global financializaton gets more robust and more profound.

This study is unique in that, unlike prior ones, it has extended the debate on the role of the stock market in financial deepening from a domestic to an international dimension. Financial policy making can be aided by the authors' findings through looking at the financial deepening-stock market linkage from both domestic and globalized perspectives.