Financial exclusion of bankable adults: implication on financial inclusive growth among twenty-seven SSA countries

Figures & data

Figure 1. Line graph showing movements of financial inclusion by usage

Figure 2. Line graph showing movements of financial inclusion by quality

Figure 3. Line graph showing movements of financial exclusion by unemployment

Figure 4. Box plot showing the distribution pattern of underlying variables

Note that the first, second, and third box plots show the distribution pattern of financial inclusion (quality), financial inclusion (usage) and financial exclusion respectively

Figure 5. Quarter-quarter plot showing the distribution pattern of underlying variables

Note that the first, second and third quarter-quarter plots show the distribution pattern of the, financial inclusion (quality), financial inclusion (usage) and financial exclusion respectively

Table 1. Showing statistics from 2007–2017 in their raw value quantities

	FININC 1	FININC 2	EXCL
Mean	4.826391	8.246747	9.027350
Std Dev.	6.019476	16.40644	7.605166
Skewness	1.866003	8.679656	1.300087
Kurtosis	5.496563	98.53028	3.819980
Jarque-Bera	249.4886	116,663.8	91.98670
Probability	0.000000	0.000000	0.000000
No Countries	27
Year	10
Observation	270

Table 2. Financial exclusion-inclusion nexus from 2007 to 2017

Dependent Variables
Independent Variables	Low Financial Stable Country	Moderate Financial Stable Country	High- Financial Stable Country
	Δlnfininc	Δlnfininc	Δlnfininc
Δlnfininc (−1)	−0.31 (0.01)*	−0.04 (0.72)	−0.54 (0.0)*
Δlnfinexc	0.14 (0.59)	0.25 (0.34)	0.22 (0.00)*
Δ lnfinexc(−1)	0.19 (0.44)	0.12 (0.64)	0.10 (0.20)
ECM	−0.31 (0.00)*	−0.10 (0.01)*	−0.26 (0.00)*
lnfinexc(−2)	−0.32 (0.10)***	−0.05 (0.44)	0.24 (0.04)**
Summation of Short-Run Coef.	0.33	0.37	0.32
Short-Run Wald Test (P-Value)	0.92	0.95	0.16
Long Run Coefficient	0.03	−1.00	2.08
Long Run Coefficient (P-Val)	0.97	0.47	0.76
Sargan Difference Test (P-Value)	0.23	0.56	0.53
Sargan Test (P-Value)	0.51	0.88	0.69
AR1 (P-Value)	0.00	0.04	0.00
AR2 (P-Value)	0.96	0.92	0.37
Number of Observations	80	110	80
Number of Countries	8	11	8

1) The figures in parentheses are the p-values, *, ** and *** indicate significant at alpha value of 1, 5 and 10%, respectively.

2) Estimation by one step Diff-GMM (Arellano, and Bond)

4) The Sargan test is based on the assumption that the instruments are not correlated with the residuals.

5) AR1 and AR2 tests are based on the hypothesis that the errors are not serially correlated

6) The instruments used are the lags of the regressors.

7) Yearly dummies are excluded.

Figure 6. Individual country’s average financial service usage

Figure 7. Decomposing countries into high and low usage of financial services