Re-examining the moderating role of ICT in the nexus between financial development and banking efficiency: evidence from Africa

Figures & data

Table 1. Summary of variable definition.

Variable Name	Variable Label/Definition	Source
Banking sector efficiency	Bank credit to bank deposits (%)	Global Financial Development Indicator (GFDI), World Bank
ICT	ICT goods imports (% total goods imports)	World Development Indicators (WDI), World Bank
	Individuals using the Internet (% of the population)
	Fixed telephone subscriptions (per 100 people)
	Mobile cellular subscriptions (per 100 people)
	Secure internet servers (per 1 million people)
Financial development	Financial formalization is proxied by bank deposit to broad money ratio Financial informalization is proxied by the difference between financial deposit and bank deposit to broad money ratio	Asongu and Nwachukwu (2019)
Control variables	GDP (constant 2010 US$)	World Development Indicators (WDI), World Bank
	Trade (% of GDP)
	Gross capital formation (% of GDP)
	Inflation, consumer prices (annual %)
	Population growth (annual %)

Table 2. Summary statistics.

	Observations	Mean	Standard deviation	Minimum	Maximum
BcBd	657	73.354	26.024	18.025	164.619
ICTgoods	536	4.007	2.054	0.006	12.774
IndivInterusauge	666	12.056	13.798	0.031	61.762
SecInterServ	372	553.971	8212.294	0.00	155191.3
MobCelSub	671	57.905	41.305	1.264	175.873
Fixedtel	665	3.804	6.20	0.00	32.669
FinForm	653	1.13	3.719	0.083	53.834
FinInform	637	−0.247	2.121	−25.665	0.952
gfCapform	625	23.991	9.931	−0.098	77.89
Trade	645	77.886	41.837	19.101	347.997
Inflation	641	6.55	6.481	−8.975	43.542
GDP	659	3.638e + 10	7.776e + 10	1.379e + 08	4.619e + 11
Popgrowth	672	2.352	0.965	−2.629	4.655
Number of countries	48	48	48	48	48

Notes: ICTgoods-ICT goods imports; SecInterServ-Secure Internet servers; BcBd-Bank Credit to Bank Deposit; MobCelSub-Mobile cellular subscriptions; IndivInterusauge-Individuals using the Internet; Fixedtel-Fixed telephone subscriptions; FinForm-Financial Formalization; FinInform-Financial Informalization; gfCapform-Gross fixed capital formation; Trade-Trade; GDP-Gross Domestic Product; Popgrowth-Population growth;.

Sourced: Authors’ compilation.

Table 3. Effects of ICT and FD on banking efficiency (baseline regression).

	Financial Formalization					Financial Informalization
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
VARIABLES	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd
L.BcBd	0.6321***	0.5042***	0.5316***	0.4845***	0.5892***	0.5636***	0.4755***	0.4883***	0.4543***	0.5829***
	(0.0140)	(0.0151)	(0.0187)	(0.0134)	(0.0186)	(0.0145)	(0.0142)	(0.0179)	(0.0182)	(0.0167)
ICTgoods	0.3249***					0.0933
	(0.1246)					(0.1703)
IndivInter		0.1509***					0.1672***
		(0.0405)					(0.0458)
Fixedtel			−2.9271***					−3.0236***
			(0.5197)					(0.7303)
MobCelSub				−0.0010					0.0126
				(0.0129)					(0.0159)
SecInterServ					−0.0000					−0.0000
					(0.0000)					(0.0000)
FinForm	10.1442**	−0.0486	0.2194***	0.1290***	29.4484***
	(4.5953)	(0.0328)	(0.0505)	(0.0359)	(1.1444)
FinInform						−0.2119**	0.0030	−0.0111	0.0252	−0.7425
						(0.0860)	(0.0894)	(0.1081)	(0.1022)	(1.2479)
GDP	−0.0000***	−0.0000	−0.0000	−0.0000	−0.0000**	−0.0000	−0.0000**	−0.0000	−0.0000*	−0.0000
	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
gfCapform	0.2265***	0.1107*	−0.0588	0.0013	0.5523***	0.0612	−0.0187	−0.1971*	−0.0891	0.5471***
	(0.0649)	(0.0626)	(0.0731)	(0.1038)	(0.0804)	(0.0820)	(0.0978)	(0.1093)	(0.1160)	(0.0626)
Inflation	0.1614***	0.1647***	0.1926***	0.1530***	0.1226	0.2071***	0.2023***	0.1864***	0.1449***	0.1151
	(0.0443)	(0.0370)	(0.0446)	(0.0467)	(0.0843)	(0.0547)	(0.0438)	(0.0473)	(0.0425)	(0.0782)
Trade	−0.2124***	−0.1024***	−0.1466***	−0.1551***	−0.2195***	−0.1369**	−0.1518***	−0.1480***	−0.1823***	−0.1945***
	(0.0339)	(0.0081)	(0.0125)	(0.0086)	(0.0192)	(0.0604)	(0.0273)	(0.0466)	(0.0400)	(0.0090)
Popgrowth	−2.7609	−3.1578***	−6.7963***	−1.3857***	−2.2651***	−6.6059**	−4.5245***	−7.8910**	−2.8307*	−2.0348***
	(2.4110)	(0.2074)	(0.3632)	(0.3249)	(0.3288)	(3.1734)	(0.9856)	(3.0715)	(1.4989)	(0.7065)
Constant	34.6054***	39.2921***	73.1815***	52.7146***	16.1876***	56.1769***	47.7203***	84.1011***	62.7818***	37.7368***
	(7.9709)	(1.4991)	(3.7151)	(3.3834)	(3.3621)	(6.0540)	(2.0033)	(10.4523)	(5.0929)	(2.9854)
Diagnostics:
Observations	446	537	540	541	325	429	516	519	520	309
Instruments	34	34	34	34	34	34	34	34	34	34
AR 1	0.3719	1.6272	1.4408	1.7881	1.2501	−0.1493	1.3303	1.3334	1.6137	2.6444
	(0.7100)	(0.1037)	(0.1496)	(0.0738)	(0.2112)	(0.8813)	(0.1834)	(0.1824)	(0.1066)	(0.0082)
AR 2	−3.3637	−3.2978	−3.1104	−3.0512	−3.0373	−1.9892	−2.5922	−1.0707	−2.0169	−3.2290
	(0.0008)	(0.0010)	(0.0019)	(0.0023)	(0.0024)	(0.0467)	(0.0095)	(0.2843)	(0.0437)	(0.0012)
AR 3	−0.1537	−0.8170	−0.7982	−0.8022	−0.2851	−0.8118	−2.5922	−1.0269	−1.3608	−0.6867
	(0.8779)	(0.4139)	(0.4248)	(0.4224)	(0.7756)	(0.4169)	(0.1295)	(0.3045)	(0.1736)	(0.4923)
Sargan-Hansen-OIR	32.5227	36.1636	31.7025	33.0881	24.8602	33.3948	33.0871	34.1111	29.8831	25.5529
	(0.1764)	(0.0887)	(0.2031)	(0.1596)	(0.5269)	(0.1510)	(0.1596)	(0.1322)	(0.2725)	(0.4879)
Incremental Test	6.8474	8.3348	6.4417	10.0204	2.2378	9.1067	4.4212	7.4477	6.2887	2.8288
	(0.5532)	(0.4015)	(0.5979)	(0.2636)	(0.9728)	(0.3334)	(0.8173)	(0.4892)	(0.6149)	(0.9446)
Incremental/SHD-Test for OIR
a. GMM instruments for levels:
Excluding Group	22.7555	30.6154	26.3947	27.5529	29.6669	28.9787	30.0582	29.8757	26.4603	25.6939
	(0.2483)	(0.0445)	(0.1196)	(0.0924)	(0.0562)	(0.0663)	(0.0511)	(0.0534)	(0.1179)	(0.1762)
Difference	9.7672	5.5482	5.3078	5.5352	−4.8067	4.4161	3.0289	4.2354	3.4228	−0.1410
	(0.2022)	(0.5934)	(0.6225))	(0.5949)	(1.0000)	(0.7308)	(0.8823)	(0.7523)	(0.8433)	(1.0000)
R-squared	0.8163	0.7379	0.2143	0.7119	0.7194	0.7783	0.7023	0.1478	0.6799	0.7343
Adj. R-squared	0.8129	0.7344	0.2025	0.7076	0.7122	0.7741	0.6982	0.1345	0.6749	0.7272
Prob > F	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
Hansen J-statistics	32.5227	37.5019	31.7025	33.0881	24.8602	33.3948	33.6527	34.1111	29.8831	25.5529
	(0.1434)	(0.0673)	(0.1668)	(0.1289)	(0.4702)	(0.1215)	(0.1439)	(0.1056)	(0.2287)	(0.4318)

Table 4. Moderating role of ICT in FD and banking efficiency nexus.

	Financial Formalization					Financial Informalization
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
VARIABLES	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd
L.BcBd	0.8788***	0.9970***	0.9742***	0.9627***	0.9133***	0.9386***	0.9783***	0.9922***	0.9651***	0.9676***
	(0.0160)	(0.0172)	(0.0267)	(0.0145)	(0.0176)	(0.0271)	(0.0307)	(0.0266)	(0.0342)	(0.0151)
ICTgoods	1.7493***					0.3467***
	(0.2431)					(0.0848)
ICTgood-Inter	−1.6686***					0.1324***
	(0.3200)					(0.0320)
IndivInter		−0.0060					0.0366
		(0.0196)					(0.0269)
IndivInter-Inter		0.0049					−0.1820***
		(0.0092)					(0.0352)
Fixedtel			−2.0688***					−0.5057***
			(0.5973)					(0.1914)
Fixedtel-Inter			2.1039***					−0.2525***
			(0.6407)					(0.0828)
MobCelSub				−0.0006					−0.0016
				(0.0063)					(0.0077)
MobCelSub-Inter				−0.0023					−0.0136***
				(0.0015)					(0.0031)
SecInterServ					0.0033***					−0.0001***
					(0.0005)					(0.0000)
SecInterServ-Inter					−0.0038***					0.0006***
					(0.0006)					(0.0001)
FinForm	9.1081***	0.1799***	0.0071	0.1380***	26.3126***
	(1.7459)	(0.0186)	(0.0422)	(0.0471)	(0.5650)
FinInform						−0.7568***	0.8699***	0.2715**	0.5260***	0.1762
						(0.1889)	(0.2227)	(0.1120)	(0.1316)	(0.3521)
GDP	−0.0000***	−0.0000***	−0.0000*	−0.0000***	−0.0000***	−0.0000**	−0.0000***	−0.0000***	−0.0000***	−0.0000***
	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
gfCapform	0.2719***	0.1983***	0.2163***	0.2849***	0.3779***	0.3646***	0.2043***	0.2188***	0.2657***	0.2778***
	(0.0510)	(0.0485)	(0.0518)	(0.0562)	(0.0353)	(0.0629)	(0.0388)	(0.0483)	(0.0449)	(0.0409)
Inflation	0.1770***	0.1605***	0.2171***	0.1487***	0.0570	0.2120***	0.2281***	0.2465***	0.1823***	0.0968*
	(0.0426)	(0.0228)	(0.0420)	(0.0288)	(0.0663)	(0.0360)	(0.0390)	(0.0416)	(0.0499)	(0.0522)
Trade	−0.1189***	−0.0412***	−0.0263***	−0.0390***	−0.1090***	−0.0638**	−0.0400*	−0.0122	−0.0517***	−0.0787***
	(0.0136)	(0.0044)	(0.0058)	(0.0073)	(0.0122)	(0.0292)	(0.0211)	(0.0180)	(0.0181)	(0.0087)
Popgrowth	−2.0228**	1.9288***	1.0903***	0.1850**	−3.4295***	−4.2580***	−0.4715	−1.1554**	−0.3308	−3.5614***
	(0.8280)	(0.2249)	(0.2202)	(0.0924)	(0.2662)	(1.0212)	(0.3936)	(0.4574)	(0.3931)	(0.6573)
Constant	6.8901**	−1.4579	−3.4167	−1.4894	−6.9607***	8.3755	−0.6539	0.9021	1.0106	11.1093***
	(3.1177)	(1.1812)	(2.4121)	(1.5170)	(2.3943)	(6.0043)	(2.5070)	(2.8604)	(3.5430)	(2.1022)
Diagnostics
Observations	446	537	540	541	325	429	516	519	520	309
Instruments	37	37	37	37	37	37	37	37	37	37
AR 1	−0.3245	−1.1221	−1.0734	−0.9754	0.2818	−0.8377	−1.0988	−1.0796	−0.8981	0.3797
	(0.7455)	(0.2618)	(0.2831)	(0.3293)	(0.7781)	(0.4022)	(0.2719)	(0.2803)	(0.3692)	(0.7042)
AR 2	−4.0410	−3.9221	−3.8338	−4.0461	−2.8701	−3.8207	−4.1503	−3.7852	−0.8981	−2.8597
	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0041)	(0.0001)	(0.0000)	(0.0002)	(0.0001)	(0.0042)
AR 3	0.3279	−0.0900	0.0262	0.1068	−0.7118	−0.0418	−0.2901	−0.1020	0.0306	−0.8747
	(0.7430)	(0.9283)	(0.9791)	(0.9150)	(0.4766)	(0.9666)	(0.7718)	(0.9187)	(0.9756)	(0.3817)
Sargan-Hansen-OIR	32.7361	37.3692	0.0262	36.9433	33.7602	32.6960	33.1675	33.7201	34.4887	32.4681
	(0.2456)	(0.1109)	(0.0961)	(0.1201)	(0.2481)	(0.2471)	(0.2296)	(0.2102)	(0.1852)	(0.2997)
Incremental Test	8.4925	13.5726	11.5425	16.9086	8.3784	6.7137	4.0992	7.4828	8.0756	5.3638
	(0.4854)	(0.1384)	(0.2403)	(0.0502)	(0.5919)	(0.6669)	(0.9048)	(0.5870)	(0.5266)	(0.8656)
Incremental/SHD-Test for OIR
a. GMM instruments for levels:
Excluding Group	23.7638	31.6001	32.6425	29.6369	28.7577	27.4913	32.3191	28.3901	29.2941	24.5254
	(0.2529)	(0.0477)	(0.0369)	(0.0760)	(0.1199)	(0.1220)	(0.0400)	(0.1005)	(0.0821)	(0.2683)
Difference	8.9723	5.7691	5.4788	7.3065	5.0025	5.2047	0.8484	5.3300	5.1946	7.9428
	(0.3446)	(0.6731)	0(.7054)	(0.5040)	(0.7573)	(0.7355)	(0.9990)	(0.7218)	(0.7366)	(0.4391)
R-squared	0.9339	0.9369	0.9254	0.9337	0.8875	0.9311	0.9359	0.9201	0.9350	0.9132
Adj. R-squared	0.9325	0.9359	0.9241	0.9326	0.8843	0.9296	0.9349	0.9187	0.9338	0.9106
Prob > F	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
Hansen J-statistics	32.7361	37.3552	38.1212	36.9433	33.7598	32.6960	34.4921	33.7201	34.4887	32.4682
	(0.2059)	(0.1112)	(0.0759)	(0.0961)	(0.1731)	(0.2073)	(0.1851)	(0.1743)	(0.1523)	(0.2152)

Table 5. Threshold of ICT proxies in the nexus between FD and banking sector efficiency.

	Financial Formalization						Financial Informalization
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
VARIABLES	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd	BcBd
L.BcBd	0.9094***	0.9349***	1.0169***	0.9527***	0.8797***	0.9247***	0.9318***	0.9602***	0.9792***	0.9517***
	(0.0143)	(0.0331)	(0.0397)	(0.0246)	(0.0143)	(0.0251)	(0.0332)	(0.0581)	(0.0280)	(0.0154)
ICTgoods	0.6086*					0.2629
	(0.3410)					(0.2887)
ICTgoods^2	−0.0215					−0.0023
	(0.0233)					(0.0226)
IndivInter		0.0758*					0.0920*
		(0.0444)					(0.0484)
IndivInter^2		−0.0008					−0.0012
		(0.0007)					(0.0008)
Fixedtel			−3.4725***					−3.7476***
			(0.6948)					(0.8507)
Fixedtel^2			0.0709***					0.0473**
			(0.0110)					(0.0227)
MobCelSub				−0.0266					0.0104
				(0.0170)					(0.0252)
MobCelSub^2				0.0002*					−0.0001
				(0.0001)					(0.0002)
SecInterServ					−0.0000					−0.0000***
					(0.0000)					(0.0000)
SecInterServ^2					0.0000					0.0000*
					(0.0000)					(0.0000)
FinInform						−0.0707*	−0.0473	0.1269	0.1238*	0.0165
						(0.0366)	(0.0329)	(0.0944)	(0.0636)	(0.4229)
FinForm	5.2712**	0.1202***	0.1092**	0.0918***	26.1461***
	(2.5255)	(0.0191)	(0.0512)	(0.0256)	(0.4994)
GDP	−0.0000***	−0.0000***	−0.0000**	−0.0000***	−0.0000**	−0.0000*	−0.0000***	−0.0000*	−0.0000***	−0.0000***
	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
gfCapform	0.3316***	0.2446***	0.2806***	0.3458***	0.3773***	0.3163***	0.2137***	0.2105***	0.3003***	0.2908***
	(0.0504)	(0.0453)	(0.0497)	(0.0438)	(0.0289)	(0.0657)	(0.0404)	(0.0662)	(0.0440)	(0.0542)
Inflation	0.1913***	0.1754***	0.3006***	0.1682***	0.0567	0.2282***	0.1699***	0.3055***	0.2267***	0.0680
	(0.0373)	(0.0311)	(0.0524)	(0.0619)	(0.0795)	(0.0343)	(0.0341)	(0.0503)	(0.0659)	(0.0590)
Trade	−0.1155***	−0.0661***	−0.0643***	−0.0646***	−0.1229***	−0.0768**	−0.0444***	−0.0501	−0.0329**	−0.0730***
	(0.0142)	(0.0058)	(0.0144)	(0.0052)	(0.0066)	(0.0348)	(0.0134)	(0.0317)	(0.0134)	(0.0095)
Popgrowth	−2.2896**	0.5483***	1.1572***	−0.2306	−3.5400***	−4.0240**	−0.7147***	−2.0610	−0.1680	−3.5684***
	(0.9695)	(0.1382)	(0.2956)	(0.1910)	(0.2248)	(1.5757)	(0.1545)	(1.3287)	(0.3711)	(0.4258)
Constant	5.9289	3.2161	1.8330	1.1300	−2.8570	11.2166**	2.5938	17.4882**	−3.2112	11.5829***
	(4.8015)	(2.2063)	(3.9386)	(2.1575)	(2.0334)	(5.5818)	(2.1930)	(7.9254)	(3.1440)	(0.8630)
Diagnostics
Observations	446	537	540	541	325	429	516	519	520	309
Instruments	37	37	37	37	37	37	37	37	37	37
AR 3	0.2364	0.0850	−0.0966	0.1241	−0.6532	0.0241	−0.0338	−0.1127	−0.0249	−0.8911
	(0.8132)	(0.9323)	(0.9231)	(0.9013)	(0.5136)	(0.9808)	(0.9731)	(0.9103)	(0.9801)	(0.3729)
Sargan-Hansen-OIR	29.3640	35.7099	31.3993	35.8967	33.3655	31.2819	34.6133	28.8502	31.4573	33.7981
	(0.3942)	(0.1501)	(0.2996)	(0.1452)	(0.2632)	(0.3047)	(0.1814)	(0.4202)	(0.2972)	(0.2467)
Incremental Test	4.4596	9.7982	1.1247	16.0924	8.2775	6.9431	6.8235	1.9947	8.7109	8.0199
	(0.8787)	(0.3671)	(0.9991)	(0.0650	(0.5064)	(0.6430)	(0.6555)	(0.9916)	(0.4644)	(0.5321)
R-squared	0.9366	0.9331	0.6410	0.9292	0.8833	0.9355	0.9366	0.5176	0.9319	0.9132
Adj. R-squared	0.9353	0.9320	0.6348	0.9280	0.8799	0.9341	0.9356	0.5091	0.9307	0.9105
Prob > F	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
Hansen J-statistics	29.3640	35.8861	31.399	35.8967	33.3661	31.2819	34.9209	28.8502	31.4573	33.7981
	(0.3435)	(0.1455)	(0.2551)	(0.1176)	(0.1853)	(0.2597)	(0.1722)	(0.3682)	(0.2528)	(0.1719)

Notes:

All Models have robust standard errors in parentheses. *,** and *** denote significance at 10%, 5% and 1% respectively. PcFd-Private credit by deposit money banks and other financial institutions; ICTgoods-ICT goods imports; SecInterServ-Secure Internet servers; L.BcBd-one year lag of BcBd; MobCelSub-Mobile cellular subscriptions; IndivInterusauge-Individuals using the Internet; Fixedtel-Fixed telephone subscriptions; FinForm-Financial Formalization; FinInform-Financial Informalization; gfCapform-Gross fixed capital formation; Trade-Trade; GDP-Gross Domestic Product; Popgrowth-Population growth; Hansen J- statistics of over-identifying restrictions of all instruments.

Sourced: Authors’ compilation.

Table A1. Correlation matrix (uniform observation: 266).

VARIABLES		BcBd	ICTgoods	Indiv Inter	Fixedtel	MobCel Sub	SecInter Serv	FinForm	FinInform	GDP	Inflation	Pop growth	Trade	GfCap form
Financial Acces	BcBd	1.0000
ICT	ICTgoods	0.4080	1.0000
	IndivInter	0.1238	0.3596	1.0000
	Fixedtel	0.0555	0.2823	0.6625	1.0000
	MobCelSub	0.0557	0.1108	0.7685	0.5876	1.0000
	SecInterServ	−0.1133	−0.0396	0.1904	0.1835	0.1920	1.0000
	FinForm	−0.0055	0.0641	0.0733	0.1649	0.0801	0.0399	1.0000
	FinInform	−0.0889	0.1066	0.2459	0.1731	0.2187	0.0167	0.1542	1.0000
Control	GDP	0.0977	0.3821	0.2965	0.0083	0.1884	−0.0197	−0.1530	0.1617	1.0000
	Inflation	−0.2223	−0.0416	−0.1479	−0.2200	−0.2600	−0.0428	−0.0497	0.0021	0.1882	1.000
	Popgrowth	−0.0306	−0.2766	−0.6351	−0.7226	−0.6384	−0.0956	−0.1488	0.2167	−0.075	0.1813	1.0000
	Trade	−0.2164	−0.2114	0.3393	0.5562	0.4912	0.2381	0.0787	0.1687	−0.258	−0.1633	−0.5703	1.0000
	gfCapform	−0.2285	−0.2552	0.1138	0.1088	0.2061	0.0629	−0.1044	0.1824	−0.111	−0.1256	−0.0388	0.4376	1.0000

Notes: ICTgoods-ICT goods imports; SecInterServ-Secure Internet servers; BcBd-Bank Credit to Bank Deposit; MobCelSub-Mobile cellular subscriptions; IndivInterusauge-Individuals using the Internet; Fixedtel-Fixed telephone subscriptions; FinForm-Financial Formalization; FinInform-Financial Informalization; gfCapform-Gross fixed capital formation; Trade-Trade; GDP-Gross Domestic Product; Popgrowth-Population growth.

Source: Authors’ Compilation.

Asongu, S. A., & Nwachukwu, J. C. (2019). ICT, financial sector development and financial access. Journal of the Knowledge Economy, 10(2), 465–490. https://doi.org/10.1007/s13132-017-0477-x

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Data availability statement

The data used in the study was sourced from https://databank.worldbank.org/.