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 Financial Inclusion in Sub-Saharan Africa: Stylized Facts and Determinants


Samuel GUÉRINEAU CERDI (Centre d’études et de recherches sur le développement international), université d’Auvergne. Contact : samuel.guerineau@udamail.fr.
Luc JACOLIN DERIE (Direction des études et des relations internationales et européennes), COMOZOF (Service de la Zone franc et du financement du développement), Banque de France. Contact : Luc.Jacolin@banque-france.fr.

As a main component of financial development, financial inclusion fosters economic growth in developing countries by delivering at an affordable cost a wide array of financial services to a growing share of households and small and medium-sized corporations. Financial inclusion is limited in Sub-Saharan Africa (SSA), and in particular in the Franc zone, both in terms of bank accounts (access and intensity of use) and credit. Widespread bank account access differentials according to education, age, gender, income and location are observed.

The prevalence of financial exclusion in SSA reflects structural factors affecting both: the supply of financial services (cost, management of information asymmetries), demand (income and education level, possible self-exclusion) or weak regulatory environment and business climates. Like any other forms of financial development, financial inclusion implies new risks for financial stability and therefore, a strengthening of banking regulations and supervision so that public trust in the banking sector and increasing access to financial services goes hand in hand with sustainable and stable economic development.