Prague Economic Papers 2025, 34(1):98-136 | DOI: 10.18267/j.pep.886

A Multidimensional Financial Inclusion Index for Ethiopia

Mohammed Jatoro Arebo ORCID..., Filmon Hadaro Hando ORCID..., Andualem Goshu Mekonnen ORCID...
Mohammed Jatoro Arebo: Corresponding author, Addis Ababa University (AAU), College of Development Studies (CDS), Department of Regional and Local Development Studies (RLDS), Ethiopia
Filmon Hadaro Hando: Development Governance and Gender Equality, CDS-RLDS, AAU, Ethiopia
Andualem Goshu Mekonnen: CDS-RLDS, AAU, Ethiopia

This study develops a multi-dimensional composite index to measure financial inclusion in Ethiopia, using a two-stage Principal Component Analysis based on ten traditional and five digital indicators from 2015 to 2023. The results reveal a significant increase in Ethiopia’s financial inclusion score, rising from an average of 10.89% in 2015 to 52.18% in 2023. Among the dimensions, traditional availability (0.2625) is the most influential, followed by traditional usage (0.2616), digital accessibility (0.2505), and digital availability (0.2254). Further analysis reveals that the Commercial Bank of Ethiopia alone contributes 48.99% for financial inclusion score, while five medium-sized and eleven small-sized private banks collectively account for 29.26% and 21.75%, respectively. The developed index proves to be a valuable tool for policymaking and evaluation, addressing previous limitations like arbitrary weight selection. It offers a detailed perspective on financial inclusion trends among commercial banks in Ethiopia, consistent with existing studies.

Keywords: Financial inclusion; Multidimensional composite index; Principal component analysis; Ethiopia's commercial banks
JEL classification: G2, G21

Received: August 14, 2024; Revised: December 31, 2024; Accepted: February 12, 2025; Published: May 7, 2025  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Arebo, M.J., Hando, F.H., & Mekonnen, A.G. (2025). A Multidimensional Financial Inclusion Index for Ethiopia. Prague Economic Papers, 34(1), 98-136. doi: 10.18267/j.pep.886
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Abate, S. G., & Adamu, A. Y. (2022). Stakeholders' participation in adult education programme development in Ethiopia. International journal of lifelong education, 41(3), 257-276. https://doi.org/10.1080/02601370.2022.2052990 Go to original source...
    2. Abdi, H., & Williams, L. J. (2010). Principal component analysis. Wiley interdisciplinary reviews: computational statistics, 2(4), 433-459. https://doi.org/10.1002/wics.101 Go to original source...
    3. Aduda, J., & Kalunda, E. (2012). Financial inclusion and financial sector stability with reference to Kenya: A review of literature. Journal of Applied Finance and Banking, 2(6), 95-120.
    4. Ahamed, M. M., & Mallick, S. K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization, 157, 403-427. https://doi.org/10.1016/j.jebo.2017.07.027 Go to original source...
    5. Ahmed, M. I. (2020). Islamic Banking in Ethiopia and its Legislative Challenges. J. Int'l L. Islamic L., 16, 62.
    6. Akileng, G., Lawino, G. M., & Nzibonera, E. (2018). Evaluation of determinants of financial inclusion in Uganda. Journal of Applied Finance and Banking, 8(4), 47-66.
    7. Alemu Zewdu, G. (2014). Financial inclusion, regulation and inclusive growth in Ethiopia. In Working paper; Working Paper, Issue November). https://doi.org/10.4324/9781315648668 Go to original source...
    8. Arebo, M., Hando, F., & Mekonnen, A. (2024). Financial inclusion and stability in Ethiopia using bank-level data: A two-step system GMM estimation. F1000Research, 13, 1369. https://doi.org/10.12688/f1000research.158461.1 Go to original source...
    9. Aymar, G. Z. U. J., & Fabrice-Gilles, N. A. (2021). Institutional environment and financial inclusion in Sub-Saharan Africa. Modern Economy, 12, 477-494. https://doi.org/10.4236/me.2021.123025 Go to original source...
    10. Bandyopadhyay, S., Thakur, S.S. & Mandal, J.K. (2021). Product recommendation for e-commerce business by applying principal component analysis (PCA) and K-means clustering: benefit for the society. Innovations Syst Softw Eng 17, 45-52. https://doi.org/10.1007/s11334-020-00372-5 Go to original source...
    11. Banking Business Proclamation Amendment No. 1159/2019
    12. Bartlett, M. S. (1950). Tests of significance in factor analysis. British Journal of Statistical Psychology, 3, 77-85. https://doi.org/10.1111/j.2044-8317.1950.tb00285.x Go to original source...
    13. Beck, T., Demirguc-Kunt, A., & Peria, M. S. M. (2007). Reaching out: Access to and use of banking services across countries. Journal of financial economics, 85(1), 234-266. https://doi.org/10.1016/j.jfineco.2006.07.002 Go to original source...
    14. Beck, Thorsten, Asli Demirguc-Kunt, and Maria Soledad Martinez Peria. 2007. Reaching out: Access to and Use of Banking Services across Countries. Journal of Financial Economics, 85, 234-66. https://doi.org/10.1016/j.jfineco.2006.07.002 Go to original source...
    15. Bruhn, M., & Love, I. (2014). The real impact of improved access to finance: Evidence from Mexico. The Journal of Finance, 69(3), 1347-1376. https://doi.org/10.1111/jofi.12091 Go to original source...
    16. Camara, N., & Tuesta, D. (2017). Measuring financial inclusion: A multidimensional index. Bank of Morocco - CEMLA - IFC Satellite Seminar at the ISI World Statistics Congress on "Financial Inclusion". https://www.bis.org/ifc/publ/ifcb47p.pdf
    17. Carrino, L. (2015). The weighting role of normalisation in a multidimensional analysis of Social Inclusion. University Ca'Foscari of Venice, Dept. of Economics Research Paper Series No. 32. https://doi.org/10.2139/ssrn.2713000 Go to original source...
    18. Cattell, R. B. (1966). The Scree Test for the number of factors. Multivariate Behavioral Research, 1, 245-276. http://dx.doi.org/10.1207/s15327906mbr0102_10 Go to original source...
    19. Central Statistical Agency of Ethiopia (CSA), National Bank of Ethiopia (NBE), & World Bank (WB). (2020). Ethiopia socioeconomic survey (ESS) 2018/19, financial inclusion. https://microdata.worldbank.org/index.php/catalog/3823/datadictionary/F6?file_name=sect5a_hh_w4.dta
    20. Chakravarty, S. R., & Pal, R. (2013). Financial inclusion in India: An axiomatic approach. Journal of Policy Modeling, 35(5), 813-837. https://doi.org/10.1016/j.jpolmod.2012.12.007 Go to original source...
    21. Chen, P.-C., Yu, M.-M., Shih, J.-C., Chang, C.-C., & Hsu, S.-H. (2019). A reassessment of the global food security index by using a hierarchical data envelopment analysis approach. European Journal of Operational Research, 272(2), 687-698. https://doi.org/10.1016/j.ejor.2018.06.045 Go to original source...
    22. Cleff, T. (2019). Factor analysis. In T. Cleff (Ed.), Applied Statistics and Multivariate Data Analysis for Business and Economics. Springer. https://doi.org/10.1007/978-3-030-17767-6_13 Go to original source...
    23. Dabla-Norris, E., Ji, Y., Townsend, R., & Unsal, D. F. (2015). Identifying constraints to financial inclusion and their impact on GDP and inequality: A structural framework for policy (IMF Working Paper No. 22). https://doi.org/10.5089/9781498381598.001 Go to original source...
    24. De Koker, L. and Jentzsch, N. (2013). Financial inclusion and financial integrity: Aligned incentives? World Development, 44, 267-280. https://doi.org/10.1016/j.worlddev.2012.11.002 Go to original source...
    25. Decancq, K., & Lugo, M. A. (2013). Weights in multidimensional indices of wellbeing: An overview. Econometric Reviews, 32(1), 7-34. https://doi.org/10.1080/07474938.2012.690641 Go to original source...
    26. Demirgüç-Kunt, A., & Levine, R. (2009). Finance and inequality: Theory and evidence. Annual Review of Financial Economics, 1, 287-318. http://dx.doi.org/10.1146/annurev.financial.050808.114334 Go to original source...
    27. Desalegn, G., & Yemataw, G. (2017). Financial inclusion in Ethiopia: Using LSMS (Ethiopia socioeconomic survey) data. Ethiopian Journal of Economics, 26(2), 31-58. https://www.ajol.info/index.php/eje/article/view/177737
    28. Diniz, Eduardo, Rene Birochi, and Marlei Pozzebon. 2012. Triggers and Barriers to Financial Inclusion: The Use of ICT-Based Branchless Banking in an Amazon County. Electronic Commerce Research and Applications 11: 484-94. https://doi.org/10.1016/j.elerap.2011.07.006 Go to original source...
    29. Elsayed, A. (2020). The interrelationship between financial inclusion, financial stability, financial integrity and consumer protection (I-SIP Theory). SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3745874 Go to original source...
    30. Fielding, D., & Regasa, D. (2024). Banking competition and financial inclusion: Evidence from Ethiopia. World Development, 183, 106733. https://doi.org/10.1016/j.worlddev.2024.106733 Go to original source...
    31. Freudenberg, M. (2003). Composite indicators of country performance: A critical assessment. STI Working Paper No. 16. https://doi.org/10.1787/405566708255 Go to original source...
    32. Gebremeskel, D. H., Ahlgren, E. O., & Beyene, G. B. (2021). Long-term evolution of energy and electricity demand forecasting: The case of Ethiopia. Energy Strategy Reviews, 36, 100671. https://doi.org/10.1016/j.esr.2021.100671 Go to original source...
    33. Gharbi, I., & Kammou, A. (2023). Developing a multidimensional financial inclusion index: A comparison based on income groups. Journal of Risk and Financial Management, 16(6), 296. https://doi.org/10.3390/jrfm16060296 Go to original source...
    34. Ghorbani, M., & Chong, E. K. (2020). Stock price prediction using principal components. PloS one, 15(3), e0230124. https://doi.org/10.1371/journal.pone.0230124 Go to original source...
    35. Greenacre, M., Groenen, P. J., Hastie, T., d'Enza, A. I., Markos, A., & Tuzhilina, E. (2022). Principal component analysis. Nature Reviews Methods Primers, 2(1), 100. https://doi.org/10.1038/s43586-022-00184-w Go to original source...
    36. Gunasekara, H. U., & Kumari, P. (2018). Factors affecting deposit mobilization in Sri Lanka. International Review of Management and Marketing, 8(5), 30-42. https://www.econjournals.com/index.php/irmm/article/view/5887
    37. Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate data analysis (8th ed.). Cengage Learning EMEA.
    38. Hamdy, A., & Hussein, W. B. (2016). Credit risk assessment model based using principal component analysis and artificial neural network. In MATEC Web of Conferences (Vol. 76, p. 02039). EDP Sciences. https://doi.org/10.1051/matecconf/20167602039 Go to original source...
    39. Hanivan, H., & Nasrudin, M. (2019). A financial inclusion index for Indonesia. Bulletin of Monetary Economics and Banking, 22(3), 1-16. https://doi.org/10.21098/bemp.v22i3.1056 Go to original source...
    40. Hannig, A., & Jensen, S. (2010). Financial inclusion and financial stability: Current policy issues. ABDI Working Paper Series No. 259. https://doi.org/10.2139/ssrn.1729122 Go to original source...
    41. Hotelling H. (1933). Analysis of a complex of statistical variables into principal components. Journal of Educational Psychology 24(6):417-441. https://psycnet.apa.org/doi/10.1037/h0071325 Go to original source...
    42. Hox, J. J. (2013). Multilevel regression and multilevel structural equation modeling. In T. D. Little (Ed.), The Oxford handbook of quantitative methods in psychology: Statistical analysis (Vol. 2, pp. 491-516). Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199934898.013.0014 Go to original source...
    43. Huang, Y., & Zhang, Y. (2019). Financial inclusion and urban-rural income inequality: Long-run and short-run relationships. Emerging Markets Finance and Trade, 56(2), 1-15. https://doi.org/10.1080/1540496x.2018.156 Go to original source...
    44. Ingrassia, S., Costanzo, G.D. (2005). Functional Principal Component Analysis of Financial Time Series. In: Bock, HH., et al. New Developments in Classification and Data Analysis. Studies in Classification, Data Analysis, and Knowledge Organization. Springer, Berlin, Heidelberg. https://doi.org/10.1007/3-540-27373-5_42 Go to original source...
    45. Inoue, T., & Hamori, S. (2012). How has financial deepening affected poverty reduction in India? Empirical analysis using state-level panel data. Applied Financial Economics, 22(5), 395-408. https://doi.org/10.1080/09603107.2011.613764 Go to original source...
    46. Ismael, D. M., & Ali, S. S. (2021). Measuring digital and traditional financial inclusion in Egypt: A new index. International Journal of Applied Research in Management and Economics, 4(2), 13-34. https://doi.org/10.33422/ijarme.v4i2.629 Go to original source...
    47. Issaka, J. Y., Anarfo, E. B., & Aveh, F. K. (2020). Financial inclusion and bank profitability in Sub-Saharan Africa. International Journal of Finance & Economics, 27, 32-44. https://doi.org/10.1002/ijfe.2135 Go to original source...
    48. Janićijević, S., Mizdraković, V., & Kljajić, M. (2022). Principal Component Analysis in Financial Data Science. IntechOpen. http://dx.doi.org/10.5772/intechopen.102928 Go to original source...
    49. Jolliffe, I. T., & Cadima, J. (2016). Principal component analysis: A review and recent developments. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, 374(2065). https://doi.org/10.1098/rsta.2015.0202 Go to original source...
    50. Kaiser, H. F. (1960). The application of electronic computers to factor analysis. Educational and Psychological Measurement, 20, 141-151. https://doi.org/10.1177/001316446002000116 Go to original source...
    51. Kappeler, A., Ashiagbor, D., Minsat, A., Deiana, R., & Nguyen Quoc, T. (2018). Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability 2018 (European Investment Bank), https://www.eib.org/attachments/efs/economic_report_banking_africa_2018_en.pdf
    52. Kempson, E., Atkinson, A., & Pilley, O. (2004). Policy level response to financial exclusion in developed economies: Lessons for developing countries. Report of Personal Finance Research Centre, University of Bristol.
    53. Kim, D. W., Yu, J. S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1-14. https://doi.org/10.1016/j.ribaf.2017.07.178 Go to original source...
    54. Kline, R. B. (2015). Principles and practice of structural equation modeling (4th ed.). Guilford Publications.
    55. Koomson, I., Villano, R. A., & Hadley, D. (2020). Effect of financial inclusion on poverty and vulnerability to poverty: Evidence using a multidimensional measure of financial inclusion. Social Indicators Research, 149(2), 613-639. https://doi.org/10.1007/s11205-019-02263-0 Go to original source...
    56. Kurita, T. (2019). Principal component analysis (PCA). Computer vision: a reference guide, 1-4. https://doi.org/10.1007/978-3-030-03243-2_649-1 Go to original source...
    57. Le, T.-H., Chuc, A. T., & Taghizadeh-Hesary, F. (2019). Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa Istanbul Review, 19(4), 310-322. https://doi.org/10.1016/j.bir.2019.07.002 Go to original source...
    58. Lenka, S. K., & Barik, R. (2018). Has expansion of mobile phone and internet use spurred financial inclusion in the SAARC countries? Financial Innovation, 4(5). https://doi.org/10.1186/s40854-018-0089-x Go to original source...
    59. Levine, R. (2005). Finance and growth: Theory and evidence. In P. Aghion & S. Durlauf (Eds.), Handbook of Economic Growth,1(A), 865-934. Elsevier. https://doi.org/10.1016/S1574-0684(05)01012-9 Go to original source...
    60. Li, Y., & Zhang, Q. (2011). The application of principal component analysis on financial analysis in real estate listed company. Procedia Engineering, 15, 4499-4503. https://doi.org/10.1016/j.proeng.2011.08.845Licensing and Authorization of Payment Instrument Issuers Directive No. ONPS/01/2020 and ONPS/09/2023Limits on Birr and foreign currency holding in the territory of Ethiopia, Directive No. FXD/49/2017 and FXD/81/2022 Go to original source...
    61. Lockwood, B. (2004). How robust is the foreign policy/Kearney globalization index? The World Economy, 27(4), 507-523. https://doi.org/10.1111/j.0378-5920.2004.00611.x Go to original source...
    62. Maćkiewicz, A., & Ratajczak, W. (1993). Principal components analysis (PCA). Computers & Geosciences, 19(3), 303-342. https://doi.org/10.1016/0098-3004(93)90090-R Go to original source...
    63. Mao, F., Wang, Y., & Zhu, M. (2023). Digital financial inclusion, traditional finance system and household entrepreneurship. Pacific-Basin Finance Journal 80(C), 102076. https://doi.org/10.1016/j.pacfin.2023.102076 Go to original source...
    64. Mavungu, M. (2023). Computation of financial risk using principal component analysis. Algorithmic Finance, 10(1-2), 1-20. https://doi.org/10.3233/AF-220339 Go to original source...
    65. Mhlanga, D. (2020). Industry 4.0 in Finance: The Impact of Artificial Intelligence (AI) on Digital Financial Inclusion, International Journal of Financial Studies 8(3), 1-14. https://doi.org/10.3390/ijfs8030045 Go to original source...
    66. Mialou, A., Amidzic, G., & Massara, A. (2017). Assessing countries' financial inclusion standing-A new composite index. Journal of Banking and Financial Economics, 2(8), 105-126. https://doi:10.7172/2353-6845.jbfe.2017.2.5 Go to original source...
    67. Mishra, Deepak, Vinay Kandpal, Naveen Agarwal, and Barun Srivastava. 2024. Financial Inclusion and Its Ripple Effects on Socio-Economic Development: A Comprehensive Review. Journal of Risk and Financial Management 17: 105. https://doi.org/10.3390/jrfm17030105 Go to original source...
    68. Mishra, S. K. (2007). A comparative study of various inclusive indices and the index constructed by the principal components analysis. Available at SSRN 990831. https://doi.org/10.2139/ssrn.990831 Go to original source...
    69. Mishra, S., Sarkar, U., Taraphder, S., Datta, S., Swain, D., & Saikhom, R. et al. (2017). Multivariate Statistical Data Analysis- Principal Component Analysis (PCA). International Journal of Livestock Research, 7(5), 60-78. http://dx.doi.org/10.5455/ijlr.20170415115235 Go to original source...
    70. Mossie, W. A. (2022). Understanding financial inclusion in Ethiopia. Cogent Economics & Finance, 10(1), 2071385. https://doi.org/10.1080/23322039.2022.2071385 Go to original source...
    71. Moyo, C., & Phiri, A. (2024). The effects of interest rates on bank risk-taking in South Africa: Do cyclical and location asymmetries matter? International Journal of Financial Studies, 12(49), 1-16. https://doi.org/10.3390/ijfs12020049 Go to original source...
    72. Mushtaq, A., & Shah, M. A. (2020). Empirical study on financial inclusion: A structural equation modeling approach. International Journal of Microgravity Science and Application, 4(20), 373-383
    73. Nagar, A. L., & Basu, S. R. (2002). Weighting socioeconomic indicators of human development: A latent variable approach. In A. Ullah et al. (Eds.), Handbook of Applied Econometrics and Statistical Inference. Marcel Dekker.
    74. Namazi, M., & Salehi, M. (2010). The role of inflation in financial repression: Evidence from Iran. World Applied Sciences Journal, 11(6), 653-661.
    75. National Bank of Ethiopia. (2021). National Financial Inclusion Strategy-II (2021-2025). https://nbe.gov.et/wp-content/uploads/2023/12/National-Financial-Inclusion-Stratgy-II-2021-2025.pdf
    76. National Bank of Ethiopia's (NBE-FSR). (2024). Financial Stability Report. https://nbe.gov.et/fsr/
    77. Nesru, K.B, & Mekonnen, K.Y (2022). Deposit mobilization and its determinants: Evidence from commercial banks in Ethiopia. Future Business Journal, 8(32). https://doi.org/10.1186/s43093-022-00144-6 Go to original source...
    78. Nguyen, T. T. T. (2021). Measuring financial inclusion: A composite FI index for developing countries. Journal of Economics and Development, 23(1), 77-99. https://doi:10.1108/jed-03-2020-0027 Go to original source...
    79. Niaz, M. U. (2022). Socio-economic development and sustainable development goals: A roadmap from vulnerability to sustainability through financial inclusion. Economic Research-Ekonomska Istraživanja, 35(1), 3243-3275. https://doi.org/10.1080/1331677X.2021.1989319 Go to original source...
    80. Nizam, R., Karim, Z. A., Rahman, A. A., & Sarmidi, T. (2020). Financial inclusiveness and economic growth: New evidence using a threshold regression analysis. Economic Research-Ekonomska Istraživanja, 33(1), 1465-1484. https://doi.org/10.1080/1331677X.2020.1748508 Go to original source...
    81. Nuzzo, G., & Piermattei, S. (2020). Discussing measures of financial inclusion for the main Euro area countries. Social Indicators Research, 148(3), 765-786. https://doi.org/10.1007/s11205-019-02223-8 Go to original source...
    82. OECD. (2008). Handbook on constructing composite indicators: Methodology and user guide. OECD Publishing. https://doi.org/10.1787/9789264043466-en Go to original source...
    83. Ohiomu, S., & Ogbeide-Osaretin, E. N. (2019). Financial inclusion and gender inequality reduction: Evidence from sub-Saharan Africa. The Indian Economic Journal, 67(3-4), 367-372. https://doi.org/10.1177/0019466220946411 Go to original source...
    84. Omar, M. A., & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures, 9(1), 1-25. https://doi.org/10.1186/s40008-020-00214-4 Go to original source...
    85. Osawaru, M., Ogwu, M., & Imarhiagbe, O. (2015). Principal component analysis (PCA) as an ideal tool for analysing on-farm research data. Biological and Environmental Sciences Journal for the Tropics, 12, 514-522.
    86. Ozili, P. K. (2021a). Has financial inclusion made the financial sector riskier? Journal of Financial Regulation and Compliance, 29(3), 1-24. https://doi.org/10.1108/JFRC-08-2020-0074 Go to original source...
    87. Ozili, P. K. (2021b). Digital finance, green finance, and social finance: Is there a link? Financial Internet Quarterly, 17(1), 1-7. https://doi.org/10.2478/fiqf-2021-0001 Go to original source...
    88. Papathoma-Kohle, M., Cristofari, G., Wenk, M., & Fuchs, S. (2019). The importance of indicator weights for vulnerability indices and implications for decision making in disaster management. International Journal of Disaster Risk Reduction, 36, 101103. https://doi.org/10.1016/j.ijdrr.2019.101103 Go to original source...
    89. Park, C. Y., & Mercado, R. V. (2021). Financial inclusion: New measurement and cross-country impact assessment. In Financial Inclusion in Asia and beyond: Measurement, Development Gaps, and Economic Consequences, 98-128. Routledge. https://doi.org/10.4324/9781003035916 Go to original source...
    90. Pearson K. (1901). On lines and planes of closest fit to systems of points in space. Philosophical Magazine 2(11):559-572. https://doi.org/10.1080/14786440109462720 Go to original source...
    91. Robu, I. B., & Istrate, C. (2015). The analysis of the principal components of the financial reporting in the case of Romanian listed companies. Procedia Economics and Finance, 20, 553-561. https://doi.org/10.1016/S2212-5671(15)00108-2 Go to original source...
    92. Sarma, M. (2008). Index of financial inclusion. Working Paper No. 215.
    93. Sarma, M. (2016). Measuring Financial Inclusion for Asian Economies. In Gopalan, S., & Kikuchi, T. (eds) Financial Inclusion in Asia. Palgrave Studies in Impact Finance. Palgrave Macmillan. https://doi.org/10.1057/978-1-137-58337-6_1 Go to original source...
    94. Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of International Development, 23(5), 613-628. https://doi.org/10.1002/jid.1698 Go to original source...
    95. Senou, M. M., Ouattara, W., & Houensou, D. A. (2019). Financial inclusion dynamics in WAEMU: Was digital technology the missing piece? Cogent Economics & Finance, 7(1), 1-16. https://doi.org/10.1080/23322039.2019.1665432 Go to original source...
    96. Sha'ban, M., Girardone, C., & Sarkisyan, A. (2020). Cross-country variation in financial inclusion: A global perspective. European Journal of Finance, 26, 319-340. https://doi.org/10.1080/1351847X.2019.1686709 Go to original source...
    97. Shihadeh, F. H., Azzam, H., Hannon, J., Guan, J., Haq, I. u., & Wang, X. (2018). Does financial inclusion improve the banks' performance? Evidence from Jordan. In Kensinger, J.W. (Ed) Global Tensions in Financial Markets, Emerald Publishing Limited, 3, 117-138. https://doi.org/10.1108/S0196-382120170000034005 Go to original source...
    98. Staveren, I. V. (2001). Gender biases in finance. Gender & Development, 9(1), 9-17. https://doi.org/10.1080/13552070127734 Go to original source...
    99. Steiger, J. H. (1979). Factor indeterminacy in the 1930s and the 1970s: Some interesting parallels. Psychometrika, 44(2), 157-167. https://doi.org/10.1007/BF02296409 Go to original source...
    100. Subbarao, D. (2009). Financial inclusion: Challenges and opportunities. Reserve Bank of India Bulletin, 9, 1-16. https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/1FISCBL080110.pdfThird Amendment of Branch Opening Directive No. SBB/66/2018
    101. Tram, T. X. H., Lai, T. D., & Nguyen, T. T. H. (2023). Constructing a composite financial inclusion index for developing economies. The Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2021.01.003 Go to original source...
    102. Tran, H. T. T., & Le, H. T. T. (2021). The impact of financial inclusion on poverty reduction. Asian Journal of Law and Economics, 12(1), 95-119. https://doi.org/10.1515/ajle-2020-0055 Go to original source...
    103. Tun, N. N. (2019). An empirical analysis of macroeconomic factors affecting deposit mobilization of private commercial banks in Myanmar. International Journal of Research in Business and Technology, 3(2). https://ejournal.lucp.net/index.php/ijrtbt/article/view/10/528
    104. Uddin, A., Chowdhury, M. A. F., & Islam, M. N. (2017). Determinants of financial inclusion in Bangladesh: Dynamic GMM & quantile regression approach. The Journal of Developing Areas, 51, 221-237. https://doi.org/10.1353/jda.2017.0041 Go to original source...
    105. Ursachi, G., Horodnic, I. A., & Zait, A. (2015). How reliable are measurement scales? External factors with indirect influence on reliability estimators. Procedia Economics and Finance, 20, 679-686. https://doi.org/10.1016/S2212-5671(15)00123-9 Go to original source...
    106. Use of Agents Directive No. FIS/02/2020
    107. Van, L. T. H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2021). Financial inclusion and economic growth: An international evidence. Emerging Markets Finance and Trade, 57(1), 239-263. https://doi.org/10.1080/1540496X.2019.1697672 Go to original source...
    108. Viswanadham, P., Yirgalem, T., & Medanit, B. (2015). The effect of location and information technology on banks deposit mobilization status in Ethiopia: Empirical evidence on private commercial banks in Adama Town. International Journal of Science and Research, 6-14.
    109. Vo, D. H., Nguyen, N. T., & Van, L. T. H. (2021). Financial inclusion and stability in the Asian region using bank-level data. Borsa Istanbul Review, 21(1), 36-47. https://doi.org/10.1016/j.bir.2020.08.002 Go to original source...
    110. Wang, X., & Guan, J. (2017). Financial inclusion: Measurement, spatial effects, and influencing factors. Applied Economics, 49(18), 1751-1762. https://doi.org/10.1080/00036846.2016.1276413 Go to original source...
    111. Wuhan, L. S., & Khurshid, A. (2015). The effect of interest rate on investment: Empirical evidence of Jiangsu Province, China. Journal of International Studies, 8(1), 81-90. https://doi.org/10.14254/2071-8330.2015/8-1/7 Go to original source...
    112. Yang, Y., Su, M., & Liu, R. (2022). Concepts and applications of multivariate multilevel (MVML) analysis and multilevel structural equation modeling (MLSEM). In M. S. Khine (Ed.), Methodology for Multilevel Modeling in Educational Research, 55-88. Springer. https://doi.org/10.1007/978-981-16-9142-3_4 Go to original source...

    This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content