Developing Financial Inclusion Index in Asia and Africa's least Developed Countries

Abstract

In this study, 42 economically developing nations in Asia and Africa are studied from 2000 to 2019 for relationships between the financial inclusion index and development variables. The investigation of this relationship makes use of panel data analysis using pooled panel regression. Research indicates that financial inclusion is facilitated by economic growth. The degree of unemployment and literacy in the population have an impact on financial inclusion, and women are more susceptible than men to it. A rural region's financial inclusive is lowered in less developed countries where agriculture is the main economic driver. Rates of financial inclusion and development are adversely affected by pay inequality. Many countries' growth is impeded by the low rate of financial inclusion. Poor populations in the countries under investigation can benefit from the study's findings. Promotion of literacy, eradicating gender inequality, and raising salary parity should be the top priorities for authorities in order to spur growth.

Keywords: financial inclusion, Gender, Economic development