Determinants of financial inclusion in sub-Saharan Africa
Odhiambo, Trevor Ooko
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Financial exclusion is the lack of access by clients to appropriate low cost, fair and safe financial products and services. Leyshon and Thrift explained it as the processes that are in place to prevent individuals or a section of individuals from gaining access to the formal financial system. Individuals being excluded from banking services generate negative socioeconomic consequences for economies (Levine, 1993). Defining financial exclusion prompts the need to elaborate on financial inclusion as they go hand in hand. Financial inclusion is the ease of access, availability and consumption of the services offered by the financial system of an economy. This brings about the importance of financial inclusion in a country as it improves sustainability and an economy's stability. The definition of financial inclusion gives us a scope which includes accessibility, availability and consumption of the services offered by the financial system particularly the banking industry.