Determinants of financial inclusion in sub-Saharan Africa
Abstract
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.