Effect of financial innovation on economic growth: Evidence from African countries

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dc.contributor.authorYinusa, Olumuyiwa Ganiyu
dc.contributor.authorOlowofela, Olusola Enitan
dc.contributor.authorYunusa, Lateef Adewale
dc.contributor.authorFolami, Rahmon Abiodun
dc.date.accessioned2021-11-09T07:02:32Z
dc.date.available2021-11-09T07:02:32Z
dc.date.issued2021en_US
dc.departmentİstanbul Ticaret Üniversitesien_US
dc.description.abstractFinancial innovation is a product of technology and the question whether financial innovation spurs economic growth is subject to level of technology in the financial sector of an economy as well as other factors. On this note, this study examines the impact of pr ocess financial innovation on economic growth in some selected African countries. The study used annual panel data obtained from the World Bank Development Indicator comprising of seventeen cross section countries covering the period of fifteen years from 2004 to 2018. Generalized Method of Moment (GMM) was employed to analyze the panel data system. The result shows that financial innovation has significant impact on economic growth of selected countries. Automated Teller Machine (ATM) which is a major measure of our process financial innovation has significant impact on economic growth. Number of Bank branches on the other hand has positive but insignificant impact on the economic growth. Financial innovative products such a domestic bank credit also contributes significantly to the economic growth of African countries. It is therefore recommended that policy makers should encourage establishment of more ATM terminals, increase the number of bank branches and improve the credit to private sector of the economy.en_US
dc.identifier.endpage140en_US
dc.identifier.issue1en_US
dc.identifier.startpage130en_US
dc.identifier.urihttps://hdl.handle.net/11467/5077
dc.identifier.volume7en_US
dc.language.isoenen_US
dc.publisherİstanbul Ticaret Üniversitesien_US
dc.relation.ispartofInternational Journal of Commerce and Financeen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Başka Kurum Yazarıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectFinancial Innovationen_US
dc.subjectEconomic Growthen_US
dc.subjectATMen_US
dc.subjectBank Branches and Credit to Private Sectoren_US
dc.titleEffect of financial innovation on economic growth: Evidence from African countriesen_US
dc.typeArticleen_US

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