The Nexus Between Economic Growth, Financial Development, Financial Inclusion and Financial Innovation in Africa

This research explores the connection between economic growth, financial development, inclusion and innovation in Africa by employing panel structural vector autoregression using annual data from 2004 to 2018. The error correction model Granger causality test was applied examine directional with inclusion, growth used as dependent variables, term (ECT) coefficients are negatively significant at one percent for long-term causality. It shows that causal association is explained African economy feedback hypothesis. short-run a well innovation. means additional development any of these variables (i.e., inclusion) will have vital impact on connected which can be noticed short run. why policymakers government should consider each facets they do not merely affect other; also activities, hence fiscal policy capable steering more inclusions, development.