Acta Universitatis Danubius. Œconomica, Vol 16, No 1 (2020)

Does Financial Inclusion cause Economic Growth in Zimbabwe? An Empirical Investigation

Alexander Maune, Ephraim Matanda, Justice Mundonde


In this article, the researchers used a multiple linear regression model to examine the impact financial inclusion on economic growth in Zimbabwe during the period 2011 to 2017. To capture the depth and width of financial inclusion in Zimbabwe, financial services, information and communication technology as well as mobile network variables were used as proxies for financial inclusion while gross domestic product was used for economic growth. Secondary data for these variables was extracted from G20 Financial Inclusion, Global Financial Development and World Development Indicators 2019 databases. The empirical findings of this study show that financial inclusion has a positive impact on economic growth in Zimbabwe. These results are relevant despite the economic challenges facing Zimbabwe. The researchers therefore, recommend pro-financial inclusion and pro-free market based financial sector development policies in Zimbabwe in order stir free market based financial sector growth and economic development. Therefore, the article is value to policy makers, researchers and the private sector.


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