Information Communication Technology and Financial Sector in West Africa
Las tecnologías de la información y la comunicación y el sector financiero en África Occidental
Resumen (es)
A escala mundial, las tecnologías de la información y la comunicación desempeñan un papel fundamental en el impulso del sector financiero. Este estudio examina la relación entre las tecnologías de la información y la comunicación y el sector financiero en África Occidental entre 2012 y 2022. El estudio es esencial porque los estudios centrados en las TIC y la profundidad financiera son escasos en las naciones de África Occidental. Los datos del estudio proceden de la base de datos del Banco Mundial y utilizan el sistema GMM. El indicador de profundidad financiera es la relación entre los activos bancarios y el PIB, mientras que los indicadores de las TIC son la suscripción a Internet, la suscripción a la telefonía móvil y la suscripción a la banda ancha fija. El abono a la telefonía móvil aumenta significativa y estadísticamente la profundidad financiera de los bancos de África Occidental en un 423,82 % durante el periodo estudiado. La suscripción a Internet aumenta el tamaño del sector financiero en un 11 % y el resultado es estadísticamente significativo. La banda ancha fija influye positivamente en la profundidad financiera en África Occidental en un 341 %, y el resultado es estadísticamente significativo. Los responsables políticos deben invertir fuertemente en TIC y adoptar tecnología financiera para promover la profundidad financiera.
Resumen (en)
Globally, information and communication technology play a pivotal role in driving the financial sector. This study examines the relationship between information communication technology and the financial sector in West Africa from 2012 to 2022. The study is essential because studies focusing on ICT and financial depth are scarce in West African nations. The data for the study comes from the World Bank database and uses the GMM system. The financial depth indicator is the ratio of bank assets to GDP while the indicators of ICT are internet subscription, mobile subscription and fixed broadband subscription. Mobile phone subscription significantly and statistically enhances financial depth of banks in West Africa by 423.82 % during the period under review. Internet subscription increases financial sector size by 11 % and the result is statistically significant. The fixed broadband positively influences the financial depth in West Africa by 341 %, and the result is statistically significant. Policymakers must invest heavily on ICT and adopt financial technology to promote financial depth.
Referencias
AFREXIMBANK. (2023). Contemporary Issues in Trade and Finance.
Ajit, S., Alaka, S., & Bruce, W. (2000). Information technology, venture capital and the stock market," MPRA Paper 53718, University Library of Munich, Germany.
Al-Hamzi, K. R. (2019). The Role of Information Communication Technology on Financial Development. MSc Thesis.
Alshubiri, F., Jamil, S. A., & Elheddad, M. (2019). The impact of ICT on financial development: Empirical evidence from the Gulf Cooperation Council countries. international Journal of engineering business management, 11, 1847979019870670. DOI: https://doi.org/10.1177/1847979019870670
Asongu, S.A. (2015). The impact of mobile phone penetration on African inequality. International Journal of Social Economics, 42(8):706-716. DOI: https//.doi.org/10.1108/IJSE-11-2012-0228. DOI: https://doi.org/10.1108/IJSE-11-2012-0228
Asongu, S. A., & Nwachukwu, J. C., (2018). Comparative human development thresholds for absolute and relative pro-poor mobile banking in developing countries. Information Technology & People, 31(1):63-93. DOI: https//doi.org/10.1108/ITP-12-2015-0295. DOI: https://doi.org/10.1108/ITP-12-2015-0295
Asongu, S.A., & Nwachukwu, J. C., (2016). The role of governance in mobile phones for inclusive human development in Sub-Saharan Africa. Technovation, 55-56 (September- October):1-13. DOI: https//doi.org/10.1016/j.techovation.2016.04.002. DOI: https://doi.org/10.1016/j.technovation.2016.04.002
Asongu, S. A., Batuo, E. M., Nwachukwu, J. C., & Tchamyou, V. S. (2018). Is information diffusion a threat to market power for financial access? Insights from the African banking industry.Journal of Multinational Financial Management, 45(June):88-104. DOI: https//doi.org/10.1016/j.mulfin.2018.04.05 DOI: https://doi.org/10.1016/j.mulfin.2018.04.005
Chen, K. C. (2020). Implications of fintech developments for traditional banks. International Journal of Economics and Financial Issues, 10(5), 227–235. DOI: https://doi.org/10.32479/ijefi.10076 DOI: https://doi.org/10.32479/ijefi.10076
Cobb, C.W. & Douglas, P.H. (1928) A Theory of Production.American Economics Review, 18, 139-165.
Comin, D., & Nanda, R. (2018). Financial Development and Technology Diffusion. Harvard Business School Entrepreneurial Management Working Paper No. 15-036, Forthcoming in IMF Economic Review.
Coulibaly, S. S. (2021). A study of the factors affecting mobile money penetration rates in the West African Economic and Monetary Union (WAEMU) compared with East Africa, Financial Innovation. Springer, Heidelberg, 7(1), 1-26, DOI: https://doi.org/10.1186/s40854-021-00238-0 DOI: https://doi.org/10.1186/s40854-021-00238-0
Cull, R., Gine, X., Harten, S., Heitmann, S., & Rusu, A. B. (2018). Agent banking in a highly under‐developed financial sector: Evidence from Democratic Republic of Congo. World Development, 107, 54–74. DOI: https://doi.org/10.1016/j.worlddev.2018.02.001 DOI: https://doi.org/10.1016/j.worlddev.2018.02.001
Del Gaudio, B. L., Porzio, C., Sampagnaro, G., & Verdoliva, V. (2021). How do mobile, internet and ICT diffusion affect the banking industry? An empirical analysis. European Management Journal, 39(3), 327-332. DOI: https://doi.org/10.1016/j.emj.2020.07.003
Dhahri, S., Omri, A., & Mirza, N. (2024).Information technology and financial development for achieving sustainable development goals. Research in International Business and Finance, Elsevier, vol. 67(). DOI: https://doi.org/10.1016/j.ribaf.2023.102156
Diao, X., Mcmillan, M., & Rodrik, D. (2019). The recent growth boom in developing economies: A structural change perspective in Nissanke M and Ocampo J. A (eds), The Palgrave handbook of development economic, palgrave Macmillan, Cham, 281-334. DOI: https://doi.org/10.1007/978-3-030-14000-7_9
Efobi, U. R., Tanankem, B. V., & Asongu, S. A. (2018). Female Economic Participation with Information and Communication Technology (ICT) Advancement: Evidence from SubSaharan Africa. South African Journal of Economics, 86(2), 231-246. DOI: https://doi.org/10.1111/saje.12194
Guerrini, l., Matsumoto, A., & Szidarovszky, F. (2019). Neoclassical growth model with two fixed delays.Metroeconomica, 70, 423-441. DOI: https://doi.org/10.1111/meca.12257
Gupta, S., Jain, M., & Nagpal, A. (2019). An empirical investigation on associated linkage between human development and ICT: A South Asian perspective. MPRA paper 96167.
Ismail, N. W., & Omar, S. K. (2019). The Role of Information and Communication Technology (ICT) Infrastructure on ASEAN Trade. Proceedings of the International Conference on Economics, 166-174.
ITU. (2020). Digital Trends in Africa: Facts and Figures.
Lechman, E., & Marszk, A. (2015).ICT technologies and financial innovations: The case of exchange traded funds in Brazil, Japan, Mexico, South Korea and the United States. Technological Forecasting and Social Change. Elsevier, 99(C), 355-376. DOI: https://doi.org/10.1016/j.techfore.2015.01.006
Levine, R. (2005). Finance and growth: theory and evidence’ in P. Aghion, P. and S.N. Durlauf (eds.) Handbook of economic growth. Amsterdam: Elsevier, 865–893. DOI: https://doi.org/10.1016/S1574-0684(05)01012-9 DOI: https://doi.org/10.1016/S1574-0684(05)01012-9
Lwanga, M. & Adong, A. (2016). A pathway to financial inclusion: mobile money and individual savings in Uganda. Economic Policy Research Centre, Research Series No. 127.
Masha, I. (2016). Macroeconomic impact of mobile payment services: A survey of research evidence.
Majeed, M. T., & Ayub, T. (2018). Information and communication technology (ICT) and economic growth nexus: A comparative global analysis. Pakistan Journal of Commerce and Social Sciences, 12(2), 443-476.
McKinnon R.I. (1973). Money and Capital in Economic Development, Washington DC: Brookings Institution.
Mignamissi, D., & Djijo T., & Audrey J., (2021).Digital divide and financial development in Africa, Telecommunications Policy, Elsevier, 45(9). DOI: https://doi.org/10.1016/j.telpol.2021.102199
Mushtaq, R., & Bruneau, C. (2019). Microfinance, financial inclusion and ICT: Implications for poverty and inequality. Technology in Society, 59, 101154. DOI: https://doi.org/10.1016/j.techsoc.2019.101154
Muthiora, B. (2015). Enabling mobile money policies in Kenya fostering a digital financial revolution.
Navaretti G.B., Calzolari G., Mansilla-Fernandez J.M., & Pozzolo A.F. (2018). Fintech and banking. Friends or foes? DOI: https://doi.org/10.2139/ssrn.3099337
Ofori I., & Asongu S. A. (2021). ICT diffusion, foreign direct investment and inclusive growth in Sub-Saharan Africa. (MPRA Paper No. 107757). UTC. https://mpra.ub.uni-muenchen.de/107757/ DOI: https://doi.org/10.2139/ssrn.3861251
Owolabi, O. A., Adedeji, A.O., & Aderounmu, B. (2023). Do information and communication technology (ICT) and financial development contribute to economic diversivication? Evidence from sub-Saharan Africa. Economic Structures. DOI: https://doi.org/10.1186/s40008-023-00299-7 DOI: https://doi.org/10.1186/s40008-023-00299-7
Owusu‐Agyei, S., Okafor, G., Chijoke‐Mgbame, A. M., Ohalehi, P., & Hasan, F. (2020). Internet adoption and financial development in sub‐ Saharan Africa.Technological Forecasting & Social Change, 161, 1–13. DOI: https://doi.org/10.1016/j.techfore.2020.120293
Raifu, I. A., Okunoye, I. A., & Aminu, A. (2023). The effect of ICT on financial sector development in Africa: does regulatory quality matter? Information Technology for Development, 1-28. DOI: https://doi.org/10.1080/02681102.2023.2233458
Shaw, E. (1973). Financial deepening in economic development.Oxford University Press. DOI: https://doi.org/10.2307/1238641 DOI: https://doi.org/10.2307/1238641
Senou, M. M., Ouattara, W., & Acclassato Houensou, D. (2019). Is there a bottleneck for mobile money adoption in WAEMU? Transnational Corporations Review, 11(2), 143-156. DOI: https://doi.org/10.1080/19186444.2019.1641393
Sepehrdoust, H., & Ghorbanseresht, M. (2019). Impact of Information and Communication Technology and Financial Development on Economic Growth of OPEC Developing Economies.Kasetsart.Journal of Social Sciences, 40(3), 546-551. DOI: https://doi.org/10.1016/j.kjss.2018.01.008
Shahbaz, M., Çetin, M., Avcı, P., Sümerli Sarıgül, S., & Altay Topcu, B., (2023). The Impact of ICT on Financial Sector Development Under Structural Break: An Empirical Analysis of the Turkish Economy. Global Business Review, l(1), 1-23. DOI: https://doi.org/10.1177/09721509221143632
Suragan, M., & Durmuşkaya, S. (2022). The Long-Run Relationship Between ICT Indicators and Stock Market Indexes for G7 And E7 Countries. Journal of Organizational Behavior Research, 7(1), 42-57. DOI: https://doi.org/10.51847/lXMfpFSEEy DOI: https://doi.org/10.51847/lXMfpFSEEy
Tchamyou, V. S. (2019). The role of Information sharing in modulating the effect of financial access on inequality.Journal of African Business, 20(3), 317-338. DOI: https://doi.org/10.1080/15228916.2019.1584262
Temelkov, Zoran & Gogova Samonikov, Marija. (2018). The need for fintech companies as non-bank financing alternatives for SME in developing economies. 10. 25 - 33.
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of financial intermediation, 41, 100833. DOI: https://doi.org/10.1016/j.jfi.2019.100833
Thulani., Pepukayi, C., & Zaheenah, C. (2016). Mobile Money as a Strategy for Financial Inclusion in Rural Communities. Mediterranean Journal of Social Sciences. Vol 5(12).
Tran, Q. D., & Huynh, C. M. (2022). ICT and financial development: Empirical evidence from ASEAN countries.
UNESCO. (2024). Information and Communication Technology.
WAEMU. (2023). Maintaining momentum of financial inclusion through digital adoption in the West African Economic and Monetary Union.
WEF. (2016). Accelerating capital markets development in emerging economies: country case studies. (White Paper.Geneva: World Economic Forum) http://www3.weforum.org/docs/WEF_accelerating-capital-markets-development-in-emergingeconomy
Weil, D., Mbiti, I. and Mwega, F. (2014). The implications of innovation in the financial sector on the conduct of monetary policy in East Africa. International Growth Centre: WP 12/0460.
World Bank. (2020). Financial Development in Sub-Saharan Africa. Promoting Inclusive and Sustainable Growth. Washington, D.C.
World Bank. (2021). Global Financial Index
World Bank. (2023). Strengthening financial sector stability in fragile and low-income country
World Bank. (2024). Financial inclusion in Sub-Saharan Africa
Cómo citar
Licencia
Derechos de autor 2024 Mutiu Adeniyi Afolabi, Dr. Akanbi B.E
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
Los autores mantienen los derechos sobre los artículos y por tanto son libres de compartir, copiar, distribuir, ejecutar y comunicar públicamente la obra bajo las condiciones siguientes:
Reconocer los créditos de la obra de la manera especificada por el autor o el licenciante (pero no de una manera que sugiera que tiene su apoyo o que apoyan el uso que hace de su obra).
Activos está bajo una licencia Creative Commons Atribución-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
La Universidad Santo Tomás conserva los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia anteriormente mencionada.
