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Munich Personal RePEc Archive

How has mobile banking stimulated

financial development in Africa?

Asongu Simplice A

4. May 2012

Online at http://mpra.ub.uni-muenchen.de/38576/

MPRA Paper No. 38576, posted 5. May 2012 14:36 UTC

http://mpra.ub.uni-muenchen.de/38576/http://mpra.ub.uni-muenchen.de/38576/http://mpra.ub.uni-muenchen.de/


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How has Mobile Banking Stimulated Financial Development in Africa?

Simplice A. Asongu

African Governance and Development Institute ,

P.O. Box 18 SOA/ 1!" #aound$, %ameroon.

E-mail: [email protected]

1

mailto:[email protected]:[email protected]


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How has Mobile Banking Stimulated Financial Development in Africa?

Abstract

In the first empirical assessment of the incidence of mobile banking on financial

intermediary development in Africa !e use t!o definitions of the financial system: the

traditional I"S #$%%&' and Asongu #$%11' measures of financial sector importance. (hen the

conception of a financial system is based only on banks and other financial institution #I"S

$%%&' mobile banking has a negative incidence on traditional financial intermediary

dynamics of depth activity and si)e. *o!ever !hen a previously missing informal-financial

sector component is integrated into the definition #Asongu $%11' mobile-banking has a

positive incidence on informal financial intermediary development. +hree ma,or implications

result from the findings. #1' +here is a gro!ing role of informal finance in developing

countries. #$' +he incidence of the burgeoning phenomenon of mobile-banking cannot be

effectively assessed at a macroeconomic level by traditional financial development indicators.

#' It is a !ake-up call for scholarly research on informal financial intermediary development

indicators !hich !ill oriented monetary policy since a great chunk of the monetary base#/%'

in less developed countries is no! captured by mobile-banking.

&'( %lassification: E%% 0$% 23 415 4

)e*+ords: 6anking /obile 7hones Shado! Economy "inancial 8evelopment Africa

$


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1 !ntroduction

+he mobile revolution has transformed the lives of many Africans providing not ,ust

communications but also basic financial access in the form of phone-based money transfer

and storage #9onathan ;amilo $%%& 8emombynes +hegeya $%1$'. +he high gro!th

and penetration rates of mobile telephony that is transforming cell phones into pocket-banks

in Africa is providing opportunities for countries on the continent to increase affordable and

cost effective means of bringing on board a large chunk of the population that hitherto has

been e


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for particular countries or mar3ets, tere is little evidence so+in tat tis as translated

into macroeconomic ains#Aker /biti$%1%$$F'. Also as sustained by /aurer #$%%&'

and confirmed in subseuent literature #9onathan ;amilo $%%& +hacker (right $%1$'

scholarly research on the adoption and socioeconomic impacts of m-banking #payments'

systems in the developing !orld is scares. "rom a broad perspective most studies on mobile-

banking have been theoretical and ualitative in nature #/aurer $%%& 9onathan ;amilo

$%%& /erritt $%1% +hacker (right $%1$'. +he fe! e


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based on the findings !e provide relevant measures that could guide future search and

macroeconomic policy.

+he rest of the paper is organi)ed as follo!s. Section $ revie!s e


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services offer a !ay to move money from place to place and present an alternative to the

payments system offered by banks pa!n shops remittance firmsetc. +he uptake of m-

banking#payments' systems has been particularly strong in the 7hilippines#!here three

million customers use systems offered by mobile operators Smart 0lobe Jeville$%%3'

=enya#!here nearly t!o million users registered !ith Safaricom /-7ESA system !ithin a

year of its nation!ide rollout Kaughan$%%5 Ivatury /as$%%&' and South Africa !here

FG% %%% people use (i))it#Cthe bank in your pocketD Ivatury 7ickens $%%3' or one of t!o

other national systems#7orteous$%%5'.

8emombynes +hegeya#$%1$' have approached the mobile-finance ne


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banking services' from that of the mobile service provider#!hich provides mobile telephony

infrastructure and controls the agent net!ork'. +hus the bank compensates the mobile service

provider for access to the net!ork and en,oys the remaining profits. +his type of contract

more closely looks like a debt contract bet!een parties. 4n the other hand a fully integrated

solution may not dra! the same distinction bet!een bank and mobile service providers. In

this case the distribution of surplus is contingent on the relative bargaining po!er of the bank

and mobile service provider. +his sort of contract more closely resembles an euity contract

bet!een t!o parties. Euity-like contracts are more likely to be comple< and therefore more

difficult to negotiate than debt-like contracts there-by presenting a potential hurdle to!ards

the goal of increasing access.

4ndiege#$%1%' ;hief Economist of the African 8evelopment 6ank looks at the

mobile-finance ne


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"ourthly the mobile phone may be used as an Internet banking terminal. Implying it offers

t!o fundamental customer services: a' ability to make payments and transfers remotely and

b' instant access to any account. *ence the mobile phone device and !ireless connectivity

bring the internet terminal into the hands of other!ise unbanked customers.

.1. Instrumental varia-les

In this section !e provide theoretical bases to ,ustify the choice of instrumental

variables for the empirical phase of the paper. +hus !e provide theoretical ,ustification to the

empirical validity of legal-origins income-levels religious-dominations and press-freedom

ualities in the finance-gro!th ne


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In the second strand !e provide theoretical ,ustification to the choice of income-level

instrumental variables. It has been !ell documented that !ealth-effects play a substantial role

in the finance-gro!th ne


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are short te


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villages in Africa !ill have coverage !ith only a handful of countries relatively unconnected.

6orro!ing from 8emombynes +hegeya #$%1$' =enya has undergone a remarkable

information and communication technology #I;+' revolution. At the turn of the 122%s less

than M of =enyan households o!ned a telephone and less than 1 in 1%%% =enyan adults had

mobile phone service. *o!ever by the end of $%11 2 percent of =eynan households o!ned

a mobile phone. +his soar is largely credited to the /-7ESA mobile-banking net!ork.

6anks are recogni)ing the potential of reaching millions of prospective customers

especially the rural population !ho account for more than 3%M of AfricaDs total population

and have no access to banking services #4ndiege $%1%'. +he rural commercial bank branch

net!ork is yet underdeveloped. *o!ever since above G%M of the adult population in Africa

has access to 0S/s mobile banking could enable the rural population to have access to

financial services as demonstrated by the cases of =enya and South Africa. +he cost of formal

banking in Africa is uite high: in some countries the minimum deposit can be as high as

G%M of per capita 087. /ore so internet and broadband subscription are still lo! making

internet banking out of reach for most of the population. In this regard mobile banking can be

used to provide financial services to the unbanked. "inancial institutions and Cmobile phoneD

service providers are introducing resourceful methods of bringing these CunservedD

populations into the formal economy using mobile phones. As concerns banks the main

advantages of the mobile phone lie in its capacities to reach every!here. Its po!er is in

transforming the economics of service delivery especially by mitigating costs of financial

transactions. /obile banking is a po!erful means of delivering savings services to the billions

of people !orld!ide !ho have a cell phone but not a bank account. It has a number of

advantages over traditional banking methods as it breaks do!n geographical constraints it

also offers other advantages such as immediacy efficiency and security.

11


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"& Scope and positioning of the paper

+he proliferation of mobile money in Africa has generated research attempting to

e


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Cmobile phoneD development literature concludes: ? 'xistin empirical evidence on te effect

of mo-ile pone coverae and services suest tat te mo-ile pone can potentiall* serve as

a tool for economic development in Africa. But tis evidence +ile certainl* encourain

remains limited. 2irst, +ile economic studies ave focused on te effects of mo-ile pones

for particular countries or mar3ets, tere is little evidence so+in tat tis as translated

into macroeconomic ains;#Aker /biti$%1%$$F'. Also as postulated by /aurer #$%%&'

and confirmed in subseuent literature #9onathan ;amilo $%%& +hacker (right$%1$'

scholarly research on the adoption and socioeconomic impacts of m-banking#payments'

systems in the developing !orld is scares. "rom a broad perspective most studies on mobile-

banking have been theoretical and ualitative in nature #/aurer $%%& 9onathan ;amilo

$%%& /erritt $%1% +hacker (right $%1$'. +he fe! e


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sectors are benefiting most from mobile banking !e assess its impact by disentangling

financial depth to integrate a previously missing component. *ence !e are able to capture

both formal and informal financial intermediary development effects. +hirdly based on the

findings !e provide relevant measures that could guide future search and macroeconomic

policy.

& Data and methodolog'

&1 Data

(e e


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c7 2inancial si


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.1. Oter varia-les

;ontrol e


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Suares #4S' !hen the e


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( #mpirical anal'sis

(1 )resentation of results

+his empirical section addresses t!o main issues: #1' the ability of the e


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elasticities of finance point to the deterioration of the traditional financial intermediary

dynamics o!ing to the phenomenon of mobile penetration. +his negative incidence is more

pronounced in financial system activity than in banking system activity and also more

!itnessed in financial system deposits than in economic financial depth. +!o facts e


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attests to a hypothetical positive incidence of mobile banking on the informal financial sector

#!hich is still not a component of the financial system according to the I"S $%%& definition'.

+he second issue is addressed by the Sargan 4I> test over!helming failure to re,ect

the null hypothesis of this test points to the validity of the instruments and suggests that they

#instruments' do not e


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%able 1* !mpact of mobile banking on traditional financial intermediar' d'namics)anel A* +egressions without HA, Standard #rrors

Financial Depth Financial #fficienc' Financial Activit' Fin Si-e

Economic

fin. depth

"inancial

Sys depth

6anking Sys

Efficiency

"inancial Sys

Efficiency

6anking Sys

Activity

"inancial

Sys Activity

"inancial

Sys Si)e

;onstant 11("... 1(/0... 1.G2 "&/... 1&(&... "210... "2(1...311("4 322224 #%.$%1' 322254 322224 322224 3222&4

/obile 6anking 62/2".. 625"7... -%.$21 -1.$1& 62/... 612"7... 625&0...

322"&4 322224 #%.G32' #%.131' 322224 322224 322274

Inflation -%.%%1 -%.%%% -%.%%% -%.%F& -%.%%2 -%.%1$ -%.%%%1

#%.&2%' #%.25$' # %.3%' #%.$$&' #%.%G' #%.2&' #%.F%&'087 0ro!th --- --- -%.%33 %.1% --- --- %.%%%F

#%.5F1' #%.G2F' #%.223'

Sargan -4I> /(77 /077 "(22 &"" 52/" //(/ "272

32"&74 32"24 32(7&4 32&/"4 321&&4 32"&/4 32//&4

Ad,usted >Q %.%3& %.$1$ -%.%$$ -%.%$& %.$G1 %.$1$ %.%&2"isher "/55. 12/... %.3$F 1.GF1 /0"... 1&7... &117..

4bservations G1 G1 G1 G1 G1 G1 G1

Instruments ;onstant o!er /iddle Income /iddle Income English ;hristian "ree 7artially "ree.>obust instruments ;onstant pper /iddle Income o! Income "rench Islam Jot "ree.

)anel A* +egressions with HA, Standard #rrors

Financial Depth Financial #fficienc' Financial Activit' Fin Si-e

Economic

fin. depth

"inancial

Sys depth

6anking Sys

Efficiency

"inancial Sys

Efficiency

6anking Sys

Activity

"inancial

Sys Activity

"inancial

Sys Si)e

;onstant 11(".. 1(/0... 1.G2 $.3G 1&(&... "210.. "2(1...

322"54 322224 #%.1G' #%.1%%' 322214 322"(4 322224

/obile 6anking 62/2". 625"7... -%.$21 -1.$1& 62/... 612"7.. 625&0...

322554 322214 #%.G&' #%.$&&' 3222(4 322&4 322224

Inflation -%.%%1 -%.%%% -%.%%% -%.%F& -%.%%2 -%.%1$ -%.%%%1

#%.&5F' #%.233' #%.1&%' #%.1GG' #%.1&1' #%.$&%' #%.F$3'087 0ro!th --- --- -%.%33 %.1% --- --- %.%%%F

#%.G&2' #%.GG' #%.22G'

Sargan -4I> /(77 /077 "(22 &"" 52/" //(/ "272

32"&74 32"24 32(7&4 32&/"4 321&&4 32"&/4 32//&4

Ad,usted >Q %.%3& %.$1$ -%.%$$ -%.%$& %.$G1 %.$1$ %.%&2

"isher 1.355 //0&... %.&%% %.253 (217.. $.12F //0...

4bservations G1 G1 G1 G1 G1 G1 G1

Instruments ;onstant o!er /iddle Income /iddle Income English ;hristians "ree 7artially "ree.

>obust instruments ;onstant pper /iddle Income o! Income "rench Islam Jot "ree.

RRRRRR: significance levels of 1%M GM and 1M respectively. "in: "inancial. Sys: System. *A;: *eteroscedasticity and Autocorrelation

;onsistent. 4I>: 4veridentifying >estrictions. 7-values in brackets

+able $ belo! is based on the Asongu #$%11a' definition of the financial system !hich

integrates the previously missing informal financial sector component into the I"S #$%%&'

definition. Instead of using traditional indicators of financial development based on dynamics

of depth efficiency activity and si)e as captured by +able 1 !e employ measures of sector

importance. *ence !e distinguish bet!een the formal semi-formal and informal sectors. (e

use t!o indicators of informal finance #absolute and relative measures' to distinguish bet!een

$$


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the gro!th in absolute terms of the informal sector # Informal 1' conditional on 087 and

relative gro!th of the informal sector # Informal ' contingent on /$. *ence the later

measures the relative importance of the informal sector !ith respect to the t!o other sectors

encapsulated in the I"S #$%%&' definition. In other !ords Informal appreciates ho! the

informal financial sector evolves at the e


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!hile the financial depth of +able 1 is made-up of financial system deposits. +his difference

therefore partly elucidates the insignificance of the negative sign.

(ith regard to the second concern failure to re,ect the null hypothesis of the Sargan-

4I> test in all regressions point to the validity of the instruments. It follo!s that the

instruments e 2/(/ 1(&2 1(1( 1(0& 2/(/ 1(&2 1(1( 1(0&

327204 32704 3252"4 3204 327204 32704 3252"4 3204

Ad,usted >Q %.1% %.%$1 %.15F %.1&$ %.1% %.%$1 %.15F %.1&$

"isher /17(... 1.GG2 (20... ("&... &2&2.. "/"0. 1"... 11122...

4bservations G1 G1 G1 G1 G1 G1 G1 G1

Instruments ;onstant o!er /iddle Income /iddle Income English ;hristians "ree 7artially "ree.

>obustInstruments

;onstant pper /iddle Income o! Income "rench Islam Jot "ree

RRRRRR: significance levels of 1%M GM and 1M respectively. *A;: *eteroscedasticity and Autocorrelation ;onsistent. 4I>:

4veridentifying >estrictions. 7-values in brackets.

(" Further discussion of results8 polic' implications and future directions

6efore !e delve into further discussion of the results it is imperative to outline the

intuition motivating this paper. #1' Some voices have e


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economic development in Africa. But tis evidence +ile certainl* encourain remains

limited. 2irst, +ile economic studies ave focused on te effects of mo-ile pones for

particular countries or mar3ets, tere is little evidence so+in tat tis as translated into

macroeconomic ains#Aker /biti$%1%$$F'. #'As postulated by /aurer #$%%&' and

confirmed in subseuent literature #9onathan ;amilo $%%& +hacker (right $%1$'

scholarly research on the adoption and socioeconomic impacts of m-banking systems in the

developing !orld is scares. "rom a broad perspective most studies on mobile banking have

been theoretical and ualitative in nature #/aurer $%%& 9onathan ;amilo $%%& /erritt

$%1% +hacker (right $%1$'. +he fe! e


27/35

been able to capture both formal and informal financial intermediary development effects.

+hirdly based on the findings !e !ill provide relevant policy measures that could guide

future search and macroeconomic policy.

In this first empirical assessment of the incidence of mobile banking on financial

intermediary development in Africa !e have used t!o definitions of the financial system: the

traditional I"S #$%%&' and Asongu #$%11a' measures of financial sector importance. +!o

broad findings have been established. #1' (hen the financial system is based only on banks

and other financial institution #I"S $%%&' mobile banking has a negative incidence on

traditional financial intermediary dynamics of depth activity and si)e. #$' *o!ever !hen a

previously missing informal-financial sector component is integrated into the definition

#Asongu $%11a' mobile banking has a positive incidence on informal financial intermediary

development. /obile banking is therefore a po!erful means of delivering savings services to

the millions of people in Africa !ho have a cell phone but not a bank account. It has a number

of advantages over traditional banking methods as it breaks do!n geographical constraints it

also offers other advantages such as immediacy efficiency and security. +his could partly

e


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6eside rethinking monetary policy transmission mechanisms other future research

directions could include: #1' ascertaining !hether and ho! mobile phones can lead to poverty

reduction through gro!th and financial development #$' an assessment of short medium and

long-term incidences of mobile phones on financial development is also !orthy of note #'

conseuences of regulation on mobile banking #F' last but not the least monetary policy tools

that could fight inflation resulting from mobile banking activities.

/ ,onclusion

In the first empirical assessment of the incidence of mobile banking on financial

intermediary development in Africa !e have used t!o definitions of the financial system:

the traditional I"S #$%%&' and Asongu #$%11a' measures of financial sector importance. (hen

the financial system is based only on banks and other financial institution #I"S $%%&' mobile

banking has a negative incidence on traditional financial intermediary dynamics of depth

activity and si)e. *o!ever !hen a previously missing informal-financial sector component is

integrated into the definition #Asongu $%11a' mobile-banking has a positive incidence on

informal financial intermediary development. +hree ma,or implications result from the

findings. #1' +here is a gro!ing role of informal finance in developing countries. #$' +he

incidence of a burgeoning phenomenon of mobile banking cannot be effectively assessed at a

macroeconomic level by traditional financial development indicators. #' It is a !ake-up call

for scholarly research on informal financial intermediary development indicators !hich !ill

oriented monetary policy since a great chunk of the monetary base#/%' in less developed

countries is no! captured by mobile banking#informal financial activities'.

$5


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Appendices

Appendi$ 1* Summar' statistics and presentation of countries)anel A* Summar' Statistics

Mean SD Min Ma$ 9bser

"inancial8epth

Economic System 8epth#/$' %.2 %.$F$ %.%52 1.%$$ FF"inancial System 8epth#"dgdp' %.$5 %.$$3 %.%F$ %.&2G FF

"inancialEfficiency

6anking System Efficiency#6c6d' %.5%3 %.FF %.$G$ $.$F2 G1"inancial System Efficiency#"c"d' %.51$ %.&$ %.$G2 $.FG& G

"inancial

Activity

6anking System Activity#7crb' %.1&G %.15G %.%$5 %.51G FF

"inancial System Activity#7crbof' %.$%& %.$FF %.%$5 1.F$ FF

"inancial Si)e "inancial System Si)e#8bacba' %.53G %.$1% %.%3 1.%5F G1

"ormal ".8 6anking System 8eposits#6dgdp' %.$51 %.$$G %.%F$ %.&2$ FF

Informal ".8 1 Absolute Informal ".8 %.%33 %.%GF -%.1FG %.$15 FF

Informal ".8 $ >elative Informal ".8 %.$2 %.15 -%.3 %.5$5 FF

Informal Semi-formal

>elative Informal and Semi-formal".8 8evelopment

%.$F3 %.15 -%.3 %.5$5 FF

/obile 7hone 7enetration 1.35F %.$15 1.%F $.$F$ G$

Inflation 115.2G 53F.3% 1.2G G%F.& FF

087 gro!th F.53% .%&5 -3.2G2 1$.&2F G%

InstrumentalKariables

English ;ommon la! %.&F %.F21 %.%%% 1.%%% G$"rench ;ivil la! %.31G %.F21 %.%%% 1.%%% G$

;hristian %.31G %.F21 %.%%% 1.%%% G$

Islam %.&F %.F21 %.%%% 1.%%% G$pper /iddle Income %.12$ %.25 %.%%% 1.%%% G$

o!er /iddle Income %.$% %.F$G %.%%% 1.%%% G$o! Income %.G53 %.F2& %.%%% 1.%%% G$

/iddle Income %.F$ %.F2& %.%%% 1.%%% G$+otal "reedom %.13 %.F3 %.%%% 1.%%% G$

7artial "reedom %.3$ %.F$ %.%%% 1.%%% G$ Jo "reedom %.F5F %.F5 %.%%% 1.%%% G$

)anel B* )resentation of ,ountries

Algeria Angola 6enin 6ots!ana 6urkina "aso 6urundi ;ameroon ;ape Kerde ;entral African >epublic;had ;ongo 8emocratic >epublic ;ongo >epublic Ivory ;oast 8,ibouti Egypt Euatorial 0uinea Ethiopia

0abon +he 0ambia 0hana 0uinea 0uinea 6issau =enya esotho iberia ibya /adagascar /ali /ala!i/auritania /auritius /orocco /o)ambiue Jamibia Jiger Jigeria >!anda Sao +ome 7rincipe Senegal

Seychelles Sierra eone Somalia South Africa Sudan S!a)iland +ogo +unisia ganda ambia imbab!e+an)ania ;omoros.

S.8: Standard 8eviation. /in:/inimum. /a


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Appendi$ "* ,orrelation anal'sisFormal Financial Development3FD4 !nformal : Semi6formal FD /obile

7enetra

tion

Inflation 087

0ro!th"inancial 8epth "inancial Efficiency "inancial Activity "in. Si)e Inform

al 1Inform

al $Informal Semiformal/$gdp "dgdp 6dgdp 6c6d "c"d 7crb 7crbof 8bacba

1.%%% %.25F %.25F -%.1$F %.%F$ %.5G% %.G55 %.$&1 %.22 -%.31 -%.3F -%.F23 -%.%2$ -%.$F /$gdp1.%%% %.222 -%.%3F %.132 %.&$G %.32G %.3% %.1&G -%.GF -%.G3 -%.G2% -%.%GF -%.$%& "dgdp

1.%%% -%.%3$ %.133 %.&$F %.32F %.3$ %.1&3 -%.G$ -%.G& -%.G2 -%.%GG -%.$1% 6dgdp

1.%%% %.&5 %.G2 %.F2 %.1 -%.$&$ -%.1G -%.1G3 -%.$2 -%.%FG -%.%5$ 6c6d

1.%%% %.G&2 %.55$ %.5$ -%.G1 -%.F53 -%.F31 -%.$F -%.12F -%.113 "c"d

1.%%% %.2$$ %.FF5 -%.%& -%.G2% -%.G25 -%.G&3 -%.1G1 -%.125 7crb

1.%%% %.&$ -%.1$ -%.3GF -%.3G$ -%.GG1 -%.1$ -%.1&G 7crbof

1.%%% -%.$& -%.G35 -%.G&G -%.G$ -%.13% %.151 8bacba1.%%% %.3%G %.G23 %.$& -%.1&G -%.155 Informal 1

1.%%% %.2& %.F55 -%.$1 -%.%F& Informal $

1.%%% %.F2$ -%.$%& -%.%2 Inf Semi

1.%%% -%.%1 %.$GG /obile 7.

1.%%% -%.G32 Inflation

1.%%% 087 gro!th

/$gdp: Economic financial depth. "dgdp: "inancial system depth. 6dgdp: 6anking system depth . 6c6d: 6anking system efficiency. "c"d: "inancial system efficiency. 7crb: 6anking system a ctivity. 7crb: "inancialsystem activity. 8bacba: "inancial system si)e. Informal 1: Absolute informal financial development. Informal $: >elative informal financial development. ".8: "inancial 8evelopment. "in: "inancial.

$2


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Appendi$ &* ;ariable definitions;ariables Signs ;ariable definitions Sources

Economic "inancial 8epth /$ /oney supply#M of 087' (orld 6ank#"8S8'

"inancial System 8epth "dgdp iuid liabilities#M of 087' (orld 6ank#"8S8'

6anking System 8epth 6dgdp 6anking deposits#M of 087' (orld 6ank#"8S8'

6anking System Efficiency 6c6d 6ank credit on 6ank deposits (orld 6ank#"8S8'

"inancial System Efficiency "c"d "inancial credit on "inancial deposits (orld 6ank#"8S8'

6anking System Activity 7rcb 7rivate domestic credit from deposit banks#M of 087' (orld 6ank#"8S8'

"inancial System Activity 7rcbof 7rivate domestic credit from deposit banks and otherfinancial institutions#M of 087'

(orld 6ank#"8S8'

"inancial Si)e 8bacba 8eposit bank assets on ;entral bank assets plus 8eposit

bank assets

(orld 6ank#"8S8'

Absolute Informal "8 Informal 1 /$-"d#M of 087' (orld 6ank#"8S8'

>elative Informal "8 Informal $ /$-"d#M of /$' (orld 6ank#"8S8'

Informal and Semi-formal"8

Informal Semi-

formal

/$-6d#M of /$' (orld 6ank#"8S8'

/obile 7hone 7enetration /obpen Seven year average gro!th rate#M of population' Af86

Inflation Infl ;onsumer 7rice Inde< #annual M' (orld 6ank#(8I'

Economic 7rosperity 087g 087 0ro!th #annual M' (orld 6ank#(8I'

"reedom "ree 7ress "reedom Luality "reedom *ouse(8I: (orld 6ank 8evelopment Indicators. "8S8: "inancial 8evelopment and Structure 8atabase. "8: "inancial 8evelopment. Af86: African 8evelopment

6ank. "d:"inancial system deposits. 6d: 6anking system deposits. /$: /oney supply.

%


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