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Role of Technology in Determining Financial Improvement in Sub Saharan Africa

Adeyinka Emmanuel Adeyemi*, Oladipo Olalekan David

Due to scanty literature on the impact of technology on financial development in Sub-Saharan Africa via ICT, one can't help but wonder: How can technology influence the financial system in Sub-Saharan Africa? And which of the components of technology is a determining factor of financial development in this region? Using Generalized Method of Moments (GMM)estimations to identify relationships between variables, this study examines the impact of technology on financial development in Sub-Saharan African countries from 2000 to 2021. By proving that fixed telephone services have an equalizing effect on financial development, the study adds to the body of knowledge on financial development. Mobile cellular subscriptions have also been shown to have a financial development equalizing effect. On the other side, secure internet servers have a negative equalizing effect on financial development. In order to focus resources into financial system growth, regulations aiming atupgrading fixed telephone services, mobile cellular subscriptions and secure internet servers should be supported.