International Journal of Accounting & Finance in Asia Pasific
Vol 7, No 2 (2024): June 2024

Mitigating the African Economic Crisis Through Financial Inclusion

Collins Okechukwu Irem (Department of Banking & Finance Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, Nigeria)
Friday Ogbu Edeh (Kampala International University (Main Campus), Uganda)
Nakacwa Kasozi Sherifah (Department of Leisure and Hospitality College of Economics and Management Kampala International University (Main Campus), Uganda)
Gloria Ifeoma Duruzor (Department of Accountancy, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, Nigeria)
Charles Chukwuma Nwoba (Department of Political Science, Ebonyi State University, Abakaliki, Nigeria)
Chris U.A Ukaidi (Department of Business Management College of Economics and Management Kampala International University (Main Campus), Uganda)
Desmond Neji Oben (Department of Management, University of Port Harcourt)



Article Info

Publish Date
20 Jun 2024

Abstract

This study sought to examine the challenges facing the African economy and financial inclusion. The paper undertakes a comprehensive exploration of the African economic landscape, navigating through historical intricacies, structural challenges, and global influences. Grounded in a quantitative methodology, the study adopted the survey method to systematically unravel the multifaceted dimensions of the economic crisis and financial inclusion in Africa. The study was anchored on both Monetarist and Keynesian models. A sample size of 350 participants was studied, using a purposive sampling technique. The study discovered that cultural, technological, and regulatory limits all significantly contribute to the economic crisis, which is evidenced by the high rate of currency devaluation in Africa, high rates of inflation in the price of goods, and economic downturns. Thus, the paper recommends that fin-tech companies, appropriate technology applications, and advancements in online payments could potentially save this predicament. The paper further recommends that the government should enact regulatory changes that lower entrance barriers for financial institutions, support innovation, and safeguard consumers to advance financial inclusion.

Copyrights © 2024






Journal Info

Abbrev

IJAFAP

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

IJAFAP aims to feature narrative, theoretical, and empirical-based research articles within the abovementioned fields. The journal welcomes articles relating to the current issues of financial decision making as well as its impact on society. IJAFAP carries out the mission to feature narrative, ...