Title: Determinants of financial inclusion: a macroeconomic approach in the West African Economic and Monetary Union

Authors: Djakaria Tou; Mahamadou Diarra

Addresses: Applied Economics Laboratory (LABEA), Department of Economics, Norbert Zongo University, CEDRES, CERIEA, Burkina Faso ' Applied Economics Laboratory (LABEA), Department of Economics, Norbert Zongo University, CERIEA, BP 376 Koudougou, Burkina Faso

Abstract: The aim of this paper is to identify the main macroeconomic determinants of financial inclusion in WAEMU over the period 2007-2020. Our results from GLS and RE reveal that income per capita; education, mobile phone access, political stability and gross fixed capital formation positively and significantly affect financial inclusion in WAEMU. However, these results show that final household consumption expenditure and the share of the population living in rural areas have a negative and significant impact on financial inclusion in WAEMU. This suggests the need to strengthen financial education and political stability in WAEMU countries, as well as investment in adequate infrastructure in rural areas, likely to attract investors from the financial system.

Keywords: financial inclusion; panel data; GLS; West African Economic and Monetary Union; WAEMU.

DOI: 10.1504/AJESD.2025.151436

African Journal of Economic and Sustainable Development, 2025 Vol.10 No.4, pp.335 - 361

Received: 17 Mar 2025
Accepted: 23 Jun 2025
Published online: 29 Jan 2026 *

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