Adam, Uma ; Sulemana, Abdul La i ; Sule, Mohammed Shamsudeen Sandow;
Yussi , Mohammed Mudasi
A icle
Does digi isa ion de e mine inancial de elopmen ?
Empi ical e idence om A ica
Cogen Economics & Finance
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Adam, Uma ; Sulemana, Abdul La i ; Sule, Mohammed Shamsudeen Sandow;
Yussi , Mohammed Mudasi (2024) : Does digi isa ion de e mine inancial de elopmen ? Empi ical
e idence om A ica, Cogen Economics & Finance, ISSN 2332-2039, Taylo & F ancis, Abingdon,
Vol. 12, Iss. 1, pp. 1-19,
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Does digi isa ion de e mine financial
de elopmen ? Empi ical e idence om A ica
Uma Adam, Abdul La i Sulemana, Mohammed Shamsudeen Sandow Sule
& Mohammed Mudasi Yussi
To ci e his a icle: Uma Adam, Abdul La i Sulemana, Mohammed Shamsudeen Sandow
Sule & Mohammed Mudasi Yussi (2024) Does digi isa ion de e mine financial de elopmen ?
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FINANCIAL ECONOMICS | RESEARCH ARTICLE
Does digi isa ion de e mine inancial de elopmen ? Empi ical
e idence om A ica
Uma Adam
a
, Abdul La i Sulemana
b
, Mohammed Shamsudeen Sandow Sule
c
and
Mohammed Mudasi Yussi
d
a
Depa men o Ag icul u e and Food Economics, Uni e si y o De elopmen S udies, Tamale, Ghana;
b
Depa men o
Accoun ing and Finance, Kwame Nk umah Uni e si y o Science and Technology, Kumasi, Ghana;
c
T easu y Uni ,
Uni e si y o De elopmen S udies, Tamale, Ghana;
d
Depa men o Finance, School o Business, Uni e si y o
De elopmen S udies, Tamale, Ghana
ABSTRACT
A ica is in es ing and ecalib a ing i s digi al in as uc u e in he inancial and o he
sec o s o suppo economic g ow h and de elopmen . I is in ligh o his, he s udy
seeks o examine om an empi ical pe spec i e whe he digi isa ion has a signi ican
ole in inancial de elopmen in A ican coun ies. Speci ically, he s udy employed
mac oeconomic da a on A ica om Wo ld De elopmen Indica o s (WDI) om he
pe iod o 2000-2021. The da a co e s all he 54 A ican coun ies. Bayesian Panel Vec o
Au o-Reg essi e (BPVAR) was adop ed o es ima e he pa ame e s in ol ed in he s udy
objec i e. The esul s indica e ha digi isa ion helps o inc ease inancial inclusion,
educe ansac ion cos s, and p omo e he de elopmen o new inancial p oduc s and
se ices, all p omo ing inancial de elopmen and exploi ing i s allied oppo uni ies. The
indings also sugges ha o he ac o s such as in as uc u e, inancial inclusion, eco-
nomic de elopmen , ins i u ional quali y, and go e nmen suppo a e impo an o he
de elopmen o he inancial sec o and should be add essed in conjunc ion wi h digi al
inno a ion. Policymake s in A ica should ake no e o hese indings and wo k o c ea e
an enabling en i onmen ha suppo s inancial sec o de elopmen . E o s o imp o e
ins i u ional quali y, go e nance, and in as uc u e can help o c ea e a mo e conduci e
en i onmen o inancial de elopmen . O e all, he s udy sugges s ha digi isa ion has
he po en ial o imp o e inancial sec o de elopmen in A ica, and can play a key ole
in mi iga ing inancial isk, imp o ing inancial sec o e iciency and ha nessing he
oppo uni ies ha abound in he inancial sec o .
IMPACT STATEMENT
The e a e cu en ly encou aging e o s in place by A ican leade s o digi ise almos
e e y sphe e o he A ican economy as a esul , A ica is wi nessing apid de elop-
men in he digi al on especially in he inancial sec o . I is in he ligh o he a o e-
men ioned, he s udy examined om an empi ical pe spec i e whe he digi isa ion
has a signi ican ole in inancial de elopmen in A ican coun ies. The esul s indica e
ha digi isa ion helps o inc ease inancial inclusion, educe ansac ion cos s, and
p omo e he de elopmen o new inancial p oduc s and se ices, all p omo ing inan-
cial de elopmen and exploi ing i s allied oppo uni ies. The indings also sugges
ha o he ac o s such as in as uc u e, inancial inclusion, economic de elopmen ,
ins i u ional quali y, and go e nmen suppo a e impo an o he de elopmen o
he inancial sec o and should be add essed in conjunc ion wi h digi al inno a ion.
The s udy is ad oca ing o policymake s in A ica o ake no e o hese indings and
wo k o c ea e an enabling en i onmen ha suppo s inancial sec o de elopmen .
E o s o imp o e ins i u ional quali y, go e nance, and in as uc u e can help o c e-
a e a mo e conduci e en i onmen o inancial de elopmen . O e all, he s udy sug-
ges s ha digi isa ion has he po en ial o imp o e inancial sec o de elopmen in
A ica, and can play a key ole in mi iga ing inancial isk, imp o ing inancial sec o
e iciency and ha nessing he oppo uni ies ha abound in he inancial sec o .
ARTICLE HISTORY
Recei ed 26 Sep embe 2023
Re ised 27 Feb ua y 2024
Accep ed 5 Ap il 2024
KEYWORDS
Financial sec o
de elopmen ; economic
g ow h; digi isa ion;
bayesian panel ec o Au o-
Reg essi e model; g oss
domes ic p oduc
SUBJECT
Economics, inance,
de elopmen s udies, ci ies
&; he de eloping wo ld,
u ban de elopmen
REVIEWING EDITOR
Yamini Sha ma, Taylo and
F ancis, India
CONTACT Uma Adam [email p o ec ed] Uni e si y o De elopmen S udies, P. O Box TL 1350, Tamale, Ghana
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2341214
h ps://doi.o g/10.1080/23322039.2024.2341214
In oduc ion
The inancial sec o is an essen ial mechanism o acili a ing ansac ions, mobilising sa ings, alloca ing
capi al, and managing isk (Rani e al., 2023). Financial de elopmen is a c i ical ac o in p omo ing
g ow h and de elopmen , especially in de eloping egions such as Sub-Saha an A ica (SSA), h ough
he acili a ion o sa ings alloca ion owa ds p oduc i e in es men s (Ib ahim, 2017). Ne e heless, he
e icien alloca ion o esou ces h ough e ec i e in e media ion, which is enabled by digi al in as uc-
u e, is no enough o me e sa ings mobilisa ion (O che e e al., 2017). Financial de elopmen p omo es
he exchange o commodi ies and se ices, enables he p oduc ion o in es men in o ma ion, o e sees
co po a e go e nance, and acili a es ading and isk managemen , acco ding o E ans e al. (2019).
To e i e hei economies, SSA na ions implemen ed s uc u al adjus men p og ammes in esponse
o he economic c ises o he 1970s and 1980s (G aham, 1996). Financial libe alisa ion, which signi ied a
ansi ion o mo e e icien and anspa en inancial sys ems, a ose as an essen ial elemen o hese ini-
ia i es. Nume ous de elopmen economis s asse ha he libe alisa ion o inancial sys ems encou ages
domes ic in es men s and sa ings, he eby imp o ing he e icacy o capi al alloca ion (G aham, 1996).
As a esul , ini ia i es o os e economic expansion and p og ess in he a ea inco po a ed inancial sec-
o e o ms as a undamen al componen (O che e e al., 2017). The e is an inc easing ocus on u ilising
digi al in as uc u e o p opel he de elopmen o he inancial sec o as economies in Sub-Saha an
A ica (SSA) p og ess (Alagidede e al., 2020). The inancial sec o ’s in eg a ion o In o ma ion and
Communica ion Technology (ICT), which encompasses digi al cu ency explo a ion and mobile money
ansac ions, is indica i e o a mo e ex ensi e digi alisa ion end in Sub-Saha an A ica (IMF, 2022).
A ican na ions ha e ini ia ed digi isa ion and inancial e o ms in esponse o hese de elopmen s o
bols e hei compe i i eness and os e economic expansion (Alagidede e al., 2020). Despi e a g owing
body o schola ly wo k ha examines he ela ionship be ween digi isa ion and inancial de elopmen ,
he e is s ill a lack o comp ehension ega ding he impac o digi al in as uc u e on he dynamics o
he inancial sec o in Sub-Saha an A ica (Ejemeyo wi e al., 2021). The objec i e o his esea ch is o
ill his oid by in es iga ing he de e minan s o inancialisa ion, speci ically digi isa ion, and o e ing
policy sugges ions ha le e age he capabili ies o digi al echnologies o p omo e he inancialisa ion
o A ican economies.
The indings o his esea ch ha e subs an ial implica ions o policy and p ac ice conce ning he
digi alisa ion and de elopmen o he inancial sec o . Fi s , h ough an analysis o he de e minan s p o-
mo ing inancialisa ion, such as he impac o digi isa ion, his esea ch enhances ou unde s anding o
how digi al in as uc u e a ec s he dynamics o he inancial sec o in Sub-Saha an A ica. The inclusion
o his empi ical e idence will no only con ibu e o he ad ancemen o academic discou se bu also
p o ide de elopmen agencies, inancial ins i u ions, and policymake s wi h in aluable insigh s on how
o u ilise digi al echnologies o os e sus ainable economic expansion. Fu he mo e, inancial ins i u-
ions ha ope a e in SSA can bene i om he p ac ical implica ions o his s udy’s indings. Th ough he
p ocess o iden i ying he ac o s ha in luence inancialisa ion and how hey ela e o digi isa ion, inan-
cial ins i u ions can enhance he p ecision o hei app oaches o exploi he po en ial bene i s ha
digi al echnologies o e . Po en ial s a egic ini ia i es o add ess his issue encompass augmen ing
inancial inclusion p og ammes, in es ing in digi al in as uc u e, and expanding digi al banking se ices
o unde se ed popula ions. Mo eo e , egula o y amewo ks designed o p omo e digi al inancial se -
ices while mi iga ing po en ial isks associa ed wi h echnological ad ancemen s may be in o med by
he indings o his esea ch.
The indings o his s udy ha e he po en ial o p o ide policymake s wi h aluable insigh s as hey
de elop e idence-based in e en ions aimed a os e ing inancial sec o de elopmen and capi alising
on he e olu iona y capabili ies o digi alisa ion. Th ough comp ehending he de e minan s ha p opel
inancialisa ion, policymake s can enac ocused measu es ha ackle obs acles o he widesp ead adop-
ion o digi al echnologies, o i y he capabili ies o ins i u ions, and augmen he le el o inancial li e -
acy wi hin he populace. Fu he mo e, he knowledge gained om his esea ch can p o ide aluable
inpu o mac oeconomic s a egies ha seek o cul i a e inclusi e g ow h, inc ease compe i i eness,
and os e economic s abili y h oughou Sub-Saha an A ica.
2 U. ADAM ET AL.
Empi ical e iew
While i is clea ha inancial de elopmen exhibi s a signi ican posi i e nexus wi h economic g ow h
he ques ion o wha de e mines inancial de elopmen emains unanswe ed. Economis s, p ac i ione s
and empi ical s udies ha e s ill a subpa unde s anding o he a o emen ioned key issue. The posi i e
nexus be ween inancial de elopmen and economic g ow h links has a oused he in e es o esea ch-
e s o unea h wha de e mines inancial de elopmen . Li e a u e connec ing digi al in as uc u e and
inancial sec o de elopmen in A ica is ascina ing whe eas he e a e s udies ha ha e in es iga ed he
ole o digi isa ion in p omo ing inancial de elopmen , he majo i y o he s udies a e based on i m-
le el da a o ins ance, Taiminen and Ka jaluo o (2015) conduc ed esea ch o highligh on he goals o
digi al ma ke ing and he elemen s ha in luence i s accep ance and use by small and medium-sized
en e p ises (SMEs). The sample includes 16 manage s om SMEs who ook pa in semi-s uc u ed he-
ma ic in e iews and 421 su ey esponden s om Cen al Finland. The poll ound ha small and
medium-sized en e p ises a e no making he mos o digi al echnologies. I is also unclea om he
da a whe he SMEs a e ecognising he game-changing impac ha digi alisa ion has had on
communica ion.
Molinillo and Japu a (2018) pe o med a li e a u e analysis o assess he de e minan s ha a ec he
deploymen o digi al in o ma ion and echnology inside o ganisa ions, wi h a special emphasis on small
and medium-sized en e p ises (SMEs). The esul s show ha businesses o all sizes may bene i om
using digi al in o ma ion and echnology in ma ke ing- ela ed ac i i ies. Th ee p ima y heo ies ( he di -
usion o inno a ion heo y, he echnology-o ganisa ion-en i onmen amewo k, and he ins i u ional
heo y) ha e been employed o ge a deepe unde s anding o he adop ion p ocess. These wo con-
cep s, when combined, may simpli y he adop ion p ocess o e e yone in ol ed. Payne e al. (2018) pe -
o med esea ch o cons uc a concep ual model ha desc ibes he majo de e minan s in luencing
Lebanese bank cus ome s’adop ion o mobile banking. The hypo heses we e e alua ed using s uc u al
equa ion modelling and ou e analysis based on su ey da a. The s udy cap u ed 320 pa icipan s. The
esul s demons a e ha consume s’ iews abou adop ing mobile banking a e mos ly in luenced by
hei le el o digi al li e acy, esis ance o change, pe cep ions o isk, usabili y, and use ulness. By con-
as , awa eness and compa ibili y had no disce nible impac on adop ion.
Despi e using mic o-le el da a, some s udies used coun y-le el o mac oeconomic da a o ins ance,
Yussi e al. (2019) examined he implica ions o digi isa ion o inancial de elopmen in eme ging
economies. The au ho s analysed seconda y da a ac oss 30 eme ging economies om 2004 o 2017
ex ac ed om he Wo ld Bank’s Wo ld De elopmen Indica o s (WDI) da abase as well as he
In e na ional Telecommunica ions Union. Adop ing he Gene alised Me hod o Momen s (GMM) es ima-
ions o he analysis, he au ho s concluded ha digi isa ion emains a key de e minan o inancial
de elopmen . The s udy p esc ibed a policy push among eme ging economies o b oaden hei in es -
men in echnology de elopmen o he inancialisa ion o hei economies. Acco ding o Voghouei
e al. (2011), he inancial sys em is suppo ed by aspec s including good ins i u ions, open inancial and
ade ma ke s, legal adi ion, and poli ical economy. Poli ical and economic ac o s migh be he ones
ha ha e he g ea es in luence on inancial de elopmen because hey can a ec i di ec ly as well as
indi ec ly h ough o he de e minan s (Voghouei e al., 2011). Va ia ions in a coun y’s poli ical economy
may well accoun o di e ences in i s inancial de elopmen .
The esul s o Law and Habibullah, (2009) dynamic panel da a analysis show ha eal pe capi a
income and ins i u ional quali y a e s a is ically signi ican p edic o s o banking sec o de elopmen
and capi al ma ke de elopmen . Howe e , ade openness plays a bigge ole in os e ing he g ow h
o he capi al ma ke . The empi ical indings o inancial libe alisa ion e ealed ha while s ock ma ke
libe alisa ion is powe ul in b inging abou s ock ma ke de elopmen , domes ic inancial sec o e o ms
a e likely o boos banking sec o de elopmen . Acco ding o Ayadi e al. (2013), a ull bundle o s ong
legal ins i u ions, excellen democ a ic adminis a ion, and compe en inancial e o m implemen a ion
can ha e a signi ican ly posi i e impac on FD. Fu he mo e, while he capi al accoun is open, in la ion
has a less nega i e impac on banking de elopmen . G owing public deb slows c edi expansion, p o -
ing ha public deb ‘c owds ou ’p i a e lending. Also, capi al in lows p edominan ly ha e an income
COGENT ECONOMICS & FINANCE 3
e ec , inc easing na ional sa ings and c edi a ailabili y ia aising income and consequen ly inancial
de elopmen (Ayadi e al., 2013).
Takyi and Obeng (2013) disco e ed a dis inc i e coin eg a ing link be ween inancial de elopmen ,
in la ion, ade openness, ese e equi emen , pe capi a income, and go e nmen bo owing using
qua e ly da a om 1988 o 2010. The eg ession analysis indings indica e ha pe capi a income and
ade openness a e c ucial ac o s in Ghana’s inancial de elopmen . People’s a i udes ega ding he
inancial ma ke al e as socie y de elops in he o m o g ea e us , con ol, and o he a ibu es, and
hey do mo e inancial ansac ions. Consequen ly, imp o ed inancial de elopmen esul s. Du a and
Mukhe jee (2012) disco e ed ha cul u e s ongly a ec s he deg ee o inancial g ow h using he quan-
ile es ima ion echnique o a sample o 90 na ions. Che i and D ege (2016) indings implied ha ins i-
u ional ac o s ma e in bo h inancial ca ego ies, e en a e con olling o adi ional mac oeconomic
a iables and ixed e ec s. Co up ion appea s o ha e he g ea es impac on he banking indus y. The
e ec s o co up ion and law and o de seem o ma e o he s ock ma ke . Openness o o eign com-
me ce is c ucial o all ace s o inancial de elopmen , e en hough pe capi a income and in la ion do
no appea o be key ac o s acco ding o Che i and D ege (2016). Ib ahim and Sa e (2018) demon-
s a e ha , e en hough human capi al has a signi ican impac on inancial de elopmen , ade open-
ness has a g ea e impac on p i a e c edi han on domes ic c edi . Financial de elopmen is closely
ied o he in e ac ing concep s o openness and human capi al. The ma ginal e ec s analysis shows
ha ade openness (human capi al) has a bigge impac on p i a e (domes ic) c edi han human cap-
i al. The s udy subs an ially suppo s he idea ha ade openness and human capi al de elopmen a e
bo h impo an ac o s in he inancial success o A ica.
Khal aoui (2015) indica es ha he deg ee o economic and human de elopmen , as well as he bank-
ing and inancial sec o s, a e he key p edic o s o inancial de elopmen . The s udy u he in ima ed
ha only in indus ialised na ions do he ac o s connec ed o economic s abili y and he ins i u ional
and legal amewo k ha e a conside able impac on inancial de elopmen . Gu e al. (2021) demons a e
he signi icance o income, human capi al, echnical inno a ion, and esea ch and de elopmen (R&D)
spending as long- e m ac o s in luencing inancial de elopmen . The s udy u he disco e ed ha in
he E7 coun ies, human capi al s eng hens he link be ween echnological inno a ion and inancial suc-
cess. As a ie (2021) e ealed ha economic de elopmen , ade openness, and he poli ical eedom
index all ha e a a ou able sho - and long- e m impac on inancial de elopmen . In e es a es and
ese e equi emen s, howe e , ha e a nega i e impac . The s udy u he shows ha he eal exchange
a e has li le impac in he sho e m and a nega i e impac o e he long e m. The c edi - o-p i a e
sec o model, on he o he hand, is in luenced a ou ably by in la ion, poli ical eedom, economic
g ow h, and ade openness. Howe e , o eign deb , he need o ese es, and lending in e es a es
ha e a nega i e impac (As a ie, 2021).
Za a e al. (2022) show ha in o ma ion and communica ions echnology (ICT) in es men needs pol-
icymake s’a en ion because hey ha e empi ically es ablished long- un in e se consequences o he
a o emen ioned in e ms o inancial de elopmen . Con ol o co up ion, go e nmen e ec i eness, pol-
i ical s abili y, and ee speech and accoun abili y a e he main Wo ld Go e nance Indica o s (WGIs) ha
signi ican ly a ec inancial de elopmen , acco ding o he empi ical indings o Eldomia y e al. (2020).
Acco ding o IMF (2022), Sub-Saha an A ica (SSA) is wi nessing apid de elopmen in he digi al on
especially in he inancial sec o and gi en he abo e empi ical s udies, i is e iden wha de e mines
inancial de elopmen depends on o a ies om coun y o coun y. This may be ela ed o speci ic
na ional policies, geo-poli ics and egional economic policies. We ind i necessa y o in es iga e whe he
in es men in he digi al on de e mines inancial de elopmen in A ica.
Hypo hesis de elopmen
The e ec o digi isa ion and inancial sec o de elopmen
The inancial se ices deli e y sec o has unde gone a signi ican ans o ma ion due o digi isa ion,
which has been p opelled by de elopmen s in in o ma ion and communica ion echnologies (ICT). This
ans o ma ion has esul ed in enhanced e iciency, accessibili y, and inclusi i y wi hin he inancial
4 U. ADAM ET AL.
sys em (Ib ahim, 2017; Ib ahim e al., 2022). Financial ins i u ions ha e he po en ial o access p e iously
un eachable segmen s o he popula ion, expedi e ope a ions, and dec ease ansac ion expenses
h ough he u ilisa ion o digi al pla o ms and elec onic channels (Mish a e al., 2020). Fu he mo e, he
p ocess o digi isa ion has enabled he ad en o no el inancial p oduc s and se ices, including pee -
o-pee lending, mobile banking, and digi al paymen s. These ad ancemen s ha e no only empowe ed
businesses and indi iduals bu ha e also democ a ised access o inancial se ices (Ib ahim e al., 2022).
Ne e heless, he ex en o which digi isa ion in luences he p og ess o he inancial sec o is depend-
en on a mul i ude o elemen s, such as digi al li e acy, in as uc u e, cybe secu i y, and egula o y
amewo ks (Molinillo & Japu a, 2018). Digi isa ion, al hough capable o signi ican ly augmen ing eco-
nomic g ow h and os e ing inancial inclusion, p esen s obs acles o da a p i acy, cybe secu i y isks,
and egula o y adhe ence (Khal aoui, 2015). As a esul , policymake s, egula o s, and p ac i ione s mus
comp ehend he in e play be ween digi isa ion and he de elopmen o he inancial sec o o exploi
he ad an ages o digi al inno a ion while minimising po en ial ulne abili ies and isks. Based on his,
hey hypo hesized ha :
H1: Imp o ed digi isa ion has a posi i e signi ican e ec on Financial Sec o De elopmen in SSA
Me hodology
Popula ion and sample
The popula ion o he s udy encompassed all eligible pa icipan s o s udy en i ies ha we e conside ed
in he s udy. Thus, he s udy a ea is A ica, whe e 54 coun ies in he sub- egion cons i u ed he popula-
ion. A census s udy was unde aken; hus all 54 coun ies we e included in he s udy. The coun ies
included a e, Alge ia, Angola, Benin, Bu kina Faso, Bu undi, Bo swana, Came oon, Cen al A ican
Republic, Chad, Co e d’I oi e, Congo Republic, Como os, Cape Ve de, Democ a ic Republic o Congo
(DRC), Djibou i, Egyp , Equa o ial Guinea, E i ea, Eswa ini, E hiopia, Gabon, Ghana, he Gambia and
Guinea, Guinea-Bissau, Kenya, Leso ho, Libe ia, Libya, Madagasca , Malawi, Mau i ania, Mau i ius,
Mo occo, Mozambique, Namibia, Nige , Nige ia, Rwanda, Sao Tome and P incipe, Senegal, Seychelles,
Sie a Leone, Somalia, Sou h A ica, Sou h Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and
Zimbabwe. The seconda y da a o hese coun ies was ex ac ed o e 21 yea s, hus om 2000 o 2021
om he Wo ld Bank.
Va iable desc ip ion
The Wo ld Bank’s Wo ld De elopmen Indica o s (WDI) we e mined o in o ma ion on he 54 na ions in
A ica. Speci ically, he ollowing a iables we e elici ed o achie e he s udy objec i es:
Financial Sec o De elopmen : he inancial de elopmen index o each coun y was used o measu e
inancial sec o de elopmen . The index cons i u ed six measu emen s; hey a e inancial dep h, inancial
access, inancial s abili y, inancial size, inancial e iciency and inancial ac i i y.
Digi isa ion: Th ee p oxy a iables we e used o measu e he adop ion o digi isa ion in he coun-
ies unde s udy. The e o e, he a iables o in o ma ion and communica ion echnology (ICT),
na ional inno a ion, and he ela ionship be ween digi alisa ion and inno a ion. The p e alence o
ICT was e alua ed by allying he numbe o mobile phone use s and in e ne b owse s. Inno a ion
on he o he hand was measu ed by he numbe o Scien i ic and echnical jou nal a icles in each
coun y.
The s udy also included con olled a iables based on he ex an li e a u e o Ejemeyo wi e al.
(2021) and o he s udies. The e o e, con olled a iables such as ins i u ional quali y (IQ) and eal g oss
domes ic p oduc g ow h (GDPGR) among o he s we e used o he s udy.
Ins i u ional Quali y: The quali y o go e nance in each coun y in A ica was aken in o accoun o
he esea ch. The e o e, we u ilised he Wo ld Bank’s da a o c ea e a go e nance index.
COGENT ECONOMICS & FINANCE 5
Financial Inclusion: We employed he wo-s age PCA me hod, and as a esul , we i s assessed he
h ee sub-indices o usage, ba ie s, and access ha , ollowing he li e a u e, cons i u e inancial inclu-
sion. Using he dimensions as explana o y a iables, we es ima e he dimension weigh s and he o e all
inancial inclusion index in he second s age.
Va iables and A-p io signs
Table 1 indica es he Va iable desc ip ion, da a sou ces and a p io i signs o he a iables used in he
s udy.
Da a analysis
To de e mine he link and in e dependence be ween mac oeconomic and inancial a iables as used
in his s udy, he VAR model is pe inen . Howe e , his model is ime-in a ian ; as such, highly
es ic i e in accoun ing o he dynamics o ime-se ies economic da a (Paci ico, 2018). The e o e, he
e ec o digi iza ion on inancial de elopmen in A ica was achie ed wi h he Bayesian Panel Vec o
Au o-Reg essi e (BPVAR). This me hod has been used by Rahman e al. (2023), Be die and Sauno is
(2016)andEjemeyo wie al.(2021) which u ned ou o p oduce e y e icien and unbiased esul s.
P io and pos -es ima ion es s we e conduc ed o ensu e he eliabili y and alidi y o he es ima ed
models. The p elimina y es s such as desc ip i e s a is ics (such as mean, s anda d de ia ion, skew-
ness and ku osis) and g aphical ep esen a ion o he da a p eceded he main da a analysis. This was
aimed a ge ing he o e all pic u e and end o he da a se . Also, some impo an p e- es analysis
o he panel da a is he s a iona i y es o he a iable o ensu e he model is de oid o spu ious
eg ession and o assis in iden i ying a sui able me hodology o he s udy. Pos -es ima ion es s
included co ela ion, mul icollinea i y, and he e oscedas ici y among o he s. The panel eg ession
model used in he analysis included all dependen , independen and con olled a iables. This s udy
employed SPSS 26 and E iews e sion 10 as analy ical so wa e o his s udy. While he s udy
employed SPSS 26 o pe o m he dimensional educ ion me hod, he selec ion o E iews e sion 10
was based on i s s ong unc ionali ies in ime-se ies analysis and econome ic modelling, which make
i highly sui able o in es iga ing he dynamics o he inancial sec o . Simila so wa e was used in
p e ious s udies (e.g. Ejemeyo wi e al., 2021).
Conside he unc ional o m o he model in equa ion (1):
FD ¼ S,X,Z
ðÞ (1)
Whe e he independen a iables a e ep esen ed by S, X, and Z. S ep esen s In o ma ion and com-
munica ion echnology (ICT), X is inno a ion, and Z is he con ol a iables.
In panel o m, he implici unc ional o m is ep esen ed as:
FDi, ¼ ICTi, ,INNi, ,GDPGRi, ,IQi, ,INFi, ,GSi, FIi, EDi, ,POPi, ,UEMi,
ðÞ
(2)
Whe e he subsc ip s ‘i’and ‘ ’ ep esen coun y ‘i’a ime ‘ ’. See Table 1 below o a iable desc ip-
ions and measu emen s. The explici model o he s udy is speci ied as p esen ed in equa ion (3).
FDi, ¼b0þb1ICTi þb2INNi, þb3IQi, þb4GDPGRi, þb5INFi, þb6GSi, þb7FIi, þb8EDi, þb9POPi,
þb10UEMi, þei, (3)
To compu e o Financial De elopmen (FD), he s udy employed SPSS 26 o pe o m he dimen-
sional educ ion me hod. Thus, he widely used p incipal componen analysis (PCA) echnique as used
by Ejemeyo wi e al. (2021) was employed in his s udy. This me hod enabled he s udy o educe and
ans o m he six cons uc s ( ha is; inancial dep h, inancial access, inancial ac i i y, inancial e iciency,
inancial size, and inancial s abili y) ha measu e FD in o a smalle da a se o a iables while s ill keep-
ing he ele an in o ma ion o he da a.
The pu pose o his s udy is o gauge he e ec o one a iable (digi iza ion) on he o he ( inancial
de elopmen ). This necessi a ed he use o he Bayesian Panel Vec o Au o-Reg essi e (BPVAR) me hod.
The BPVAR is no en i ely di e en om he con en ional VAR model, especially ega ding he
6 U. ADAM ET AL.
in e dependency and endogenei y o he a iables; excep ha BPVAR inco po a ed he c oss-sec ional
na u e o he da a o ensu e ha shocks om one coun y do no ansmi o o he coun ies (Thi Thuy
& Nguyen T ong, 2021). Time a ia ions in he coe icien s and he a iance o he shocks and accoun -
ing o c oss-sec ional dynamic he e ogenei ies a e all easily inco po a ed in o he BPVAR, making i a
use ul ool o cap u ing bo h s a ic and dynamic in e dependencies (Ejemeyo wi e al., 2021; Thi Thuy
& Nguyen T ong, 2021).
VARs a e s a is ical models wi h a g ea deal o leeway because o hei many ee pa ame e s. By
conside ing he model pa ame e s o be independen andom a iables and assigning hem p io p ob-
abili y, he BVAR elimina es he issue o o e -pa ame e isa ion. Using he Bayesian heo em in conjunc-
ion wi h con en ional VAR models, he BPVAR app oach can ci cum en he sho comings o he
uncons ained VAR (UVAR) echnique, he gold s anda d o es ima ing he dynamics o economic issues.
The UVAR has been c i icised o being excessi ely open-ended and lacking limi a ions in i s p esen a-
ion o he au o eg essi e componen s o he model. In his (2018) pape , Paci ico highligh ed he esul s
o hei gene alised UVAR models. (1) The p oblem o o e i ing, caused by he lack o p io belie s and
leading o un eliable coe icien s, is nea ly always p esen in models wi h an uncons ained s uc u e.
This p oblem is gene a ed by he ac ha he e a e no p io belie s. (2) The analysis o en p o ides a
s aigh o wa d accoun o he ac s i examines. In a nu shell, hese indings may no be accu a e, hence
he implemen a ion o he BPVAR model in his s udy.
Gi en ha he coe icien s beyond he dependen ones a e gi en smalle ela i e a iances since luc-
ua ions o de ia ions in VAR models a e compensa ed o by hei lags. Addi ionally, a ixed a iance-
Table 1. Va iable desc ip ion, da a sou ces and a p io i signs.
Va iables Desc ip ion Measu emen Da a Sou ce A p io i Sign
Dependen
Financial Sec o
De elopmen
(FD)
1. Financial Dep h
2. Financial Access
3. Financial Ac i i y
4. Financial e iciency
5. Financial size
6. Financial s abili y
1. The a io o p i a e sec o
c edi o GDP
2. Deposi o s wi h comme cial
bank
3. Issuance o p i a e domes ic
loans om inancial
ins i u ions
4. The a io o bank c edi o
bank deposi
5. Bank asse s on cen al bank
asse s
6. Z-sco e o banks
Wo ld Bank Financial
De elopmen Da abase
T ading Economics, 2022
Independen Va iables
Digi isa ion 1. ICT 1. Subsc ibe s o mobile phone
2. In e ne use s
1. Wo ld Bank, 2021a
2. Wo ld Bank, 2021a
þ
2. Inno a ion (INN) 3. The numbe o scien i ic and
echnical jou nals
4. ICT-Inno a ion in e ac ion
3. Wo ld Bank, 2021b
4. Wo ld Bank, 2021b
þ
þ
Con ols 1. Ins i u ional Quali y (IQ)
2. GDPGR
1. E ec i eness o go e nmen
2. G oss Domes ic P oduc
g ow h a e
3. Wo ld Bank, WGI Da abase,
2022b
4. Wo ld Bank, 2021a
þ/−
þ
3. Financial Inclusion (FI) Index o usage, ba ie s and
access
Wo ld Bank Financial
De elopmen Da abase
þ
4. In la ion (INF) Annual Consume P ice
Index (CPI)
WDI –
5. Go e nmen Suppo (GS) The a io o go e nmen
expendi u es o he o al
ou pu o he economy
WDI þ
6. Economic De elopmen Using he human de elopmen
index
WDI þ
7. Unemploymen Ra e The numbe o unemployed
indi iduals by he o al labou
o ce and hen mul iplied by
100 o exp ess i as a
pe cen age.
WDI –
8. Popula ion a e The pe cen age change in he
popula ion o e a speci ied
pe iod. This is exp essed as
he annual pe cen age change
in popula ion size.
WDI þ
COGENT ECONOMICS & FINANCE 7
inancial sec o de elopmen in A ican na ions. When add essing po en ial endogenei y conce ns ha
a ise as a esul o simul aneously de e mining a iables in he inancial sys em, GMM is especially use ul.
By including lagged alues o inancial sec o de elopmen (FD) as an explana o y a iable, he model
accoun s o he con inued in luence o p e ious p og ess on subsequen de elopmen s. The a o emen-
ioned pe sis ence highligh s he concep ha his o ical ad ancemen s o m he basis o con inuous
enhancemen s in he inancial domain. F om Table 7, he coe icien o lagged FD, which is bo h posi-
i e and s a is ically signi ican , se es o ein o ce he signi icance o ongoing e o s o acili a e consis -
en p og ess in he inancial sec o o s imula e economic expansion and s abili y. Consis en wi h p io
esea ch by Thi Thuy and Nguyen T ong (2021) and Voghouei e al. (2011), which emphasise he long-
e m e ec s o inancial sec o e o ms on economic de elopmen , hese esul s suppo his no ion.
In a simila ein, he coe icien o In o ma ion Communica ion Technology (ICT) as shown in Table 7,
is bo h posi i e and s a is ically signi ican , signi ies ha inancial sec o de elopmen in A ican na ions
emains signi ican ly in luenced by in es men s in digi al in as uc u e. The co ela ion be ween ICT and
de elopmen in he inancial sec o highligh s he p o ound in luence ha echnological ad ancemen s
ha e on a eas such as isk managemen , se ice p o ision, and inancial inclusion. Th ough he u ilisa ion
o digi al echnologies, inancial ins i u ions can augmen he e iciency, accessibili y, and inclusi i y o
he inancial sys em. This, in u n, can make a signi ican con ibu ion o he ad ancemen o he econ-
omy as a whole and o he educ ion o po e y. These esul s a e consis en wi h p io esea ch con-
duc ed by Yussi e al. (2019) and Za a e al. (2022), which unde sco e he signi icance o digi alisa ion
in acili a ing he mode nisa ion o he inancial sec o and b oadening he a ailabili y o inancial
se ices.
Fu he mo e, in Table 7, he coe icien s associa ed wi h o he de e minan s, including Economic
De elopmen (ED), Inno a ion (INN), and Financial Inclusion (FI), which a e all posi i e and s a is ically
signi ican , unde sco e he complex and a ied cha ac e is ics o he ac o s ha suppo he e olu ion
Table 7. GMM Es ima ion o Digi isa ion and o he inancial sec o de elop-
men de e minan s in A ican coun ies.
Dependen a iable ¼Financial Sec o De elopmen
Va iables Coe icien
FDi, −10.0295
(0.0079)
ICT 0.0301
(0.0082)
INN 0.0443
(0.0328)
FI 0.340
(0.0676)
ED 0.0758
(0.0426)
IQ 0.0299
(0.0084)
GS 0.0260
(0.0103
IFS 0.0327
(0.0177
GDPGR 0.0468
(0.0244)
INF −0.0802
(0.0416
POP 0.239
(0.0719)
UEM −0.0212
(0.0073)
Hansen J-S a is ic 0.435
Sa gan Tes 0.219
AR (1) 0.054
AR (2) 0.059
Sou ce: Au ho s’Compu a ion (2023): NB; whe e ‘FD is he Financial Sec o De elopmen , ICT
is he in o ma ion communica ion echnology, INN is he inno a ion, FI is he inancial inclu-
sion, ED is he economic de elopmen , IQ is he ins i u ional quali y, GS is he go e nmen
suppo , IFS is he in as uc u e, GDPGR is he G oss Domes ic P oduc g ow h a e, INF is he
in la ion a e, POP is he popula ion a e, UEM is he unemploymen a e’,, signi ican
a 1% and 5% le els.
14 U. ADAM ET AL.
o he inancial sec o . The de e minan s in ques ion comp ise a a ie y o elemen s, such as egula o y
amewo ks, p oduc inno a ion, and o e all economic de elopmen . Each o hese componen s plays a
ole in imp o ing he e icacy o esou ce alloca ion, isk managemen , and inancial in e media ion. The
co ela ions ha exis be ween hese ac o s and he de elopmen o he inancial sec o emphasise he
signi icance o cul i a ing a ou able egula o y se ings, encou aging he in oduc ion o no el inancial
p oduc s, and os e ing comp ehensi e economic expansion o bols e s ong inancial sec o de elop-
men . The esul s o his s udy align wi h p e ious in es iga ions conduc ed by Za a e al. (2022) as well
as Zibe i e al. (2021), which unde sco e he in e ela edness o mul iple elemen s ha in luence he
dynamics o he inancial sec o . On he o he hand, he nega i e coe icien associa ed wi h he in la ion
a e (INF) indica es ha expansions in in la iona y expec a ions could po en ially hinde he p og ess o
he inancial sec o . This inding emphasises he signi icance o main aining p ice s abili y as a mac oeco-
nomic policy goal, gi en ha ele a ed in la ion ola ili y has he po en ial o e ode inancial s abili y
and long- e m de elopmen p ospec s. Mone a y policy amewo ks ha a e e icien in hei pu sui o
con ain in la iona y p essu es a e c i ical in p ese ing an economic en i onmen ha is s able and con-
duci e o he g ow h and s abili y o he inancial sec o . The esul s o his s udy a e consis en wi h
es ablished heo e ical amewo ks, including he inance-in la ion nexus, which Yussi e al. (2019) and
Tchamyou and Asongu (2017) discuss. This nexus emphasises he ad e se e ec s ha in la ion ola ili y
has on bo h long- e m de elopmen p ospec s and inancial s abili y.
Conclusion
This s udy con ibu es o he exis ing li e a u e on he de e minan s o inancial sec o de elopmen by
p o iding a comp ehensi e analysis o he ac o s ha con ibu e o he de elopmen o he inancial sec-
o . The s udy highligh s he impo ance o digi isa ion, inancial inclusion, economic de elopmen , ins i u-
ional quali y, go e nmen suppo , and in as uc u e in p omo ing he g ow h and de elopmen o he
inancial sec o . The s udy’s indings a e consis en wi h p e ious esea ch, which emphasizes he implica-
ions o digi isa ion o inancial de elopmen . The s udy also highligh s he impo ance o economic
de elopmen in d i ing he demand o inancial se ices and he de elopmen o he inancial sec o .
Ins i u ional quali y is ano he c i ical de e minan o inancial sec o de elopmen . The s udy emphasizes
ha s ong legal and egula o y ins i u ions a e essen ial o c ea ing a s able and p edic able en i onmen
o inancial ansac ions o ake place, educing in o ma ion asymme y and lowe ing ansac ion cos s,
which a e c ucial o he de elopmen o a obus inancial sec o . In sum, gi en he s udy’s main objec i e
which is o examine whe he digi isa ion de e mines inancial de elopmen in A ican coun ies, he s ud-
ies iden i ied digi isa ion as a key de e minan o inancial de elopmen in A ica. The esul s indica e ha
digi alisa ion can help o inc ease inancial inclusion, educe ansac ion cos s, and p omo e he de elop-
men o new inancial p oduc s and se ices, all o which can con ibu e o imp o ing inancial sec o
de elopmen . The indings also sugges ha o he ac o s, such as inancial inclusion, economic de elop-
men , ins i u ional quali y, go e nmen suppo , and in as uc u e, a e impo an o he de elopmen o
he inancial sec o and should be add essed in conjunc ion wi h digi al adop ion. Policymake s in A ica
should ake no e o hese indings and wo k o c ea e an enabling en i onmen ha suppo s digi isa ion
- inancial sec o de elopmen . E o s o imp o e ins i u ional quali y, go e nance, and in as uc u e can
help o c ea e a mo e conduci e en i onmen o inancial de elopmen . O e all, he s udies sugges ha
digi alisa ion has he po en ial o complemen inancial sec o de elopmen in A ica and o he egions,
and can c ea e an ou bu s o oppo uni ies in he inancial sec o in e ms o in eg a ing inancial sys ems,
educing inancial isk and enhancing in es men inance.
Recommenda ion
Theo e ical implica ion
The heo e ical implica ions o he empi ical esul s conce ning he signi ican coe icien s linked o
In o ma ion Communica ion Technology (ICT), Inno a ion (INN), Financial Inclusion (FI), and Economic
De elopmen (ED) a e o u mos impo ance in comp ehending he inancial sec o de elopmen in
COGENT ECONOMICS & FINANCE 15
A ican na ions. The ans o ma i e impac o digi al echnologies on inancial sys ems and he p omo-
ion o inclusi e g ow h is highligh ed by he posi i e and s a is ically signi ican coe icien associa ed
wi h ICT. This is consis en wi h echnological de e minism ha asse s p og ess in in o ma ion and com-
munica ion echnologies is he p ima y ca alys o socie al and economic ans o ma ions (Taiminen &
Ka jaluo o, 2015). Mo eo e , i aligns wi h he no ion o he digi al di ide, which unde sco es he c i ical-
i y o na owing echnological access dispa i ies o ad ance ai and balanced de elopmen (Raza e al.,
2014). Th ough he u ilisa ion o in o ma ion and communica ion echnology (ICT), inancial ins i u ions
can imp o e ope a ional e ec i eness, diminish ansac ion expenses, and ex end se ices o ma ginal-
ised communi ies, hus p omo ing inc eased inancial inclusion and economic empowe men (Taiminen
& Ka jaluo o, 2015).
Addi ionally, he no ed impo ance o he INN coe icien emphasises he pi o al unc ion ha inno -
a ion plays in d i ing he p og ess o he inancial sec o . This is consis en wi h heo ies conce ning he
di usion and adop ion o inno a ions, which posi ha compe i i e ad an ages and p oduc i i y gains
can esul om he adop ion o no el p ac ices and echnologies (Rahman e al., 2023). Mo eo e , i
aligns wi h Schumpe e ’s c ea i e des uc ion heo y, a concep ha unde sco es he signi icance o
inno a ion in upse ing es ablished economic amewo ks and p opelling sus ained economic expansion
(Rani e al., 2023). Financial ins i u ions can enhance hei isk managemen p ac ices, acili a e inancial
inclusion, and s imula e economic g ow h by cul i a ing an en i onmen ha encou ages inno a ion
and adop ing dis up i e echnologies like in ech and blockchain.
P ac ical implica ion
The p ac ical implica ions o he coe icien s ha we e obse ed wi hin he amewo k o Economic
De elopmen (ED), In o ma ion Communica ion Technology (ICT), Inno a ion (INN), and Financial
Inclusion (FI) p o ide policymake s, inancial ins i u ions, and o he s akeholde s wi h aluable insigh s
in o how o p omo e he de elopmen o he inancial sec o in A ican na ions. Fi s , he posi i e coe i-
cien linked o ICT implies ha alloca ing esou ces owa ds digi al in as uc u e de elopmen and
encou aging he u ilisa ion o digi al inancial se ices could esul in subs an ial ad an ages in e ms o
enhancing inancial accessibili y and s eamlining inancial ansac ions. P io i ising ini ia i es ha p o-
mo e digi al li e acy, acili a e g ea e inancial inclusion, and enhance he accessibili y o inancial se -
ices o unde se ed popula ions a e all iable app oaches o policymake s o pu sue. Such ini ia i es
may also include p o iding incen i es o he de elopmen o digi al paymen sys ems.
Fu he mo e, he INN coe icien ’s obse ed signi icance unde sco es he c i icali y o cul i a ing an
inno a i e cul u e in he inancial indus y o p opel p og ess in se ice p o ision, p oduc asso men ,
and ope a ional e ec i eness. By connec ing he po en ial o echnologies like a i icial in elligence,
blockchain, and machine lea ning, inancial ins i u ions can c ea e in en i e esolu ions ha ca e o he
dis inc equi emen s and inclina ions o cus ome s, enhance isk managemen me hodologies, and op i-
mise ope a ional p ocedu es. Financial ins i u ions can dis inguish hemsel es in a highly compe i i e
ma ke , d aw in esh clien ele, and gene a e alue o s akeholde s h ough he adop ion o inno a i e
p ac ices. Fu he mo e, i is c ucial o emphasise he signi icance o implemen ing ocused policies and
ini ia i es ha acili a e enhanced access o o mal inancial se ices o unde se ed and ma ginalised
popula ions, as indica ed by he subs an ial coe icien associa ed wi h Financial Inclusion (FI).
Policymake s may wish o di ec hei a en ion owa ds measu es such as augmen ing he scope o
banking in as uc u e, endo sing ini ia i es ha os e inancial li e acy, and acili a ing he p o ision o
accessible and a o dable inancial p oduc s and se ices o small businesses and low-income indi iduals.
Th ough he p io i isa ion o inancial inclusion, policymake s and inancial ins i u ions can acili a e he
economic ealisa ion o la en communi ies, mi iga e income inequali y, and make subs an ial con ibu-
ions o he social and economic p og ess o A ican na ions as a whole.
Au ho Con ibu ions
UA: W o e he in oduc ion o he pape and also conduc ed he analysis and in e p e a ion o he da a. ALS:
Pe o med a li e a u e sea ch and e iewed all he li e a u e in he s udy. MSSS: Conduc ed o wo ked on he
16 U. ADAM ET AL.
me hodology sec ion o he pape . MMY: C i ically e ised he pape o in ellec ual con en and wo ked on he inal
app o al e sion o submission. All he a o emen ioned au ho s collec i ely ag eed o be accoun able o all aspec s
o he wo k.
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
Funding
The s udy ecei ed no unding and is he sole wo k o he au ho s.
Abou he au ho s
Uma Adam is wi h he Depa men o Ag icul u e and Food Economics, Uni e si y o De elopmen S udies, Ghana.
He holds Bachelo o Comme ce wi h Specializa ion in inance and MPhil Ag icul u al Economics. His esea ch in e -
es s e ol e a ound mac oeconomics, ime se ies analysis, de elopmen economics, inancial sec o de elopmen ,
ag icul u al economics, in e na ional ade, mone a y policy and inancial ma ke s.
Abdul La i Sulemena is an Accoun an a Ghana Educa ion Se ice. He holds BA In eg a ed Business S udies wi h
specializa ion in Accoun ing and a Pos g adua e s uden (MSc Accoun ing and Finance a Kwame Nk umah Uni e si y
o Science and Technology). His a ea o esea ch includes inancial ma ke , co po a e go e nance and e hics, co po a e
inance and digi al ma ke ing.
Mohammed Shamsudeen Sandow Sule is wi h he T easu y Uni o he Di ec o a e o Finance a he Uni e si y o
De elopmen S udies. He is a p o essional accoun an wi h eigh yea s o expe ience. He holds Bachelo o
Comme ce wi h Specializa ion in Finance and MBA Accoun ing and Finance. His a ea o esea ch includes asse s
p icing, co po a e go e nance, inancial de elopmen and in e na ional ade.
Mohammed Mudasi Yussi is a lec u e a he Depa men o Finance, School o Business, Uni e si y o
De elopmen S udies. He holds BA In eg a ed De elopmen S udies wi h op ion in Economics, MSc Finance and
Economics, MPhil Ag icul u al Economics. He is cu en ly pu sing PhD in De elopmen Finance a Uni e si y o
De elopmen S udies in Ghana. His a ea o esea ch includes inancial sec o de elopmen , digi isa ion, de elopmen
economics, ood Secu i y among many o he s.
ORCID
Uma Adam h p://o cid.o g/0000-0002-4731-7182
Da a a ailabili y s a emen
The s udy used publicly a ailable da a om WDI and T ading Economics which is a ailable on hei espec i e web-
si es. Howe e , he au ho s a e eady o make he da a and any ma e ials associa ed wi h he pape a ailable o
anyone upon easonable eques .
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