Financial inclusion and sustainable development: an empirical association

This paper investigates the association between financial inclusion and sustainable development in a global context. The findings show that high levels of financial inclusion (in terms of higher commercial bank branches per 100,000 adults) is significantly associated with high levels of sustainable development (in terms of higher electricity production from renewable sources, higher industry productivity, higher adult literacy rate and higher renewable electricity output). Also, higher financial inclusion is significantly associated with low combustible renewables and waste. There is uni-directional granger causality between global interest in sustainable development information and global interest in financial inclusion information particularly in the period after the global financial crisis (GFC) but before the COVID-19 pandemic. The results support global calls for greater financial inclusion and the attainment of the sustainable development goals for the good of all people, the environment and for the planet