Remittances and Financial Development in Sub-Saharan African Countries

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An increase in remittances significantly drives financial development in Sub-Saharan Africa.
The study evaluates 32 countries from 2000 to 2018, revealing how remittances influence the financial sector.
Dynamic GMM estimation was used to analyze the data, addressing small sample challenges.
Recommendations include improving financial services and encouraging diaspora remittances to enhance development.

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Observational analysis shows remittances boost financial development in Sub-Saharan Africa, suggesting enhanced financial services is crucial.

Kolawole et al. (2023) studied this question.

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Observational analysis shows remittances boost financial development in Sub-Saharan Africa, suggesting enhanced financial services is crucial.