Effect of Financial Inclusion on Educational Attainment in Sub-Saharan Africa

The objective of our study is to examine the effect of direct access to and use of formal financial services on educational attainment in sub-Saharan Africa. The paper uses a sample of 34 sub-Saharan African countries from different sources (WDI, GFDD,) for the period 2004-2022 for the analysis. The results of the basic model suggest that greater financial inclusion through improved access to credit positively and significantly affects the level of education in sub-Saharan Africa. The study suggests that sub-Saharan African countries can take advantage of financial inclusion to improve education. Therefore, policy makers and commercial banks should promote access to and use of financial services in sub-Saharan Africa (SSA).