Does Financial Inclusion cause Economic Growth in Zimbabwe? An Empirical Investigation


  • Alexander Maune
  • Ephraim Matanda
  • Justice Mundonde


Financial inclusion; Financial development; Economic growth; Gross domestic product; Economic development


In this article, the researchers used a multiple linear regression model to examine the impact
financial inclusion on economic growth in Zimbabwe during the period 2011 to 2017. To capture the
depth and width of financial inclusion in Zimbabwe, financial services, information and communication
technology as well as mobile network variables were used as proxies for financial inclusion while gross
domestic product was used for economic growth. Secondary data for these variables was extracted from
G20 Financial Inclusion, Global Financial Development and World Development Indicators 2019
databases. The empirical findings of this study show that financial inclusion has a positive impact on
economic growth in Zimbabwe. These results are relevant despite the economic challenges facing
Zimbabwe. The researchers therefore, recommend pro-financial inclusion and pro-free market based
financial sector development policies in Zimbabwe in order stir free market based financial sector
growth and economic development. Therefore, the article is value to policy makers, researchers and the
private sector.




How to Cite

Maune, A., Matanda, E., & Mundonde, J. (2020). Does Financial Inclusion cause Economic Growth in Zimbabwe? An Empirical Investigation: Array. Acta Universitatis Danubius. Œconomica, 16(1). Retrieved from



Business Administration and Business Economics