Financial Inclusion, Women Empowerment, and Informal Economy in Africa

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This analysis finds that women's empowerment affects the informal economy in Africa, highlighting financial inclusion's moderating role.

Women’s empowerment through financial inclusion decreases the size of the informal economy.
The study utilized panel data from 39 African nations covering the years 2004 to 2020.
Gender economic inclusion promotes informal economy participation, while political inclusion reduces it.
Financial inclusion's direct effect is not significant in West Africa, but interacts positively with women's empowerment in reducing informality.

Ajide et al. (2025) studied this question.

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