The impact of financial inclusion initiatives: Evidence from meta‐analysis

Abstract

Developing an inclusive financial system is an important policy intervention to improve livelihood and reduce poverty. Despite this, the empirical evidence on the impacts of financial inclusion remains mixed. This study reports a meta‐analysis of studies on the impact of financial inclusion. The findings show that financial inclusion outcomes reflect small, positive and statistically significant average effects on consumption, income, asset and other poverty‐related indicators. The results of meta‐regression analysis also show that financial inclusion has a significant positive effect on household consumption. We discuss some of the sources of inconsistencies in financial inclusion studies, policy implications and future research directions.