The moderating role of regulatory quality in the relationship between ICT and financial development in Africa is investigated in this study. We employ data from 38 African countries from 2003 to 2020. For the analysis, a two-step system GMM is used. Our findings demonstrate that ICT and regulatory quality are essential for financial development. The net effect of ICT and regulatory quality on financial development is positive, implying that regulatory quality moderates upwards the nexus between ICT and financial development.
August 14, 2023