摘要：The G20 made a commitment to adopt financial inclusion as a major support towards the achievement of its 2030 Agenda for Sustainable Development of all member countries. Specifically, the sustainable development goals of employment creation, hunger elimination and poverty reduction would be addressed when those in the informal sector are captured into mainstream finance. This study investigated how financial exclusion impairs inclusive drive of 27 sub Saharan African countries using secondary data sourced from World Bank database for 10 years (2007–2017). Granger Error Correction Method (ECM) with General Methods of Moments (GMM) of Arellanon and Bond (1991) were used to analyse the short panel data obtained from the World Bank database. The ECM test result found evidence of a long-run relationship, however, in the short-run, there is an insignificant but positive relationship between financial inclusion and exclusion with values recorded at 0.33, 0.37 and 0.32 for low, moderate and high financial stable countries, respectively. This implies that, there is no correlation between financial inclusion and financial exclusion (proxy by unemployment) in the three sets of countries sampled. However, for the moderately stable financial system, exclusion has negative long run multiplier impact on inclusion. The study therefore recommends policies that could sustain and improve employment rate in poorly and highly stable financial system.
