2.4 Empirical Literature

Allen et al. (2012) examined the individual features allied with the utilization and having bank accounts employing cross-sectional data for 123 nations over the world. Probit approach was employed to ascertain the impact of diverse factors on the probability of having and utilizing a bank account to save and how often theses accounts are been used. It came out that, the probability of owning a bank account was greater among the rich, educated, the aged, married individuals and among the urban but influenced by gender.

Camara et al. (2014) examined the factors that account for financial inclusion in Peru, employing cross-sectional data. The research also made use of the probit model to evaluate data from the World Bank (2011). The research revealed that life in the remote areas, low level of education, low income, being a woman, and not married happened to be a major element that decreases the likelihood to patronize the banking services. Nevertheless, it was revealed that age did not influence financial inclusion.

Also, Zins and Weill (2016) conducted a cross-country research to establish factors inducing financial inclusion in 37 African nations making use of the probit model. The variables used were age education, gender, and income. The result revealed that the likelihood of been financially included was higher among higher salary earners, men and rises with age up to a particular point and then it began to fall and also stated that the variables of informal financial inclusion vary from formal financial inclusion. The results of the research are linked with Weill (2014) who also shown that male and older people, highly educated people, and high salary earners had the greater chances to be financially included.

Moreover, Musa et al. (2015) examined the drivers of financial inclusion and gaps in gender in Nigeria. To achieve the objectives, the research used a probit model and employed the approach Fairlie decomposition. The result revealed that young age, high income, good education raises the probability for persons to be included in the financial sector. Furthermore, Chikoko and Mangwendeza (2012) conducted financial inclusion using commercial banks in a liquidity restrained space in Zimbabwe. The study employed descriptive statistics to analyze cross-sectional data received via interviews and questionnaires. The result established that insufficient financing on the side of the banks was a key challenge of financial inclusion and high charges by banks.

Akudugu (2013) researched the determinant of financial inclusion in Ghana. The research made use of logit and saw that the likelihood that an old individual incorporated in the formal financial scheme was less when a person lacks, the cost was assumed to be greater, and decrease in the wealth. Chikoko and Mangwendeza (2012) conducted financial inclusion using commercial banks in a liquidity restrained space in Zimbabwe. The study employed descriptive statistics to analyze cross-sectional data received via interviews and questionnaires. The result established that insufficient financing on the side of the banks was a key challenge of financial inclusion and high charges by banks.

2.5 Motives For Not Having An Account

Much research has been conducted to investigate why persons do not have bank accounts after all the strength to incorporate them into the banking industry (Financial Inclusion Africa, 2015). For example, in Ghana, Financial Inclusion Insight Africa (2015) survey revealed that 3,002 Ghanaians who were 15 years and beyond used in the survey, 20% are rolling on the mobile money platform and 34% owned a bank account. It noticed that 7% out of 34% who had an account were not active. The research further established that 43% of the respondents that had no account said they had insufficient money to save. 27% had a different means of saving, 10% had no know idea about the process of having a bank account, 15% revealed that the charges of financial services by the banks were too high and 5% gave other motives. The research further detailed why people had no access to credit from the banks. It reported that 47 % had means of getting loans other than the bank, 12% desired to borrow from their relatives and 15% reported that the rates at which the bank's charges were too high.

Also, Dermiguc-kunt et al. (2014) did investigate why individuals had no interest in owning a bank account. The result came out that, 30% of the participants had no enough money to owned an account, 25% further established that their relatives have an account so there was no need to have another account again, 20% attributed the location of the banks as a key motive for not having a bank account and 3% gave religion as a major motive for their decision for not having an account.

Moreover, the research showed that variables such as education, distance, gender, and age also had a huge effect on financial inclusion. For example, the result showed that 36% of female own bank account as against 46% of their male colleagues in emergent economies. Also, the research revealed that individuals with a low level of education were less likely to own an account against people with a high level of education.

2.6 Financial Inclusion and Economic Growth

Financial Inclusion is evaluated to be analytical and key for reaching economic growth and also an essential for ensuring total growth in the economy. Financial inclusion in most countries stimulate economic growth of those nations. A well-thought-out financial framework in an economy navigates to economic growth. The advance delivery conducts like the SMS banking, mobile money and distinctive banking product for specific individuals help these people get easy access for the financial service which intend to boost economic growth (Biag, 2020).

Access to affordable financial services-especially credit and insurance enlarges livelihood opportunities and encourages the poor to require a charge of their lives. Such encouragement aids social, political, and economic stability. Aside from these benefits, financial inclusion provides formal identity, access to the payments system, and security to savings to the standard people within the society. The economic system is a catalyst for economic development. The formal financial channels collect savings and idle funds and distribute such funds to entrepreneurs, businesses, households, and government for investment projects and other purposes with a view of a return.

Hence financial inclusion is considered to be crucial for achieving economic growth; which itself is required for ensuring overall sustainable growth within the country (Boateng, 2018). [AGD1]

2.7 The Conceptual Framework of Study

From the extensive literature review, the researcher contends that elements such as education and religious affiliations can help determine financial inclusion in Ghana. The conceptual structure of the study was adopted from Wale and Makina (2017) and Akpandar et al. (2013). This structure thus explains the factors that determine financial inclusion in Ghana using a bank account as a representative for financial inclusion.

[AGD1]i am expecting to see am empirical review of financial inclusion and growth since this is part of your objectives

Required:

a). Please review and correct grammar and rewrite it to be free from plagiarism