Level of education and financial inclusion in the West African Economic and Monetary Union (WAEMU)

The aim of this study is to analyze the effect of education level on financial inclusion in the WAEMU zone. To achieve this goal, we used macroeconomic data from WAEMU countries, except from Guinea Bissau for lack of data over the period 2000–2022. Methodologically, we used the AMG (Augmented Mean Group) method of Eberhadt and Teal (2010). The results show that the level of education is a determining factor in explaining financial inclusion. Indeed, primary education has a negative and significant effect on financial inclusion, while secondary education and tertiary education have a positive and significant impact on financial inclusion. In terms of policy implications, the study suggests that policymakers integrate financial education into curricula according to level of education, accompanied by ongoing teacher training and close collaboration with the financial sector to develop effective programs. © (2024), (Elite Scientific Publications). All rights reserved.