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The purpose of this study is to assess the extent to which the nexus between foreign bank presence (FBP) and inclusive growth is being impacted by the financial development.

The study used a two-stage system generalized method of moment (GMM), using 28 African countries from the period 2000 to 2018.

The study found a positive effect of FBP on inclusive growth. While financial development magnifies the positive effect of FBP, inclusive growth nexus, it has a direct effect on inclusive growth.

For Africa to ascertain the positive effect of FBP on inclusive growth, financial system must be developed to reduce the cream-skim behavior of foreign banks.

This paper assess the extent to which developing economy's developed financial system form synergies with FBP to further enhance the inclusiveness of growth.

This study examined the impact of digital finance on SME financial inclusion in Africa.

The study obtained data from the International Monetary Fund's Financial Access Survey and World Development Indicators covering the period from 2011 to 2022. Heteroskedastic panels corrected standard errors (HPCSE) and feasible generalized least squares regressions were employed in the analysis.

The findings indicate that digital finance (volume and intensity) significantly improves SME financial inclusion in Africa.

Due to the paucity of data, the study covered only 17 African countries over 12 years (2011–2022).

The findings imply the need for African central banks and other relevant regulatory bodies to establish effective regulations mandating Deposit Money Banks and other financial institutions to operate agent banking. This would facilitate access to financial services for SME owners. Such measures could financially include more unbanked SME owners, especially those in rural areas. Moreover, these initiatives must be strongly supported by introducing user-friendly digital financial technologies and registering more financial technology (fintech) companies.

Implementing necessary measures to enhance access to digital financial services for SMEs in Africa is likely to reduce unemployment and poverty and contribute to the economic growth and development of the region.

This study provides empirical evidence showing how digital finance affects SME financial inclusion in Africa.