Analysis of Mobile Money Innovations and Energy Poverty in Africa Folorunsho M. Ajide, Sodiq Abiodun Oladipupo, Babatunde Wasiu Dauda, Esther Omolade Soyode Natural Resources Forum, 2026 Mobile money is a novel system for providing seamless financial services in developing countries. The use of this technology has allowed poor households to make payments, receive money, and get credits via mobile phone algorithms, and it has gained popularity among nations in Africa. This technology has leapfrogged the traditional services of formal financial institutions. Many studies have been conducted on energy poverty alleviation in Africa, but little is known empirically about whether mobile money can serve as a policy instrument for energy poverty alleviation in developing economies. Furthermore, the role of mobile money in energy justice has not been explored. The objective of this paper is to fill this gap by examining the effect of mobile money innovations on energy poverty. Applying the system generalized method of moments and panel quantile regression via moments on the dataset of 36 countries in Africa between 2012 and 2021, this study shows that mobile money innovations reduce energy poverty in Africa. Further analysis reveals that the effect is heterogeneous across the sample used in the study. Our findings also reveal that mobile money innovations reduce the disparities in accessing electricity between urban and rural households. Overall, this study suggests that mobile money is a veritable tool that can be used for energy poverty alleviation in developing countries.
Economic complexity and the shadow economy in Africa: An assessment of nonlinearity and asymmetry James Temitope Dada, Folorunsho M. Ajide, Mosab I. Tabash, Mamdouh Abdulaziz Saleh Al-Faryan Economics and Business Review, 2026 Recent literature reveals that economic complexity (EC) has important implications for shadow economy and has generated mixed empirical conclusions. This paper contributes to this debate by investigating the nonlinear and asymmetric effects of EC on shadow economy in 28 Africa countries between 1995 and 2020. Granger and Yoon’s (2002) approach is used to decompose the EC into positive and negative components, while the dynamic panel threshold regression, two-step system generalised method of moments, pooled mean group, augmented mean group, and common correlated mean group are employed as the estimation techniques. The results indicate that positive EC shocks reduce the size of the shadow economy, whereas negative shocks contribute to the growth of informality, thus suggesting the presence of asymmetry. The threshold of economic complexity was found to be 0.41.
Terrorism and the Shadow Economy: A Panel Analysis for Africa Folorunsho M. Ajide, James T. Dada, Mosab I. Tabash, Mamdouh Abdulaziz Saleh Al‐Faryan, Ahmed Taruwere Yakubu Politics and Policy, 2026 In this study, we investigate the impact of terrorism on the shadow economy. The study uses panel data from 53 African economies spanning 1996 to 2020. Using an array of heterogeneous panel data estimators, including the augmented mean‐group estimator that corrects for intertemporal correlations and endogeneity, our results challenge existing knowledge. First, in a situation where the institutional and security architecture is relatively weak, terrorism reduces the shadow economy. Second, the impact of terrorism on the shadow economy varies among countries, as revealed in the heterogeneous analysis. Further analysis shows that strong elected local government can serve as a veritable tool for downsizing informality. Local government autonomy reduces informality by enhancing effective public service delivery and boosting tax morale. These findings are robust to alternative estimations. The implications of these findings are discussed. Related Articles Iheonu, C. O. 2025. “Terror, Output, and Institutions in Africa.” Politics & Policy 53, no. 5: e70067. https://doi.org/10.1111/polp.70067 . Iheonu, Chimere O., Princewill U. Okwoche, and Shedrach A. Agbutun. 2024. “The Impact of Democracy on Peace in Africa: Empirical Evidence.” Politics & Policy 52, no. 5: 1038–1058. https://doi.org/10.1111/polp.12632 . Antwi‐Boateng, Osman. 2017. “The Rise of Pan‐Islamic Terrorism in Africa: A Global Security Challenge.” Politics & Policy 45, no. 2: 253–284. https://doi.org/10.1111/polp.12195 .
Government expenditure and shadow economy in Africa James Temitope Dada, Folorunsho M. Ajide, Mosab I. Tabash, Mamdouh Abdulaziz Saleh Al-Faryan Management and Sustainability, 2026 Purpose The standard Keynesian theory predicts that government spending can stimulate the official economy through aggregate demand. However, the relationship seems to be nonlinear, as predicted empirically in accordance with the Armey curve hypothesis. Furthermore, recent events such as asymmetric information, transaction costs, regime shifts, and data-generating processes, among others, could cause government expenditure to exhibit nonlinear and asymmetric behavior. Thus, this study extends the literature to investigate the nonlinear nexus between government spending and the shadow economy in Africa. Design/methodology/approach The study draw data from 30 African countries spanning 1996–2020. The two-step system generalized method of moments (2SGMM), fully modified ordinary least squares augmented mean group and dynamic common correlated effect mean group (DCCEMG) are used as the estimation techniques. Findings We demonstrate an inverted U-shaped relationship between the shadow economy and government spending using advanced panel econometric techniques that account for the econometric pitfalls of reverse causality, endogeneity, heterogeneity, and cross-sectional dependence. The study further obtained a threshold value of 36.146% of GDP for government expenditure. Research limitations/implications The implication of the study suggests that government spending may serve as a fiscal tool for downgrading the extent of shadow economy after a certain threshold. Originality/value This study provides fresh insights into the nexus between government expenditure and shadow economy, and also tested the Armey hypothesis in the linkages.
Financial Inclusion, Women Empowerment, and Informal Economy in Africa Folorunsho M. Ajide, James T. Dada, Mosab I. Tabash, Mamdouh Abdulaziz Saleh Al‐Faryan Poverty and Public Policy, 2025 In this study, we investigate the effect of women's empowerment on the informal economy in Africa. It also examines the role of financial inclusion in the nexus between women's empowerment and the informal economy. The study is based on a panel data estimation of 39 African nations between 2004 and 2020. These data were analyzed via the panel estimation based on Driscoll and Kraay's robust standard error and Instrumental Variable generalized method of moment (IV‐GMM). The results reveal that gender political inclusion reduces participation in the informal economy. In contrast, gender economic inclusion promotes participation. However, financial inclusion moderates the relationship, implying that women's empowerment through financial inclusion decreases the size of the informal sector. The results from the regional analysis show that the direct effect of financial inclusion is not significant in West Africa, but its interactive effect on women's empowerment reduces the informal economy. Financial inclusion complements women's empowerment in reducing the size of the informal economy in North Africa, Central Africa, and Southern Africa. The study highlights that the interactive effects of financial inclusion and women's empowerment on the informal economy are heterogeneous across the income and regional levels and robust enough to carry out sensitivity checks.
From profit to preservation: how business climate shapes environmental degradation in developing economies R Sakariyahu, R Lawal, F Ajide, S Oladipupo, A Danso Journal of Business Research 211, 116187 , 2026 2026
Terrorism and the Shadow Economy: A Panel Analysis for Africa FM Ajide, JT Dada, MI Tabash, MAS Al‐Faryan, AT Yakubu Politics & Policy 54 (2), e70127 , 2026 2026
Examining the trade openness-sectoral growth nexus in Sub-Saharan Africa. does ict matter? a static and dynamic analysis TW Adamson, FM Ajide, MO Fatai, OI Ajayi SN Business & Economics 6 (4), 94 , 2026 2026 Citations: 1
Government expenditure and shadow economy in Africa JT Dada, FM Ajide, MI Tabash, MAS Al-Faryan Management & Sustainability: An Arab Review, 1-21 , 2026 2026
Economic complexity and shadow economy in Africa: An assessment of nonlinearity and asymmetry JT Dada, FM Ajide, MI Tabash, MAS Al-Faryan Economics and Business Review 12 (1), 29-54 , 2026 2026
Do CEO attributes matter in the nexus between board composition and cybersecurity risk disclosure? Evidence from South African firms TA Ojeyinka, FM Ajide, R Matemane Journal of Economic Criminology, 100208 , 2026 2026
Financial Development and Women's Political Empowerment in Nigeria FM Ajide, TT Osinubi, HO Ojodu Gender in International Relations: Feminist Perspectives and Policy … , 2026 2026 Citations: 1
Financial Inclusion, Women Empowerment, and Informal Economy in Africa FM Ajide, JT Dada, MI Tabash, MAS Al‐Faryan Poverty & Public Policy 17 (4), e70029 , 2025 2025 Citations: 6
Bridging the energy divide: The impact of finance, political regimes, and international sanctions on renewable energy access R Sakariyahu, R Lawal, F Ajide, S Oladipupo Economics Letters, 112747 , 2025 2025
Enterprise creation for sustainable environment: the criticality of financial development in African economies JT Dada, FM Ajide, MI Tabash, S Ray, MAS Al-Faryan Journal of Financial Regulation and Compliance 33 (5), 808-828 , 2025 2025
Information communication and technology, and environmental degradation in Africa: a new approach via moments JT Dada, T Akinlo, FM Ajide, MAS Al-Faryan, MI Tabash Information Technology for Development 31 (4), 965-991 , 2025 2025 Citations: 11
The moderating roles of economic complexity in the entrepreneurship‐sustainable environment nexus for the Gulf cooperation council economies JT Dada, FM Ajide, M Arnaut, MAS Al‐Faryan International Journal of Finance & Economics 30 (4), 3395-3410 , 2025 2025 Citations: 15
Economic complexity and ecological degradation in Africa: does globalization matter? JT Dada, FM Ajide, MAS Al-Faryan The International Trade Journal 39 (5), 496-524 , 2025 2025 Citations: 19
Do less harm than good? Analyzing the effects of anti-money laundering regulations on income inequality in developing economies FM Ajide, TA Ojeyinka, AB Egbewole, R Matemane Journal of Banking Regulation 26 (3), 553-572 , 2025 2025 Citations: 1
Democracy and the productivity benefits of entrepreneurship in africa FM Ajide Journal of Public Affairs 25 (3), e70066 , 2025 2025 Citations: 1
Trade policy and environmental sustainability in Africa: An empirical analysis JT Dada, FM Ajide, MAS Al‐Faryan, MI Tabash Natural Resources Forum 49 (3), 2274-2298 , 2025 2025 Citations: 8
On FDI-Entrepreneurship Nexus in Africa: Do Economic Freedom and Technological Innovations Make Any Difference? FM Ajide, SA Oladipupo, BW Dauda, FG Baah Journal of the Knowledge Economy, 1-38 , 2025 2025
Mobile Money Adoption and Democratic Institutions: The Implications for Shadow Economy in Africa FM Ajide, JT Dada, SA Oladipupo International Journal of Public Administration, 1-15 , 2025 2025 Citations: 3
Does ICT Moderate the Effect of the Shadow Economy on Environmental Sustainability? JT Dada, FM Ajide, MI Tabash, S Ray, MAS Al‐Faryan World Affairs 188 (3) , 2025 2025 Citations: 2
Corporate governance and money laundering in Nigerian listed companies JA Olayiwola, AA Olalere, FM Ajide Journal of Economic Criminology 8, 100154 , 2025 2025 Citations: 1
MOST CITED SCHOLAR PUBLICATIONS
Financial inclusion in Africa: does it promote entrepreneurship? FM Ajide Journal of Financial Economic Policy 12 (4), 687-706 , 2020 2020 Citations: 211
The effects of corporate social responsibility activity disclosure on corporate profitability: Empirical evidence from Nigerian commercial banks FM Ajide, AA Aderemi IOSR Journal of Economics and Finance (IOSRJEF) 2 (6), 17-25 , 2014 2014 Citations: 126
Financial innovation and sustainable development in selected countries in West Africa FM Ajide Journal of Entrepreneurship, Management and Innovation 12 (3), 85-112 , 2016 2016 Citations: 101
Infrastructure and entrepreneurship: Evidence from Africa FM Ajide Journal of Developmental Entrepreneurship 25 (03), 2050015 , 2020 2020 Citations: 87
Economic globalization, entrepreneurship, and inclusive growth in Africa FM Ajide, TT Osinubi, JT Dada Journal of Economic Integration 36 (4), 689-717 , 2021 2021 Citations: 86
Informal economy and ecological footprint: the case of Africa JT Dada, CO Olaniyi, FM Ajide, A Adeiza, M Arnaut Environmental Science and Pollution Research 29 (49), 74756-74771 , 2022 2022 Citations: 84
Shadow economy, institutions and environmental pollution: insights from Africa JT Dada, FM Ajide, A Sharimakin World Journal of Science, Technology and Sustainable Development 18 (2), 153-171 , 2021 2021 Citations: 81
On the shadow economy-environmental sustainability nexus in Africa: the (ir) relevance of financial development JT Dada, FM Ajide, M Arnaut, A Adeiza International Journal of Sustainable Development & World Ecology 30 (1), 6-20 , 2023 2023 Citations: 78
Shadow economy in Africa: how relevant is financial inclusion? FM Ajide Journal of Financial Regulation and Compliance 29 (3), 297-316 , 2021 2021 Citations: 76
The moderating role of institutional quality in shadow economy–pollution nexus in Nigeria JT Dada, FM Ajide Management of Environmental Quality: An International Journal 32 (3), 506-523 , 2021 2021 Citations: 76
The impact of ICT on shadow economy in West Africa FM Ajide, JT Dada International Social Science Journal 72 (245), 749-767 , 2022 2022 Citations: 71
Firm-specific, and institutional determinants of corporate investments in Nigeria FM Ajide Future Business Journal 3 (2), 107-118 , 2017 2017 Citations: 64
Financial development and entrepreneurship: insights from Africa FM Ajide, TA Ojeyinka Journal of Financial Regulation and Compliance 30 (5), 596-617 , 2022 2022 Citations: 63
Foreign aid and entrepreneurship in Africa: the role of remittances and institutional quality FM Ajide, TT Osinubi Economic Change and Restructuring 55 (1), 193-224 , 2022 2022 Citations: 59
The effects of earnings management on dividend policy in Nigeria: an empirical note FM Ajide, AA Aderemi Financial & Business Management 2 (3), 145-152 , 2014 2014 Citations: 56
Shadow economy and foreign direct investment in Nigerian manufacturing industry FM Ajide, JT Dada, JK Olowookere International Journal of Economics and Business Research 23 (2), 156-180 , 2022 2022 Citations: 50
Financial inclusion and rural poverty reduction: Evidence from Nigeria F Ajide International journal of management sciences and humanities 3 (2) , 2015 2015 Citations: 50
Economic complexity and entrepreneurship: insights from Africa FM Ajide International Journal of Development Issues 21 (3), 367-388 , 2022 2022 Citations: 49
Shadow economy and environmental pollution in West African countries: the role of institutions JT Dada, FM Ajide, A Adeiza Global Journal of Emerging Market Economies 14 (3), 366-389 , 2022 2022 Citations: 49
Reflections on COP27: How do technological innovations and economic freedom affect environmental quality in Africa? R Sakariyahu, R Lawal, OF Etudaiye-Muhtar, FM Ajide Technological Forecasting and Social Change 195, 122782 , 2023 2023 Citations: 48