The current literature on the finance-inequality nexus fall short of providing extensive evidence. This paper fills the gap by framing the financial sector; to the development of financial intermediation (supply side) and individual use of financial services (demand side). The first approach decouples the financial sector into the banking and stock market. We use the 5-year nonoverlapping averaged data from 1980 to 2017 across 49 countries and employ a panel data fixed effect and two-stage least squared estimation (2sls). We show that banking and stock market development widens income inequality. Besides, the effect is more prominent in countries that have a banking and stock market than countries only with the banking sector. The second approach uses financial inclusion and financial technology (Fintech) data from three waves of survey data in 2011, 2014 and 2017 on the individual use of financial services across 39 countries. We obtain three key findings. First, institutional quality significantly affects financial inclusion and Fintech. Second, Fintech positively affects inclusion and savings. Third, financial inclusion and Fintech exacerbate income inequality. Our result asserts a natural tendency that financial sector development exacerbate income inequality in Africa.

中文翻译：

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非洲的金融中介、包容性、金融科技和收入不平等：来自供需方数据的有力证据

目前关于金融与不平等关系的文献未能提供广泛的证据。本文通过构建金融部门来填补空白；促进金融中介（供应方）和个人对金融服务的使用（需求方）的发展。第一种方法将金融部门与银行和股票市场脱钩。我们使用 49 个国家从 1980 年到 2017 年的 5 年非重叠平均数据，并采用面板数据固定效应和两阶段最小二乘估计 (2sls)。我们表明，银行业和股票市场的发展扩大了收入不平等。此外，在有银行业和股票市场的国家，这种影响比只有银行业的国家更为突出。第二种方法使用来自 2011 年、2014 年和 2017 年关于 39 个国家/地区个人使用金融服务的三波调查数据的普惠金融和金融技术 (Fintech) 数据。我们获得了三个关键发现。首先，制度质量显着影响普惠金融和金融科技。其次，金融科技对包容性和储蓄产生积极影响。第三，普惠金融和金融科技加剧了收入不平等。我们的结果断言了金融部门发展加剧非洲收入不平等的自然趋势。普惠金融和金融科技加剧了收入不平等。我们的结果断言了金融部门发展加剧非洲收入不平等的自然趋势。普惠金融和金融科技加剧了收入不平等。我们的结果断言了金融部门发展加剧非洲收入不平等的自然趋势。