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Financial markets in Sub-Saharan Africa (SSA) have played a very limited role in the mobilization of resources to facilitate growth-enhancing private investments. Despite various efforts through financial sector reforms, financial markets remain largely fragmented, with substantial gaps in the financing of economic activities by private agents. Based on findings from surveys of formal and informal financial institutions and their clients in Ghana, Malawi, Nigeria and Tanzania,1 we argued elsewhere (Aryeetey et al. 1997; Nissanke and Aryeetey 1998) that the continuous poor performance of financial systems can be partly explained by the high degree of financial market fragmentation.

Institutional Analysis of Financial Market Fragmentation in Sub-Saharan Africa: A Risk-Cost Configuration Approach