The book examines the effects of financial liberalisation on development, with a particular focus on sub-Saharan Africa. Looking at the relationship between formal and informal institutions, it focuses on structural features that separate formal and informal segments of the financial system. The findings are based on fieldwork conducted in Ghana, Malawi, Nigeria and Tanzania, and lead the way to a reassessment of the design of financial reform programmes and proposals for effective institution building measures. In particular, the study emphasises the importance of developing financial systems to integrate the fragmented financial landscape, which would enable formal and informal intermediaries to benefit each other's comparative advantage.