In the literature, the effectiveness of financial development has been a point of interest. The objective of this research is to investigate if financial development helps or hinders economic growth. For this purpose, this study looks at panel data regression estimation on the association between financial development and economic growth while controlling for other variables. Furthermore, it is important to understand the mediating factors that might enhance the effectiveness of financial development, such as telecommunications infrastructure including mobile cellular, Fixed Broadband Subscription, Individuals using Internet subscription and Fixed Telephone subscription. To assess the influence of financial development on economic growth. Over the period 2000-2019, the current study examines a sample of seven developing countries: India, Pakistan, Bangladesh, Sri Lanka, Bhutan, Maldives, and Nepal. Empirical model is estimated by using Granger causality test and Autoregressive Distributed Lag (ARDL) technique. The findings show a positive and significant association between financial development and GDP per capita, as well as a positive and strong relationship between telecommunication infrastructure and GDP growth and vice versa. This study further adds the evidence to policy makers and researchers that improve the effectiveness of banking sector, branchless banking, and digital banking, which helps in long term sustainable economic growth. Supervisor: Dr. Saud Ahmed Khan