The purpose of this research was to contribute to the literature on the link between good governance and the development of the financial sector by considering the role of other variables such as the role of the government, investment, technology and education. Quantitative regressions and generalized GMM moments estimation method were used to model the relationships investigated in this study. The statistical sample of the research was 30 selected OECD member countries during the years 2010 to 2022. The main findings show that the quality of governance institutions is related to the level of development of the financial sector, so that the increase in the good governance index has led to the improvement of the level of financial development in the countries under review. It was also observed that the variables of domestic investment and foreign direct investment, technology and education had positive effects on financial development in the countries under review, while the effect of the government size parameter on the level of financial development was negative and significant. Based on this, it is concluded that in order to improve the level of financial development in the studied countries, in addition to strengthening the quality of governance, it is possible to act through the mechanisms of strengthening the level of technology, education and investment, as well as controlling the size of the government.