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The Role of Digital Financial Literacy in Enhancing Financial Inclusion Among Informal Entrepreneurs in Zambia

Author

Listed:
  • Kampamba Chibesa

    (Institute of Distance Education, The University of Zambia, Lusaka, Zambia)

  • Austin Mwange

    (Graduate School of Business, The University of Zambia, Lusaka, Zambia)

Abstract

Digital financial literacy is widely recognized as a critical driver of financial inclusion, particularly among informal entrepreneurs who rely heavily on mobile and digital financial services. Despite the growing adoption of digital payment systems, many informal business operators in Zambia face challenges in effectively using digital financial tools. This study investigates the effect of digital financial literacy on financial inclusion among informal entrepreneurs in Lusaka, Zambia. Using a mixed-methods approach, data were collected from 350 informal traders operating in selected markets. The findings reveal that digital financial literacy significantly enhances financial inclusion, with digital knowledge, mobile banking utilization, and confidence in digital platforms emerging as key determinants. The study recommends targeted financial literacy programs, improved digital infrastructure, and supportive regulatory frameworks to advance inclusive digital finance.

Suggested Citation

Handle: RePEc:cwk:eafjke:2025-08
DOI: 10.59413/eafj/v4.i1.8
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JEL classification:

  • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
  • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
  • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
  • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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