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Socioeconomic Determinants of Digital Financial Inclusion among Informal Market Traders in Zambia: Evidence from Lusaka City Market

Author

Listed:
  • Austin Mwange

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

  • Moonga Mumba

    (Development Studies Department, The University of Zambia, Lusaka, Zambia)

Abstract

This study examines the socioeconomic determinants of digital financial inclusion among informal market traders in Zambia, using a case study of Lusaka City Market. The research adopts a quantitative approach employing a cross-sectional descriptive survey design. Data were collected from informal traders through stratified random sampling, and analysis was conducted using the Partial Least Squares Structural Equation Modeling technique. The findings indicate that digital financial literacy, trust, and social influence are significant determinants of digital financial inclusion among informal market traders. Conversely, education level, internet access, and income status were found to be insignificant determinants. The study further concludes that digital financial literacy and financial self-efficacy exert significant moderating effects on digital financial inclusion. The paper recommends that digital financial service providers, FinTech firms, and financial institutions invest in strengthening trust and confidence by enhancing the security and reliability of their digital financial products and services.

Suggested Citation

Handle: RePEc:cwk:eafjke:2025-09
DOI: 10.59413/eafj/v4.i1.9
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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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