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

Austin Mwange and Moonga Mumba
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Austin Mwange: Graduate School of Business, The University of Zambia, Lusaka, Zambia
Moonga Mumba: Development Studies Department, The University of Zambia, Lusaka, Zambia

East African Finance Journal, 2025, vol. 4, issue 1

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.

Keywords: digital financial inclusion; informal market traders; Lusaka; Zambia; socio-economic determinants (search for similar items in EconPapers)
JEL-codes: G21 G28 O16 O33 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:cwk:eafjke:2025-09

DOI: 10.59413/eafj/v4.i1.9

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