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

Kampamba Chibesa and Austin Mwange
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Kampamba Chibesa: Institute of Distance Education, The University of Zambia, Lusaka, Zambia
Austin Mwange: Graduate School of Business, The University of Zambia, Lusaka, Zambia

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

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.

Keywords: digital financial literacy; financial inclusion; mobile banking; informal entrepreneurs; Zambia (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:2025-08

DOI: 10.59413/eafj/v4.i1.8

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