Assessing Fintech Awareness and Knowledge Among Students at Selected Universities in Somalia

Abdirahman Abdinur Awale and Dayah Abdi Kulmie
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Abdirahman Abdinur Awale: Faculty of Accountancy, SIMAD University, Mogadishu, Somalia
Dayah Abdi Kulmie: Graduate School, Kampala University, Kampala, Uganda

International Journal of Economics and Financial Issues, 2024, vol. 14, issue 6, 88-96

Abstract: This study examines financial technology awareness among students at four Mogadishu universities (Jamhuriya University of Science and Technology, Banadir University, SIMAD University, and the University of Somalia), using a cross-sectional descriptive research design. The study utilized a structured questionnaire to evaluate 231 students’ understanding and familiarity with fintech concepts, focusing on demographic factors and perceived curriculum gaps. The study’s participants were diverse in gender, age, institution, major, and year of study. The majority were male (63%), with 78% aged between 20 and 25. The study reveals that students’ familiarity and understanding of fintech concepts like blockchain, smart contracts, neo- banking, crowdfunding, cloud computing, big data analytics, robo-advisors, and AI are low. This highlights significant gaps in students’ knowledge of critical areas digital finance, e-payments or e-banking. The study shows a moderate correlation between demographic factors and students’ fintech awareness, with 13.9% of variation explained by these factors. The overall model is statistically significant (F = 7.265, P

Keywords: Fintech; Financial Services; Digitalization; Awareness; Internet of Things; Somalia (search for similar items in EconPapers)
JEL-codes: G20 I23 M15 O33 (search for similar items in EconPapers)
Date: 2024
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