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All Journal KEUNIS Asian Management and Business Review
Ngollo, Magwana Ibrahim
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Exploring Fintech, financial literacy, and stock market participants nexus in Dar es Salaam Stock Exchange, Tanzania Nathanael, Abraham Charles; Ngollo, Magwana Ibrahim
Asian Management and Business Review Volume 5 Issue 2, 2025
Publisher : Master of Management, Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AMBR.vol5.iss2.art9

Abstract

This study investigates the relationship between the adoption of financial technology (Fintech), financial literacy, and participation in the stock market in Tanzania, employing a thorough analysis of primary data collected through an online self-reported survey. By implementing purposive sampling techniques, this research executed a series of diagnostic evaluations, encompassing tests for multicollinearity, normality, and heteroskedasticity, to substantiate the integrity of the regression model utilized. The results indicate that the utilization of fintech substantially enhances involvement in stock market activities, thereby corroborating the hypothesis that fintech acts as a facilitator for individual participation in trading activities. Furthermore, the study emphasizes the essential function of financial literacy, suggesting that elevated levels of financial knowledge are positively correlated with an increase in stock market participation. Notably, the effect of fintech on stock market engagement decreased from a coefficient of β = 0.41 to β = 0.19 upon accounting for financial literacy. However, the association persisted as statistically significant (p = 0.002), thereby demonstrating a condition of partial mediation. These findings highlight the fundamental significance of financial literacy as a crucial determinant in fostering active involvement in financial markets. In conclusion, this research provides insightful contributions to the understanding of the interrelations among fintech, financial literacy, and investment behaviors in Tanzania, presenting implications for the formulation of policies, enhancement of financial education, and improvement of market accessibility.
Factors Affecting The Level Of Financial Inclusion: A Comparative Study Of Tanzania, Kenya And Uganda Derefa, Moshi James; Swai, Janeth Patrick; Ngollo, Magwana Ibrahim
KEUNIS Vol. 13 No. 2 (2025): JULY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i2.6284

Abstract

This research examined the comparative characteristics affecting financial inclusion in Tanzania, Kenya, and Uganda. Despite Tanzania's robust economic development, its degree of financial inclusion remains inferior to that of its neighboring nations, Kenya and Uganda. The provision of accessible financial services to underrepresented people is essential for poverty alleviation and economic growth. This study used cross-sectional micro-level data from the Global Findex Database survey waves conducted in 2011, 2014, 2017, and 2021. The Least Absolute Shrinkage and Selection Operator (LASSO) post-selection inference technique was used in the research to address issues arising from high-dimensional data and model selection bias. The results indicate that Kenya excels in financial inclusion, propelled by sophisticated digital financial institutions, whilst Tanzania lags behind. The significant primary drivers of financial inclusion were debit card utilization, bank borrowing, and demographic characteristics such as gender and education level while the use of credit cards amongst women had a negative influence on financial inclusion. The research underscores the significance of access to financial services and the contribution of digital finance to improving inclusion. It underscores the need for focused strategies to tackle obstacles such as inadequate infrastructure, insufficient financial literacy, and gender inequities. Research indicates that enhancing mobile money systems and advancing financial literacy, particularly for women and low-income populations, may close the financial inclusion gap. The report emphasizes the need for a more inclusive financial environment to guarantee fair economic growth
Fintech Adoption and its Impact on Financial Inclusion: a Survey-Based Analysis of Rural Entrepreneurs in Tanzania Nathanael, Abraham Charles; Ngollo, Magwana Ibrahim
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6376

Abstract

This study explores the impact of fintech adoption on financial inclusion among rural entrepreneurs in Tanzania, with a focus on the roles of digital literacy and financial awareness. The study employed Partial Least Squares Structural Equation Modeling (PLS SEM). Employing a quantitative research design, data was collected from rural business owners to assess the impact of technological engagement on access to financial services. The findings indicate a strong, statistically significant correlation between fintech adoption and enhanced financial inclusion, highlighting fintech's potential to address existing financial access disparities. Importantly, digital literacy was found to have a statistically significant moderating effect, enhancing the impact of fintech adoption on financial inclusion. Furthermore, digital literacy and financial awareness were identified as critical enablers, significantly affecting the effective utilization of fintech platforms. However, the benefits of fintech adoption are not uniformly experienced, varying according to socioeconomic and contextual factors. The study underscores the necessity for a comprehensive strategy that integrates technological access with tailored educational initiatives and inclusive policy interventions. This research enriches the existing literature on digital finance and provides valuable insights for policymakers, fintech providers, and development practitioners dedicated to promoting inclusive economic growth in underserved communities.
Co-Authors Derefa, Moshi James Nathanael, Abraham Charles Swai, Janeth Patrick