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

The main purpose of the research was to examine socioeconomic determinants of DFI among informal market traders in key informal markets in Zambia using a case study of the Lusaka City Market. The study employed the quantitative methodology making use of the cross-sectional descriptive survey design. Data was collected from informal traders at the Lusaka City Market where the stratified random sampling technique was employed. The PLS-SEM technique was employed to analyse the data. The study found that digital financial literacy, trust and social influence are significant determinants for digital financial inclusion among the informal traders in informal markets. Education, internet access and income status were found insignificant determinants for digital financial inclusion. The study concluded that digital financial literacy and financial self-efficacy have significant moderating impacts on digital financial inclusion. The study recommended for service providers and agents of the digital financial services and products including FinTechs and financial institutions to consider investing in building trust and confidence in their services and products by enhancing security.