Browsing by Author "SIBONGO, Moses"

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    The Role of in Enhancing Financial Inclusion in the Zambian Banking Sector
    (University of Lusaka, 2025) SIBONGO, Moses
    This study investigated the role of fintech in enhancing financial inclusion within Zambia's banking sector. The research focused on four specific objectives: evaluating the impact of fintech innovations, fintech solutions, regulatory frameworks and financial literacy on financial inclusion. A mixed-methods approach was adopted, combining quantitative and qualitative techniques. The quantitative data were collected through questionnaires administered to 100 respondents, while the qualitative insights were obtained from indepth interviews with 5 key informants. Statistical analyses, including Chi-Square tests, ANOVA, Pearson’s R, and Spearman correlations, were used to examine the relationships between fintech solutions, innovations, regulatory frameworks, and financial literacy programs with financial inclusion. The study found that fintech innovations and solutions significantly enhance financial inclusion, particularly in urban and semi-urban areas. Mobile wallets, digital loans, and peer-to-peer lending were identified as major contributors to increased access to financial services. However, challenges such as digital illiteracy, weak infrastructure, and low smartphone penetration hinder broader adoption in rural areas. Regulatory frameworks, while supportive of fintech growth, were found to impose high compliance costs and exclude marginalized populations due to strict Know Your Customer requirements. Financial literacy programs supported by fintech had a moderate positive impact but were limited in their reach and effectiveness, especially for underserved groups. Recommendations include improving infrastructure through public-private partnerships, enhancing digital literacy programs tailored for rural and underserved populations, refining regulatory frameworks to reduce compliance burdens, and promoting inclusive financial literacy programs. Specific strategies targeting women and other disadvantaged groups are essential for ensuring equitable access to financial services. Future research should focus on the long-term impact of fintech on rural communities and explore its role in empowering women economically and socially. Keywords: Fintech, Financial Inclusion, Zambia, Regulatory Frameworks, Digital Literacy, Financial Literacy Programs.