Financial literacy and women’s financial inclusion in Zambia’s informal markets: An integrative review and research agenda

Fred M’membe; Joseph Ntayi; Louis Nyahunda

doi:10.51867/ajernet.7.1.103

Authors

Fred M’membe University of Zambia, Zambia
Joseph Ntayi Makerere University, Uganda https://orcid.org/0000-0003-3223-2036
Louis Nyahunda University of Johannesburg, South Africa https://orcid.org/0000-0002-9352-4115

DOI:

https://doi.org/10.51867/ajernet.7.1.103

Keywords:

Digital Finance, Financial Inclusion, Financial Literacy, Informal Markets, Integrative Review, Women Traders, Zambia

Abstract

This article adopts an integrative review design suited to the breadth and diversity of the evidence being synthesised. The reviewed scholarship spans theoretical, conceptual, qualitative, quantitative, policy, and multi-country studies on financial literacy, women’s empowerment, digital finance, and financial inclusion. Because the purpose of the article is not only to identify empirical patterns, but also to integrate theoretical explanations, evaluate methodological tendencies, and develop a Zambia-specific research and policy agenda, an integrative review provides the most appropriate methodological foundation. The review synthesises literature on how financial literacy shapes women’s access to, use of, and benefit from formal and digital financial services in informal market settings. The analysis shows that financial literacy matters, but it operates through mediating mechanisms such as agency, trust, confidence, digital readiness, and institutional support. Evidence from African settings suggests that women’s inclusion improves most where literacy interventions are linked to practical usage environments and supportive market ecosystems. The review further finds that the evidence base is constrained by cross-sectional designs, inconsistent measures, and limited Zambia-specific work on adult women traders. The article concludes that women-centred financial inclusion in Zambia should be approached as a capability-building and ecosystem challenge rather than a knowledge deficit alone. It recommends integrative programme design, stronger gender-responsive delivery systems, and more rigorous mixed-methods and longitudinal research on informal market traders.

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