African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4188

Full Length Research Paper

Financial literacy and regulated financial services uptake in Uganda: The mediating role of digital platform usage

Mary Maurice Nalwoga Mukokoma
  • Mary Maurice Nalwoga Mukokoma
  • Department of Accounting, Finance and Micro-Finance, Kyambogo University, Uganda.
  • Google Scholar
Asonitou Sofia
  • Asonitou Sofia
  • Department of Business Administration, University of West Attica, Greece.
  • Google Scholar
Dorothy Ssendagire
  • Dorothy Ssendagire
  • Department of Accounting, Finance and Micro-Finance Kyambogo University, Uganda.
  • Google Scholar
John Baptist Kowa
  • John Baptist Kowa
  • Department of Business Administration Uganda Management Institute and Lecturer at Kyambogo University, Uganda.
  • Google Scholar

  •  Received: 14 October 2023
  •  Accepted: 08 March 2024
  •  Published: 31 March 2024


The study investigates the influence of financial literacy on the uptake of Regulated Financial Services (RFS) among members of Village Saving and Lending Associations (VSLAs) in Uganda, which is currently lower than the global and national goal of universal access. A cross-sectional survey design employing both quantitative and qualitative approaches was utilized. The qualitative aspect validates responses obtained from quantitative data. The study includes responses from 291 participants, selected purposively and randomly. Hierarchical regression and the Sobel test are employed to analyse the influence and mediating effect, respectively. The findings reveal that financial literacy, particularly in terms of skills, significantly influences the uptake of RFS. Furthermore, the usage of digital platforms mediates the influence of financial literacy on RFS uptake. This suggests that VSLAs and financial literacy trainers should prioritize skills-based training and support the use of digital platforms to enhance RFS uptake.


Key words: Financial literacy, skills, attitude, digital literacy, financial services.