Table 2

The effect of financial literacy on interoperability, DFS and vulnerability

(1)(2)(3)
InteroperabilityDFSVulnerability
Interoperability 0.073*** 
 (0.005) 
Digital financial inclusion  −0.134***
  (0.019)
Financial literacy0.045***0.005***−0.002
(0.012)(0.002)(0.002)
Gender0.111***0.029***0.012***
(0.016)(0.004)(0.004)
Marital status−0.034**0.017***−0.013***
(0.016)(0.004)(0.004)
Age−0.003***−0.001***0.001***
(0.001)(0.015)(0.004)
Employment status−0.0030.028***0.013**
(0.02)(0.005)(0.005)
Region0.052***0.0010.027***
(0.016)(0.004)(0.004)
Constant0.169***0.165***0.262***
(0.05)(0.012)(0.013)
Observations2,6972,6972,697
R-squared0.130.1440.079

Note(s): Table 2 presents the results of the Ordinary Least Squares (OLS) regression analysis, which examines the sequential influence of financial literacy on interoperability, and subsequently, how interoperability affects mobile phone-enabled financial inclusion. Furthermore, it explores the impact of mobile phone-enabled financial inclusion and financial literacy on vulnerability. The main dependent variables are: interoperability, digital financial services and vulnerability and the primary independent variable in this analysis is financial literacy. The OLS is regressed the following variables are regressed against the selected explanatory variables: interoperability, digital financial inclusion, financial literacy, age, gender, marital status, employment status, and religion. The standard errors are indicated in parentheses. Statistical significance is denoted by ***, **, and * for the 1%, 5%, and 10% levels, respectively

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