Financial literacy in emerging economies

2017 ◽  
Vol 43 (12) ◽  
pp. 1310-1331 ◽  
Author(s):  
George Okello Candiya Bongomin ◽  
John C. Munene ◽  
Joseph Mpeera Ntayi ◽  
Charles Akol Malinga
Keyword(s):  
Financial Literacy ◽  
Financial Inclusion ◽  
Cross Sectional ◽  
Content Type ◽  
Knowledge And Skills ◽  
Functional Measures ◽  
Poor Households ◽  
The Individual ◽  
The Impact ◽  
Functional Components

Purpose The purpose of this paper is to examine the impact of individual components of financial literacy in promoting financial inclusion of poor households in rural Uganda. Design/methodology/approach The study was cross-sectional combined with correlation and regression analyses. Data were collected from 400 poor households drawn from four regions in rural Uganda. Hierarchical regression analysis was used to test for the contribution of individual components of financial literacy on financial inclusion of poor households in rural Uganda. In addition, confirmatory factor analysis was used to establish existence of convergent validity between the items used to measure the different constructs under study. Furthermore, analysis of variance was also adopted to test for variation in perceptions of poor households on being financially included. Findings The results generated from the study revealed that only attitude as a component of financial literacy significantly and positively predicts financial inclusion of poor households in rural Uganda. Contrary to previous thinking and empirical studies, behavior, knowledge, and skills are not significant predictors of financial inclusion of poor households in rural Uganda. Overall, the combined effect of the different components of financial literacy explains about 11.2 percent of the variance in financial inclusion of poor households in rural Uganda. Research limitations/implications The study was not without limitations. The study adopted only cross-sectional study design, thus, leaving out longitudinal study. Therefore, future studies employing longitudinal research design worth undertaking. Furthermore, the sample although large enough focused only on poor households located in rural Uganda, therefore, ignoring peri-urban and urban areas in Uganda. Besides, the study used only quantitative data, thus, qualitative study using key informant interviews may be considered for further research. Practical implications The paper indicates that policy makers, advocates of financial inclusion and researchers, should reconsider investigating individual contribution of the different components of financial literacy in promoting financial inclusion of poor households in rural Uganda. For researchers, it is important to re-analyze the individual components of financial literacy of behavior, knowledge, skills, and attitude in influencing financial inclusion of poor households in rural Uganda. Originality/value This paper combines both functional components (behavior and attitude) and non-functional measures (knowledge and skills) of financial literacy to explain financial inclusion of poor households in rural Uganda. Most financial literacy studies have mainly adopted only non-functional measures of knowledge and skills. Besides, these studies ignore the individual contribution of functional components and non-functional measures of financial literacy in explaining financial inclusion of poor households. Thus, this study is the first to examine the impact of individual components of financial literacy in explaining financial inclusion of poor households in rural Uganda.

Institutional framing and financial inclusion

2017 ◽  
Vol 44 (12) ◽  
pp. 1727-1744 ◽  
Author(s):  
George Okello Candiya Bongomin ◽  
Joseph Mpeera Ntayi ◽  
John C. Munene
Keyword(s):  
Financial Literacy ◽  
Cognitive Abilities ◽  
Financial Inclusion ◽  
Mediating Effect ◽  
Literacy Programs ◽  
Research Approach ◽  
Cross Sectional ◽  
Content Type ◽  
Poor Households ◽  
The Relationship

Purpose The purpose of this paper is to establish the mediating effect of financial literacy in the relationship between institutional framing and financial inclusion among poor households in Uganda with a specific focus on Mokono district. Design/methodology/approach The study adopted a cross-sectional design. Data were analyzed using structural equation modeling (SEM), which adopted Analysis of Moment Structures to test for mediating effect of financial literacy in the relationship between institutional framing and financial inclusion. Findings The results revealed that financial literacy had a partial mediating effect in the relationship between institutional framing and financial inclusion. Furthermore, the results indicated that while institutional framing has a direct effect on financial inclusion, it also exerts an indirect effect through financial literacy. This supports the argument that institutional framing that structure the way how poor households interpret, evaluate, comprehend and make sound financial decisions and choices, is enhanced by knowledge and skills acquired through financial literacy by poor households. Research limitations/implications This study has been limited by adopting only cross-sectional design and quantitative research approach, therefore ignoring longitudinal design and qualitative research approach. Besides, the study uses SEM bootstrap approach and ignores MedGraph method, which is also recommended for testing mediation. Practical implications Since the results suggest that institutional framing of poor households are partially enhanced by financial literacy to increase financial inclusion, policy makers, practitioners and managers of financial institutions should ensure extending financial literacy programs closer to the poor in order to expand the scope of financial inclusion beyond the current sphere. Indeed, financial literacy programs will boost cognitive abilities of poor households resulting into better financial decisions and choices and, hence increase in demand and consumption of financial services. Originality/value The study significantly generates empirical evidence by testing the mediating role of financial literacy in the relationship between institutional framing and financial inclusion using SEM bootstrap approach. The study portrays the influential partial effect of financial literacy in enhancing institutional frames of poor households in order to cause improvement in financial inclusion. Indeed, financial literacy programs that entail acquisition of financial knowledge and skills boost cognitive abilities of poor households to easily interpret, evaluate, comprehend meanings, and take correct decisions and actions on financial matters. The mediating effect of financial literacy in the relationship between institutional framing and financial inclusion seems to be lacking in literature and theory. Thus, the paper is the first to relate the influential partial effect of financial literacy in the relationship between institutional framing and financial inclusion among poor households, especially in a developing country context.

Do empowered employees absorb knowledge?

2014 ◽  
Vol 37 (2) ◽  
pp. 130-151 ◽  
Author(s):  
Evangelia Siachou ◽  
Panagiotis Gkorezis
Keyword(s):  
Geographical Area ◽  
Three Dimensions ◽  
Hierarchical Regression ◽  
Cross Sectional ◽  
Content Type ◽  
Individual Level ◽  
Manufacturing Organizations ◽  
The Individual ◽  
The Impact ◽  
The Relationship

Purpose – The present study aims to contribute to the limited empirical research regarding the individual level antecedents of absorptive capacity (AC). In this vein, the authors examined the impact of employees' psychological empowerment (PE) dimensions on their AC. Moreover, the authors explored the magnitude of the relationship between one of PE four dimensions, namely competence, and AC compared to that of the rest three dimensions of PE. Design/methodology/approach – The authors collected data from 100 private employees working in two manufacturing organizations. In order to investigate the hypotheses, the authors conducted hierarchical regression and usefulness analysis. Findings – As predicted, the present results showed that all four PE dimensions affected employees' AC. Furthermore, competence demonstrated the strongest impact among all PE dimensions. Research limitations/implications – Data were drawn from two manufacturing organizations located in specific geographical area. Thus, this may constrain the generalizability of the results. Also, the cross-sectional analysis of the data cannot directly assess causality. Originality/value – To the best of the authors' knowledge, this is the first empirical study examining the relationship between PE and AC.

scholarly journals Inclusive Islamic financial planning: a conceptual framework

2016 ◽  
Vol 9 (2) ◽  
pp. 170-189 ◽  
Author(s):  
Habib Ahmed ◽  
Ak Md Hasnol Alwee Pg Md Salleh
Keyword(s):  
Conceptual Framework ◽  
Low Income ◽  
Financial Literacy ◽  
Financial Planning ◽  
Institutional Development ◽  
Financial Inclusion ◽  
Social Planner ◽  
Content Type ◽  
The Poor ◽  
Poor Households

Purpose This paper aims to develop a conceptual framework of inclusive Islamic financial planning (IFP) by combining the traditional Islamic institutions of zakat and awqaf with contemporary notions of financial planning, financial inclusion and financial literacy that caters to the short-term and long-term financial goals of the poor. Design/methodology/approach Being a conceptual article, an inclusive IFP framework is described, analyzed and developed by integrating modern notions of financial inclusion, financial planning and financial literacy with the concepts of zakat and awqaf. Findings Using the notion of a hierarchy of needs and a financial planning model, an inclusive IFP framework that can be used by the poor is outlined. The complementary role of the non-poor households who provide funds for zakat and awqaf is also identified. Research limitations/implications The applicability of an inclusive IFP would require Islamic financial instruments and products, institutional development and existence of a social planner who can integrate zakat, awqaf and financial planning to serve the financial needs of the poor. Social implications Application of an inclusive IFP that can mitigate poverty would necessitate integrating financial planning skills and knowledge with traditional institutions of zakat and awqaf to provide holistic financial advice and services to the poor households. Originality/value Discussion of financial planning in financial inclusion literature is scant. The paper explores and offers a novel approach of poverty mitigation by utilizing the full spectrum of IFP that considers the financial needs and allows for the creation of a personalized financial plan for low-income households.

Procedural and declarative cognitions

2019 ◽  
Vol 35 (4) ◽  
pp. 691-708
Author(s):  
George Okello Candiya Bongomin ◽  
John C. Munene
Keyword(s):  
Developing Countries ◽  
Research Design ◽  
Financial Literacy ◽  
Financial Information ◽  
Cross Sectional ◽  
Content Type ◽  
Financial Decisions ◽  
The Poor ◽  
Poor Households ◽  
Structured Questionnaire

Purpose Premised on the argument that procedural and declarative cognitions help individuals to memorize, store and recall information to make informed decisions and choices in daily life, the purpose of this paper is to analyze the auxiliary psychosomatic roles of procedural and declarative cognitions in promoting financial literacy among clients of microfinance banks in developing countries. Design/methodology/approach The study adopted a cross-sectional research design and a semi-structured questionnaire was used to collect responses from 400 poor households’ heads located in rural Uganda. Analysis of moment structures and structural equation modeling were used to test for the auxiliary psychosomatic roles of procedural and declarative cognitions in promoting financial literacy among the poor who are clients of promotion of rural initiatives development enterprises (PRIDE) microfinance bank in rural Uganda. Findings The results revealed that both procedural and declarative cognitions significantly and positively boost financial literacy among the poor who are clients of PRIDE microfinance bank in rural Uganda. Jointly, both types of cognitions explain 30 per cent of the variation in financial literacy among the poor who are clients of PRIDE microfinance bank. Accordingly, the results correspond to arguments by psychologists that the human mental models help individuals to process, encode, store and retrieve information at an appropriate time such as in articulating complex financial information. Research limitations/implications The study focused majorly on cross-sectional research design. Thus, future studies may use longitudinal research design to explore the ability of the poor to memorize and retrieve financial information over time. Additionally, the study used only quantitative data collected using a semi-structured questionnaire. Further studies may use qualitative data collected by means of interviews. Besides, this study solely used poor households living in rural Uganda as the main source of data. Hence, future studies involving data from other section of the population may be necessary. Practical implications The results from this study underpins the auxiliary psychosomatic roles of procedural and declarative cognitions in promoting financial literacy among clients of microfinance banks in developing countries. Indeed, the human mental models that revolve around cognition as individuals grow are critical in helping them make informed financial decisions when they are faced with difficult financial situations. Therefore, microfinance banks and financial literacy programs in developing countries should consider the roles of procedural and declarative cognitions while designing financial literacy modules. This is because they determine how individuals receive, encode, store and retrieve financial information in order to make informed and better financial decisions before consuming financial products offered by the microfinance banks. Originality/value At present, there is scanty extant literature and theory that explains the auxiliary psychosomatic roles of procedural and declarative cognitions in promoting financial literacy, especially in developing countries. The current study sheds more light on the deterministic roles of procedural and declarative cognitions in boosting financial literacy.

Analyzing the relationship between financial literacy and financial inclusion by microfinance banks in developing countries: social network theoretical approach

2020 ◽  
Vol 40 (11/12) ◽  
pp. 1257-1277
Author(s):  
George Okello Candiya Bongomin ◽  
Joseph Mpeera Ntayi ◽  
Charles Akol Malinga
Keyword(s):  
Developing Countries ◽  
Social Network ◽  
Research Design ◽  
Financial Literacy ◽  
Financial Inclusion ◽  
Mediating Effect ◽  
Cross Sectional ◽  
Content Type ◽  
The Poor ◽  
The Relationship

PurposeThe main purpose of this study is to establish the mediating effect of social network in the relationship between financial literacy and financial inclusion of the poor by microfinance banks in developing countries.Design/methodology/approachThe study adopted a cross-sectional research design and data were collected from the poor who resides in rural Uganda. Structural equation modelling (SEM) through analysis of moment structures (AMOS) was used to analyze the data. Bootstrap approach with 5,000 samples was run to establish the mediating effect of social network in the relationship between financial literacy and financial inclusion of the poor by microfinance banks in developing countries.FindingsThe results showed that social network significantly and positively mediate the relationship between financial literacy and financial inclusion of the poor by microfinance banks in developing countries. In addition, financial literacy also has a direct significant and positive effect on financial inclusion. Overall, the findings suggest that the presence of social network fully mediate the effect of financial literacy on financial inclusion of the poor by microfinance banks in developing countries.Research limitations/implicationsThis study adopted a cross-sectional research design and data were collected using a semi-structured questionnaire. Future studies could adopt longitudinal research design to establish the dynamic characteristics of the samples under study over time. Besides, this study collected data from only poor households who were clients of microfinance banks located in rural Uganda. It ignored the other section of the population who were not the poor. Therefore, future studies could use the other section of the population who are clients of commercial banks.Practical implicationsThe advocates of financial literacy and managers of microfinance banks in developing countries should ensure using existing local structures such as community and village associations to conduct financial literacy training. The village associations help in mobilizing members who are close-knit based on the existing societal ties that can be used as a channel for disseminating vital financial literacy information. Indeed, financial literacy workshops, seminars, and business clinics can be easily conducted to individuals who are members of the village associations.Originality/valueThis paper integrates social network theory in the relationship between financial literacy and financial inclusion of the poor by microfinance banks in developing countries. Social network acts as a conduit through which financial knowledge and skills flow to increase the scope of financial inclusion of the poor in developing countries.

Deficient regimes of anti-money laundering and countering the financing of terrorism: agenda of digital banking and financial inclusion

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sisira Dharmasri Jayasekara
Keyword(s):  
Money Laundering ◽  
Financial Literacy ◽  
Quantitative Measure ◽  
Financial Inclusion ◽  
Content Type ◽  
Bank Branches ◽  
Compliance Level ◽  
Financing Of Terrorism ◽  
Work Done ◽  
The Impact

Purpose The purpose of this paper is to discuss the dilemma of digital banking and the financial inclusion agenda of countries with the level of strength of the anti-money laundering and countering the financing of terrorism (AML/CFT) regime. Design/methodology/approach This study develops an AML/CFT compliance index using the assessment data of FATF to measure the level compliance strength of countries to measure the impact of the strength of the AML/CFT regime on the financial inclusion. Financial literacy, literacy, number of bank branches and income level of countries are used as other control variables in regression analysis, which is used to test the developed model. Findings The results suggest that the AML/CFT compliance level of a country is a significant factor in determining the level of financial inclusion. Besides, the number of bank branches for 100,000 people, literacy and financial literacy are significant factors in financial inclusion. However, the results reveal that financial literacy is significant over literacy in determining financial inclusion. Therefore, having considered the importance of the AML/CFT regime for financial inclusion, regulators are required to strengthen the AML/CFT regime and make clarity on the AML/CFT regulations. This clarity will promote the digitalization and financial inclusion over time. Practical implications Most of the studies related to financial inclusion and AML/CFT aspects are qualitative. Therefore, this is only the start of measuring the strength of an AML/CFT regime. More appropriate measures will be developed in the future based on this foundation. Originality/value This paper is an original work done by the author, which discusses the issues of digital banking and financial inclusion agenda of countries with the compliance strength of the AML/CFT regime. The AML/CFT compliance index is the original idea of the author, which can be used as a quantitative measure to capture the strength of the AML/CFT regimes in future studies.

Social network

2018 ◽  
Vol 9 (3) ◽  
pp. 388-406 ◽  
Author(s):  
George Okello Candiya Bongomin ◽  
John C. Munene ◽  
Joseph Mpeera Ntayi ◽  
Charles Akol Malinga
Keyword(s):  
Social Network ◽  
Predictive Power ◽  
Well Being ◽  
Financial Inclusion ◽  
Least Square ◽  
Coefficient Of Determination ◽  
Cross Sectional ◽  
Content Type ◽  
The Poor ◽  
Poor Households

Purpose The purpose of this paper is to test for the predictive power of each of the dimensions of social network in explaining financial inclusion of the poor in rural Uganda. Design/methodology/approach The study employed a cross-sectional research design and data were collected from a total of 400 poor households located in Northern, Eastern, Central and Western Uganda. The authors adopted ordinary least square hierarchical regression analysis to test for the predictive power of each of the dimensions of social network in explaining financial inclusion of the poor in rural Uganda. The effects were determined by calculating the significant change in coefficient of determination (R2) between the dimensions of social network in explaining financial inclusion. In addition, analysis of variance was also used to test for variation in perceptions of the poor about being financially included. Findings The findings revealed that the dimensions of ties and interaction significantly explain financial inclusion of the poor in rural Uganda. Contrary to previous studies, the results indicated that interdependence as a dimension of social network is not a significant predictor of financial inclusion of the poor in rural Uganda. Combined together, the dimensions of social network explains about 16.6 percent of the variation in financial inclusion of the poor in rural Uganda. Research limitations/implications The study was purely cross-sectional, thus, ignoring longitudinal survey design, which could have investigated certain characteristics of the variable over time. Additionally, although a total sample amounting to 400 poor households was used in the study, the results cannot be generalized since other equally marginalized groups such as the disabled persons, refugees, and immigrants were not included in this study. Furthermore, the study used only the questionnaire to elicit responses from the respondents. The use of interview was ignored during data collection. Practical implications Policy makers, managers of financial institutions, and financial inclusion advocates should consider social network dimensions of ties and interaction as conduits for information flow and sharing among the poor including the women and youth about scarce financial resources like loans. Advocacy towards creation of societal network that brings the poor together in strong and weak ties is very important in scaling up access to and use of scarce financial services for improving economic and social well-being. Originality/value Contrary to previous studies, this particular study test the predictive power of each of the dimensions of social network in explaining financial inclusion of the poor in rural Uganda. Thus, it methodologically isolates the individual contribution of each of the dimensions of social network in explaining financial inclusion of the poor. The authors found that only ties and interaction are significant predictors of financial inclusion of the poor in rural Uganda. Therefore, the findings suggest that not all dimensions of social network are significant predictors of financial inclusion as opposed to previous empirical findings.

Impact of financial inclusion on technical efficiency of paddy farmers in Bangladesh

2017 ◽  
Vol 77 (4) ◽  
pp. 484-505 ◽  
Author(s):  
Sonia Afrin ◽  
Mohammed Ziaul Haider ◽  
Md. Sariful Islam
Keyword(s):  
Technical Efficiency ◽  
Ordinary Least Squares ◽  
Financial Inclusion ◽  
Stochastic Production Frontier ◽  
Cross Sectional ◽  
Content Type ◽  
Southwest Region ◽  
Stochastic Production ◽  
Paddy Farmers ◽  
The Impact

Purpose The purpose of this paper is to investigate the impact of financial inclusion on the enhancement of paddy farmers’ technical efficiency (TE). The impact was evaluated rigorously from different dimensions which could be useful in the policy discussion for enhancing efficiency in utilizing productive resources. Design/methodology/approach A cross-sectional data of randomly selected 120 paddy farmers from Khulna district in the Southwest region of Bangladesh were collected for this study. Initially, a stochastic production frontier approach was used for estimating farmers’ TE. Thereafter, ordinary least squares and quantile regression models were applied for unveiling the existing relationship between TE and various dimensions of financial inclusion after controlling all other socio-economic characteristics. Findings The study findings revealed that farmers were around 86 percent technically efficient and amongst them, credit takers were more efficient than non-credit takers. A non-monotonic relationship between TE and amount of credit was observed where TE was maximized at amount around 20,000 Bangladeshi Taka (USD255), a medium credit in terms of its amount. In addition, credit literacy was identified as a significant factor for improving TE. Though difference in the choice of sources for accessing credit had little impact on mean TE, its effect was found significantly higher for low scored technically efficient farmers compared to high scored farmers. Practical implications The policy toward widening the coverage of financial inclusion would be more effective than providing larger amount of credit to a limited number of farmers for improving their TE. Originality/value Such an in-depth assessment of the impact of financial inclusion on TE is probably the first effort in the Khulna district of Bangladesh.

Nexus between financial literacy and financial inclusion

2018 ◽  
Vol 36 (7) ◽  
pp. 1190-1212 ◽  
Author(s):  
George Okello Candiya Bongomin ◽  
John C. Munene ◽  
Joseph Mpeera Ntayi ◽  
Charles Akol Malinga
Keyword(s):  
Research Design ◽  
Financial Institutions ◽  
Interaction Effect ◽  
Financial Literacy ◽  
Financial Inclusion ◽  
Cross Sectional ◽  
Content Type ◽  
Future Studies ◽  
The Poor ◽  
The Relationship

Purpose Premised on the argument that cognition structures the way how individuals think and make decisions, the purpose of this paper is to test the interaction effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. Design/methodology/approach The study used cross-sectional research design and quantitative data were collected and analyzed using Statistical Package for Social Sciences. Baron and Kenny guidelines were adopted to test for existence of moderating effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. Furthermore, ModGraph excel software was used to establish the magnitude of moderating effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. Findings The results revealed that cognition significantly moderate the relationship between financial literacy and financial inclusion of the poor in rural Uganda. In addition, both cognition and financial literacy also have direct effects on financial inclusion of the poor in rural Uganda. Research limitations/implications The study adopted cross-sectional research design and data were collected by use of only questionnaires. Future studies through longitudinal research design may be employed. Besides, further studies using interviews may be adopted. Furthermore, this study collected data from only tier 3 financial institutions, thus, ignoring the other financial institutions. Future studies could focus on financial institutions under the other tiers. Practical implications The findings from the study enlightens policy-makers, managers of financial institutions, and financial inclusion advocates on the importance of cognition in enhancing financial literacy among the poor, especially in rural Uganda. Cognition combined with financial literacy helps the poor to make wise financial decisions and choices toward consuming financial services and products provided by formal financial institutions. This leads to increased scope of financial inclusion of the poor in rural Uganda. Therefore, advocates of financial literacy should assess community cultural cognition and utilize them to design and fashion effective financial literacy interventions that can promote financial inclusion. Originality/value The study uses Baron and Kenny and ModGraph excel software to test for the interaction effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. While several studies exist worldwide on financial inclusion, this study is the first to test the interaction effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural areas in a developing country context.

Social capital: mediator of financial literacy and financial inclusion in rural Uganda

2016 ◽  
Vol 26 (2) ◽  
pp. 291-312 ◽  
Author(s):  
George Okello Candiya Bongomin ◽  
Joseph Mpeera Ntayi ◽  
John C. Munene ◽  
Isaac Nkote Nabeta
Keyword(s):  
Social Capital ◽  
Financial Literacy ◽  
Financial Inclusion ◽  
Research Approach ◽  
Rural Poor ◽  
Content Type ◽  
Mediating Role ◽  
Poor Households ◽  
The Relationship

Purpose The purpose of this paper is to examine the mediating role of social capital in financial literacy and financial inclusion relationship in rural Uganda. The major aim is to establish the role of social capital in the relationship between financial literacy and financial inclusion. Design/methodology/approach The paper adopts and uses MedGraph programme (Excel version 3.0), Sobel and Kenny and Baron tests to test the mediation effect of social capital in the relationship between financial literacy and financial inclusion. Findings The results reveals that social capital is a significant mediator in the relationship between financial literacy and financial inclusion of rural poor in Uganda. Financial literacy did not have a direct effect on financial inclusion, but through full mediation of social capital. Existence of social capital into the relationship boosts the relationship between financial literacy and financial inclusion by 61.6 per cent among rural poor households in Uganda. Thus, the finding suggests that with the absence of social capital, financial literacy may fail to enhance the level of financial inclusion among rural poor households in Uganda. Research limitations/implications This study adopted only single research approach using a questionnaire. However, future research through interview may be of importance. Besides, for the purpose of triangulation, a study involving financial institutions’ staff may be viable. Moreover this study was limited by the fact that it was cross-sectional. Furthermore, a longitudinal study may be useful in future to investigate the mediating impact of social capital spanning over a long period of time. Practical implications Managers, policymakers and financial inclusion practitioners should advocate and embark on building social capital among rural communities, so as to improve on the level of financial inclusion. Originality/value While a large body of research has been carried out on financial literacy, this paper is the first to test the mediating role of social capital in the relationship between financial literacy and financial inclusion, especially in rural Uganda. This study generates evidence and contributes to the powerful influence of social capital in enhancing the level of financial inclusion based on financial literacy.

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