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Assessing Fintech Awareness and Knowledge Among Students at Selected Universities in Somalia

Author

Listed:
  • Abdirahman Abdinur Awale

    (Faculty of Accountancy, SIMAD University, Mogadishu, Somalia)

  • Dayah Abdi Kulmie

    (Graduate School, Kampala University, Kampala, Uganda)

Abstract

This study examines financial technology awareness among students at four Mogadishu universities (Jamhuriya University of Science and Technology, Banadir University, SIMAD University, and the University of Somalia), using a cross-sectional descriptive research design. The study utilized a structured questionnaire to evaluate 231 students’ understanding and familiarity with fintech concepts, focusing on demographic factors and perceived curriculum gaps. The study’s participants were diverse in gender, age, institution, major, and year of study. The majority were male (63%), with 78% aged between 20 and 25. The study reveals that students’ familiarity and understanding of fintech concepts like blockchain, smart contracts, neo- banking, crowdfunding, cloud computing, big data analytics, robo-advisors, and AI are low. This highlights significant gaps in students’ knowledge of critical areas digital finance, e-payments or e-banking. The study shows a moderate correlation between demographic factors and students’ fintech awareness, with 13.9% of variation explained by these factors. The overall model is statistically significant (F = 7.265, P

Suggested Citation

  • Abdirahman Abdinur Awale & Dayah Abdi Kulmie, 2024. "Assessing Fintech Awareness and Knowledge Among Students at Selected Universities in Somalia," International Journal of Economics and Financial Issues, Econjournals, vol. 14(6), pages 88-96, October.
    • Handle: RePEc:eco:journ1:2024-06-9
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    More about this item

    Keywords

    Fintech; Financial Services; Digitalization; Awareness; Internet of Things; Somalia;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management

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