Internal Bank-Specific Determinants of Non-Performing Loans in Zambian Commercial Banks: A Time-Series Analysis, 2018–2024
Non-performing loans (NPLs) pose a serious threat to the soundness of the banking sector in developing countries where credit markets are shallow and borrowers are informationally opaque. This study investigates the determinants of NPLs in Zambian commercial banks at the internal bank-specific level: profitability, lending practices, efficiency, and capitalisation-proxied by the return on assets (ROA), the loan-to-deposit ratio (LDR), the efficiency ratio and the capital adequacy ratio (CAR) respectively. Using a panel of secondary data derived from annual banking sector-wide reports of the Bank of Zambia over the period 2018-2024, an Ordinary Least Squares (OLS) regression is fitted after rigorous pre- and post-estimation diagnostic testing. The regression explains 85.8 per cent of the variation in the net NPL ratio and is fully compliant with classical linear regression assumptions. The evidence suggests a significant, strong negative relation between the ROA and NPLs; also negatively and significantly related to default are the LDR and efficiency ratio. The CAR is instead significantly positively related to NPLs, thus validating the risk-shifting hypothesis where well-capitalised banks take greater credit risk. Neither the net foreign-exchange exposure nor liquidity variable is significant. The findings corroborate the significance of internal management quality in restraining credit risk and underscore that strengthening profitability, lending, and efficiency should underpin credit risk management strategy within Zambia's banking sector.
Copyright (c) 2026 Danicious Kalenga, Daniel Chisenga (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Project Implementation Practices and Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
This study examined the effect of project implementation practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. Specifically, it assessed the effect of stakeholder engagement practices, Monitoring, Evaluation, Accountability and Learning (MEAL) practices, and project planning practices on project performance, and investigated the mediating role of organizational capacity in this relationship. A descriptive case study research design was adopted targeting a population of 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives directly involved in the project. A census approach was employed, yielding 101 completed questionnaires (79% response rate). Structured questionnaires with five-point Likert-scale items were administered and data analysed using IBM SPSS Statistics Version 26 through descriptive statistics, Pearson correlation, and multiple regression analysis. The study was anchored on the Ladder of Participation Theory, Empowerment Theory, and Systems Theory. Diagnostic tests for normality, multicollinearity, linearity, and homoscedasticity confirmed that all regression assumptions were satisfied. All three implementation practice variables significantly and positively influenced project performance. Stakeholder engagement practices had a statistically significant effect (β = 0.523, p < 0.05, R² = 0.274). MEAL practices recorded the highest individual R² (β = 0.602, p < 0.05, R² = 0.362). Project planning practices recorded the strongest bivariate correlation with performance (β = 0.582, p < 0.05, R² = 0.339). The combined model explained 46.0% of the variance in project performance (R² = 0.460, F = 21.456, p < 0.05). Organizational capacity partially mediated the relationship between implementation practices and performance, increasing the model's explanatory power to 55.5% (R² = 0.555, β = 0.174, p < 0.05). Development organizations should institutionalize participatory stakeholder engagement mechanisms, strengthen MEAL systems for real-time learning and adaptive management, and invest in comprehensive project planning to enhance performance and sustainability. Strengthening organizational capacity amplifies the benefits of all three implementation practices.
Copyright (c) 2026 Hamidah Leruk, Charles Katua Kithandi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Effect of Project Planning Practices on Project Performance of the Integrated Housing Project in Laikipia County, Kenya
This study examined the effect of project planning practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. Effective project planning is widely acknowledged as the single most critical foundation of project success, yet empirical evidence specifically linking planning practices to integrated housing project performance in rural NGO-led contexts in Kenya remains limited. A descriptive case study research design was adopted targeting 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives. A census approach was employed and 101 completed questionnaires were returned, representing a 79% response rate. Structured questionnaires with five-point Likert-scale items measured project planning practices and project performance. Data were analysed using IBM SPSS Statistics Version 26 through descriptive statistics, Pearson correlation analysis, and simple linear regression. Diagnostic tests confirmed normality (Shapiro-Wilk, p = 0.365), absence of multicollinearity (VIF < 2.0), linearity (Ramsey RESET, p = 0.434), and homoscedasticity (Breusch-Pagan, p = 0.380) prior to regression analysis. Project planning practices had a strong, positive, and statistically significant effect on project performance (β = 0.582, p < 0.05), explaining 33.9% of the variance in project performance (R² = 0.339, Adjusted R² = 0.332, F = 51.234, p < 0.05). Descriptive findings showed a high overall mean of 4.10 (SD = 0.72), indicating strong agreement that planning was systematic, participatory, and adaptive. Among all planning dimensions, regular plan review and updating recorded the highest mean (4.13), followed by clear timelines and deliverables (4.12) and use of appropriate planning tools (4.11). Development organizations should invest in comprehensive, participatory, and adaptive project planning processes that incorporate risk assessment, community needs analysis, and regular plan reviews. Structured planning frameworks significantly enhance coordination, resource efficiency, timely delivery, and beneficiary satisfaction in integrated housing projects
Effect of Monitoring, Evaluation, Accountability and Learning (MEAL) Practices on Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
This study examined the effect of stakeholder engagement practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. A descriptive case study design was adopted, targeting 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives. Structured questionnaires were administered and data analysed using IBM SPSS Statistics Version 26. Both descriptive and inferential statistics, including Pearson correlation and simple linear regression analysis, were employed alongside diagnostic tests for normality, multicollinearity, linearity, and homoscedasticity. Stakeholder engagement practices had a positive and statistically significant effect on project performance (β = 0.523, p < 0.05), with stakeholder engagement explaining 27.4% of the variance in project performance (R² = 0.274). Descriptive analysis (Mean = 3.88, SD = 0.83) confirmed that community participation, feedback integration, and local partnerships were actively practised, though perceptions varied across respondent categories. The regression model was statistically significant (F = 36.789, p < 0.05). Development organizations should institutionalize structured stakeholder engagement mechanisms across all project phases. Meaningful participation beyond tokenistic consultation enhances project ownership, accountability, quality, timeliness, and beneficiary satisfaction. This study contributes localized empirical evidence on stakeholder engagement in NGO-led integrated housing projects in rural Kenya, an underexplored context in project management literature
Effect of Stakeholder Engagement Practices on Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
This study examined the effect of stakeholder engagement practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. A descriptive case study design was adopted, targeting 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives. Structured questionnaires were administered and data analysed using IBM SPSS Statistics Version 26. Both descriptive and inferential statistics, including Pearson correlation and simple linear regression analysis, were employed alongside diagnostic tests for normality, multicollinearity, linearity, and homoscedasticity. Stakeholder engagement practices had a positive and statistically significant effect on project performance (β = 0.523, p < 0.05), with stakeholder engagement explaining 27.4% of the variance in project performance (R² = 0.274). Descriptive analysis (Mean = 3.88, SD = 0.83) confirmed that community participation, feedback integration, and local partnerships were actively practised, though perceptions varied across respondent categories. The regression model was statistically significant (F = 36.789, p < 0.05). Development organizations should institutionalize structured stakeholder engagement mechanisms across all project phases. Meaningful participation beyond tokenistic consultation enhances project ownership, accountability, quality, timeliness, and beneficiary satisfaction. This study contributes localized empirical evidence on stakeholder engagement in NGO-led integrated housing projects in rural Kenya, an underexplored context in project management literature.
Empirical Market Microstructure Models: A Review of Trading Behavior, Liquidity, and Price Formation
This paper reviews empirical market microstructure models and their role in explaining trading behavior, liquidity, price formation, and transaction costs in financial markets. Market microstructure research examines how financial securities are traded and how trading mechanisms, order flow, and information asymmetry influence market outcomes. Unlike traditional financial theories that assume perfect and frictionless markets, market microstructure focuses on the actual trading process, including how prices are determined, how liquidity is provided, and how information is reflected in market prices. The study mainly relied on a literature review approach using secondary sources from academic journals, books, reports, and reputable databases. The review examined classical empirical market microstructure frameworks, focusing on adverse selection models, inventory models, and hybrid models. Classical theories such as the Kyle model, Glosten–Milgrom model, Stoll model, and Ho–Stoll model were reviewed together with more recent hybrid and algorithmic trading frameworks such as the Madhavan–Richardson–Roomans model and the Avellaneda–Stoikov model. The findings show that empirical market microstructure models have evolved from traditional dealer-based frameworks to more advanced models using high-frequency trading data, electronic order books, and algorithmic trading systems. The review further shows that liquidity, bid-ask spreads, and price discovery are influenced by information asymmetry, inventory risk, order processing costs, and trading technology. The study concludes that hybrid empirical models provide a broader explanation of modern market behavior because they combine information effects and inventory management within a single framework. However, many traditional models remain limited by assumptions of rational behavior and perfect information processing. The study recommends further empirical research focusing on emerging markets and the integration of behavioral finance and machine learning approaches into market microstructure analysis.
Copyright (c) 2026 Farzan A. Omar, Samson Kaplelach, Harrison Kiema (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Cost Drivers and Financial Algorithm in the Nigerian Capital Market
This study examines the interaction between cost drivers and financial algorithms in shaping capital market outcomes in Nigeria. Using a balanced panel dataset of fifteen listed deposit money banks over the period 2018–2023, the study employs panel econometric techniques, including fixed effects, random effects, and Hausman specification tests. Findings reveal that operating and financing costs exert significant negative effects on market performance, while strategic expenditure and financial algorithms positively influence valuation efficiency and investor responsiveness. The Hausman test confirms the suitability of the fixed effects model, indicating the presence of firm-specific heterogeneity. The study concludes that effective cost management combined with algorithmic financial integration enhances capital market efficiency in Nigeria. Policy implications emphasize improved cost control, increased digital investment, and strengthened regulatory frameworks to support algorithmic trading systems.
Copyright (c) 2026 Olufemi Akinloye Oyedare (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Credit Access in Self-Help Groups and Community-Based Organizations in Makueni County, Kenya: Challenges and Opportunities
Access to credit remained a critical factor influencing the growth and sustainability of Self-Help Groups (SHGs) and Community-Based Organizations (CBOs) in Makueni County, Kenya. Despite the significant role these organizations played in promoting social cohesion and local development, many faced persistent challenges in obtaining adequate and affordable credit to support their income-generating activities. This study investigated credit access in SHGs and CBOs in Makueni County, examining both the challenges and opportunities influencing their financial inclusion and development outcomes. The study was guided by four objectives: to examine institutional factors influencing credit access; to determine the effect of group governance on credit access; to assess the influence of financial literacy on credit access; and to explore opportunities for improving credit access. A descriptive research design was adopted, targeting 180 registered SHGs and CBOs from which 120 respondents were selected through stratified and purposive sampling. Structured questionnaires were used for data collection, and data were analyzed using descriptive statistics, Pearson correlation, and multiple regression analysis via SPSS. Correlation results revealed that institutional governance had a strong positive relationship with credit access (r = 0.63, p < 0.05), while financial literacy also showed a significant positive relationship (r = 0.52, p < 0.05). Regression analysis established that institutional governance, financial literacy, and group savings discipline had positive and significant effects on credit access, whereas adverse socio-economic conditions had a negative and significant effect. The study variables jointly explained approximately 58 percent of the variation in credit access (R² = 0.58). The study concludes that strengthening group governance, enhancing financial literacy, and fostering partnerships with financial institutions can significantly improve credit accessibility for SHGs and CBOs. It recommends stronger regulatory oversight of lending conditions, investment in digital financial platforms, and targeted capacity-building initiatives for community groups.
Copyright (c) 2026 Christine Wavinya Mwangangi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Budget Implementation and Economic Growth: Imperative for Economic Growth in Nigeria
This study examines the impact of government budget implementation on Nigeria’s economic growth from 1994 to 2024, focusing on capital expenditure, recurrent expenditure, tax revenue, and public debt financing. Using secondary data from the Central Bank of Nigeria Statistical Bulletin and the Federal Inland Revenue Service (FIRS), the study applies a Vector Error Correction Model (VECM) to capture both short-run and long-run dynamics between fiscal variables and Gross Domestic Product (GDP). Empirical results indicate a significant long-run positive relationship between capital expenditure and economic growth, while recurrent expenditure, tax revenue, and public debt financing show mixed or insignificant effects. The error correction mechanism highlights a slow adjustment to equilibrium, suggesting structural inefficiencies in fiscal policy transmission. The findings align with Keynesian theory, emphasizing the growth-stimulating role of productive government spending, and partially support Wagner’s Law regarding expenditure patterns. The study underscores that sustainable growth in Nigeria requires prioritizing capital projects, enhancing fiscal discipline, and strengthening institutional capacity. Improved fiscal governance, transparency, and accountability mechanisms should be implemented to ensure effective resource allocation and minimize corruption and mismanagement.
Copyright (c) 2026 Bethel Amarachi Onyemaechi, Keremah Sydney Clever (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Strategic Vision and Institutional Sustainability in Higher Education: A Review with Reference to Muslim University of Morogoro
This review examines the role of strategic vision in promoting institutional sustainability within higher education, with a focus on the Muslim University of Morogoro (MUM) in Tanzania. Drawing on existing literature from higher education management, strategic planning, and quality assurance frameworks, the study synthesizes best practices, conceptual models, and policy guidelines that support academic excellence and financial sustainability. The review highlights how aligning institutional vision with operational strategies, resource mobilization, and governance structures can enhance university performance and long-term resilience. Findings underscore the importance of strategic planning as a critical tool for private universities in emerging economies to achieve sustainable growth and meet national and international quality standards.
Copyright (c) 2026 Ali Keya Anami (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Deepening and Entrepreneurial Development in Nigeria: Evidence from 1981–2024
This study investigates the relationship between financial deepening and entrepreneurial development in Nigeria using annual data from 1981 to 2024. Non-oil GDP is used as a proxy for entrepreneurial development, while financial deepening is captured through money supply, credit to the private sector, lending rate, and exchange rate. The analysis employs various statistical tests, such as the Johansen cointegration test, Vector Error Correction Model (VECM), and Granger causality, to examine both short- and long-run dynamics. The results reveal a stable long-run relationship among the variables. Money supply and exchange rate positively influence entrepreneurial development, while credit to the private sector shows a negative long-run effect, indicating inefficiencies in credit allocation. Lending rates appear largely insignificant. Granger causality results show that non-oil GDP drives changes in money supply, private sector credit, and exchange rate, suggesting that entrepreneurial growth plays a significant role in shaping financial sector dynamics. The study concludes that entrepreneurial development is a central driver of Nigeria’s financial and monetary dynamics and recommended that financial institutions should make it easier for small and medium-sized enterprises (SMEs) and entrepreneurs to access credit. Also, government policies should focus on supporting businesses in areas such as agriculture, manufacturing, and services.
Copyright (c) 2026 Sydney Clever Keremah (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Disaggregated Agricultural Output and Macroeconomic Dynamics: Evidence from a Linear
This study investigates the impact of agricultural output on macroeconomic performance in Nigeria from 1980 to 2024. The Autoregressive Distributed Lag (ARDL) bounds testing was employed to examine the dynamics of short-run and long-run impact analysis. The stationarity properties of the variables are employed using the ADF, PP, and KPSS tests. The cointegration test confirms the existence of a co-movement between agricultural output variables and real gross domestic product. The results indicate that crop and forestry outputs exert significant positive effects on GDP, whereas livestock and fishery outputs are positive but statistically insignificant. Inflation also exhibits a positive and significant impact on real gross domestic product, while interest rate and exchange rate effects are negligible. In the short-run dynamics, the result revealed that changes in livestock and crop production significantly influence real GDP; the diagnostic tests confirm model stability, absence of serial correlation, homoskedasticity, and normality of residuals. Overall, the findings underscore the centrality of agriculture, particularly crop and forestry subsectors, in driving Nigeria’s economic performance, highlighting the need for policies that enhance agricultural productivity, value chain development, and sectoral integration to sustain long-term economic growth.
Copyright (c) 2026 Wasiu Omotayo Lawal, Zainab Abubakar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing Workplace Motivation in the Zambian Health Sector amidst the COVID-19 Pandemic: A Case Study of Levy Mwanawasa General Hospital.
The study was assessing workplace motivation in the Zambian health sector amidst the covid-19 pandemic at Levy Mwanawasa General Hospital. A mixed-methods research design was adopted for this study. The population comprised frontline healthcare workers at Levy General Hospital who served during the COVID-19 pandemic. 40 frontline healthcare workers were sampled. A combination of purposive sampling and random sampling was used, and quantitative data was collected through structured surveys and analyzed using statistical techniques such as descriptive statistics and cross-tabulations, and qualitative data was thematically analyzed using coding techniques to identify recurring themes. The study demonstrated that while a supportive work environment and material support were key motivators, financial incentives were more influential than recognition in sustaining frontline healthcare workers’ commitment during the pandemic. The findings also revealed that non-financial incentives such as recognition were more consistently motivating than structural incentives like promotions, underscoring the importance of both immediate and long-term support mechanisms in healthcare settings. The study highlighted that frontline health workers at Levy Teaching Hospital are strongly motivated by a supportive work environment characterized by teamwork, cooperation, and a family-like atmosphere. The study established that frontline healthcare workers at Levy Teaching Hospital are primarily motivated by a combination of intrinsic and extrinsic factors, with recognition for their service emerging as the most powerful driver, followed closely by financial incentives and supportive work environments. While allowances, pre-service training, and material support play important roles in sustaining engagement, opportunities for promotion were less influential, reflecting structural limitations during the pandemic. These findings support Herzberg’s Two-Factor Theory and other research, showing that immediate recognition, sufficient resources, and a teamwork-focused workplace are more important for keeping motivation during health crises than long-term career growth.
Copyright (c) 2026 Mutinta Ngandu, Dr. Attridge Mwelwa (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Impact of Digital Financial Services Innovation on the Performance of Deposit Money Banks in Nigeria, 2012 to 2024
The main objective of the study was to investigate the impact of digital financial services innovations on the deposit money banks in Nigeria within the period of 2012 to 2024. Specifically, the study aims to examine the impact of the volume of Automated Teller Machine (VATM) digital financial services innovation on Return on Asset (ROA) in Nigeria; evaluate the impact of the volume of Point of Sales (VPOS) digital financial services innovation on Return on Assets (ROA) in Nigeria; investigate the impact of the volume of mobile-based (VMOB) digital financial services innovation on Return on Asset (ROA) in Nigeria; and assess the impact of the volume of web-based (VWBP) digital financial services innovation on Return on Asset (ROA) in Nigeria. This study, conducted for the period from 2012 to 2024, utilized the ordinary least squares regression method to investigate the impact of digital financial services innovation on the performance of deposit money banks in Nigeria. Secondary data were sourced from the Central Bank of Nigeria's Statistical Bulletin and Statistics and Economic Reports for various years. Empirical findings revealed that the volume of ATM, POS, mobile-based, and web-based digital financial services innovation had a favorable and critical impact on the deposit money banks in Nigeria. Consequently, the study concluded that digital financial services innovation contributes to enhancing deposit money banks in the country. To promote further growth in the deposit money banks, the study recommends expanding the deployment and usage of digital finance channels such as the volume of ATM, POS, mobile-based, and web-based channels, encouraging their utilization for financial services innovation by participants.
Copyright (c) 2026 Onyia, Chinedu Callistus PhD, Agu, Bertram Onyebuchi PhD, Ogbonna, Obinna Bright, PhD (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Growth Indices and Value of Ordinary Shares of Deposit Money Banks in Nigeria, 2013 to 2024
The study examined the affinity between growth indices and the value of ordinary shares of deposit money banks in Nigeria. The specific objective of the study is to ascertain the alliance between total deposit growth, total asset growth, liquidity, profit growth share, and ordinary shares of deposit money banks in Nigeria. The study adopted an ex-post-facto research design, covering the period between 2013 and 2024. Secondary data were extracted from the annual report and accounts of the sampled deposit money banks listed on the Nigeria Exchange Group (NXG). The study purposively sampled 8 out of the 24 deposit money banks operating in Nigeria. Spearman rank order covariance technique was used for the test of hypotheses. The result revealed that total deposit growth has a negative and non-critical alliance with share price of deposit money banks in Nigeria with a coefficient value of -0.003849 and the p-value (0.3084 > 0.05) critical level. Total assets growth has a negative and noncritical alliance with the share price of deposit money banks in Nigeria with a correlation coefficient value of -0.001376 and the probability value (0.6580 > 0.05) critical level. Liquidity has a positive and critical alliance with the share price of deposit money banks in Nigeria with a correlation coefficient of 7.235332 and a p-value (0.00011 < 0.05) critical level. Profit growth has a negative and noncritical alliance with the share price of deposit money banks in Nigeria with a correlation coefficient of -0.032134 and a p-value of (0.9439 > 0.05) critical level. The study recommended, among others, that banks should focus on holistic financial management, including risk assessment, liquidity maintenance, and capital allocation. By demonstrating a balanced approach to growth and maintaining transparent communication about asset expansion strategies, banks can foster investor trust, positive sentiment, and potential upward movement in share prices.
Payment System Innovations, Bank Branch Expansion, and Financial Well-Being in Nigeria
With the adoption of technological innovations in bank payment systems, banks and other financial service providers are concentrating on having more customers and improving access to finance, neglecting the customers’ financial well-being. Therefore, this study examined the nexus between payment system innovations and bank branch expansion and their influence on Nigeria’s financial well-being between 2009 and 2024. The study specifically focused on the effect of ATMs, POS, mobile technology, and the number of commercial bank branches on financial well-being as measured using the savings income ratio. Using quarterly data and the dynamic ordinary least square (DOLS) technique for the analysis, the study found that the volume of ATM transactions and bank branch expansion have a significant negative effect on financial well-being in Nigeria. It also revealed that POS and mobile phone transaction volumes are associated with improvement in financial well-being in the country. The study concludes that while the gains of technology and bank infrastructural expansion have enhanced financial access, more needs to be done to improve the country’s financial well-being. Therefore, the study recommends that fintech firms and banks should develop a product that will make low savers easily raise emergency funds with zero charges, rather than concentrating more attention on developing platforms that are increasing customers' loans.
Copyright (c) 2026 Dr. Samuel Felix Okereke, Dr. Chinedu Callistus Onyia, Shamsuddeen Ibrahim Makudawa (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Challenges and Opportunities in the Islamic Capital Market: Transforming Financial Services in the Digital Era
This study examines the challenges and opportunities facing the Islamic capital market in the context of digital transformation. With the rapid adoption of financial technology (fintech) and digital platforms, Islamic financial institutions are navigating a landscape that demands compliance with Shariah principles while remaining competitive and innovative. The research employs a qualitative approach, analyzing literature, regulatory frameworks, and case studies of digital initiatives in Islamic capital markets. Key findings indicate that digitalization enhances market accessibility, efficiency, and transparency, while offering opportunities for innovative Shariah-compliant products and services. However, challenges such as regulatory fragmentation, cybersecurity risks, and limited technological infrastructure constrain the full potential of digital transformation. The study concludes that fostering regulatory harmonization, promoting fintech literacy, and investing in secure digital infrastructure are critical for leveraging technology to modernize Islamic financial services while upholding ethical and Shariah-compliant standards.
A Critical Analysis of Shariah-Compliant Financial Instruments: Balancing Authenticity, Risk-Sharing, and Market Practice
This paper provides a critical analysis of Shariah-compliant financial instruments, focusing on the balance between authenticity, risk-sharing, and prevailing market practices. The purpose of the study is to examine the extent to which Islamic financial contracts such as Murabaha, Mudarabah, Musharakah, Ijarah, and Sukuk uphold the fundamental principles of Shariah, particularly the prohibition of riba (usury), gharar (excessive uncertainty), and maysir (gambling). Methodologically, the research adopts a qualitative approach, utilizing content analysis of scholarly literature, regulatory reports, and case studies from leading Islamic financial institutions. Key findings reveal a divergence between the theoretical foundations of Islamic finance, which emphasize equity participation and profit-and-loss sharing, and the practical dominance of debt-based instruments that closely resemble conventional finance. While contracts like Mudarabah and Musharakah embody the authentic spirit of risk-sharing, their limited application highlights challenges related to risk aversion, regulatory environments, and market demand. Conversely, the widespread use of Murabaha and Sukuk demonstrates market adaptability but raises concerns of Shariah compliance authenticity. The study concludes that for Islamic finance to maintain credibility and long-term sustainability, there is a need to reinforce risk-sharing mechanisms, strengthen Shariah governance, and innovate instruments that remain faithful to ethical and economic objectives of Islam while meeting contemporary financial needs.
Islamic Banking and Finance: Promoting Inclusive Development Through Sustainable Practices and Trade Facilitation
This study examines the role of Islamic banking and finance in promoting inclusive development through sustainable practices and trade facilitation. Employing a qualitative research approach, the study analyzes academic literature, case studies, and industry reports to explore how Shariah-compliant banking principles such as risk-sharing, ethical investments, and prohibition of riba (interest) are operationalized to support economic participation and equitable growth. Key findings indicate that Islamic financial institutions enhance access to finance for underserved populations, foster ethical trade practices, and contribute to sustainable development objectives. Challenges, including regulatory inconsistencies, limited awareness of Shariah-compliant instruments, and gaps in digital adoption, are identified as constraints to maximizing impact. The study concludes that integrating sustainable and ethical practices within Islamic banking strengthens financial inclusion, supports trade facilitation, and promotes long-term economic resilience, while future research should focus on empirical assessments and digital innovation in Shariah-compliant finance.
Integrating Production and Utility Theory to Enhance Efficiency and Consumer Welfare in the Kenyan Manufacturing Sector
Microeconomic theory provides essential analytical tools for examining firm behavior and consumer decision-making under conditions of scarcity and uncertainty. This paper applies production theory and utility theory to analyze efficiency challenges and demand dynamics in Kenya's fish-processing industry, specifically in Mombasa. On the production side, the study highlights how limited cold-chain infrastructure, unreliable energy supply, and low adoption of modern preservation technologies contribute to technical inefficiency, high post-harvest losses, and constrained returns to scale. These issues prevent processors from achieving minimum efficient scale and reduce competitiveness in high-value markets such as supermarkets, hotels, and export channels. On the demand side, utility theory demonstrates that consumer preferences for freshness, hygiene, food safety, convenience, and affordability significantly shape purchasing behavior, with notable differences across income groups. Risk perceptions and information asymmetries further influence willingness to pay, reinforcing the importance of certification, traceability, and quality assurance systems. By integrating production and utility theory, the paper establishes how improvements in handling, storage, and value addition on the production side translate into higher consumer utility and stronger market performance. The study recommends practical strategies, including renewable-energy cold storage, product differentiation, forward contracting, and vertical coordination with fishers to stabilize supply and improve quality. Policy implications emphasize the need for affordable finance, energy investments, skills development, and strengthened food safety regulations to support firm efficiency and enhance consumer welfare within Kenya's manufacturing value chain.
Copyright (c) 2026 Omar Said Anwar, Mohamed Munir Mohamed Hussein Saahil, Jeff Koome Kinyua (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
An Assessment of the Impact of Foreign Businesses on Financial Performance of Small and Medium Enterprises in Zambia - A Case of Chain Stores in Lusaka, Zambia
This study is an assessment of the impact of foreign businesses on the financial performance of Small and Medium Businesses in Zambia. The study employs a sample of 18 SMEs whose businesses are premised near the foreign chain stores all picked through purposive sampling and based on relevance to the research objectives. Using a mixed-methods approach grounded in positivist philosophy, the research investigates the extent of exposure to foreign competition, its financial implications, and strategies for enhancing SME competitiveness. The study's findings indicate that foreign business presence doesn't significantly impact SMEs' short-term financial performance, but rather affects their long-term growth trajectory. Additionally, the presence of foreign businesses has no statistically significant impact on domestic businesses' Return on Assets (ROA) and Return on Equity (ROE), as evidenced by regression analysis showing positive but insignificant coefficients for both metrics. Furthermore, the study reviews that SMEs have been negatively affected in terms of access to capital, technology, and trading infrastructure, which are essential resources for business growth and development. The study provides insights on the impact of foreign competition on SMEs in developing countries like Zambia in comparison with the findings in the literature from other countries. The study recommends that policy makers set policies that are intended at ensuring SMEs have access to capital, trading infrastructure and support through training, sourcing of technological tools and partnership opportunities. This recommendation is crucial in creating an enabling environment for SMEs to thrive as a back bone of Zambian economy, employment creation, innovation and economic growth. Overall, this study provides a comprehensive understanding of the impact of foreign businesses on SMEs in Zambia and highlights the need for policymakers to create a supportive environment that enables SMEs to thrive thereby enabling SMEs overcame the challenges posed by foreign businesses and contribute to the growth of Zambian economy.
Copyright (c) 2026 Judith Banda (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Minimization Of Customer Churn in Mobile Telecommunication Industry in Zambia - A Case of MTN Zambia
The study aimed to explore the minimization of customer churn in the mobile telecommunications industry in Zambia, focusing specifically on MTN Zambia. To achieve this, four specific objectives were established: identifying the factors contributing to customer churn, assessing the impact of churn on the company's revenue and profitability, evaluating the effectiveness of customer retention strategies employed by MTN Zambia, and identifying areas for improvement in these strategies. The methodology employed a mixed-methods approach, incorporating qualitative and quantitative techniques, and involved a sample size of 85 respondents. The research used a stratified random sampling process to capture insights from both current and former customers, supplemented by purposive sampling to include key stakeholders from MTN’s customer churn and marketing departments. Quantitative data was analysed using descriptive statistics such as mean, mode, frequencies and sum, and inferential statistics using multiple regression analysis while qualitative data was analysed thematically. The findings revealed that quality of network coverage is a major factor in customer churn, with 29.41% of respondents rating it as average and 29.41% as below average. Furthermore, pricing posed a challenge, as 35.29% of customers indicated dissatisfaction, while only a minority, 23.53%, expressed high satisfaction levels. Service disruptions were significantly noticed, with 47.06% experiencing frequent interruptions. The impact of churn on MTN Zambia's revenue was evident, with only 11.76% of customers spending less than ZMW 100 monthly, while a notable 52.94% indicated a tendency to switch for better offers. The effectiveness of retention strategies was highlighted, as 76.5% of customers received promotional offers; however, only a portion found them appealing (58.8%). Areas for improvement were identified, primarily focusing on network coverage (29.4%) and enhancing customer service quality (35.3%). The regression analysis for MTN Zambia reveals that service quality (-0.45) and customer service experience (-0.40) significantly increase churn (P<0.005), while price competitiveness (+0.25) reduces it, as it was not significant (P>0.005). In conclusion, the study underscores the pressing need for MTN Zambia to enhance its network quality and customer service while revising its pricing strategy to minimize churn. To fortify customer loyalty, MTN should consider optimizing engagement through targeted communication and refining promotional offers.
Copyright (c) 2026 Nancy Sichone, Dr. Attridge Mwelwa (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Fintech Adoption and Credit Access of Micro, Small, Medium Enterprises in Nairobi City County, Kenya
Access to credit remains a major constraint for Micro, Small, and Medium Enterprises (MSMEs) in Nairobi City County, limiting their ability to grow, innovate, and sustain operations. Although financial technology (FinTech) solutions have emerged to ease credit constraints, their effectiveness in improving credit access among MSMEs remains insufficiently explored in the Kenyan context. This study sought to examine the influence of FinTech adoption on credit access among MSMEs, focusing on the effects of mobile lending, digital banking, and web-based platforms, as well as the moderating role of regulatory frameworks. The study was anchored on the Disruptive Innovation Theory. Data were analyzed using descriptive analysis. The target population comprised registered MSMEs in Nairobi City County, from which 200 respondents were selected using stratified sampling. Data were collected using structured questionnaires and analyzed through descriptive and inferential statistics using SPSS version 28. Simple linear regression analysis was used to determine the effects of each FinTech variable on credit access, while hierarchical regression assessed the moderating effect of regulatory frameworks. The findings revealed that mobile lending has a positive and statistically significant effect on credit access, enabling quicker access to short-term credit with minimal collateral requirements. Digital banking also exhibited a positive and significant effect, improving loan processing efficiency, repayment flexibility, and financial record management. Similarly, web-based financial platforms showed a positive and significant effect on credit access by enhancing transparency and accelerating loan approvals. The results further indicated that regulatory frameworks significantly moderate the relationship between FinTech adoption and credit access by boosting confidence and reducing risks associated with digital credit services. The study concludes that FinTech adoption enhances financial inclusion, improves loan accessibility, and supports operational efficiency among MSMEs. It recommends strengthening regulatory oversight, improving cybersecurity, and promoting digital literacy to maximize the benefits of FinTech-driven credit solutions.
Copyright (c) 2025 Fandja Oya Isha Terry, Charles Katua Kithandi, Molson Onchomba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Credit Access and Financial Performance of Micro, Small, and Medium Enterprises in Dagoretti North Sub County, Kenya
The micro, small, and medium enterprises play a significant role in contributing towards the economic development of many countries of the world. It is the leading sector in the creation of job opportunities for millions of young people in the developing countries across the globe, and in Kenya in particular. Despite this significant contribution of this sector towards economic development, the sector faces a myriad of challenges when it comes to access to credit, financial transactions, and financial literacy influencing their performance (World Bank, 2025). The study's purpose was to assess the influence of access to credit on the financial performance of MSMEs in Dagoretti North Sub-County. The research was anchored on the Theory of Financial Inclusion, advanced by Morduch, Quantitative research methods were employed, while correlational research design was used. The target population was 5,112 licensed and registered MSMEs in Dagoretti North Sub-County, Nairobi City County. Based on Yamane’s formula, the sample size of 371 MSME owners/managers was selected. Stratified random sampling and purposive techniques were used to select the sample size. The data was collected using questionnaires with close-ended questions. A pilot study was conducted to establish the validity and reliability of the questionnaire. The quantitative data was analyzed using SPSS. The Pearson correlation test was used to determine the existence of relationships, while regression analysis was used to determine the extent to which the study variables relate with each other. Results revealed a positive and significant relationship between financial performance and credit access (r = .35, p < .01). Overall, the study showed that MSMEs in Dagoretti North benefit a lot from financial inclusion. The study underscored the importance of strengthening initiatives that support financial literacy, access to credit, and transaction convenience, as this has been shown to make MSME businesses thrive.
Copyright (c) 2025 Africanos Sumburi Chemaket, Charles Katua Kithandi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Determinant Factors for Unfair Trade Complaint Behavioural Intentions of Consumers in Zambia
The study aimed to understand factors that determine unfair trade complaint behavioural intentions of consumers in Zambia. The study was anchored on the TPB. The study followed the post-positivism philosophy and quantitative approach. The cross-sectional survey design was employed. Data was gathered using structured questionnaires to a convenience sample of 385 consumers from the retail sector in Lusaka district. Data was analysed using descriptive and regression analyses. The findings of the study led to the conclusion that there are several factors that determine the complaint behavioural intentions of consumers in Zambia towards unfair trade practices including social norms, consumer rights awareness, attitudes towards complaining, behavioural beliefs, self-efficacy and prior experience in complaining. The study recommended consumer protection agencies in Zambia such as the CPCC to increasingly educate the public on their rights as consumers as stated in law. The study further recommended for enhanced access to consumer protection that is easy and convenient ways of lodging consumer complaints about unfair trade practices.
Copyright (c) 2024 Alex Chola Kafwabulula, Austin Mwange (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Mediating Effect of Job Satisfaction in the Relationship between Reward System and Employees’ Work Performance of Commercial Banks in Kenya
Employee work performance is the key driver to organizational success. An organization with a poor employee reward system is likely to be on a pathway of organizational failure. The purpose of this study is to examine the mediating effect of job satisfaction in the relationship between reward system and employees’ work performance. The target population was 11 banks listed in the Nairobi Securities Exchange. A random sampling method integrating qualitative and quantitative design methods was employed in this study. A random sample of 383 employees was selected from the 11 banks. The study used a Partial Least Squares structural equation modeling (PLS-SEM) to assess the magnitude and relationship and thus come up with a finding of the relationship of independent and dependent variables. Using bootstrapping to evaluate indirect effects, the results showed significant mediation: β = 0.711, t = 7.663, p < 0.001, with employee performance R² = 0.803, f² = 0.004. Since the confidence interval (0.530, 0.895) did not include zero, the mediation is statistically significant. Bootstrapping also revealed that the direct effect of the reward system on performance was not significant when job satisfaction was included (β = 0.053, t = 0.520, p = 0.603). However, the total effect (excluding the mediator) remained significant: β = 0.764, t = 11.214, p < 0.001. VAF confirmed full mediation with a value of 0.996. According to agency theory, HR departments play a critical role in aligning organizational goals with employee interests. Well-designed reward systems enhance job satisfaction, which subsequently improves performance. This creates synergy between employees (agents) and shareholders (principals), ultimately boosting firm value. The findings confirm that job satisfaction components like training, fair compensation, conducive work environments, and fringe benefits mediate the effect of reward systems on performance.
Copyright (c) 2024 Victor Ondolla Jesse, Charles Katua Kithandi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Cost Leadership Strategies and Credit Access Among Micro, Small, and Medium Enterprises in Nairobi City County, Kenya
Access to credit remains a critical challenge for micro, small, and medium enterprises (MSMEs) in Kenya. Despite their recognized role in driving economic growth, job creation, and social transformation, many MSMEs face difficulties meeting lender requirements due to limited adoption of strategic cost leadership practices. This study sought to examine the effect of cost leadership strategies on credit access among MSMEs within Nairobi City County, with a specific focus on how government regulation moderates this relationship. Specifically, it assessed the effect of operational efficiency, cost minimization, and resource utilization practices in relation to credit access. The study was guided by three theoretical perspectives: Porter’s Generic Strategies Model, Resource-Based View (RBV) Theory, and Transaction Cost Economics (TCE) Theory. These frameworks provide a robust foundation for understanding how cost leadership influences MSMEs’ ability to access and utilize credit effectively. The research adopted a descriptive and correlation research design and targeted a population of 268,100 licensed MSMEs within Nairobi City County, from which a random sample of 440 MSME owners was selected as respondents. Data was collected through structured questionnaires focusing on the study’s four dimensions of cost leadership and their effect on credit access. The data was then coded, cleaned, and analyzed using descriptive statistics including frequencies, percentages, means and standard deviation. Inferential statistics were also utilized including correlation and regression analysis. To ensure reliability and accuracy of the regression model, several diagnostic tests were conducted, including tests for normality using histograms, multicollinearity tests to assess correlations among independent variables, linearity tests to confirm the nature of relationships, and the Durbin-Watson statistic to test for autocorrelation. The quantitative findings are presented using tables and figures while qualitative findings are presented in continuous prose. The correlation results showed a positive and significant association between; operational efficiency and credit access (r= 0.599, p =0.000); cost minimization and credit access (r= 0.463, p =0.000), and resource utilization and credit access (r= 0.557, p =0.000). However, correlation results showed a negative and significant association between; government regulation and credit access (r=-0.535, p =0.000). The regression results showed a positive and significant relationship between operational efficiency and credit access (β1 = 0.456, p = 0.000), cost minimization and credit access (β2= 0.163, p = 0.000), and resource utilization and credit access (β3 = 0.521, p = 0.000). However, the regression results showed a negative and significant moderating effect between cost leadership and government regulation (β =-0.004, p =0.000). The study concluded that operational efficiency, cost minimization, and resource utilization significantly enhance MSMEs’ access to credit, while stringent government regulations negatively moderate this relationship by increasing compliance costs and operational burdens. It recommends that MSME managers strengthen cost leadership practices through efficiency, prudent cost management, and resource optimization to improve creditworthiness. Policymakers should streamline regulatory frameworks, reduce compliance barriers, and introduce targeted incentives to support MSME financing. The study suggests further research on sector-specific effects of cost leadership on credit access, the moderating role of entrepreneurial education, comparative analyses across counties, and the impact of digitalization on MSME financing.
Copyright (c) 2025 John Karugu Ndungu, Charles Katua Kithandi, Molson Onchomba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The lived experiences of internal auditors in Frontier Markets: A Hermeneutic Phenomenological Study
This study was premised on the existing knowledge and practice gap in terms of internal auditors’ lived experiences in frontier markets. Using semi-structured interviews with fifteen Chief Audit Executives (CAEs) and ten supervisory-level executives (company secretaries, chief operating officers and chief human resources officers), the study explored how corporate governance practices, organizational structures, and cultural dynamics shape the ability of internal auditors to be independent and deliver objective assurance so as to fulfil the Purpose of Internal Auditing. A hermeneutic phenomenological approach enlisted internal auditors and business executives. Data was analyzed using Interpretive Phenomenological and Framework Analysis. The findings revealed a consistent gap between formal provisions for internal audit independence contained in internal audit charters and board policies, and the lived reality of management dominance, weak audit committee oversight, resource dependence, and high-power distance cultures. Internal audit independence was frequently described as “situational” or “negotiated”: stronger after scandals or during external audits but eroded during routine operations. Audit committees were often under-resourced, met infrequently and lacked technical expertise, while budgets, staffing and reporting channels remained under executive control, creating a “dependency trap” that compromised scope and quality. The study also identifies diverse typologies of internal audit functions—centralized in-house units, decentralized embedded auditors, outsourced and hybrid models—each carrying distinct risks to autonomy. Overall, the research concludes that corporate governance in Zambia as an emerging market is a complex and a multifaceted issue that requires careful consideration of local contexts and challenges. The integration of best practices from developed markets must be adapted to fit the unique characteristics of emerging economies. This thesis underscores the importance of strong governance frameworks in supporting internal auditor independence. This case study demonstrates that while challenges abound, successful corporate governance reform is achievable with the right strategies and commitment from both the public and private sectors. Moving forward, LuSE must provide direction for innovation of its firms and ensure that listed firms refine their governance practices, ensuring that they align with global standards.
Copyright (c) 2025 Muyinda Patson Muyanga, Professor Jason Mwanza , Dr. Austin Mwange (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Integrating Strategic Financial Management with Marketing Decisions to Enhance Profitability in Digital Campaigns
In today’s competitive and data-driven business environment, organizations are increasingly pressured to demonstrate measurable financial returns from marketing investments. This study explores the integration of Strategic Financial Management (SFM) with marketing decision-making to enhance Return on Investment (ROI) in digital campaigns. Using a qualitative research design supported by descriptive and exploratory approaches, the study analyzed secondary data from academic journals, business reports, and case studies. Findings indicate that financial metrics such as Customer Lifetime Value (CLV), Customer Acquisition Cost (CAC), and Return on Marketing Investment (ROMI) are crucial in evaluating marketing effectiveness and promoting financial accountability. The study further reveals that aligning finance and marketing functions enhances budget efficiency, forecasting accuracy, and strategic agility—especially in digital environments where real-time data enables continuous performance optimization. Despite persistent challenges such as financial illiteracy among marketers and undervaluation of intangible assets by finance professionals, tools like the Balanced Scorecard (BSC) offer effective frameworks for integrating financial and non-financial objectives. The study concludes that embedding financial discipline within marketing not only improves ROI but also strengthens long-term organizational performance and value creation.
Copyright (c) 2025 Joseph Nyomoo Ng’olua , Rosemary Manene , Hussein Salim Adnan (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing the Impact of Training and Development on Employee Performance and Productivity: A Case Study of Kansanshi Copper Mine in Zambia
The study was aimed to assess how training and growth opportunities influence employees output and efficiency at Kansanshi Copper Mine. It further looked at the key variables such as age group, educational attainment, mentoring, job on training as well as the link between training an growth plans and the challenges faced in training and development at Kansanshi Copper Mine. The study used both qualitative and quantitative design. Primary data was collected using semi structured questions administered to employees. An interview guide was used for Senior management, supervisors, departmental heads and other employees. A total of Seventy two (72) employees were selected to participate and ten (ten) key informants were selected using stratified sampling and purposive sampling method. The study also used observation method with both participants and non participant to enable a better analysis as well as to gain a better understanding on the behaviors, perception and practices. The data collected was coded using a coding scheme, it was later processed and analyzed using a Statistical Package of the Social Sciences (SPSS). Secondary data was collected from journals, books, published and unpublished (online) reports. The study revealed that most of the respondents had reached professional level in terms of educational attainment. The results indicates that the total number of respondents was seventy two with the majority being males at 58% and 42% of them being females. The study tried to understand the underlying factors of training and development. The results suggest that capacity building enhancement are essential to performance and productivity however it continues poses numerous setbacks especially in the mining sector. Effective training and development ensures that investments are successful and profitable through skills enhancement ( John and Douglas 2015). The empirical evidence in this investigation supports the notion that training and development can enhance performance and productivity among employees at Kansanshi Copper Mine. It has the potential of safe guarding the organizations interest despite numerous hurdles affecting this notion among others; lack of adequate resources, absolute policies, resistance to change and bad attitude towards work.
Copyright (c) 2025 Walubita Jimmy Mbumwae, Mr. Kakondo (Author) https://creativecommons.org/licenses/by-nc-nd/4.0