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
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
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
Exploring the Influence of Turnover Tax Compliance on Financial Performance of Small and Medium Enterprises (SMES): A Case Study of Solwezi Central Business District, Zambia
This study explores the influence of Turnover Tax compliance on the financial performance of Small and Medium Enterprises (SMEs) in Solwezi Central Business District (CBD), Zambia. Taxation plays a crucial role in a country’s economy, as revenues from sources such as turnover tax and value-added tax support public service delivery and promote economic growth. Despite this, Zambia continues to face challenges in achieving its full revenue potential. SMEs, in particular, represent a significant yet underutilized source of tax revenue, posing an obstacle to sustainable public financing and national development. Data were collected through structured interviews with 20 SMEs operating in the retail sector. Findings reveal that while many SMEs are registered for turnover tax, there are persistent challenges with timely filing and payment compliance. Contributing factors include limited understanding of tax responsibilities, inefficiencies in digital platforms, and a lack of structured taxpayer education. The study further identifies that the influences of tax compliance vary across enterprises. Some SMEs experienced reduced profitability and constrained growth, particularly those with seasonal or low income. The study concludes that improving tax compliance and financial performance among SMEs requires a combination of administrative reform, digital innovation, and capacity-building initiatives tailored to the SME context. Aligning tax policy more closely with the practical needs of SMEs is essential. The government should consider introducing greater tax incentives and exemptions, reducing compliance costs, curbing corruption, and improving the accountability and accessibility of the Zambia Revenue Authority (ZRA) services.
Copyright (c) 2025 Nikiwe Msoni, Dr. Lee Caleb Mahlungu (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Evaluating the Effectiveness of Public-Private Partnerships (PPPS) In Enhancing Construction Work: A case study of the Lusaka-Ndola Dual Carriageway Project
Public-Private Partnerships (PPPs) are increasingly being used to improve infrastructure delivery in poor nations, with the prospect of increased cost efficiency, faster timeframes, higher building quality, and risk-sharing innovations. The transformation of Zambia's Lusaka-Ndola Dual Carriageway into a PPP provided a strategic opportunity to evaluate these assertions in the context of local fiscal constraints and governance issues. The purpose of this study was to assess the success of PPPs in Zambia's road sector through mixed-methods research, which included thematic analysis of qualitative data and multiple regression modelling of survey responses from 120 participants representing the government, private sector, and road user groups. The results showed a 52% reduction in per-kilometer cost via PPP compared to traditional procurement, as well as a projected 23% reduction in delivery time and a 23% improvement in construction quality measures, including pavement compliance. However, institutional coordination received the lowest rating, with fragmentation and insufficient enforcement noted as limiting issues. The study shows that, while PPPs can result in significant efficiency and quality increases, these advantages are limited by systemic governance flaws. To fully realize the potential of PPPs in Zambia, it advises boosting transparency measures, reducing bureaucratic processes, implementing international quality standards, and improving institutional capacity through cross-agency collaboration and stakeholder engagement.
Copyright (c) 2025 Cosby Chama, Lawrence Phiri (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing the Effect of the Balanced Scorecard as a Performance Appraisal tool on Employee Performance: A Case of a Pension House in Zambia
This study aimed to assess the effect of the Balanced Scorecard (BSC) as a performance appraisal tool on employee performance at the National Pension Scheme Authority (NAPSA) Ndola Office in Zambia. The purpose was to examine how the implementation of the BSC influenced employee motivation, productivity, job satisfaction, and overall performance, while identifying challenges encountered during its adoption. A qualitative research methodology was employed, utilizing thematic analysis of data collected through interviews with selected NAPSA employees. The findings revealed that the BSC significantly enhanced employee motivation by providing clear and measurable goals, which improved focus and engagement. It also fostered increased productivity as employees became more aware of their performance and took greater accountability for meeting targets. Job satisfaction was positively impacted through fair recognition of both quantitative outputs and qualitative contributions such as client service and personal growth. Furthermore, the BSC promoted skill development via encouragement to participate in learning and growth activities, while shifting feedback from fault-finding to constructive guidance supported continuous employee development. However, the study also identified challenges, including inadequate training on BSC usage, unclear performance metrics (particularly for non-customer-facing roles), resistance to change among some staff, administrative burdens associated with appraisal documentation, and infrequent feedback sessions limiting timely performance improvement. Despite these challenges, the BSC was found to align individual employee goals with organizational objectives effectively, promote accountability, improve work behaviors, enhance team collaboration, and facilitate feedback-driven growth. Based on these findings, the study recommended that NAPSA invest in comprehensive training programs, simplify appraisal processes, clarify key performance indicators, address cultural resistance through change management, and increase the frequency of performance reviews. These measures were suggested to optimize the impact of the BSC on employee and organizational performance. Overall, the study concluded that the Balanced Scorecard is a valuable tool for enhancing employee performance and supporting strategic management in public sector institutions, provided its implementation is supported by adequate resources and continuous improvement efforts.
Copyright (c) 2025 Doreen Swali, Elizabeth Zyambo (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Effect of Monetary Policy on Economic Development in Nigeria
The Human Development Index (HDI) serving as a proxy for development outcomes. Annual time series data spanning 1980 to 2023 were employed. The analysis utilized the Fully Modified Ordinary Least Squares (FMOLS) technique to examine long-run relationships. Findings reveal that money supply has a statistically significant and positive effect on human development at the 5% significance level, indicating that well-managed monetary expansions can support developmental goals. Consequently, the study recommends that the Central Bank of Nigeria adopt policies aimed at increasing money supply in a controlled manner. Furthermore, it advocates for a strategic review of government expenditure to focus more on programs that enhance welfare and support the most disadvantaged groups.
Copyright (c) 2025 Paul Atanda Orebiyi , Edidiong Prince Ekot, Etim Essien Bassey, Christiana Uduak Ekong (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Accessibility Challenges and Sustainability of Women-Owned Enterprises in Kisii Township, Kenya
The study examines the challenges of financial accessibility and its impact on the sustainability of women-owned enterprises in Kisii Township, Kenya. Despite the crucial role of women entrepreneurs in the economy, they encounter significant obstacles in accessing finance, which hampers the growth and long-term viability of their businesses. This study adopted a positivist approach and a descriptive research design, focusing on 1,134 legally registered female entrepreneurs in Kisii township. A sample of 114 female entrepreneurs was selected using multistage sampling techniques. Primary data were collected using questionnaires with closed-ended questions, and the data were analyzed using regression analysis. The findings identified the main barriers to accessing finance as lack of collateral, domestic responsibilities, the age of the enterprise, lower risk propensity, women's risk-averse nature, individual owner characteristics, concentration in low-value sectors, and lower growth prospects. Additionally, the study found that women entrepreneurs seek advice on attracting new customers, supplier reputation, access to growth financing, and establishing appropriate business structures to address undercapitalization challenges. The regression analysis showed a strong positive correlation between financial accessibility and the sustainability of women-owned enterprises. The study concludes that addressing gender-related obstacles and barriers to accessing finance is essential for the growth and expansion of female-led enterprises. Recommendations include encouraging adequate capitalization, breaking into high-value markets, conducting surveys to assess women's financial needs, and promoting gender sensitization in financial institutions. Governments, social partners, and civil society organizations should coordinate their efforts to enhance the business environment for female entrepreneurs.
Copyright (c) 2025 Evans Okemwa Achuti (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Working Capital Management in Times of Crisis in Kenya: Strategies for Resilience
This study examines the role of working capital management in sustaining businesses, specifically during times of crisis like economic downturns or pandemics such as COVID-19. The study emphasizes the need for proactive strategies that can effectively manage uncertainties, preserve liquidity, and ensure business continuity despite disruptions in sales, supply chains, and credit risks. Drawing on a comprehensive literature review, the study highlights the importance of organizational resilience and proactive approaches to working capital management in addressing challenges during crises. Additionally, the paper thoroughly examines strategies including cash management, inventory management, and accounts receivable management, emphasizing the importance of thorough assessment, proactive planning, and strategic decision-making. In summary, the study underscores the importance of efficient working capital management as a key factor in enabling companies to successfully overcome crises and emerge stronger and more resilient.
Copyright (c) 2024 Rodgers Kazungu Safari, Getrude Majalla Mwanyefa (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Working Capital Management and Financial Performance of Small and Medium-Sized Enterprises (SMEs) and SACCOS in Kenya
Small and medium-sized enterprises (SMEs) play a critical role in driving economic growth, creating employment opportunities and promoting local revenue generation in Kenya. However, they face various challenges such as limited financial resources, inadequate infrastructure and volatile market conditions. Effective working capital management (WCM) is essential for SMEs to overcome these obstacles and achieve sustainable success. The aim of this research is to examine the impact of WCM on the financial performance of SMEs in Kenya. This paper uses literature review methodology to draw conclusions. The literature review provides insights from various studies that highlight the importance of credit management and internal factors that influence organizational performance. An efficient WCM is crucial for ensuring the financial stability of companies, especially SMEs. Poor WCM can lead to financial challenges and possible bankruptcy, while effective management can significantly increase financial efficiency. WCM involves monitoring a company's current assets and liabilities to ensure timely commitments while minimizing associated costs. This research contributes to understanding the importance of WCM for SMEs in Kenya and provides stakeholders with practical insights to improve financial performance through effective WCM strategies tailored to the Kenyan context.
Copyright (c) 2024 Temba Geoffrey Simiyu, Lienora Achieng, Namuri Vifu Makoti (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Evaluating the Impact of Government Subsidies and Grants on SME Growth and Financial Sustainability in Zambia
Small and Medium Enterprises (SMEs) are widely recognised as crucial to Zambia’s economic development due to their roles in job creation, poverty reduction, and innovation. To support these enterprises, the Zambian government provides subsidies and grants aimed at enhancing the financial stability and competitiveness of SMEs. However, despite these policy efforts, SMEs continue to face challenges in accessing and effectively utilising financial support, which limits the broader impact of such interventions. The existing literature primarily evaluates the short-term effects of subsidies, with a focus on sectors such as agriculture, using metrics like job creation and temporary productivity increases. In contrast, studies rarely examine the long-term sustainability, cross-sectoral coverage, or institutional factors that influence the effectiveness of financial assistance. This study aims to fill these gaps by evaluating the long-term impact of government subsidies on the growth and financial sustainability of SMEs across the agriculture, construction, and energy sectors in both urban and rural areas of Zambia. The study focused on identifying the challenges of accessing funds, measuring the causal effects of financial support, and determining the institutional and cultural factors that influence outcomes. A mixed-methods concurrent embedded design was used, combining qualitative interviews with quantitative surveys targeting small and medium-sized enterprises (SMEs) in Lusaka and Chipata. Data triangulation was achieved through the use of interview schedules, questionnaires, and document reviews, which enhanced the validity of the findings. The findings indicate that subsidized SMEs experienced a 25% growth in revenue and a 30% increase in employment, compared to only 12% and modest gains among their non-subsidized counterparts. However, significant challenges persist, including bureaucratic delays (reported by 47% of respondents), complex application procedures (53%), and inadequate post-funding mentorship (50%). These barriers hinder the full realization of the intended benefits.
Copyright (c) 2025 Ketty Phiri, Lee Caleb Mahlangu (Author) https://creativecommons.org/licenses/by-nc-nd/4.0