Edward Ireri

i An update to this article is included at the end Journal of Behavioral and Experimental Finance 18 - Contents lists available at ScienceDirect Journal of Behavioral and Experimental Finance journal homepage: www.elsevier.com/locate/jbef Full length article Moderation effect on mobile microfinance services in Kenya: An extended UTAUT model Mohammed Hersi Warsame a, *, Edward Mugambi Ireri b a b University of Sharjah, United Arab Emirates University of Kabianga, Kenya article info Article history: Received 8 December 2017 Received in revised form 26 January 2018 Accepted 30 January 2018 Available online 15 February 2018 Keywords: Behavioural intention Loan services Microfinance Moderation Mobile banking M-shwari Use behaviour UTAUT a b s t r a c t The study aims to investigate the impact of M-Shwari financial services on small scale traders in Kenya. A number of hypotheses were developed and tested to find out the role of various moderators; such as age, gender, religious beliefs, trust and social influences on the behavioural intention of these traders. The study has investigated the interaction among various moderators that affect the behavioural intention of this target group. The study found that gender moderates the effects of performance expectancy and effort expectancy on behaviour intention. Similarly, the impact of religious beliefs was also moderate on behaviour intention. The interaction between behavioural intention, age, and gender affect the use of behaviour of M-Shwari loan services. The research has made some notable contributions to the provision of mobile-banking and microfinance services to small traders in Kenya. © 2018 Elsevier B.V. All rights reserved. 1. Introduction Poor people in the developing countries are prone to the exclusion from banking and other financial services. However, the importance of microfinance services was recognised four decades ago (Mutua et al., 1996). It still retains its social investment pegged on the stereotype that the poor individuals are not worthy of banking services. Akhter et al. (2009) reported that offering suitable financial services and products to the institution’s target group is recommended, instead of contradicting the customer’s belief and social norm by offering solutions that defeats the objective. Brau and Woller (2004) stated that the best weapon to fight poverty and financial exclusion is through the establishment of microfinance institutions, especially in developing countries. Siddiqi (2008) reported that microfinance institutions at times charge high interest rates, which discourage the individuals, who cannot afford them. On the other hand, others offer loans on limited period of time and charge heavy penalty to defaulters (Abiola and Salami, 2011). Africa in general (especially East Africa) has great potential for the adoption of microfinance services. According to Hassan (2010), conventional microfinance is not suitable to poor Muslims due to the feeling of guilt associated with using financial services, which contravenes their religious beliefs. The introduction of technological development in the field of mobile banking is expected to: University of Sharjah, Box 27272, United Arab Emirates. * Correspondence E-mail address:-(M.H. Warsame). https://doi.org/10.1016/j.jbef-/© 2018 Elsevier B.V. All rights reserved. to have huge impact on the people and their lifestyles (Safeena et al., 2012). Veijalainen et al. (2006) stated that mobile banking was less popular in developing countries, but Kenya was amongst early adopters of mobile banking through the popular brand name known as M-Pesa. M-Pesa services were introduced in Kenya in 2007, and are still popular due to its appealing and convenience features of offering banking services as well as money a transfer platform. Mbogo (2010) reported that the convenience of M-Pesa money transfer, its accessibility, cost, support, and security features enhance the behavioural intention to use and its actual usage by micro businesses. There are many Muslims, who are using M-Pesa services to send or receive money since the introduction of mobile banking services in Kenya. However, they are not using its sister service, which is known as M-Shwari to borrow soft loans due to the fear of interest. M-Shwari is considered as a microfinance product; though one does not require any collateral to access the soft loans. Cook and McKay (2015) reported that M-Shwari is a bank account that offers a combination of savings and loans to the people. It is offered as collaboration between the Commercial Bank of Africa (CBA) and the mobile network operator Safaricom through its mobile money service M-Pesa, which has a global success story (Cook and McKay, 2015). Peter (2013) reported that M-Shwari services had increased financial access of low income earners through extension of loan services to the registered users that made money available at the customers’ disposal. It helped in increasing access 68 M.H. Warsame, E.M. Ireri / Journal of Behavioral and Experimental Finance 18 - to finance. Therefore, the present study has been conducted to evaluate the impact of M-Shwari financial services on small scale traders in Kenya. The study has developed and tested a number of hypotheses and studied the influence of different moderators on the behavioural intention of small scale traders in Kenya. The study has greatly contributed towards provision of mobile-banking and microfinance services for the small-scale traders in Kenya. 2. Literature review Performance expectancy The influence of performance expectancy on the behavioural intention is expected to be affected by gender and age (Morris et al., 2005). The moderation effect on gender will be stronger especially among young men rather than women. Martins et al. (2014) used UTAUT model to report performance expectancy, which has positive and significant influence on behaviour intention. However, age and gender had no significant influence as moderators. Similarly, Arenas-Gaitan et al. (2015) reported that performance expectancy had a significant impact on behavioural intention for the adoption of internet banking among elderly persons. Ghalandari (2012) using the UTAUT model reported that the effect of performance expectancy on behavioural intention was moderated by gender. Yu (2012) using UTAUT model reported a significant moderation interaction effect in the relationship between PE X Gender on behavioural intention. Thus, we hypothesise; H1a: Age, and gender will positively moderate the influence of performance expectancy on behavioural intentions to use M-Shwari loan services, such that the effect will be stronger among younger men. H1b: The interaction between Age x Gender x performance expectancy will positively moderate behavioural intentions to use M-Shwari loan services. 2.1. Effort expectancy Bandyopadhyay and Fraccastoro (2007), reported on the influence of effort expectancy on behavioural intention to use the prepayment metering systems technology in India, using UTAUT model. The technology was moderated by gender and age with the effect being stronger for young women with more income and experience. A significant moderation interaction effect in the relationship between EE X Age on behavioural intention was reported by Yu (2012) using UTAUT model. Moreover, Martins et al. (2014) using the UTAUT model reported that the relationship between effort expectancy and behaviour intention was not moderated by age and gender. Arenas-Gaitan et al. (2015) reported that effort expectancy had significant influence on behavioural intention to adopt internet banking among the elderly persons. Ghalandari (2012) using the UTAUT model reported that the effect of effort expectancy on behavioural intention was moderated by both gender and age. Venkatesh et al. (2012), using UTAUT2 reported that there was no significant interaction between EE X Gender X Age on behaviour intention to use Information technology. Maruping et al. (2016) using UTAUT, reported a non-significant three-way interaction between EE X Gender X Age on behaviour intention to use a new Information system. Thus, we hypothesise; H2a: Age, and gender will moderate the influence of effort expectancy on behavioural intention to use M-Shwari loan services. H2b: The interaction between Age x Gender x effort expectancy will positively moderate behavioural intentions to use M-Shwari loan services. 2.2. Social influence The age and gender have the ability to moderate the effects of social influence on behavioural intention, where the moderation effect appeared to be stronger for older women (Venkatesh et al., 2003; Al-Gahtani et al., 2007; Venkatesh et al., 2000; Morris and Venkatesh, 2000; Wang et al., 2009). Al-Gahtani et al. (2007) reported age to negatively moderate the effect of social influence on behavioural intention. Moreover, gender does not have any significant moderation interaction between social influence and behavioural intention. Yu (2012) using UTAUT model reported a significant moderation interaction effect in the relationship between SI X Gender on behavioural intention. Ghalandari (2012) using the UTAUT model reported that the effect of social influence on behavioural intention was moderated by both gender and age. Maruping et al. (2016) using UTAUT, reported a negative significant three-way interaction between SI X Gender X Age on behaviour intention to use a new Information system. Thus, we hypothesise; H3a: Age, and gender moderates the influence of social influence on behavioural intention to use M-Shwari loan services more strongly for women than for men. H3b: The interaction between Age x Gender x social influence will positively moderate behavioural intentions to use M-Shwari loan services. 2.3. Facilitating conditions Venkatesh et al. (2003) reported that facilitating conditions will have a significant influence on usage behaviour when moderated by experience and age. Al-Gahtani et al. (2007) reported age to negatively moderate the effect of facilitating conditions on use; while, gender was reported as not having any significant moderation interaction. Martins et al. (2014) reported that age had no significant influence as a moderator, using the UTAUT model. Arenas-Gaitan et al. (2015), reported that facilitating conditions does not significantly influence behavioural intention to adopt internet banking among the elderly persons. Using the extended UTAUT model Yu (2012), reported that the actual behaviour of using mobile banking was influenced by facilitating conditions and was significantly moderated by age, more particularly for persons aged between 30 and 50 years. Ghalandari (2012) using the UTAUT model reported that the effect of facilitating conditions on Use behaviour was moderated by both age and gender. Yu (2012) using UTAUT model reported a significant moderation interaction effect in the relationship between FC X Age on Use behaviour. Maruping et al. (2016) reported the influence of facilitating conditions on behavioural intention using a new Information system, which was significantly moderated by age and gender with effect being strong for women and older workers with increasing experience. Therefore, we hypothesise; H4a: Age, and gender will moderate the influence of facilitating conditions on usage of M-Shwari loan services more strongly for older persons than younger persons. H4b: The interaction between Age x Gender x facilitating conditions will positively moderate the usage of M-Shwari loan services. 2.4. Behaviour Intention and use behaviour Chen and Chan (2014) combined TAM and UTAUT model to investigate the factors that affected the acceptance of geron technology by older Hong Kong Chinese. The results have stated that behavioural intention has a positive impact on use behaviour in adopting internet banking. Arenas-Gaitan et al. (2015) reported that behavioural intention had a significant positive influence on use behaviour. Marchewka et al. (2007) using the UTAUT model M.H. Warsame, E.M. Ireri / Journal of Behavioral and Experimental Finance 18 - reported that both age and gender did not have a significant moderating effect on students’ use of course management software due to the students’ widespread use of technology under investigation. Yoon (2009) reported gender had a moderation effect on the relationship between behaviour intention and use behaviour. Sriwindono and Yahya (2012) reported no moderation effect of gender on the relationship between behaviour intention and use behaviour. Baptista and Oliveira (2015), using the UTAUT model reported that gender had no moderation effect on behaviour intention over use behaviour. Thus, we hypothesise; H5a: Age, and gender will moderate the influence of behavioural intention on M-Shwari loan services usage behaviour. H5b: The interaction between Age x Gender x behaviour intention will positively moderate the usage of M-Shwari loan services. 69 3.1. Sampling location The study was conducted in Eastleigh section nine in Nairobi County Kenya. The location was chosen because it is a well-known business hub in Nairobi. There are also quite a good number of Kenyans doing business in this area. In this location, people do not generally own large shops but small stalls. Therefore, there was an increased likelihood of capturing the right information with regard to the adoption of M-Shwari services considering that majority of them prophesied Islam as their religion. The data from the few Christians doing business in the rented stalls was also collected to gather necessary information. This information would be used to compare with the data from the Muslim business men and women in the area. 3.2. Measurement variables 2.5. Trust Trust has been reported as a significant aspect by Tsu Wei et al. (2009), which affects the behaviour of a consumer in adoption of e-commerce. Moreover, Yoon (2009) reported that trust was among the factors that influence the acceptance of e-commerce. Venkatesh et al. (2003) suggested that consumer trust in the use of technology is an important factor. Future researches are likely to increase the understanding of individual-level technology adoption and use. Lichtenstein and Williamson (2006) reported that lack of trust was amongst the reasons for the elderly not to use internet banking services. Ongori (2009) reported that lack of trust in new technologies by Small and Medium Enterprises was among the main barriers in adoption of Information Communication Technologies in Botswana. Alqatan et al. (2012) conceptual model on small and medium sized Tourism Enterprises proposed the inclusion of the trust in the UTAUT model for better understanding of the behaviour and intention of using mobile commerce of developing countries. Hwang and Lee (2012) reported that online trust was among the main issues that determine the success and survival of company and it determines online customer behaviour. Baptista and Oliveira (2015) using UTAUT2 reported a non-significant effect of behavioural intention on use behaviour and recommended the inclusion of trust in the UTAUT model. Thus, we hypothesise; H6a: Age, and gender will moderate the influence of trust on M-Shwari loan services usage behaviour. H6 b: The interaction between Age x Gender x trust will positively moderate the usage of M-Shwari loan services. Research questions 1. What is the impact of performance expectancy on behavioural intentions to use M-Shwari loan services? 2. What is the impact of M-Shwari loan services among small scale traders in Kenya? 3. Methodology A descriptive research design has been adopted, and a survey was conducted, using a self-reported questionnaire. The convenience sampling procedure was used due to the social cultural factors that makes it difficult for the persons of Somali origin to interact and share personal information freely with the nonSomalis. Each respondent was personally explained regarding the importance of the study and were then requested to participate in the survey on their own free will. A total of 400 questionnaires were filled by the participants. A seven-point Likert’s scale ranging from 1 (strongly disagree) to 7 (strongly agree) were used to measure the items in the survey instrument. The questionnaire was divided into the demographic profile and the constructs (items). The demographic profile comprised of age, gender, religion, prohibition to use M-Shwari loan services, possession of account(s) in commercial banks, and type of bank patronised. These factors were also used as moderators in the study. The items in the questionnaire were grouped into main constructs namely; • • • • • • • Behavioural Intention Performance Expectancy on using M-Shwari services Effort Expectancy on using M-Shwari services Social Influence on using M-Shwari services Facilitating Conditions for using M-Shwari services Trust in using M-Shwari services Use Behaviour on M-Shwari services. Age, gender, and religious beliefs on M-Shwari loan services were used as the moderators. Experience was excluded as a moderator because the study was cross-sectional and only one moment was being measured. Similarly, voluntariness was not used as a moderator because it is obvious that no Kenyan is forced to apply for M-Shwari loan services and other M-Pesa services. However, acquiring soft loans through M-Shwari loans services by the Kenyans is completely voluntary. 3.3. Assessment of model fit The model fit metric was checked using Wheaton et al. (1977) relative/normed chi-square method to account for the likelihood of not rejecting a better fit model as a misfit. This suggested that the fit metric (CMIN/DF) should not exceed five for models with good fit. Thus, the fit metric value for the final model in the current study was 2.71. The final model used in the current study showed an overall acceptable fit and an over identified model. The model explained 36% of variation in the behavioural intention and 65% to use M-Shwari loan services (Fig. 1). 3.4. Statistical analysis Path Regression Analysis was conducted using IBM SPSS AMOS (IBM Corp, 2013) to describe directed dependencies among a set of variables. It involves the employment of single indicators for each of the variables in the causal model. The standardised estimations were obtained using Maximum Likelihood estimate method. The initial model tested was not fit. However, upon the removal of the relationships the final model became (χ 2 = 20.18; df = 5); p = .001. 70 M.H. Warsame, E.M. Ireri / Journal of Behavioral and Experimental Finance 18 - Fig. 1. The extended UTAUT model adopted in the study. 4. Results χ 2 (1) = 31.19; p < .001. Overall, 57.8% of the traders stated The sample size of the data was N = 400. The descriptive statistics was split into two groups namely; males and females. The study sample consisted of 261 male traders, and 139 female traders. Majority of the participants belonged to 25–34 years age bracket (46%), representing the youths as categorised under the Kenyan laws. This statistic showed that majority of the Kenyan youth are the persons, who run businesses in Eastleigh shopping centres’ in Nairobi, Kenya. M-Pesa has numerous products and services, where some like M-shwari is considered as a microfinance product. The findings revealed that 41.7% of the traders were using their M-Pesa for the purposes of buying goods and services, while 48.9% were using its mobile banking services. However, none of the 9.4% of the participants were found using the M-shwari banking services, or were they using the buy goods and services platform. The findings revealed that 83.5% of the traders were Muslims males; while 16.5% were Christian males. Similarly, 39.6 of the traders were Muslim females while 60.4% were Christian females. Islam prohibits (Haram) the charging of interest rates (Riba) in most of their financial services. Therefore, we investigated the perception of interest rates charged by M-Shwari among both Christians and Muslim traders. 76.6% of the male traders stated that their religion prohibits them from accessing loans from commercial banks; while, 57.6% of the female traders stated that religion does not prohibit them from accessing loans from commercial banks. The finding revealed that 67.8% of the male traders stated that their religion prohibits them from use of M-Shwari services because it charges interest rates. The findings revealed that 89.9% of the female traders patronised commercial banks. The most surprising finding was that 36.4% of the male traders were not registered members with either a commercial or an Islamic bank. Similarly, 32.6% of the male traders patronised Islamic banks; while, only 5% of the females patronised Islamic banks. However, 6.5% of the male traders patronised both commercial and Islamic bank while only 1.4% of women patronised both types of banks (Table 1). In the current study, age and gender were chosen as the main moderators. There was a significant association between gender and religiosity in terms of prohibition of M-Shwari services that their religion prohibits them from borrowing M-Shwari loans. Among the male traders, 67.8% stated that religion prohibits them from using M-Shwari services. However, among the female traders, 61.2% stated that religion does not prohibit them from using MShwari services (Table 2). There was a significant association difference between gender and the type of M-Shwari services that were popular by the traders χ 2 (2) = 34.29; p < .001. Buy goods and services was the most popular M-Shwari products (60.3%) among the traders. It showed that most Kenyans prefer to make their payments using ‘‘buy goods and services’’ other than carrying cash. Majority of the Kenyan women were using M-Shwari services to borrow soft loans to expand their business because it does not require any guarantors for one to get the soft loans. It depends entirely on the amount of money that one has saved in their M-Shwari account (Table 2). The findings revealed that the male traders who patronised the Islamic banks were the majority at 32.6%; whereas, the majority of the female traders (89.9%) patronised commercial banks (Table 2). Similarly, age was investigated in relation to the influence of religion on borrowing loans from M-Shwari loan services and commercial banks. Overall, 29.5% of the traders between the 18– 24 years age bracket acknowledged that their respective religion prohibited them from borrowing loans from M-Shwari loan services. 35.5% of them stated that they were prohibited by their religion to borrow loans from commercial banks (Table 3). The results showed that 82.7% of the Christians stated that their religion does not prohibit them from accessing loans from MShwari services. However, 76.6% of the Muslim traders acknowledged that their religion prohibits them from accessing loans from M-Shwari loan services. However, 19.4% of the Muslim female traders stated that their religion does not prohibit them from accessing loans from M-Shwari services (Table 4). There was a significant association difference between gender and religiosity in terms of prohibition of M-Shwari loans among the Christian traders χ 2 (1) = 5.085; p = .024. However, there was no significant association difference between gender and religiosity in terms of prohibition of M-Shwari loans among the Muslim traders χ 2 (1) = .455; p = .500. M.H. Warsame, E.M. Ireri / Journal of Behavioral and Experimental Finance 18 - 71 Table 1 Descriptive statistics (Percent). Variables Age M-Shwari services Religion Religion prohibit use of M-Shwari Religion prohibit commercial loans Bank patronage 18–24 years 25–34 years 35–44 years 45–54 years Over 55 years Buy goods & services M-Shwari banking services None Christians Muslims Yes No Yes No Commercial bank Islamic bank Both Commercial & Islamic bank None Male = 261 Female = 139 N Percent N - - Percent - - - - Notes: In this table, socio-demographic variables are presented separately by splitting the data into two by gender. Table 2 Cross tabulation of the socio-demographic variables. 1. Mshwari service None Buy goods & services Mshwari services 2. Religion Mshwari Yes No 3. Bank patronage None Commercial Islamic Both 4. Religion loans Yes No Male Female Total Chi statistics 22 (8.4%) 183 (70.1%) 56 (21.5%) 13 (9.4%) 58 (41.7%) 68 (48.9%) 35 (8.8%) 241 (60.3%) 124 (31%) χ 2 = 34.29, df = 2, p < .001 177 (67.8%) 84 (32.2%) 54 (38.8%) 85 (61.2%) 231 (57.8%) 169 (42.3%) χ 2 = 31.19, df = 1, p < .001 95 (36.4%) 64 (24.5%) 85 (32.6%) 17 (6.5%) 5 (3.6%) 125 (89.9%) 7 (5%) 2 (1.4%) 100 (25%) 189 (47.3%) 92 (23%) 19 (4.8%) χ 2 = 155.96, df = 3, p < .001 200 (76.6%) 61 (23.4%) 59 (42.4%) 80 (57.6%) 259 (64.8%) 141 (35.3%) χ 2 = 46.43, df = 1, p < .001 Notes: The 2 × 2 tables were computed using cross tabulation. All the results had 0% expected count less than 5. Table 3 Cross tabulation using age. Religion Mshwari Age Yes No Chi statistics - Over 55 Total 118 (29.5%) 95 (23.8%) 7 (1.8%) 3 (0.8%) 8 (2%) 231 (57.8%) 36 (9%) 80 (20%) 42 (10.5%) 11 (2.8%) 0 (0%) 169 (42.3%) χ 2 = 74.70, df = 4, p < .001 - Over 55 Total 142 (35.5%) 99 (24.8%) 7 (1.8%) 3 (0.8%) 8 (2%) 259 (64.8%) 12 (3%) 76 (19%) 42 (10.5%) 11 (2.8%) 0 (0%) 141 (35.3%) χ 2 = 126.54, df = 4, p < .001 Religion loans Notes: The 2 × 2 tables were computed using cross tabulation. 2 cells (20%) expected count less than 5. 4.1. Multi-group moderation testing 4.2. Gender as a moderator The model that was unfit was modified using the modification indices during the moderation testing. This was done by the removal of the insignificant paths and the addition of relationships that had the highest modification indices based on the existing empirical literature. The moderated interactions were interpreted according to their significant z-score value and its associated signage. A significant negative z-score indicated a weaker moderation effect; while, a significant positive z-score indicated a stronger moderation effect. Gender was found to have a significant negative moderation effect on the relationship between performance expectancy and behavioural intention. The effect on both male traders and female traders were significant; though the effect was much stronger for the male traders as compared to female traders. Effort expectancy had a significant positive moderation effect on behavioural intention. However, the effect was only significant and much stronger for the female traders as compared to the male traders. Similarly, 72 M.H. Warsame, E.M. Ireri / Journal of Behavioral and Experimental Finance 18 - Table 4 Results of gender against prohibition of M-Shwari and commercial bank loans. Prohibition Religion Gender Yes No Chi-statistic Religion Mshwari Christian Male Female Total Male Female Total 12 (9.4%) 10 (7.9%) 22 (17.3%) 165 (60.4%) 44 (16.1%) 209 (76.6%) 31 (24.4%) 74 (58.3%) 105 (82.7%) 53 (19.4%) 11 (4%) 64 (23.4%) χ 2 = 5.085, df = 1, p = .024 Male Female Total Male Female Total 12 (9.40%) 10 (7.9%) 22 (17.3%) 188 (68.9%) 49 (17.9%) 237 (86.8%) 31 (24.4%) 74 (58.3%) 105 (82.7%) 30 (11%) 6 (2.2%) 36 (13.2%) χ 2 = .5.085, df = 1, p = .024 Muslim Religion loans Christian Muslim χ 2 = .455, df = 1, p = .500 χ 2 = .312, df = 1, p = .576 Notes: Religion M-Shwari loan mean that religion prohibits the traders from borrowing soft loans from M-Shwari services, while Religion loans means that religion does not allow traders to borrow loans from commercial banks. Table 5 Moderating testing using gender. Relationships BI ←−PE BI ←−EE BI ←−SI USE ←−BI USE ←−FC USE ←−Trust Table 6 Moderating testing using age. Male Female z-stat Estimate p Estimate p 0.844 −0.274 −- <.001 - −- - <.001 <- 0.508 <.001 <- −2.412** 2.209** −-*** −- Relationships BI ←−PE BI ←−EE BI ←−SI USE ←−BI USE ←−FC USE ←−Trust 18–24 years 25–34 years Estimate p - −- <.001 <.001 <.001 <.001 <.001 0.274 z-stat Estimate p - −- <- <.001 <- 2.815*** −0.914 −-*** −1.563 −0.833 Notes:*** p-value < 0.01;** p-value < 0.05;* p-value < 0.10. BI = Behavioural Intention, PE = Performance Expectancy on using M-Shwari services, EE = Effort Expectancy on using M-Shwari services, SI = Social Influence on using M-Shwari services, FC = Facilitating Conditions for using M-Shwari services, Trust = Trust in using M-Shwari services, USE = Use Behaviour on M-Shwari services. Notes:*** p-value < 0.01;** p-value < 0.05;* p-value < 0.10. BI = Behavioural Intention, PE = Performance Expectancy on using M-Shwari services, EE = Effort Expectancy on using M-Shwari services, SI = Social Influence on using M-Shwari services, FC = Facilitating Conditions for using M-Shwari services, Trust = Trust in using M-Shwari services, USE = Use Behaviour on M-Shwari services. the moderation effect of gender on the relationship between behavioural intention and Use of M-Shwari loan services was positive and highly significant. Gender had no significant moderation effect on the other remaining relationships. Trust had no moderation effect on its relationship with Use of M-Shwari loan services although it was included as an extension in the UTAUT model that was used in this study (Table 5). 4.5. Moderation interactions 4.3. Age as a moderator Age was found to have a significant moderation effect between performance expectancy and behavioural intention. However, the moderation effect was highly significant and much stronger for the older traders (25–34 years) as compared to the younger traders (18–24 years). Similarly, the moderation effect was highly significant and much stronger between behavioural intention and use of M-Shwari loan services, where the effect was much stronger for the older traders compared to the young traders. Age did not moderate the relationship between trust and Use of M-Shwari loan services (Table 6). 4.4. Religious beliefs as a moderator A significant positive moderation was found in the relationship between performance expectancy and behavioural intention. The effect was much stronger for the Christian traders, who stated that their religion allows them to borrow soft loans as compared to the Muslim traders who stated that their religion prohibits them from borrowing loans from the M-Shwari loan services. There was a highly significant negative moderation effect between social influence and behavioural intention (Table 7). Moderation interactions were performed using the SPSS Hayes process mechanism. The study has adopted three-way interaction to test the moderation effect using age and gender to predict use behaviour of M-Shwari loan services and behavioural intention. The results have been shown in Table 8. A two-way and three-way moderation interaction was tested to predict behaviour intention. There was no significant two-way or three-way moderation interaction reported using performance expectancy, facilitating conditions, and effort expectancy, which was removed from the model to improve the model fit (Table 9). 5. Discussion The results have shown that gender has a significant influence regarding borrowing of loans from M-Shwari loan services, commercial banks, the choice of M-Shwari mobile banking services, and the choice of the type of bank patronised by traders. Likewise, age has a significant influence on borrowing loans from M-Shwari loan services and commercial banks. Religious teaching and beliefs does not prohibit Christian traders from borrowing loans from MShwari loan services though Islam does prohibit Muslim traders from borrowing loans from M-Shwari loan services. 5.1. Performance expectancy on behavioural intention Gender was found to have significant negative moderation effect on the relationship between performance expectancy and behavioural intention. The findings were similar to studies conducted by Venkatesh et al. (2000), Morris et al. (2005); Bandyopadhyay and Fraccastoro (2007), Yu (2012) and Ghalandari (2012). The current study contradicts Martins et al. (2014) study that reported no significant moderation effect by both gender and age. The current M.H. Warsame, E.M. Ireri / Journal of Behavioral and Experimental Finance 18 - Table 9 Moderation interactions: Predicting behaviour intention. Table 7 Moderating testing using prohibition of M-Shwari loans by religion. Relationships BI←−PE BI ←−EE BI ←−SI USE ←−BI USE ←−FC USE ←−Trust Muslims Christians z-stat Estimate p Estimate p - −- - <.001 <.001 <.001 <.001 - −- <- <.001 <- 73 2.357** −0.258 −4.62*** −1.966** −2.345** −0.954 Notes:*** p-value < 0.01;** p-value < 0.05;* p-value < 0.10. BI = Behavioural Intention, PE = Performance Expectancy on using M-Shwari services, EE = Effort Expectancy on using M-Shwari services, SI = Social Influence on using M-Shwari services, FC = Facilitating Conditions for using M-Shwari services, ANX = Mobile Phone Anxiety while using M-Shwari services, TRUST = Trust in using M-Shwari services, SE = Self-Efficacy in using M-Shwari services, USE = Use Behaviour on M-Shwari services. Table 8 Moderation interactions: Predicting use behaviour. Outcome variable: Use behaviour B p value Constant (Model 1) Age Gender BI BI ∗ Age BI ∗ Gender Age ∗ Gender BI ∗ Age ∗ Gender 3.721 −0.226 −- −- −- <.001 Constant (Model 2) Age Gender Trust Trust ∗ Age Trust ∗ Gender Age ∗ Gender Trust ∗ Age ∗ Gender 6.572 −2.458 −3.894 −- −0.326 - - Notes: (1) BI = Behavioural Intention (1). Model 1 summary; R = .819, R-sq = .671, MSE = 879, F = 115.385, df 1 = 7, df 2 = 392, p < .001. (2). Model 2 summary; R = .262, R − sq = .068, MSE = 2.487, F = 4.128, df 1 = 7, df 2 = 392, p = .0002. All the values were estimated at 95% confidence level. study reported that the effect on both male traders and female traders were significant though the effect was much stronger for the male traders as compared to female traders. Arenas-Gaitan et al. (2015) reported that performance expectancy had a significant influence on behavioural intention among the older persons. The finding was not in agreement with Venkatesh et al. (2003) study that reported the moderation effect was stronger in younger men. The current study reported that religious beliefs have a significant positive moderation in the relationship between performance expectancy and behavioural intention. Therefore, we propose that religious beliefs be included in the UTAUT model as one of the main moderators of mobile banking services such as M-Shwari loan services especially in studies involving persons of different religious beliefs. 5.2. Effort expectancy on behavioural intention Effort expectancy had a significant positive moderation effect on behavioural intention. However, the effect was only significant and much stronger for the female traders as compared to the male traders. These findings were similar to the studies conducted by Venkatesh and Morris (2000), Venkatesh et al. (2000), Bandyopadhyay and Fraccastoro (2007) and Yu (2012). These studies reported that effort expectancy was the stronger determinant of individual intention in women as compared to men. Age and religious beliefs were reported not to have any moderation role in the relationship between effort expectancy and behavioural intention. Similarly, neither the two-way, nor the three-way interactions using effort Outcome variable: Behavioural intention B p value Constant (Model 1) Age Gender PE PE ∗ Age PE ∗ Gender Age ∗ Gender PE ∗ Age ∗ Gender - −- <.001 <.001 <.001 Constant (Model 2) Age Gender SI SI ∗ Age SI ∗ Gender Age ∗ Gender SI ∗ Age ∗ Gender - −- −- −0.567 <.001 Constant (Model 3) Age Gender FC FC ∗ Age FC ∗ Gender Age ∗ Gender FC ∗ Age ∗ Gender - −- −0.145 - - <- <- Notes: FC = Facilitating conditions, PE = Performance Expectancy, SI = Social Influence. (1). Model 1 summary; R = .383, R-sq = .147, MSE = 5.039, F = 11.249, df1 = 7, df2 = 392, p < .001. (2). Model 2 summary; R = .579, R-sq = .336, MSE = 3.919, F = 46.73, df1 = 7, df2 = 392, p < .001. (3). Model 3 summary; R = .357, R-sq = .128, MSE = 5.153, F = 7.459, df1 = 7, df2 = 392, p < .001. (4). EE = Effort Expectancy had no significant values and thus its values were not included in the table. All the values were estimated at 95% confidence level. expectancy, gender, and age were significant. This finding was similar to the studies conducted by Venkatesh et al. (2012) and Maruping et al. (2016). The current study is contradicted by AlGahtani et al. (2007), Martins et al. (2014), Venkatesh and Zhang (2010) and Ghalandari (2012) as they reported that gender did not have any significant moderation on the relationship between effort expectancy and behavioural intention. The current study contradicts Yu (2012) study that reported a significant moderation interaction effect in the relationship between EE X Age on behavioural intention. 5.3. Social influence on behavioural intention Age and gender were found not to moderate the effect of social influence on behavioural intention. This study was similar to AlGahtani et al. (2007) study that reported gender did not have a moderation effect on the relationship between social influence and behavioural intention. The current study reported a significant negative three-way interaction between SI X Age X Gender on behavioural intention. This finding was similar to the study done by Maruping et al. (2016) that reported a negative significant threeway interaction between SI X Gender X Age on behaviour intention. The current study contradicts Yu (2012) that reported a significant moderation interaction effect in the relationship between SI X Gender on behavioural intention. Religious beliefs were reported to significant and negatively moderate the impact of social influence on behavioural intention, where the effect was much weaker for the Christian traders as compared to the Muslim traders. 5.4. Facilitating conditions on behavioural intention The results showed that gender and age moderate the relationship between facilitating conditions and behavioural intention. With regard to age, this study had similar finding with studies 74 M.H. Warsame, E.M. Ireri / Journal of Behavioral and Experimental Finance 18 - by Martins et al. (2014) and Arenas-Gaitan et al. (2015). This study is similar to the study conducted by Al-Gahtani et al. (2007) that reported genders had a non-significant moderation effect on the relationship between facilitating conditions and behavioural intention. No significant two-way (FI X Gender; FI X Age) or threeway interaction (FI x Age X Gender) were reported in the current study on the relationship between Facilitating conditions and behavioural intention. The current study contradicts Yu (2012) study that reported a significant moderation interaction effect in the relationship between FC X Age on use behaviour. The current study reported no significant moderation effect by both age and gender in the relationship between facilitating conditions and use. This finding contradicts studies by Venkatesh and Zhang (2010) that reported age as a moderator, and Ghalandari (2012) reported the moderation by both age and gender on use behaviour. 5.5. Behaviour intention and use behaviour Gender was reported to significantly moderate the effect of behaviour intention on use behaviour of M-shwari loan services with the effect being much stronger for the female traders. This finding was similar to Yoon (2009) that reported gender had a moderation effect on the relationship between behaviour intention and use behaviour. However, the current study contradicts the studies conducted by Marchewka et al. (2007), Sriwindono and Yahya (2012) and Baptista and Oliveira (2015). These studies reported both age and gender do not have any significant moderating effect on the relationship between behaviour intention and use behaviour. Age was reported to significantly moderate the effect of behaviour intention on Use behaviour of M-Shwari loan services with the effect being much stronger for the older traders. This finding was similar to a study done by Chen and Chan (2014) and Arenas-Gaitan et al. (2015), as these studies reported behavioural intention to have a significant positive influence on Use behaviour among the older persons. Religious beliefs were reported to have a weaker moderate the effect of behaviour intention on Use behaviour of M-shwari loan services with the effect being much weaker for the Christian traders. 5.6. Facilitating conditions on use behaviour Gender and Age were reported not to have any significant moderation effect on the relationship between Facilitating conditions and use behaviour. This finding contradicts studies done by AlGahtani et al. (2007) and Yu (2012) that reported age moderate the effect of facilitating conditions on use behaviour. Nevertheless, the current study reported that religious beliefs had a significant weaker moderation effect on the relationship between facilitating conditions and Use of M-Shwari loan services. Similarly, the twoway interaction on FI X Age; FI X Gender, and the three-way interaction on FI X Age X Gender had no significant moderation effect on the relationship between facilitating conditions and use behaviour. 5.7. Trust on use behaviour Age, gender, and religious beliefs were reported to have no moderating role on the relationship between trust and use behaviour. Similarly, the two-way interaction between Trust X Gender; Trust X Age on use behaviour of M-Shwari loan services were non-significant. Nevertheless, this study reported a significant negative three-way interaction between Trust X Age X Gender on use behaviour of M-Shwari loan services. This finding agreed with Tsu Wei et al. (2009) that stated that trust has a significant aspect affecting the behaviour of a consumer in adoption. On the same note, the finding of this study concurs with Yu (2012), Alqatan et al. (2012), Hwang and Lee (2012) and Baptista and Oliveira (2015). 6. Conclusion The possession of a mobile phone is no longer a luxury in Kenya, but an essential tool for trading is required that empowers persons to have mobile banking and microfinance services at their fingertips. The study has revealed some interesting statistics regarding the popularity of the financial services by M-Pesa and M-Shwari to the less affluent Kenyan traders. Religion may play an important role in accessing these financial services as 67.8% of the male traders stated that their religion prohibits them from using M-Shwari services as it charges interest rates. 85% of the female traders stated that religion does not prohibit them from using MShwari services. Similarly, 76.6% of the male traders stated that their religion prohibits them from accessing loans from commercial banks; while, 57.6% of the female traders stated that religion does not prohibit them from accessing loans from commercial banks. The research also revealed some interesting findings regarding the moderation effect of certain moderators; such as, gender, age, religious beliefs, trust, and social influences on the behavioural intention of the small traders in Kenya. Practical implications In the current study, trust is shown to be amongst the major determinants of usage behaviour in M-Shwari loan services. The use of M-Shwari loan services does not require any collateral, and it is easily accessible to all Kenyans from all walks of life. The loan limit is pegged onto the savings that a customer has on their active M-Shwari accounts. All the microfinance service providers, who utilise mobile phone transactions, need to uphold the trust of their customers. The service providers of M-Shwari need to come up with more microfinance products that attract persons of all religions. Islam prohibits Riba, and the findings of this study have shown that Muslims have difficulties in the adoption of M-Shwari loan service. It shows the need to diversify M-Shwari products and services to cater for the need of the Muslim community in Kenya. The extended UTAUT model used in this study can be applied in countries that are using mobile phones to offer both mobile banking and microfinance services. Recommendation The study has recommended the inclusion of trust as a significant determinant of behavioural intentions to use M-Shwari loan services, and religious beliefs as a moderator in the UTAUT model, when studying microfinance mobile products and services. It will make the revised model more applicable to the Kenyan context that has many Muslims of Somali origin doing business in Kenya. The inclusion of Sharia friendly products and services in M-Shwari is helpful; so that the Kenyan Muslims can get benefits from the soft loans like their Christians counterparts. The integration of the Islamic financing modes; such as, Murabaha (cost-plus financing) and diminishing Musharaka to the existing of M-Shwari banking products has been suggested to cater the needs of less affluent Muslims, who are in dire need for these services. 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Methodol. 8 (1), 136–844. http://dx.doi.org/10. 2307/270754. Yoon, C., 2009. The effects of national culture values on consumer acceptance of e-commerce: Online shoppers in China. Inf. Manage. 46 (5), 294–301. http: //dx.doi.org/10.1016/j.im-. Yu, C., 2012. Factors affecting individuals to adopt mobile banking: Empirical evidence from the UTAUT model. J. Electr. Commer. Res. 13 (2), 104. Further reading Weiss, J., Montgomery, H., Kurmanalieva, E., 2003. Micro finance and poverty reduction in Asia: what is the evidence? ABD Institute Research Paper. Mohammed Hersi Warsame received his Ph.D. in Banking and Finance from Durham University. (UK). Dr. Warsame also holds two prestigious professional qualifications, namely, ACCA (Chartered Certified Accountant) and CIPA (Certified Islamic Professional Accountant). Dr. Warsame is currently a faculty member of the Department of Finance and Economics at the University of Sharjah, UAE. Edward Mugambi Ireri is the Senior Research Scientist and Director at Smart Health EQAS Consultants Limited company, with over 10 years’ experience. His main interests are in multi-disciplinary research collaborations, survey analysis, SEM, and CB-SEM modelling. The author is currently a researcher at the Department of Planning Research and Development, University of Kabianga, Kenya. Update Journal of Behavioral and Experimental Finance Volume 30, Issue , June 2021, Page DOI: https://doi.org/10.1016/j.jbef- Journal of Behavioral and Experimental Finance 30 - Contents lists available at ScienceDirect Journal of Behavioral and Experimental Finance journal homepage: www.elsevier.com/locate/jbef Erratum Erratum regarding missing Declaration of Competing Interest statements in previously published articles article info Article history: Available online 3 December 2020 Declaration of Competing Interest statements were not included in the published version of the following articles that appeared in previous issues of ‘‘Journal of Behavioral and Experimental Finance’’. (5) ‘‘Reaction to news in the Chinese stock market: A study on Xiong an New Area Strategy’’ [Journal of Behavioral and Experimental Finance, 2018; 19: 36–38] https://doi.org/10.1016/j.jbef-. The authors were contacted after publication to request a Declaration of Interest statement (6) ‘‘Quantifying the cross sectional relation of daily happiness sentiment and return skewness: Evidence from US industries’’ [Journal of Behavioral and Experimental Finance, 2020; 27: 100369] https://doi.org/10.1016/j.jbef-. Original Articles DOIs: (1) ‘‘How do markets react to (un)expected fundamental value shocks? An experimental analysis’’ [Journal of Behavioral and Experimental Finance, 2019; 23: 90–113] https://doi.org/10.1016/ j.jbef-. (2) ‘‘Does social capital affect dividend policy?’’ [Journal of Behavioral and Experimental Finance, 2019; 22: 116–128] https: //doi.org/10.1016/j.jbef-. (3) ‘‘Does mood affect institutional herding?’’ [Journal of Behavioral and Experimental Finance, 202; 26: 100290] https://doi.org/ 10.1016/j.jbef-. (4) ‘‘The theoretical attitude and actual behavior of an individual towards risk’’ [Journal of Behavioral and Experimental Finance, 2019; 23: 1–11] https://doi.org/10.1016/j.jbef-. DOIs of original articles: https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-, https://doi.org/10.1016/j.jbef-. https://doi.org/10.1016/j.jbef-/© 2020 Published by Elsevier B.V. (7) ‘‘Moderation effect on mobile microfinance services in Kenya: An extended UTAUT model’’ [Journal of Behavioral and Experimental Finance, 2018; 18: 67–75] https://doi.org/10.1016/j.jbef-. (8) ‘‘Academic performance and financial forecasting performance: A survey study’’ [Journal of Behavioral and Experimental Finance, 2018; 20: 45–51] https://doi.org/10.1016/j.jbef-. (9) ‘‘Are individual investors irrational or adaptive to market dynamics?’’ [Journal of Behavioral and Experimental Finance, 2019; 25: 100243] https://doi.org/10.1016/j.jbef-. (10) ‘‘Gender differences in asset information acquisition’’ [Journal of Behavioral and Experimental Finance, 2018; 20: 19–29] https://doi.org/10.1016/j.jbef-. (11) ‘‘Overconfidence and disposition effect in the stock market: A micro world based setting’’ [Journal of Behavioral and Experimental Finance, 2018;21: 61–69] https://doi.org/10.1016/j.jbef-. (12) ‘‘Game day effect on stock market: Evidence from four major sports leagues in US’’ [Journal of Behavioral and Experimental Finance, 2018; 20: 9–18] https://doi.org/10.1016/j.jbef-. (13) ‘‘Monday mornings: Individual investor trading on days of the week and times within a day’’ [Journal of Behavioral and Experimental Finance, 2019; 22: 105–115] https://doi.org/10.1016/ j.jbef-. Journal of Behavioral and Experimental Finance 30 - (14) ‘‘Formation of cross-border corporate strategic alliances: The roles of trust and cultural, institutional, and geographical distances’’ [Journal of Behavioral and Experimental Finance, 2018; 21: 22–38] https://doi.org/10.1016/j.jbef-. (15) ‘‘Extending the price constraints of betting markets’’ [Journal of Behavioral and Experimental Finance, 2019; 23: 181–188] https://doi.org/10.1016/j.jbef-. 2