Accepted Manuscript

Moderation effect on mobile microfinance services in Kenya: An extended

UTAUT model

Mohammed Hersi Warsame, Edward Mughambi Ireri

PII: S2214-6350(18)30026-1
DOI: https://doi.org/10.1016/j.jbef.2018.01.008
Reference: JBEF 140

To appear in: Journal of Behavioral and Experimental Finance

Received date : 8 December 2017

Revised date : 26 January 2018
Accepted date : 30 January 2018

Please cite this article as: Warsame M.H., Ireri E.M., Moderation effect on mobile microfinance
services in Kenya: An extended UTAUT model. Journal of Behavioral and Experimental Finance
(2018), https://doi.org/10.1016/j.jbef.2018.01.008

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 Moderation Effect on Mobile Microfinance Services in Kenya: An Extended UTAUT model

Abstract
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.

Keywords: Loan Services, Microfinance, Moderation, Mobile banking, M-Shwari, UTAUT

Article Classification: Research Paper

Authors details
1. Dr.Mohammed Hersi Warsame. University of Sharjah, UAE (Corresponding
author).
Contact details:
 Email: [email protected] or [email protected]
 Postal address:t University of Sharjah, Box 27272, United Arab
Emirates

2. Mr. Edward Mughambi Ireri. University of Kabianga, Kenya.

Moderation Effect on Mobile Microfinance Services in Kenya: An Extended UTAUT
model
Abstract

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.

Keywords: Behavioural Intention, Loan Services, Microfinance, Moderation, Mobile

banking, M-Shwari, Use Behaviour, UTAUT
Article Classification: Research Paper

1.0 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

1
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 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 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.

2.0 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
2
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.
3
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; Michael. G 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 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 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
4
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
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.

2.5 Trust
Trust has been reported as a significant aspect by Tsu 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
5
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?

3.0 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 non-Somalis. 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

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 prophesised Islam as their religion. The data from the few Christians doing business
6
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

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

7
model explained 36% of variation in the behavioural intention and 65% to use M-Shwari loan
services (Figure 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 casual model. The standardized 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 (χ² = 20.18; df =5); p
=.001.
8
4.0 Results
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).
Table 1: Descriptive statistics (Percent)
Male = 261 Female = 139
Variables N Percent N Percent
Age 18-24 years 109 41.8 45 32.4
25-34 years 111 42.5 64 46
35-44 years 28 10.7 21 15.1
45-54 years 5 1.9 9 6.5

9
 Over 55 years 8 3.1
M-Shwari services Buy goods & services 183 70.1 58 41.7
M-Shwari Banking services 56 21.5 68 48.9
None 22 8.4 13 9.4
Religion Christians 43 16.5 84 60.4
Muslims 218 83.5 55 39.6
Religion prohibit
use of M-Shwari Yes 177 67.8 54 38.8
No 84 32.2 85 61.2
Religion prohibit
commercial loans Yes 200 76.6 59 42.4
No 61 23.4 80 57.6
Bank patronage Commercial bank 64 24.5 125 89.9
Islamic bank 85 32.6 7 5
Both Commercial & Islamic bank 17 6.5 2 1.4
None 95 36.4 5 3.6
Notes: In this table, socio-demographic variables are presented separately by splitting the data into
two by gender.

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 χ² (1) = 31.19; p < .001. Overall, 57.8% of the traders stated 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 M-Shwari services (Table 2).
There was a significant association difference between gender and the type of M-Shwari
services that were popular by the traders χ² (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 patronized the Islamic banks were
the majority at 32.6%; whereas, the majority of the female traders (89.9%) patronized
commercial banks (Table 2).

Table 2: Cross tabulation of the socio-demographic variables.

1.Mshwari Service Male Female Total Chi statistics
None 22 (8.4%) 13 (9.4%) 35 (8.8%)
Buy goods & services 183 (70.1%) 58 (41.7%) 241 (60.3%) χ² =34.29,

10
Mshwari Services 56 (21.5%) 68 (48.9%) 124 (31%) df=2, p <.001
2. Religion Mshwari
Yes 177 (67.8%) 54 (38.8%) 231 (57.8%) χ² =31.19,
No 84 (32.2%) 85 (61.2%) 169 (42.3%) df=1, p <.001
3. Bank patronage
None 95 (36.4%) 5 (3.6%) 100 (25%)
Commercial 64 (24.5%) 125 (89.9%) 189 (47.3%) χ² =155.96,
Islamic 85 (32.6%) 7 (5%) 92 (23%) df=3, p <.001
Both 17 (6.5%) 2 (1.4%) 19 4.8%)
4.Religion Loans
Yes 200 (76.6%) 59 (42.4%) 259 (64.8%) χ² =46.43,
No 61 (23.4%) 80 (57.6%) 141 (35.3%) df=1, p <.001
Notes: The 2x2 tables were computed using cross tabulation. All the results had 0 % expected count
less than 5

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).
Table 3: Cross tabulation using age
Religion Mshwari Age Yes No Chi statistics
18-24 118 (29.5%) 36 (9%) χ² =74.70,
25-34 95 (23.8%) 80 (20%) df=4, p <.001
35-44 7 (1.8%) 42 (10.5%)
45-54 3 (0.8%) 11 (2.8%)
Over 55 8 (2%) 0 (0%)
Total 231 (57.8%) 169 (42.3%)
Religion Loans
18-24 142 (35.5%) 12 (3%) χ² =126.54,
25-34 99 (24.8%) 76 (19%) df=4, p <.001
35-44 7 (1.8%) 42 (10.5%)
45-54 3 (0.8%) 11 (2.8%)
Over 55 8 (2%) 0 (0%)
Total 259 (64.8%) 141 (35.3%)
Notes: The 2x2 tables were computed using cross tabulation. 2 cells (20%) expected count less than
5.

The results showed that 82.7% of the Christians stated that their religion does not prohibit
them from accessing loans from M-Shwari 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

11
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 χ² (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 χ² (1) = .455; p = .500.
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 12 (9.4%) 31 (24.4%) χ² =5.085,
Female 10 (7.9%) 74 (58.3%) df=1, p =.024
Total 22 (17.3%) 105 (82.7%)
Muslim Male 165 (60.4%) 53 (19.4%) χ² =.455,
Female 44 (16.1% 11 (4%) df=1, p =.500
Total 209 (76.6%) 64 (23.4%)
Religion Loans Christian Male 12 (9.40%) 31 (24.4%) χ² =.5.085,
Female 10 (7.9%) 74 (58.3%) df=1, p =.024
Total 22 (17.3%) 105 (82.7%)
Muslim Male 188 (68.9%) 30 (11%) χ² =.312,
Female 49 (17.9%) 6 (2.2%) df=1, p =.576
Total 237 (86.8%) 36 (13.2%)
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.

4.1 Multi-group moderation testing

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.

4.2 Gender as a moderator

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, the moderation effect of gender on

12
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).
Table 5: Moderating testing using gender.
Male Female
Relationships Estimate p Estimate p z-stat
BI <---PE 0.844 <.001 0.302 0.024 -2.412**
BI <---EE -0.274 0.508 0.996 0.012 2.209**
BI <---SI -1.133 <.001 -1.279 <.001 -0.785
USE <---BI 0.47 <.001 0.608 <.001 3.32***
USE <---FC 0.166 0.086 0.123 0.009 -0.397
USE <---Trust 0.05 0.173 0.131 0.026 1.174
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.

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).
Table 6: Moderating testing using age.
18-24 years 25-34 years
Relationships Estimate p Estimate p z-stat
BI <---PE 0.104 0.274 0.704 <.001 2.815***
BI <---EE 0.961 <.001 0.196 0.807 -0.914
BI <---SI -1.181 <.001 -1.223 <.001 -0.203
USE <---BI 0.448 <.001 0.648 <.001 4.502***
USE <---FC 0.211 <.001 0.089 0.175 -1.563
USE <---Trust 0.137 <.001 0.089 0.051 -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.

13
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).
Table 7: Moderating testing using prohibition of M-Shwari loans by religion.
Muslims Christians
Relationships Estimate p Estimate p z-stat
BI<---PE 0.258 0.007 0.921 <.001 2.357**
BI <---EE 0.272 0.418 0.11 0.834 -0.258
BI <---SI -0.639 <.001 -1.461 <.001 -4.62***
USE <---BI 0.617 <.001 0.532 <.001 -1.966**
USE <---FC 0.253 <.001 0.071 0.265 -2.345**
USE <---Trust 0.1 <.001 0.017 0.836 -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.

4.5 Moderation Interactions

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.
Table 8: Moderation Interactions: Predicting Use Behaviour
Outcome Variable: Use Behaviour B p value
Constant (Model 1) 3.721 <.001
Age -0.226 0.004
Gender -0.488 0.001
BI 0.548 0.001
BI*Age -0.101 0.841
BI*Gender 0.101 0.049
Age*Gender -0.006 0.969
BI*Age*Gender 0.271 0.041

Constant (Model 2) 6.572 0.002

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Age -2.458 0.049
Gender -3.894 0.026
Trust -0.391 0.261
Trust*Age 0.313 0.111
Trust*Gender 0.541 0.055
Age*Gender 2.549 0.009
Trust*Age*Gender -0.326 0.032
Notes: (1) BI = Behavioural Intention (1). Model 1 summary; R = .819, R-
sq = .671, MSE = 879, F = 115.385, df1 = 7, df2 = 392, p <.001. (2). Model
2 summary; R = .262, R-sq = .068, MSE = 2.487, F = 4.128, df1 = 7, df2 =
392, p =.0002. All the values were estimated at 95 % confidence level.

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).

Table 9: Moderation Interactions: Predicting Behaviour Intention

Outcome Variable: Behavioural Intention B p value
Constant (Model 1) 2.346 <.001
Age 0.599 <.001
Gender 1.282 <.001
PE 0.321 0.0001
PE*Age 0.056 0.458
PE*Gender -0.079 0.666
Age*Gender 0.274 0.391
PE*Age*Gender 0.09 0.962

Constant (Model 2) 2.325 <.001

Age 0.445 0.0001
Gender 0.338 0.159
SI -0.934 <.001
SI*Age 0.077 0.524
SI*Gender -0.267 0.25
Age*Gender 0.343 0.16
SI*Age*Gender -0.567 0.009

Constant (Model 3) 2.402 <.001

Age 0.553 0.0006
Gender 1.153 0.0002
FC -0.048 0.832
FC*Age 0.177 0.475
FC*Gender 0.299 0.429
Age*Gender 0.42 0.217

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 FC*Age*Gender -0.145 0.731
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.

5.0 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 M-Shwari 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); Ghalandari (2012). The current study contradicts Martins et
al. (2014) study that reported no significant moderation effect by both gender and age. The
current 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

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 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 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 Al-Gahtani et al. (2007); Martins et al. (2014); Venkatesh and Zhang (2010);
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 Al-Gahtani 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 three-way 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 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
17
moderation effect on the relationship between facilitating conditions and behavioural
intention. No significant two-way (FI X Gender; FI X Age) or three-way 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 Al-Gahtani 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 two-way interaction
on FI X Age; FI X Gender, and the three-way interaction on FI X Age X Gender had no

18
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 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).

6.0 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 M-Shwari 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
19
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. Lastly, the study has recommended the adoption of a mixed approach
method in data collection in future, using longitudinal case studies to further test the revised
model empirically.

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Biography

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, and the current chairman
department of Finance at the University of Sharjah, UAE.

Mr. Ireri Mugambi Edward 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 modeling.
The author is currently a researcher at the Department of Planning Research and
Development, University of Kabianga, Kenya.

26