Title: From Cash to Digital: Palm pay's Impact on Financial Inclusion in Emerging Markets in Iringa Municipality- Tanzania.
Authors: Theobald Francis Kipilimba
Volume: 9
Issue: 12
Pages: 21-33
Publication Date: 2025/12/28
Abstract:
This study investigated the impact of Palm Pay, a digital payment platform, on financial inclusion in Iringa Municipality, Tanzania, focusing on its adoption, benefits, and challenges. Using a mixed-methods approach, data were collected from 120 respondents, including individuals and small business owners, through structured questionnaires and in-depth interviews. The findings revealed that Palm Pay significantly enhanced financial accessibility, with 62.5% of respondents utilizing it for digital payments and 41.7% for savings. Key benefits included convenience, cost-effectiveness, and improved financial management. However, challenges such as limited digital literacy, financial barriers, and infrastructure limitations hindered broader adoption, with 50% of respondents reporting significant digital literacy challenges and 58.3% facing infrastructure and regulatory barriers. The study concludes that while Palm Pay has transformative potential, addressing these barriers through targeted awareness campaigns, improved digital literacy programs, affordable pricing, and infrastructure development is essential for maximizing its impact on financial inclusion in emerging markets. These findings provide valuable insights for policymakers, financial service providers, and stakeholders aiming to leverage digital platforms to empower underserved populations.