Unlocking the Potential of Individual Investors Participation: A Glimpse into Tanzania’s Dar es Salaam Stock Exchange (DSE)
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Published
Jun 11, 2025
Abstract
This study investigates the determinants of individual investor participation in the stock market, utilizing data collected from the Dar es Salaam Stock Exchange (DSE). A cross-sectional research design was adopted, and a simple random sampling technique was employed to select a sample of 384 individual investors. Data collection was conducted through a structured questionnaire, designed to capture relevant demographic, behavioral, and financial information. The collected data were then analyzed using both descriptive statistics to summarize key variables and probit regression model, to examine the relationships between various factors and stock market participation.The findings revealed that age (p = 0.099) and being student (p = 0.053) also positively influence participation, being male investor (p = 0.029), especially when financially literate (p = 0.000), are significantly more likely to participate in the stock market. Degree holders (p = 0.002) and married individuals (p = 0.004) also exhibit higher participation, while diploma holders (p = 0.005) are less likely. Social interaction (p = 0.000), financial literacy (p = 0.000), being risk taker (p=0.002) and technology usage (p = 0.000) significantly enhance participation while liquidity constraints (p = 0.990) and transaction costs (p = 0.008) reduce participation in Dar es Salaam Stock Exchange Market. The findings suggest that policymakers should prioritize financial literacy programs, especially targeting male investors and degree holders, while expanding technology access to facilitate broader market participation. Efforts to reduce transaction costs and address liquidity constraints can further encourage individual investors. Enhancing social interaction platforms within investment communities will foster greater engagement, contributing to a more inclusive and vibrant stock market in Tanzania.
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How to Cite
Sylidion, E., Setonga, J. A. and Shabani, O. P. (2025) “Unlocking the Potential of Individual Investors Participation: A Glimpse into Tanzania’s Dar es Salaam Stock Exchange (DSE)”, Ranah Research : Journal of Multidisciplinary Research and Development, 7(5), pp. 3250-3265. doi: 10.38035/rrj.v7i5.1640.
References
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Alhassan, H., & Abu, B. M. (2025). Access to credit and market participation: Evidence from Ghana. Journal of Applied Economic Research. (In press).
Arianpoor, A., & Mohammadbeikzade, N. (2025). Stock liquidity, future investment, and financial constraints in an emerging economy. Journal of Islamic Accounting and Business Research. (In press).
Ashoka, M. L., & Keihani, H. R. (2020). Factors influencing the investors to invest in stock market. International Journal of Management (IJM), 11(1), 166-175.
Banyen, T. (2022). Behavioral drivers of stock market participation: Insights from Ghanaian investors. Journal of Business and Economic Options, 5(2), 1-13.
Bary, E. (2021). South Africa's retail investors surge with mobile trading platforms. Financial Markets Journal, 19(4), 224-239.
Cameron, R., Lewis, J., & Rees, P. (2023). Fintech growth and investor participation in global markets. Journal of Financial Technology, 18(2), 101-120.
Chen, S., Piao, X., Xie, J., & Managi, S. (2025). Human capital and regional disparities: Advancing accounting frameworks with education, health, and population dynamics. PloS One. https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0315166
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Galván, J. Y. R., & Aguirre, J. F. I. (2025). Returns to Higher Education in Mexico: A Cross-Sectional Analysis, 2010–2024. Economies.
Gao, M., Meng, J., & Zhao, L. (2023). Income and social communication: The demographics of stock market participation. The World Economy, 46(7), 2244-2277.
Ghosh, S. K. (2022). Demographic aspects and investors’ decision-making process: A study. Journal of Asian Business Strategy, 12(2), 150-162.
Guragai, B., & Peabody, S. D. (2018). Demographic factors affecting US households’ investment in stocks. International Journal of Economics and Finance, 10(4), 112-122.
Gurrola-Perez, P., Lin, K., & Speth, B. (2022). Retail trading: An analysis of current trends and drivers. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4562259
Iqbal, K., & Usmami, S. (2019). Behavioural factors influencing individual investors' decision making: Study of Pakistan Stock Exchange (PSX). BUJHSS, 2(1), 10-10.
Karki, D., & KC, R. (2024). Technological evolution, service innovation, and intraday trading adoption in Nepal's stock market: A behavioral approach. ResearchGate. https://www.researchgate.net/publication/390586919
Kaur, M., & Vohra, T. (2012). Women and stock market participation: A review of empirical evidences. Management and Labour Studies, 37(4), 283-293.
Kengatharan, L. (2019). Factors affecting stock market investing decisions: Evidence from individual investors in the northern region of Sri Lanka. In 1st Asia Pacific Symposium on Academic Research (APSAR-2019).
Kumar, R., Kiwia, B., & Epaphra, M. (2021). Financial literacy and participation in the financial markets in Tanzania: An application of the logit regression model. Journal of Economic and Financial Studies. https://jefjournal.org.za/index.php/jef/article/view/545
Mchomvu, E., & Kazimzuri, J. (2021). Stock market participation in Tanzania: Challenges and opportunities. Tanzanian Journal of Economics and Finance, 12(2), 45-63.
Mishra, R. (2018). Financial literacy, risk tolerance and stock market participation. Asian Economic and Financial Review. https://www.researchgate.net/publication/330135725
Mkoba, C. (2024). Financial technology and stock market participation in Ghana. African Financial Review, 15(1), 55-72.
Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. In K. K. Kurihara (Ed.), Post-Keynesian Economics (pp. 388-436). New Brunswick, NJ: Rutgers University Press.
Mogoba, G. M. (2024). Challenges faced by support groups in offering services to people living with HIV and AIDS in Kitutu Chache Constituency, Kisii County. Kenyatta University Repository.
Mutukrishna, M., & Henrich, J. (2022). Entrepreneurship and market engagement: Behavioral determinants. Journal of Behavioral Economics and Organization. (In press).
Mwakabumbe, C. A. (2024). Empowering Tanzanian Women: The Moderating Role of Awareness on Stock Market Participation. Journal of Co-operative and Business Studies (JCBS), 8(2), 1-19.
Mwakabumbe, C. A., Temu, S. S., & Kazungu, I. (2023). Stock Market Indicators and Domestic Market Capitalization of Emerging Markets. ORSEA JOURNAL, 13(1).
Mwamtambulo, D. J. (2021). Factors influencing individual investor participation in stock markets: Evidence from Tanzania. International Journal of Emerging Markets, 16(4), 789–808. https://doi.org/10.1108/IJOEM-03-2020-0295
Mwamtambulo, D. J. (2021, June). Factors influencing individual investor participation in stock market. In Contemporary Trends and Challenges in Finance: Proceedings from the 6th Wroclaw International Conference in Finance (pp. 57-74). Cham: Springer International Publishing.
Nadeem, M. A., Qamar, M. A. J., Nazir, M. S., Ahmad, I., Timoshin, A., & Shehzad, K. (2020). How investor attitudes influence stock market participation when financial self-efficacy is present. Frontiers in Psychology, 11, 2286.
Nwankwo, A., Okoye, P., & Uzochukwu, I. (2021). Individual investor participation in the Nigerian stock exchange: Challenges and prospects. African Journal of Business Management, 15(5), 121-134.
Nyakurukwa, K., & Seetharam, Y. (2022). Household stock market participation in South Africa: the role of financial literacy and social interactions. Review of Behavioral Finance, 16(1), 186-201.
Otuonuyo, G., Adewumi, B. J., & Onamade, A. O. (2025). Who Benefits? A deep dive into the social and economic impact of cooperative housing estates in Lagos megacity. UNIABUJA Journal of Social Science and Humanities.
Parker, S., & Riley, T. (2022). Retail investor trends and market democratization: A global perspective. Global Financial Review, 29(4), 345-367.
Patel, B., & Modi, V. (2017). Impact of demographic determinants on investment decision: An empirical investigation from South Gujarat. International Journal of Latest Engineering and Management Research, 2(12), 31-38.
Phung, T. M., & Martinez-Gonzalo, J. (2025). The impact of financial literacy on women's economic empowerment: Exploring the mediating role of digital financial services. Journal of Applied Research in Higher Education. https://www.emerald.com/insight/content/doi/10.1108/JARHE-07-2023-0273/full/html
Sabiran, D., Ismail, N. A., & Ahmad, M. S. (2023). Technology adoption, peer influence, and financial literacy in shaping millennials’ stock market intentions. Journal of Financial Services Marketing, 28(1), 15–27. https://doi.org/10.1057/s41264-023-00156-7
Sabiran, M. H., Mohamed, N. N. N., & Yusoff, N. M. (2023). Factors influencing stock market participation intentions among millennials. Journal of Advanced Research in Business and Management Studies, 30(1), 58-73.
Setonga, J., & Omary, P. S. (2024). Analysis of Willingness to Pay for Improved Waste Management among Food Vendors in Mzumbe Ward, Mvomero District. Open Access Library Journal, 11(10), 1-17.
Sharma, A., Goel, A., Rastogi, S., & Bhimavarapu, V. M. (2022). Factors accountable for non-participation in the stock market: Identification and ranking. SAMVAD, 23, 50-64.
Sharma, R., Gupta, V., & Singh, P. (2022). Financial barriers and investor participation in emerging markets. Journal of Economic Studies, 49(3), 487–505. https://doi.org/10.1108/JES-12-2021-0629
Sholevar, M. (2023). Mind the gap: The relationship between gender, financial inclusion, and financial literacy. SOAS University. Retrieved from https://eprints.soas.ac.uk/39119
Singh, B., & Singh, M. (2024). Empowering Indigenous Wealth: Analyzing Financial Literacy, Risk Preferences, and Stock Market Engagement within Scheduled Tribes in India. Vision. https://journals.sagepub.com/doi/abs/10.1177/09722629241226446
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818-841.
Srija, A., & Vijay, S. S. (2020). Female labor force participation in India: Insights through time use Survey. Review of Market Integration. https://journals.sagepub.com/doi/abs/10.1177/09749292211031131
Tharakan, P., & Adenuga, A. (2022). Barriers to stock market participation in Sub-Saharan Africa. African Development Review, 34(3), 567-586.
Ton, H. H., & Nguyen, T. P. (2014). The impact of demographical factors on investment decision: A study of Vietnam stock market. International Journal of Economics and Finance, 6(11), 83-89.
United Nations (UN). (2023). Sustainable Development Goals Report 2023. United Nations Publications. https://unstats.un.org/sdgs/report/2023/
Wang, J., Yin, Z., & Jiang, J. (2023). The effect of the digital divide on household consumption in China. International Review of Financial Analysis, 87, 102592. https://doi.org/10.1016/j.irfa.2023.102592
World Bank. (2021). Global financial inclusion database: Stock market participation in developing economies. Washington, DC: World Bank Publications.
Zeng, Y., Chen, C., Wang, J., & Zou, J. (2025). Education investment, social security, and household financial market participation. Finance Research Letters. https://www.sciencedirect.com/science/article/pii/S1544612325003873
Zhou, Y., Lu, W., Niu, G., & Xi, Z. (2025). Individualism and stock market participation. The European Journal of Finance. https://www.tandfonline.com/doi/abs/10.1080/1351847X.2024.2380409
Zingher, J. N. (2022). Diploma divide: Educational attainment and the realignment of the American electorate. Political Research Quarterly. https://journals.sagepub.com/doi/abs/10.1177/10659129221079862
Adhikari, B., & Alburez-Gutierrez, D. (2025). Financial decision-making among married couples: Evidence from emerging markets. Journal of Family and Economic Issues, 46(2), 123-139.
Aisa, N. N. (2021). Do financial literacy and technology affect intention to invest in the capital market in the early pandemic period? Journal of Accounting and Investment, 22(1), 71–84. https://www.academia.edu/download/90298493/pdf.pdf
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T
Akinyele, S. T., & Onakoya, A. B. (2020). Factors influencing retail investor participation in Kenya's stock market. International Journal of Business and Management Studies, 9(2), 45-60.
Alhassan, H., & Abu, B. M. (2025). Access to credit and market participation: Evidence from Ghana. Journal of Applied Economic Research. (In press).
Arianpoor, A., & Mohammadbeikzade, N. (2025). Stock liquidity, future investment, and financial constraints in an emerging economy. Journal of Islamic Accounting and Business Research. (In press).
Ashoka, M. L., & Keihani, H. R. (2020). Factors influencing the investors to invest in stock market. International Journal of Management (IJM), 11(1), 166-175.
Banyen, T. (2022). Behavioral drivers of stock market participation: Insights from Ghanaian investors. Journal of Business and Economic Options, 5(2), 1-13.
Bary, E. (2021). South Africa's retail investors surge with mobile trading platforms. Financial Markets Journal, 19(4), 224-239.
Cameron, R., Lewis, J., & Rees, P. (2023). Fintech growth and investor participation in global markets. Journal of Financial Technology, 18(2), 101-120.
Chen, S., Piao, X., Xie, J., & Managi, S. (2025). Human capital and regional disparities: Advancing accounting frameworks with education, health, and population dynamics. PloS One. https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0315166
Committee of SADC Stock Exchanges (CoSSE). (2023). Evolution of Dar es Salaam Stock Exchange (DSE). Retrieved from https://www.cosse.africa/wp-content/uploads/2023/09/Evolution-of-Dar-es-Salaam-Stock-Exchange.pdf
Dar es Salaam Stock Exchange (DSE). (2011). Dar es Salaam Stock Exchange Handbook 2011. DSE Publications.
Dar es Salaam Stock Exchange (DSE). (2016). Dar es Salaam Stock Exchange Annual Report 2016. DSE Publications.
Dar es Salaam Stock Exchange (DSE). (2017). Dar es Salaam Stock Exchange Annual Report 2017. DSE Publications.
Dar es Salaam Stock Exchange (DSE). (2021). Dar es Salaam Stock Exchange Statistical Bulletin. Dar es Salaam Stock Exchange PLC.
Dar es Salaam Stock Exchange (DSE). (2024). About - Dar es Salaam Stock Exchange. Retrieved from https://dse.co.tz/about
Epaphra, M., & Kiwia, B. P. (2021). Financial literacy and participation in the financial markets in Tanzania: An application of the logit regression model. Journal of Economic and Financial Studies. https://jefjournal.org.za/index.php/jef/article/download/545/1199
Galván, J. Y. R., & Aguirre, J. F. I. (2025). Returns to Higher Education in Mexico: A Cross-Sectional Analysis, 2010–2024. Economies.
Gao, M., Meng, J., & Zhao, L. (2023). Income and social communication: The demographics of stock market participation. The World Economy, 46(7), 2244-2277.
Ghosh, S. K. (2022). Demographic aspects and investors’ decision-making process: A study. Journal of Asian Business Strategy, 12(2), 150-162.
Guragai, B., & Peabody, S. D. (2018). Demographic factors affecting US households’ investment in stocks. International Journal of Economics and Finance, 10(4), 112-122.
Gurrola-Perez, P., Lin, K., & Speth, B. (2022). Retail trading: An analysis of current trends and drivers. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4562259
Iqbal, K., & Usmami, S. (2019). Behavioural factors influencing individual investors' decision making: Study of Pakistan Stock Exchange (PSX). BUJHSS, 2(1), 10-10.
Karki, D., & KC, R. (2024). Technological evolution, service innovation, and intraday trading adoption in Nepal's stock market: A behavioral approach. ResearchGate. https://www.researchgate.net/publication/390586919
Kaur, M., & Vohra, T. (2012). Women and stock market participation: A review of empirical evidences. Management and Labour Studies, 37(4), 283-293.
Kengatharan, L. (2019). Factors affecting stock market investing decisions: Evidence from individual investors in the northern region of Sri Lanka. In 1st Asia Pacific Symposium on Academic Research (APSAR-2019).
Kumar, R., Kiwia, B., & Epaphra, M. (2021). Financial literacy and participation in the financial markets in Tanzania: An application of the logit regression model. Journal of Economic and Financial Studies. https://jefjournal.org.za/index.php/jef/article/view/545
Mchomvu, E., & Kazimzuri, J. (2021). Stock market participation in Tanzania: Challenges and opportunities. Tanzanian Journal of Economics and Finance, 12(2), 45-63.
Mishra, R. (2018). Financial literacy, risk tolerance and stock market participation. Asian Economic and Financial Review. https://www.researchgate.net/publication/330135725
Mkoba, C. (2024). Financial technology and stock market participation in Ghana. African Financial Review, 15(1), 55-72.
Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. In K. K. Kurihara (Ed.), Post-Keynesian Economics (pp. 388-436). New Brunswick, NJ: Rutgers University Press.
Mogoba, G. M. (2024). Challenges faced by support groups in offering services to people living with HIV and AIDS in Kitutu Chache Constituency, Kisii County. Kenyatta University Repository.
Mutukrishna, M., & Henrich, J. (2022). Entrepreneurship and market engagement: Behavioral determinants. Journal of Behavioral Economics and Organization. (In press).
Mwakabumbe, C. A. (2024). Empowering Tanzanian Women: The Moderating Role of Awareness on Stock Market Participation. Journal of Co-operative and Business Studies (JCBS), 8(2), 1-19.
Mwakabumbe, C. A., Temu, S. S., & Kazungu, I. (2023). Stock Market Indicators and Domestic Market Capitalization of Emerging Markets. ORSEA JOURNAL, 13(1).
Mwamtambulo, D. J. (2021). Factors influencing individual investor participation in stock markets: Evidence from Tanzania. International Journal of Emerging Markets, 16(4), 789–808. https://doi.org/10.1108/IJOEM-03-2020-0295
Mwamtambulo, D. J. (2021, June). Factors influencing individual investor participation in stock market. In Contemporary Trends and Challenges in Finance: Proceedings from the 6th Wroclaw International Conference in Finance (pp. 57-74). Cham: Springer International Publishing.
Nadeem, M. A., Qamar, M. A. J., Nazir, M. S., Ahmad, I., Timoshin, A., & Shehzad, K. (2020). How investor attitudes influence stock market participation when financial self-efficacy is present. Frontiers in Psychology, 11, 2286.
Nwankwo, A., Okoye, P., & Uzochukwu, I. (2021). Individual investor participation in the Nigerian stock exchange: Challenges and prospects. African Journal of Business Management, 15(5), 121-134.
Nyakurukwa, K., & Seetharam, Y. (2022). Household stock market participation in South Africa: the role of financial literacy and social interactions. Review of Behavioral Finance, 16(1), 186-201.
Otuonuyo, G., Adewumi, B. J., & Onamade, A. O. (2025). Who Benefits? A deep dive into the social and economic impact of cooperative housing estates in Lagos megacity. UNIABUJA Journal of Social Science and Humanities.
Parker, S., & Riley, T. (2022). Retail investor trends and market democratization: A global perspective. Global Financial Review, 29(4), 345-367.
Patel, B., & Modi, V. (2017). Impact of demographic determinants on investment decision: An empirical investigation from South Gujarat. International Journal of Latest Engineering and Management Research, 2(12), 31-38.
Phung, T. M., & Martinez-Gonzalo, J. (2025). The impact of financial literacy on women's economic empowerment: Exploring the mediating role of digital financial services. Journal of Applied Research in Higher Education. https://www.emerald.com/insight/content/doi/10.1108/JARHE-07-2023-0273/full/html
Sabiran, D., Ismail, N. A., & Ahmad, M. S. (2023). Technology adoption, peer influence, and financial literacy in shaping millennials’ stock market intentions. Journal of Financial Services Marketing, 28(1), 15–27. https://doi.org/10.1057/s41264-023-00156-7
Sabiran, M. H., Mohamed, N. N. N., & Yusoff, N. M. (2023). Factors influencing stock market participation intentions among millennials. Journal of Advanced Research in Business and Management Studies, 30(1), 58-73.
Setonga, J., & Omary, P. S. (2024). Analysis of Willingness to Pay for Improved Waste Management among Food Vendors in Mzumbe Ward, Mvomero District. Open Access Library Journal, 11(10), 1-17.
Sharma, A., Goel, A., Rastogi, S., & Bhimavarapu, V. M. (2022). Factors accountable for non-participation in the stock market: Identification and ranking. SAMVAD, 23, 50-64.
Sharma, R., Gupta, V., & Singh, P. (2022). Financial barriers and investor participation in emerging markets. Journal of Economic Studies, 49(3), 487–505. https://doi.org/10.1108/JES-12-2021-0629
Sholevar, M. (2023). Mind the gap: The relationship between gender, financial inclusion, and financial literacy. SOAS University. Retrieved from https://eprints.soas.ac.uk/39119
Singh, B., & Singh, M. (2024). Empowering Indigenous Wealth: Analyzing Financial Literacy, Risk Preferences, and Stock Market Engagement within Scheduled Tribes in India. Vision. https://journals.sagepub.com/doi/abs/10.1177/09722629241226446
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818-841.
Srija, A., & Vijay, S. S. (2020). Female labor force participation in India: Insights through time use Survey. Review of Market Integration. https://journals.sagepub.com/doi/abs/10.1177/09749292211031131
Tharakan, P., & Adenuga, A. (2022). Barriers to stock market participation in Sub-Saharan Africa. African Development Review, 34(3), 567-586.
Ton, H. H., & Nguyen, T. P. (2014). The impact of demographical factors on investment decision: A study of Vietnam stock market. International Journal of Economics and Finance, 6(11), 83-89.
United Nations (UN). (2023). Sustainable Development Goals Report 2023. United Nations Publications. https://unstats.un.org/sdgs/report/2023/
Wang, J., Yin, Z., & Jiang, J. (2023). The effect of the digital divide on household consumption in China. International Review of Financial Analysis, 87, 102592. https://doi.org/10.1016/j.irfa.2023.102592
World Bank. (2021). Global financial inclusion database: Stock market participation in developing economies. Washington, DC: World Bank Publications.
Zeng, Y., Chen, C., Wang, J., & Zou, J. (2025). Education investment, social security, and household financial market participation. Finance Research Letters. https://www.sciencedirect.com/science/article/pii/S1544612325003873
Zhou, Y., Lu, W., Niu, G., & Xi, Z. (2025). Individualism and stock market participation. The European Journal of Finance. https://www.tandfonline.com/doi/abs/10.1080/1351847X.2024.2380409
Zingher, J. N. (2022). Diploma divide: Educational attainment and the realignment of the American electorate. Political Research Quarterly. https://journals.sagepub.com/doi/abs/10.1177/10659129221079862