Abstract
This study analysed financial literacy and access for women entrepreneurs in Nigeria. The study is qualitative in nature and adopted an interpretive research design which employed an in-depth interviews with mainly well-informed women entrepreneurs to evaluate their interpretations and perceptions of the influence of financial access and literacy on woman entrepreneurship in Enugu Metropolis, South-Eastern Nigeria. A purposeful sampling approach comprising twenty women entrepreneurs was employed for this research. The results indicates that financial literacy was a critical factor in the growth of women-owned business, this is found especially in the business start-up phase Furthermore, our analysis revealed that revealed that financial skill is critical to the growth and smooth operation of female-owned business.
Highlights
Financial literacy and skill is a prerequisite for women to cultivate a sense of entrepreneurship and efficiently develop their entrepreneurial activities, manage their personal and household finances and enhance their success in their entrepreneurial areas of interest
With growing experience in the diverse business sectors, they gradually garner knowledge, skill and experiences related to running a business. 31% of the participants linked financial literacy to effective financial management, 22% associated it to profit maximization while 36% experienced that financial literacy is critical for business growth while about 10% stated that financial literacy is essential for informed decision making
Research has shown that women own nearly half the country’s micro enterprises and 20% of small and medium-sized businesses, female entrepreneurs accounted for 43.32% in the ownership structure of micro enterprises as against 22.75% in small and medium enterprises (2013, SMEDAN/NBS MSME Survey Report)
Summary
Financial literacy and skill is a prerequisite for women to cultivate a sense of entrepreneurship and efficiently develop their entrepreneurial activities, manage their personal and household finances and enhance their success in their entrepreneurial areas of interest. Palabras clave: Educación financiera, acceso financiero, mujeres emprendedoras, Nigeria equipping women entrepreneurs with prudent and sound financial decision making (EY, 2018; Lafortune & Tessada, 2015; Kuruvilla & Harikumar, 2018). Financial literacy topics like budgeting, record keeping, savings and personal finance are crucial for entrepreneurial success among women (Sucuahi, 2013; Association of Chartered Certified Accountants, [ACCA], 2014). Against this backdrop, Al-Tamimi and Kalli (2009) argue that men are more financially knowledgeable than women, while a direct linkage appear to exist between low financial literacy level and low level education (Lusardi, 2008). Women and women-led businesses remain disproportionately excluded from the global formal financial system (Alliance for Financial Inclusion, 2017; Miles, 2017)
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