Financial literacy and access: revisiting the bridges and barriers to women entrepreneurship in Nigeria
Keywords:
Financial literacy, Financial Access, Women entrepreneurs, Nigeria.
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.
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References
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Al-Tamimi, H. and Kalli, A. (2009). Financial literacy and investment decision of UEA investors. The Journal of Risk Finance, 10(5): 500-516.
Atandi, F. G., Bwisa, H., & Sakwa, M. (2017). Improving Savings Mobilization of Micro and Small Enterprises through Entrepreneurial Financial Literacy. International Journal of Academic Research in Business and Social Sciences, 7(2), 386–403. https://doi.org/10.6007/IJARBSS/v7-i2/2649
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Brixiová, Z., & Kangoye, T. (2016). Start-Up Capital and Women’s Entrepreneurship: Evidence from Swaziland. IZA Discussion Paper, (10279), 1–16.
Chamani, M. H. J., Kulathunga, K. M. M. C. B., & Amarawansha, T. G. A. H. C. (2017). Financial Accessibility of Women Entrepreneurs. International Journal of Scientific and Research Publications, 7(11), 203–207.
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Gathungu, J. M., & Sabana, B. M. (2018). Entrepreneur Financial Literacy, Financial Access, Transaction Costs and Performance of Microenterprises in Nairobi City County in Kenya. Global Journal of Management and Business Research: A Administration and Management, 18(6), 1–12.
IFC. (2011). Strengthening Access to Finance for Women-Owned SMEs in Developing Countries. International Finance Corporation, (October), 1–100.
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Kaur, G. (2017). Financial Inclusion of Women Entrepreneurs in India. International Journal of Engineering Development and Research, 5(2), 1529–1539.
Khaleque, A. (2018). Performance of Women Entrepreneurs: Does Access to Finance Really Matter? Eurasian Journal of Business and Economics, 11(21), 23–48.
Kimunduu, G., Erick, O., & Shisia, A. (2016). A study on the influence of financial literacy on financial performance of small and medium enterprises in Ruiru town, Kiambu county, Kenya. International Journal of Economics, Commerce and Management, United Kingdom, IV (11), 416–433.
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Lafortune, J., & Tessada, J. (2015). Improving financial literacy and participation of female entrepreneurs in Chile. Final Report to Global Development Network - CAF/GDN Project, (January), 1–48.
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Lusardi, A. (2008). Household saving behavior: The role of financial literacy, information.
Financial Education Programs.
Miles, K. S. (2017). Case Study: Advancing Women’s Financial Inclusion through Gender-Sensitive BER. The Donor Committee for Enterprise Development (DCED) Working Group on Business Environment Reform, (August), 1–34.
OECD. (2013). Women and financial literacy. OECD/INFE Evidence, Survey and Policy Responses, (June), 1–131.
OECD. (2018). Digitalisation and Financial Literacy. G20/OECD INFE Policy Guidance on Digitalisation and Financial Literacy, 1–28.
Pandey, A., & Gupta, R. (2018). Entrepreneur’s Performance and Financial Literacy – A Critical Review. International Journal of Management Studies, (August), 1–14.
Patton, M. (2002), Qualitative Research & Evaluation Methods, 3rd ed., Sage, London.
SMEDAN and National Bureau of Statistics Collaborative Survey: Selected Findings (2013)
Sanusi, S. L. (2012). Increasing women’s access to finance: Challenges and Opportunities. A Paper Presented at the Second African Women’s Economic Summit Held in Lagos, Nigeria July 13, 2012, 1–12.
Sucuahi, W. T. (2013). Determinants of financial literacy of micro entrepreneurs in Davao City. International Journal of Accounting Research, 1(1), 44–51.
Taiwo, J. N., Agwu, M. E., Adetiloye, K. A., & Afolabi, G. T. (2016). Financing Women Entrepreneurs and Employment Generation – A case study of Microfinance Banks. European Journal of Social Sciences, 52(1), 112–141.
United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). (2018). Women’s Entrepreneurship, Financial Inclusion and Fintech: How can innovative financial mechanisms and technologies be leveraged to help women entrepreneurs access funding and grow? ESCAP Sustainable Business Network, 6th Meeting 3-4 December 2018, (December), 1–12.
ACCA. (2014). Financial education for entrepreneurs: what next? The Association of Chartered Certified Accountants Publications, (January), 1–20.
Adesua-lincoln, A. (2011). Assessing Nigerian fem ale entrepreneur’s access to finance for business start-up and growth. African Journal of Business Management, 5(13), 5348–5355. https://doi.org/10.5897/AJBM10.1582
Alliance for Financial Inclusion. (2017). Bridging the gender gap: Promoting women’s financial inclusion. Alliance for Financial Inclusion Publications, (August), 1–88.
Al-Tamimi, H. and Kalli, A. (2009). Financial literacy and investment decision of UEA investors. The Journal of Risk Finance, 10(5): 500-516.
Atandi, F. G., Bwisa, H., & Sakwa, M. (2017). Improving Savings Mobilization of Micro and Small Enterprises through Entrepreneurial Financial Literacy. International Journal of Academic Research in Business and Social Sciences, 7(2), 386–403. https://doi.org/10.6007/IJARBSS/v7-i2/2649
Ayogu, D. U., & Agu, E. O. (2015). Assessment of the Contribution of Women Entrepreneur towards Entrepreneurship Development in Nigeria. Int.Curr.Res.Aca.Rev., 3(10), 190–207.
Blair, C. (2015). Enterprise Development Programme. Cherie Blair Foundation for Women, 1–4.
Brixiová, Z., & Kangoye, T. (2016). Start-Up Capital and Women’s Entrepreneurship: Evidence from Swaziland. IZA Discussion Paper, (10279), 1–16.
Chamani, M. H. J., Kulathunga, K. M. M. C. B., & Amarawansha, T. G. A. H. C. (2017). Financial Accessibility of Women Entrepreneurs. International Journal of Scientific and Research Publications, 7(11), 203–207.
DREXLER, A., FISCHER, G., & SCHOAR, A. (2018). Keeping it Simple: Financial Literacy and Rules of Thumb. London School of Economics, Innovations for Poverty Action, and Jameel Poverty Action Labtions for Poverty Action, and Jameel Poverty Action Lab, 1–37.
Eghobamien-mshelia, E. (2019). Digital Financial Inclusion to Improve Women’s Livelihoods and Enterprise. The WTO Connectivity and Digital Skills Development Workshop, (February), 1–16.
European Conference on Information Literacy. (2017). Financial Literacy Competencies of Women Entrepreneurs in Kenya. European Conference on Information Literacy (ECIL), Palais Du Grand Large Saint Malo, France, (September), 1–26.
EY. (2018). Educate to empower: Embracing financial literacy for women. ASSOCHAM, 1–52.
Gathungu, J. M., & Sabana, B. M. (2018). Entrepreneur Financial Literacy, Financial Access, Transaction Costs and Performance of Microenterprises in Nairobi City County in Kenya. Global Journal of Management and Business Research: A Administration and Management, 18(6), 1–12.
IFC. (2011). Strengthening Access to Finance for Women-Owned SMEs in Developing Countries. International Finance Corporation, (October), 1–100.
Imhonopi, D., Urim, U. M., & Ajayi, M. P. (2013). Increasing the access of women entrepreneurs to finance in Nigeria. A Panoply of Readings in Social Sciences: Lessons for and from Nigeria, 387–408.
International Labour Organisation (ILO). (2018). Entrepreneurship Development Interventions for Women Entrepreneurs: An update What Works in SME Development. Issue Brief, (7), 1–8.
Jamali, D., Sidani, Y. and Safieddine, A. (2005), Constraints facing working women in Lebanon:
an insider View”, Women in Management Review, 20(8), 581-94.
Kaur, G. (2017). Financial Inclusion of Women Entrepreneurs in India. International Journal of Engineering Development and Research, 5(2), 1529–1539.
Khaleque, A. (2018). Performance of Women Entrepreneurs: Does Access to Finance Really Matter? Eurasian Journal of Business and Economics, 11(21), 23–48.
Kimunduu, G., Erick, O., & Shisia, A. (2016). A study on the influence of financial literacy on financial performance of small and medium enterprises in Ruiru town, Kiambu county, Kenya. International Journal of Economics, Commerce and Management, United Kingdom, IV (11), 416–433.
Kungwansupaphan, C., & Leihaothabam, J. K. S. (2016). Capital factors and rural women entrepreneurship development. Gender in Management: An International Journal, 31(3), 207–221. https://doi.org/10.1108/GM-04-2015-0031
Kuruvilla, R. R., & Harikumar, P. N. (2018). A study on the financial awareness among women entrepreneurs in Kottayam district. Journal of Management Research and Analysis, 5(3), 331–335. https://doi.org/10.18231/2394-2770.2018.0052
Lafortune, J., & Tessada, J. (2015). Improving financial literacy and participation of female entrepreneurs in Chile. Final Report to Global Development Network - CAF/GDN Project, (January), 1–48.
Lincoln, A. (n.d.). Prospects and Challenges of Women Entrepreneurs in Nigeria. Cardiff School of Management, Cardiff Metropolitan University, Cardiff, UK, 1–17. Retrieved from Electronic copy available at: http://ssrn.com/abstract=2181943
Lusardi, A. (2008). Household saving behavior: The role of financial literacy, information.
Financial Education Programs.
Miles, K. S. (2017). Case Study: Advancing Women’s Financial Inclusion through Gender-Sensitive BER. The Donor Committee for Enterprise Development (DCED) Working Group on Business Environment Reform, (August), 1–34.
OECD. (2013). Women and financial literacy. OECD/INFE Evidence, Survey and Policy Responses, (June), 1–131.
OECD. (2018). Digitalisation and Financial Literacy. G20/OECD INFE Policy Guidance on Digitalisation and Financial Literacy, 1–28.
Pandey, A., & Gupta, R. (2018). Entrepreneur’s Performance and Financial Literacy – A Critical Review. International Journal of Management Studies, (August), 1–14.
Patton, M. (2002), Qualitative Research & Evaluation Methods, 3rd ed., Sage, London.
SMEDAN and National Bureau of Statistics Collaborative Survey: Selected Findings (2013)
Sanusi, S. L. (2012). Increasing women’s access to finance: Challenges and Opportunities. A Paper Presented at the Second African Women’s Economic Summit Held in Lagos, Nigeria July 13, 2012, 1–12.
Sucuahi, W. T. (2013). Determinants of financial literacy of micro entrepreneurs in Davao City. International Journal of Accounting Research, 1(1), 44–51.
Taiwo, J. N., Agwu, M. E., Adetiloye, K. A., & Afolabi, G. T. (2016). Financing Women Entrepreneurs and Employment Generation – A case study of Microfinance Banks. European Journal of Social Sciences, 52(1), 112–141.
United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). (2018). Women’s Entrepreneurship, Financial Inclusion and Fintech: How can innovative financial mechanisms and technologies be leveraged to help women entrepreneurs access funding and grow? ESCAP Sustainable Business Network, 6th Meeting 3-4 December 2018, (December), 1–12.
Published
2020-05-18
How to Cite
Egbo, O., Ezeaku, H., Igwemeka, E., & Okeke, O. (2020). Financial literacy and access: revisiting the bridges and barriers to women entrepreneurship in Nigeria. Amazonia Investiga, 9(29), 436-444. https://doi.org/10.34069/AI/2020.29.05.48
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