Fintech Lending and MSME: A Pathway to Economic Development

Abimbola Serifat Oreoluwa, Roseline Igah, Richard Olusegun Ojo, Charles Bom and Ugochukwu Daniel Ofurum
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Abimbola Serifat Oreoluwa: Department of Accounting, University of Lagos, Nigeria.
Roseline Igah: Department of Management and Information Systems, Oklahoma University, United States.
Richard Olusegun Ojo: Department of Environmental Studies, Kentucky State University, United States.
Charles Bom: Department of Economics and Finance, University of North Dakota. United States.
Ugochukwu Daniel Ofurum: University of Wisconsin Madison, United States.

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Abstract: This review article examines how fintech lending platforms open access to finance for MSMEs, measures the impact of this access on MSME performance and economic outcomes, and identifies the key factors for sustainability and scalability of fintech solutions in the MSME sector. Keywords like "fintech lending", "MSME" and "economic development" were used for a systematic search across Scopus, Web of Science, JSTOR, ScienceDirect, and Google Scholar. Empirical evidence or conceptual discussions between 2015 and 2024, linking fintech lending to economic development outcomes were included if these were the studies published. A structured framework was used to extract data, and these data were subject to thematic analysis in order to discover recurring patterns. The finding of this study revealed that digital lending platforms also do a great job in overcoming some of the existing barriers to access to MSME finance by using alternative information for credit assessment. Furthermore, fintech lending is beneficial in improving the MSME performance, creating jobs and stimulating entrepreneurial activity. Variety of strategic partnership between fintech providers and traditional banks is important together with supportive regulatory framework for scaling fintech solutions. However, challenges like cybersecurity and digital literacy gaps are persistent and technological advancements and policy are continually needed. The review finds that the fintech lending is a key driver of inclusive economic growth for the massive MSMEs and enhance the financial system resiliency and dynamism.

Date: 2025-07-04
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Published in Advances in Research on Teaching, 2025, 26 (4), pp.177-190

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