Digital financial adoption and working capital management among women-led small and micro enterprises

Esther Afoley Laryea and Joel Kiawie Gam

African Journal of Economic and Management Studies, 2026, 1-22

Abstract: PurposeThis study examines the relationship between digital financial adoption and working capital management among women-led micro and small enterprises in peri-urban Accra, Ghana, and investigates the mediating role of recordkeeping training in this relationship.Design/methodology/approachUsing primary data from 337 responses, the study applies a probit and ordinary least squares regression models in addition to a bootstrapped causal mediation framework to assess this relationship.FindingsThe results indicate that digital financial inclusion has a positive and statistically significant effect on working capital management, with recordkeeping training partially mediating this relationship. Recordkeeping training also has a positive and statistically significant independent effect on working capital management. However, participation in recordkeeping training among the study group remains relatively low, highlighting an important gap for intervention. Additional findings show that business characteristics, including firm age and the number of paid employees, are positively associated with working capital management, whereas frequent withdrawals from the business are negatively associated with working capital management.Originality/valueThis study provides insights for designing targeted interventions to support an often-overlooked group of entrepreneurs, particularly women-led micro and small enterprises.

Keywords: Financial inclusion; Working capital management; Causal mediation analysis; Digital financial adoption; Record keeping training; Women-led enterprises (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ajemsp:ajems-04-2026-0309

DOI: 10.1108/AJEMS-04-2026-0309

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