The effect of business experience on fintech behavioural adoption among MSME managers: the mediating role of digital financial literacy and its components

Azra Zaimovic (), Adna Omanovic (), Lejla Dedovic () and Tarik Zaimovic ()
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Azra Zaimovic: University of Sarajevo
Adna Omanovic: University of Sarajevo
Lejla Dedovic: University of Sarajevo
Tarik Zaimovic: University of Sarajevo

Future Business Journal, 2025, vol. 11, issue 1, 1-22

Abstract: Abstract This study aims to measure digital financial literacy of MSME managers and to analyse the relationship between business experience, digital financial literacy and fintech behavioural adoption. The direct and indirect effects of business experience to fintech behavioural adoption are being explored. Dataset from UNSA 2023 Survey of MSME managers’ financial literacy in Sarajevo Canton, Bosnia and Herzegovina, using cross-sectional research design has been utilized. The main methodology relies on Principal Component Analysis, regression analysis and PROCESS method for analysing mediation effects. The findings indicate that the effect of business experience on fintech behavioural adoption is fully mediated by digital financial literacy. Moreover, there is a full serial mediation effect through all three digital financial literacy components, digital financial knowledge, attitudes and behaviour, in a sequence. Interestingly, full mediation is evident also through only digital financial behaviour. To increase fintech adoption, financial institutions should focus on enhancing digital financial literacy and the adept behaviours of MSME managers. These efforts can be leveraged to effectively market and sell fintech products. Policy implications are seen in the need for strengthening overall digital financial literacy competencies of managers and increasing financial inclusion of MSMEs. Regulators should draw effective policies therefore. Educational programs should be directed toward enhancing digital financial knowledge and positive attitudes and behaviour of MSME managers, especially focusing on aged managers, but also on those with short managerial experience. This study makes a unique contribution to the limited empirical evidence of the mediation role of digital financial literacy and its components in the relationship between business experience and fintech behavioural adoption. Digital financial literacy, all three digital financial literacy components in a sequence, and digital financial behaviour serve as mediators in this relationship.

Keywords: Fintech behavioural adoption; Bosnia and Herzegovina; Digital financial literacy; Business experience; Digital financial behaviour (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1186/s43093-025-00432-x

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