Unveiling the nexus: Financial inclusion, financial literacy, and financial performance as catalyst for women-owned enterprises in India

Serin Peter, Geetha Elangovan and Gokarna Vidya Bai

Journal of the International Council for Small Business, 2025, vol. 6, issue 4, 721-751

Abstract: The imperative role of financial inclusion (FI) indispensably ensures the sustainability of women’s entrepreneurial endeavors in the evolving financial landscape. Scholarly narration provides evidence that women entrepreneurs fail to access financing due to their lower demand for funds, supply-side discrimination, and perceived structural barriers. Financial literacy (FL) is vital for FI. The study gauges the level of FI among Indian women entrepreneurs and its effect on firm performance (FP) with the moderating effect of FL. Data were collected from 216 women entrepreneurs through a structured questionnaire on the LinkedIn platform to assess the level of FL in the financial technologies era. The study revealed that traditional financial inclusion and digital financial inclusion significantly impact the FP of women’s enterprises. Further, there is evidence that a relatively lower mean score, FL, does not moderate the relationship between FI and FP. It urges policy reformers, financial institutions, entrepreneurial educators, and government bodies to promulgate policies and training programs on antecedents that enable long-term women’s entrepreneurial financial inclusiveness.

Date: 2025
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DOI: 10.1080/26437015.2024.2432385

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