Empirical investigation of the Fintech and financial literacy nexus: small business managers' insights in Cameroon

Prince Hikouatcha (), Alain Tagne Foka (), Armand Fossi () and Simplice Asongu
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Prince Hikouatcha: University of Dschang, Dschang, Cameroon
Alain Tagne Foka: University of Dschang, Dschang, Cameroon
Armand Fossi: University of Dschang, Dschang, Cameroon

No 23/070, Working Papers from European Xtramile Centre of African Studies (EXCAS)

Abstract: Recent and ongoing advancements in the field of ICT have led to the introduction of increasingly diversified financial products, and their use is improving people's level of financial knowledge and skills. This article aims at assessing the effect of Fintech on the level of financial literacy of small business’ managers in Cameroon. To this end, information was gathered using a questionnaire from 209 small business managers in Cameroon. Descriptive statistics, Principal Component Analysis (PCA), and multiple linear regression are used. Results lead to two main conclusions. On the one hand, unlike knowledge of their existence, the frequency of use of Fintech tools is better able to contribute to improving financial literacy levels overall. On the other hand, specifically, this result is more important when it comes to competence and self-confidence in managing financial affairs. As a result, increasing the utilization of financial technology instruments in companies is imperative for efficiency.

Keywords: Financial Skill; Financial Knowledge; Financial literacy; Fintech; Small business (search for similar items in EconPapers)
JEL-codes: G53 M2 O33 (search for similar items in EconPapers)
Pages: 35
Date: 2023-01
New Economics Papers: this item is included in nep-ent, nep-fle, nep-ict, nep-pay and nep-sbm
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Forthcoming: African Journal of Science, Technology, Innovation and Development

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http://publications.excas.org/RePEc/exs/exs-wpaper ... l-literacy-nexus.pdf Revised version, 2023 (application/pdf)

Related works:
Journal Article: Empirical investigation of the Fintech and financial literacy nexus: Small business managers’ insights in Cameroon (2024)
Working Paper: Empirical investigation of the Fintech and financial literacy nexus: small business managers' insights in Cameroon (2023)
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