The Effect of Financial Literacy on Financial Inclusion Among Women Entrepreneurs in Manyu Division, Cameroon

EasyChair Preprint 13128

Abstract

Cameroon just like other Sub Saharan African countries faces major challenges in terms of financial inclusion. Financial inclusion has a wide range of positive effect on economic activities but studies indicate a lack of awareness about financial services in the large group of financially excluded individuals especially woman within the economy. Most efforts to increase financial inclusion have emphasized on the role of financial institutions and digitalization of the financial sector without due recognition that access to finance may also be motivated by financial literacy. The current study aims at linking financial literacy and financial inclusion among women entrepreneurs in Manyu Division by examining the effect of financial literacy on financial inclusion. Survey data was collected from a sample of 466 women entrepreneurs in Manyu division. The independent variable in this study is financial literacy, using four dimensions: skills, behavior, knowledge and attitude and financial inclusion is the dependent variable measure using four dimensions of access, quality, usage and welfare. The data collected was presented and analyze using both descriptive and inferential statistics and the hypothesis tested using regression analysis with SPSS and Amos version 25 and 24 respectively. The main finding of this study indicate that financial literacy has a significant positive effect on financial inclusion. The higher a person's financial literacy, the higher the financial inclusion that person has. Based on this finding, we therefore recommend that collaborative intervention from multiple stakeholders is necessary to provide formal financial services to the excluded population. Also, financial institutions can conduct financial education through similar small and medium- size business groups periodically so that they understand various kinds of financial products and to enable them make relevant financial decisions.

Keyphrases: Financial Inclusion, Financial Literacy, Women Entrepreneurs

@booklet{EasyChair:13128,
  author    = {Ayuk Takemeyang and Henry Jong Ketuma and Arrey Fanny Ayere},
  title     = {The Effect of Financial Literacy on Financial Inclusion Among Women Entrepreneurs in Manyu Division, Cameroon},
  howpublished = {EasyChair Preprint 13128},
  year      = {EasyChair, 2024}}