The Influence of Financial Literacy, Financial Inclusion, and Digital Technology on the Financial Performance of MSMEs in the Digital Economy Era

Authors

  • Muh. Nur Sekolah Tinggi Ilmu Ekonomi Enam Enam Kedari
  • David Christian Engelbert Lisapaly Sekolah Tinggi Ilmu Ekonomi Enam Enam Kedari
  • Ami Nurhayati Sekolah Tinggi Ilmu Ekonomi Enam Enam Kedari
  • Dwi Urip Wardoyo Telkom University
  • Awaluddin 5Universitas Syekh Yusuf Al-Makassari Gowa

DOI:

https://doi.org/10.61402/sajmr.v4i2.603

Keywords:

Financial Literacy, Financial Inclusion, Digital Technology, MSMEs, Financial Performance

Abstract

This study aims to analyze the influence of financial literacy, financial inclusion, and digital technology on the financial performance of Micro, Small, and Medium Enterprises (MSMEs) in the digital economy era. This research employs a Systematic Literature Review (SLR) approach using the PRISMA framework to identify, evaluate, and synthesize relevant studies published between 2019 and 2025. A total of 30 selected journal articles from Scopus-indexed and SINTA-accredited sources were analyzed. The findings indicate that financial literacy significantly improves financial decision-making and business sustainability, financial inclusion enhances access to formal financial services and funding opportunities, and digital technology adoption increases operational efficiency and market expansion. Furthermore, the integration of these three variables provides a stronger and more sustainable impact on MSMEs’ financial performance. This study contributes to the development of strategies for strengthening MSMEs in the digital economy through financial capability and digital transformation

Downloads

Download data is not yet available.

References

Beck, T., Demirguc-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49.

Bongomin, G. O. C., Ntayi, J. M., Munene, J. C., & Malinga, C. A. (2017). Financial literacy in emerging economies. International Journal of Bank Marketing, 35(3), 520–538.

Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2018). The Global Findex Database 2017. World Bank.

Lusardi, A., & Mitchell, O. S. (2014). Financial literacy and economic outcomes. Journal of Economic Literature, 52(1), 5–44.

Nambisan, S., Wright, M., & Feldman, M. (2019). Digital transformation and entrepreneurship. Research Policy, 48(8), 103773.

Rahayu, R., & Day, J. (2017). E-commerce adoption by SMEs. Information Development, 33(4), 369–387.

Tambunan, T. (2019). MSMEs development in Indonesia. Journal of Global Entrepreneurship Research, 9(1), 1–15.

Sari, R. W., & Widodo, S. (2022). Financial literacy and MSME performance. Jurnal Ekuitas, 6(2), 123–135.

Septiani, R. N., & Wuryani, E. (2020). Financial inclusion and MSME performance. E-Jurnal Manajemen, 9(5), 1820–1840.

Hilmawati, M. R. N., & Kusumaningtias, R. (2021). Financial literacy and sustainability. Nominal Journal, 10(1), 50–65.

Firmansyah, A. (2022). Fintech and MSME performance. Jurnal Akuntansi dan Keuangan Indonesia, 19(1), 45–60.

OECD. (2020). Financial literacy framework. OECD Publishing.

World Bank. (2021). Digital financial services. World Bank.

Suryani, T. (2020). Digital marketing strategy. Jurnal Manajemen dan Kewirausahaan, 22(1), 45–56.

Prasetyo, P. E. (2021). Financial inclusion and growth. Jurnal Ekonomi dan Pembangunan, 29(2), 85–98.

Arner, D. W., Barberis, J., & Buckley, R. P. (2016). FinTech evolution. Georgetown Journal of International Law, 47, 1271–1319.

Gomber, P., Koch, J. A., & Siering, M. (2017). Digital finance transformation. Journal of Business Economics, 87(5), 537–580.

Lee, I., & Shin, Y. J. (2018). Fintech ecosystem. Business Horizons, 61(1), 35–46.

Philippon, T. (2016). Financial intermediation costs. American Economic Review, 106(7), 1–30.

Ozili, P. K. (2018). Impact of digital finance. Borsa Istanbul Review, 18(4), 329–340.

Davidsson, P. (2015). Entrepreneurial opportunities. Journal of Business Venturing, 30(5), 674–695.

Storey, D. J. (2016). Understanding SMEs. Small Business Economics, 47(2), 1–16.

Hallberg, K. (2019). SME development policies. World Bank Research Observer, 34(2), 1–22.

Nguyen, T. H., & Luu, N. T. (2020). Financial inclusion and firm performance. Asia-Pacific Journal of Business Administration, 12(3), 1–15.

Klapper, L., El-Zoghbi, M., & Hess, J. (2016). Achieving financial inclusion. World Bank Policy Research.

Aker, J. C., & Mbiti, I. M. (2019). Mobile phones and economic development. Journal of Economic Perspectives, 24(3), 207–232.

Bharadwaj, A., El Sawy, O. A., Pavlou, P., & Venkatraman, N. (2013). Digital business strategy. MIS Quarterly, 37(2), 471–482.

Verhoef, P. C., Broekhuizen, T., Bart, Y., & Bhattacharya, A. (2021). Digital transformation. Journal of Business Research, 122, 889–901.

Susanti, A., & Ardiansyah, M. (2022). Financial literacy UMKM Indonesia. Jurnal Ekonomi dan Bisnis, 15(2), 120–135.

Hidayat, A., & Santoso, B. (2021). Digital adoption MSMEs. Jurnal Manajemen Teknologi, 20(1), 45–60.

Rahman, M., & Hasan, M. (2019). Financial inclusion impact SMEs. International Journal of Economics and Finance, 11(4), 120–130.

Downloads

Published

2026-06-06

How to Cite

Muh. Nur, David Christian Engelbert Lisapaly, Ami Nurhayati, Dwi Urip Wardoyo, & Awaluddin. (2026). The Influence of Financial Literacy, Financial Inclusion, and Digital Technology on the Financial Performance of MSMEs in the Digital Economy Era. SAJMR : Southeast Asian Journal of Management and Research, 4(2), 57–66. https://doi.org/10.61402/sajmr.v4i2.603

Issue

Vol. 4 No. 2 (2026): May

Section

Articles

License

Copyright (c) 2026 SAJMR : Southeast Asian Journal of Management and Research

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.