Financial Literacy Assessment on Tertiary Students in Sub-Saharan Africa: A Ghanaian Perspective

Sarpong‐Danquah, Beatrice; Gyimah, Prince; Poku, Kwasi; Osei-Poku, Brenda

doi:10.5296/ijafr.v8i2.12928

Cited by 12 publications

(8 citation statements)

References 15 publications

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“…These are nonfinancial services provided by MFBs (Gyimah & Boachie, 2018). During educational training and workshops, MFBs recommend solutions to the challenges of business owners that could eventually help their businesses to grow (Sorpong-Danquah, Gyimah, Poku & Osei-poku, 2018).…”

Section: Microfinance Bank Products For Small Businessesmentioning

confidence: 99%

The Impact of Microfinance Banks on the Growth of Small and Medium Enterprises in Lagos Metropolis

Aladejebi¹

2019

EJSD

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Small and Medium Enterprises (SMEs) play a major role in the Nigerian economy, especially in terms of Employment, growth, productivity, and poverty alleviation. The purpose of this study was to examine the impact of Microfinance Banks (MFB) on the growth of SMEs in Lagos metropolis The data for this study was collected via questionnaires given to the owners of SMEs that had accounts with microfinance banks in Lagos metropolis. Out of 209 questionnaires distributed, 205 were viable and analyzed using the SPSS package. The questionnaire contained 2 sections. Section 1 for general information while section 2 contains questions on effects of micro-savings on financial performance, effects of microcredit on the financial performance of the SMEs, effects of training on the financial performance of the SMEs and financial performance. The outcome revealed that the savings among SMEs are encouraging because of higher interest rates compared to deposit banks, faster loan disbursement, failure of MFBs to conduct training for SMEs, while the majority of SMEs experienced financial growth using MFB products. Keywords: Small business, Microfinance banks, SME growth, Lagos metropolis

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Section: Microfinance Bank Products For Small Businessesmentioning

confidence: 99%

The Impact of Microfinance Banks on the Growth of Small and Medium Enterprises in Lagos Metropolis

Aladejebi¹

2019

EJSD

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“…The microfinance education usually takes maximum of 30 minutes in relevant areas to enhance and empower entrepreneur's literacy. The accounting or financial literacy can help business owners or managers to make sound and objective decisions on finance that can help grow their businesses (Sarpong-Danquah, Gyimah, Poku & Osei-Poku, 2018). Usually, most of the microfinance educational services are tailored towards utilization of micro credit and other social services which is aimed at improving the working capital and the social lives of the beneficiaries to increase productivity (Dunford, 2001).…”

Section: Educationmentioning

confidence: 99%

Effect of Microfinance Products on Small Business Growth: Emerging Economy Perspective

Gyimah

Boachie

2018

jebi

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Small businesses play significant role to the economic stability and development of emerging economies, and access to financial services is crucial to their growth and performance. This study seeks to ascertain whether microfinance products such as loans, savings, insurance, and education effects small business growth in Ghana. The study uses descriptive and inferential statistics on responses of 248 small business owners for data analysis. Using a multiple linear regression analysis, the study found that all the microfinance product or services positively affects small business growth, and the greatest influence is micro loans. This study contributes massively to exact literature to the growth of microfinance institutions (MFIs) and small businesses in emerging economy, Ghana. The study can assist MFIs to assess the effectiveness of their product or services, and can also serves as a guide to an effective utilization of available scarce resources leading to growth of small businesses in emerging economies.

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“…Financial literacy training helps business owners or managers make rational and realistic financial judgements that can fuel their business growth (Sarpong-Danquah, Gyimah, Poku & Osei-Poku, 2018). Dunford claimed that most microfinance trainings were designed to assist beneficiaries in the allocation of micro loans, thereby enhancing their investments and household wellbeing (Gyimah & Boachie, 2018).…”

Section: Introductionmentioning

confidence: 99%

Financial literacy training and micro insurance on the financial performance of SMEs in the Sekondi-Takoradi Metropolis, Ghana

Amoah

Mungai²

2020

IJRBS

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This research examines the effect of financial literacy training and micro insurance on the financial performance of Small and Medium Enterprises in the Sekondi-Takoradi Metropolis of Ghana. This study aims (i)to determine the effect of financial literacy training on the financial performance of SMEs, (ii) to establish the effect of microinsurance on the financial performance of SMEs; (iii) and to determine the moderating effect of government regulations on the relationship between financial literacy training, micro-insurance and the financial performance of SMEs. The study was based on the financial intermediation theory and Schumpeter’s theory of innovation. The study adopted an explanatory research design, using a sample size of 260 SMEs in the Sekondi-Takoradi metropolis, Ghana. A structured questionnaire was used to collect data on financial literacy training, micro insurance, financial performance, and government regulations from SME owners and microfinance institutions. Analysis of the data collected revealed that both financial literacy training and micro-insurance had a positive and significant effect on the financial performance of SMEs. The study recommends that the management of microfinance institutions that provide financial literacy training and micro-insurance should undertake a survey on the needs of SMEs and the specific challenges they face in accessing microfinance services.

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Financial Literacy Assessment on Tertiary Students in Sub-Saharan Africa: A Ghanaian Perspective

Cited by 12 publications

References 15 publications

The Impact of Microfinance Banks on the Growth of Small and Medium Enterprises in Lagos Metropolis

The Impact of Microfinance Banks on the Growth of Small and Medium Enterprises in Lagos Metropolis

Effect of Microfinance Products on Small Business Growth: Emerging Economy Perspective

Financial literacy training and micro insurance on the financial performance of SMEs in the Sekondi-Takoradi Metropolis, Ghana

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