Financial Inclusion of Small Entrepreneurs in Emerging Economies: Determinants, Barriers, and Strategic Solutions – A Systematic Literature Review
DOI:
https://doi.org/10.68148/j24yn979Keywords:
Access to Finance, Emerging Economies, Financial Inclusion, Fintech, Small Entrepreneurs, TCCM FrameworkAbstract
Financial inclusion is crucial for enabling small entrepreneurs to access formal financial services and support business growth. However, evidence on its determinants, barriers, and strategic solutions remains fragmented across disciplines, particularly in emerging economies. This study systematically reviews the literature on financial inclusion among small entrepreneurs in emerging economies and identifies key determinants, barriers, strategic solutions, and directions for future research. Following the PRISMA protocol, 295 articles published between 1989 and 2026 were retrieved from the Scopus database. After screening, 208 articles were selected for final review. Descriptive and thematic analyses were used to synthesize the literature, while Theory, Context, Characteristics, and Methodology (TCCM) framework was applied to develop a future research agenda. Financial literacy, entrepreneurial capability, social capital, fintech adoption and digital financial infrastructure emerged as major determinants of financial inclusion. Key barriers include collateral requirements, information asymmetry, enterprise informality, inadequate digital capabilities, geographic constraints, and trust deficits. Financial Literacy, Fintech innovations, alternative financing, and supportive policies were identified as important strategic solutions. The study develops a conceptual framework linking determinants, barriers, strategic solutions, and financial inclusion among small entrepreneurs. The findings provide insights for policymakers, financial institutions, and development organizations seeking to strengthen financial inclusion and the entrepreneurial ecosystem in emerging economies. The study consolidates fragmented multidisciplinary evidence and applies the TTCM framework to establish a structured research agenda for financial inclusion among small entrepreneurs.
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