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Financial inclusion – does digital financial literacy matter for women entrepreneurs?

Rashedul Hasan (Coventry University, Coventry, UK)
Muhammad Ashfaq (Wittenborg University of Applied Sciences, Apeldoorn, The Netherlands)
Tamiza Parveen (Department of Business Administration, International Islamic University Malaysia, Kuala Lumpur, Malaysia)
Ardi Gunardi (Faculty of Economics and Business, Pasundan University, Bandung, Indonesia)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 14 December 2022




Women's financial inclusion has become a global research agenda, and past studies provide mixed evidence on the determinants of financial inclusion among women entrepreneurs across the globe. However, the impact of digital financial literacy on women's financial inclusion has seldom been addressed in the past literature.


The authors perform a cross-sectional analysis of 144 countries using the World Bank Global Findex Database.


This study’s probabilistic regression results indicate that women entrepreneurs with a higher degree of digital financial literacy are more likely to engage in formal banking channels.

Practical implications

The study findings have practical implications in terms of allowing regulators and banks to draw effective policies to attract women customers. Lack of effective regulatory intervention could lead to women exploring financial crimes, such as money laundering, due to their lack of involvement with the formal banking channel.


The authors explore the impact of digital financial literacy on women's financial inclusion. Such evidence is rare in the existing literature.

Peer review

The peer review history for this article is available at:



Hasan, R., Ashfaq, M., Parveen, T. and Gunardi, A. (2022), "Financial inclusion – does digital financial literacy matter for women entrepreneurs?", International Journal of Social Economics, Vol. ahead-of-print No. ahead-of-print.



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