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Abstract
Recent and ongoing advancements in the field of ICT have led to the introduction of increasingly diversified financial products, and their use is improving people’s level of financial knowledge and skills. This article aims at assessing the effect of Fintech on the level of financial literacy of small business’ managers in Cameroon. To this end, information was gathered using a questionnaire from 209 small business managers in Cameroon. Descriptive statistics, principal component analysis (PCA), and multiple linear regression are used. Results lead to two main conclusions. On the one hand, unlike knowledge of their existence, the frequency of use of Fintech tools is better able to contribute to improving financial literacy levels overall. On the other hand, specifically, this result is of increased importance when it comes to competence and self-confidence in managing financial affairs. As a result, increasing the utilization of financial technology instruments in companies is imperative for efficiency.
Acknowledgements
The authors thank Ngueleweu Tiwang Gildas for the valuable comments. The authors are indebted to the editor and reviewers for constructive comments.
Disclosure statement
No potential conflict of interest was reported by the authors.
Ethical approval
Humans have voluntarily taken part in the questionnaire survey in order to produce this article.
Availability of data and materials
The datasets used in this research are available from the corresponding author upon reasonable request.
Notes
2 Small and Medium-sized Enterprises Economy and Social Craft.
3 In the context of a multiple regression, the VIF statistic is used to gauge the extent of multicollinearity in the variables used.