• Nura Nugraha Universitas Pasundan
  • Ellen Rusliati Universitas Pasundan
  • Erik Syawal Alghifari Universitas Pasundan
Keywords: financial literacy, financial inclusion, MSME’s financial performance


Purpose: This study aims to find out the influence of financial literacy and inclusion towards MSME’s financial performance in Ciwidey Sub-district. Methods: Methods used in this study are descriptive and verification with the number of samples as much as 60 respondents. Analysis data: The test on research instrument uses validity and reliability test, while technique on data analysis uses multiple linier regression, double correlation and coefficient of determination.  The test result showed that the entire statements written in the questionnaire were valid and reliable. Results and discussion: The result of verification analysis showed that simultaneously, financial literacy and inclusion give positive and significant impacts to MSME’s financial performance as much as 66.9%, while partially, financial literacy gives positive and significant impact as much as 48.50% and financial inclusion as much as 18.40% on financial performance. Conclusion: The level of financial literacy, financial inclusion, and MSME’s financial performance on MSME’s businessmen in Ciwidey Sub-district were on the category of deficient; since there were a lot of indicators which were below average score and needed to be improved. Financial literacy had more positive significant effect on MSME’s financial performance than financial inclusion.


Ajide, F. M. (2020). Financial Inclusion in Africa: Does It Promote Entrepreneurship? Journal of Financial Economic Policy, 12(4).
Anggraeni, D. B. (2015). Pengaruh Tingkat Literasi keuangan Pemilik Usaha Terhadap Pengelolaan Keuangan. Jurnal Vokasi Indonesia, 3(1), 22–30.
Ariyati, I., Agustina, F., & Miliani T, G. (2021). Sistematic Literature Review: Pengaruh Literasi Keuangan Terhadap Kinerja Umkm Di Indonesia. Jurnal Ekonomika : Manajemen, Akuntansi, Dan Perbankan Syari’ah, 10(1), 104–118.
Barajas, A., Beck, T., Belhaj, M., & Naceur, S. Ben. (2020). Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn? IMF Working Paper Institute for. IMF Working Paper WP/20/157.
Chauvet, Lisa & Jacolin, L. (2017). Financial Inclusion, Bank Concentration, and Firm Performance. World Development, Elsevier, 1–13.
Gay, C., & Szostak, B. L. (2019). Innovation and Creativity in SMEs. Wiley - ISTE.
Gopalan, S., & Kikuchi, T. (2016). Financial Inclusion in Asia: Issues and Policy Concerns (Palgrave Studies in Impact Finance (1 st).
Harrison, T. (2016). Financial Literacy and the Limits of Financial Decision-Making.
Hilmawati, M. R. N., & Kusumaningtias, R. (2021). Inklusi Keuangan Dan Literasi Keuangan Terhadap Kinerja Dan Keberlangsungan Sektor Usaha Mikro Kecil Menengah. Nominal: Barometer Riset Akuntansi Dan Manajemen, 10(1), 135–152.
Kasenda, B. S., & Wijayangka, C. (2019). Pengaruh Literasi Keuangan Terhadap Kinerja UMKM. Almana: Jurnal Mmanajemen Dan Bisnis, 3(1), 153–160.
Kebede, M., Kaur, N. jit D., & Kuar, J. (2015). Financial literacy and management of personal finance : A review of recent literatures. Research Journal of Finance and Accounting, 6(13), 92–107.
Kristin, H. (2017). a-Market-Oriented Strategy For Small and Medium-Scale Enterprises (Vol. 55, Issue 2).
Kumari, T. (2021). Dimensions of Financial Inclusion: an Individual Perspective. Journal of Accountancy & Finance, 66(2), 41–60.
Lumenta, U. Z., & Worang, F. G. (2019). the Influence of Financial Inclusion on the Performance of Micro Small and Medium Enterprises in North Sulawesi. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3), 393–400.
Mahardika, E. R. (2020). Analisis Tingkat Literasi Keuangan, Akses Permodalan Dan Kinerja Keuangan Umkm Batik Di Kabupaten Sidoarjo (Studi Kasus : Kampoeng Batik Jetis). Ilmu Ekonomi, 1(April 2020), 4.
OECD. (2013). PISA 2015 Assessment and Analytical Framework: Science, Reading, Mathematic, Financial Literacy and Collaborative Problem Solving, revised edition. In OECD Publishing.
OECD. (2020). OECD/INFE 2020 International Survey of Adult Financial Literacy. OECD/INFE 2020 International Survey of Adult Financial Literacy, 78.
Otiato, E. H. (2016). Determinants of Financial Inclusion and Performance of Small and Medium Enterprises in Nairobi City County. International Journal of Finance and Accounting, 1(3), 62.
Otoritas Jasa Keuangan. (2016). Undang - Undang OJK. Peraturan Otoritas Jasa Keuangan, 53(9), 1689–1699. - POJK Literasi dan Inklusi Keuang
Otoritas Jasa Keuangan. (2017). Strategi Nasional Literasi Keuangan Indonesia (Revisit 2017). Otoritas Jasa Keuangan, 1–99.
Rasheed, R., Siddiqui, S. H., Mahmood, I., & Khan, S. N. (2019). Financial Inclusion for SMEs: Role of Digital Micro-financial Services. Review of Economics and Development Studies, 5(3), 429–439.
Saeedi, A., & Hamedi, M. (2018). Financial literacy: Empowerment in the stock market. Financial Literacy: Empowerment in the Stock Market, 1–154.
Sahadeo, C. (2018). Financial Literacy and Money Script. A Caribbean Perspective. palgrave macmillan.
Septiani, R. N., & Wuryani, E. (2020). Pengaruh Literasi Keuangan Dan Inklusi Keuangan Terhadap Kinerja Umkm Di Sidoarjo. E-Jurnal Manajemen Universitas Udayana, 9(8), 3214.
Soetiono, K. S., & Setiawan, C. (2018). Literasi dan Inklusi Keuangan Indonesia. Rajawali Press.
Solilova, V., & Nerudova, D. (2018). Contributions to Management, Science Transfer Pricing in SMEs: Critical Analysis and Practical Solutions. (n.d.). No Title. (n.d.). No Title.
Ye, J., & Kulathunga, K. M. M. C. B. (2019). How does financial literacy promote sustainability in SMEs? A developing country perspective. Sustainability (Switzerland), 11(10), 1–21.
How to Cite
Nugraha, N., Rusliati, E. and Alghifari, E. (2024) “FINANCIAL LITERACY AND INCLUSION TOWARDS MSME’S PERFORMANCE IN CIWIDEY SUB-DISTRICT”, AMAR (Andalas Management Review), 7(2), pp. 54-66. doi: 10.25077/amar.7.2.54-66.2023.