DIGITAL TRANSFORMATION AND FINANCIAL INCLUSION: THE ROLE OF FINTECH IN AFRICAN ENTERPRISE GROWTH

Publication Details

Publication Date

10/08/2026

Volume / Issue

Vol 1, Issue 3 (2026)

Article No.

026

Journal

British Journal of Contemporary Research

DOI

https://doi.org/10.67693/BJCR-59MLC384

Received

16 Jul 2026

Views

34

Downloads

18

Abstract

Digital transformation has accelerated financial inclusion across Africa, with Financial Technology (FinTech) emerging as a key enabler of enterprise growth. Small and Medium-sized Enterprises (SMEs), which form the backbone of African economies, increasingly rely on digital financial tools to overcome traditional banking constraints. This study examines the role of Financial Technology (FinTech) in advancing financial inclusion and enhancing the performance of small and medium-sized enterprises (SMEs) in Africa. The objectives are to: assess the extent to which FinTech improves SMEs’ access to financial services; evaluate the impact of digital financial tools on enterprise performance; and identify key barriers limiting FinTech adoption. An ardent empirical review design was adopted, synthesizing peer-reviewed literature, policy reports, and industry data published between 2015 and 2026. Data were analyzed using qualitative content analysis and thematic synthesis, focusing on financial access, enterprise performance, and adoption barriers. The findings reveal that FinTech significantly improves SMEs’ access to financial services by reducing transaction costs, overcoming geographical constraints, and expanding outreach through mobile banking, digital payments, and alternative lending platforms. Furthermore, the adoption of digital financial tools enhances enterprise performance by improving operational efficiency, cash flow management, productivity, and market reach. However, FinTech adoption remains constrained by barriers such as inadequate digital infrastructure, low financial and digital literacy, regulatory uncertainties, and cyber security concerns. The study contributes to knowledge by providing an integrated empirical synthesis of FinTech’s impact on African SMEs, highlighting the link between digital financial inclusion and enterprise growth, and identifying context-specific adoption challenges. It also advances the discourse on decolonizing management by emphasizing the integration of indigenous financial practices into digital ecosystems to improve relevance, acceptance, and sustainability.

License

This article is published under the Creative Commons Attribution 4.0 International License . Free to read, share, and adapt with attribution.