Financial Literacy, Financial Inclusion and Economic Empowerment of Women Micro-Entrepreneurs in Accra Metropolis, Ghana: Moderating Role of Social Network and Patriarchal Culture

Abstract

This study scrutinises the effect of financial literacy and financial inclusion on the economic empowerment of women micro-entrepreneurs in Ghana. It also examined the moderating role of social networks as well as patriarchal culture on women micro-entrepreneurs‘ economic empowerment. The investigation utilized positivist philosophy, quantitative approach, cross-sectional study design and explanatory research design. Structured questionnaires were administered to a sample of 480 women micro-entrepreneurs from three sub-metros of Accra Metropolis, Ghana. The data was analysed utilizing the PLS-SEM (version 4) algorithm for inferential statistics. The outcomes of the investigation discovered that financial literacy positively influenced the economic empowerment of women micro-entrepreneurs. Also, social networks positively moderated the connection amid financial awareness as well as economic empowerment. Again, social networks positively moderated the relationship between usage and economic empowerment. Financial inclusion significantly and positively influenced the economic empowerment of women micro-entrepreneurs. Patriarchal culture negatively moderated the relationship between usage and economic empowerment. However, patriarchal culture did not significantly moderate the relationship between financial literacy and economic empowerment. The study recommended that policy makers intensify financial literacy, financial inclusion and social network programmes. Also, women's advocacy groups should sensitise the populace on the negative effects of some patriarchal cultures on women micro-entrepreneurs in Ghana.