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Digital Financial Literacy of MSMEs in Emerging Countries: A Systematic Literature Review and Future Research Agenda

Educational Leadership and Management Journal · Vol. 4 No. 1 (2026) · hlm. 61–75

DOI
10.22437/element.v4i1.55636
ISSN
3031-4712
Terbit
2026-05-31
Penerbit
FKIP Universitas Jambi
Bahasa
en

Abstrak

Digital Financial Literacy (DFL) has gained popularity in academic research over the past ten years, particularly as digital financial services have transformed the way individuals and businesses interact with the economic system. This paper presents a comprehensive systematic literature review (SLR) analysis of digital financial literacy studies in micro, small, and medium enterprises (MSMEs) in developing countries. The analysis uses VOSviewer to map the scholarly community, analyze the topic's evolution, and identify key contributors based on Scopus literature from 2016 to 2026. The number of articles decreased from 7,219 to a target collection of 26 articles using progressive classification. This study creates a conceptual framework for mapping digital financial literacy using the findings of the most cited studies. The result shows financial literacy, acceptance of fintech, digital financial inclusion, and financial risk behaviour are prevalent themes. The literature on digital financial literacy in the MSMEs area is still fragmented and under-theorized, despite the significant increase in academic contributions from emerging countries. In order to strengthen MSME financial resilience in the digital era, this review unifies scattered information and suggests a future research agenda that calls for context specific studies, comparative cross-country analysis, and more policy-oriented inquiry.

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  • Universitas Jambi
  • National Research and Innovation Agency
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  • Organisasi berbeda
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Rekan penulisOrganisasiArtikel bersama
Marzul HidayatAfiliasi tidak diketahui4
Rafiza Abdul RazakAfiliasi tidak diketahui2
Ella MasitaAfiliasi tidak diketahui2
David IqroniAfiliasi tidak diketahui2
FortunasariAfiliasi tidak diketahui2
Muhammad GowonAfiliasi tidak diketahui2
Fadlan MaalipUniversitas Jambi1
SofyanUniversitas Jambi1
Deni HadianaNational Research and Innovation Agency1
I Wayan CitrawanAfiliasi tidak diketahui1
I Wayan WidanaAfiliasi tidak diketahui1
I Wayan SumandyaAfiliasi tidak diketahui1
I Nengah Suka WidanaAfiliasi tidak diketahui1
Hanief AriefAfiliasi tidak diketahui1
Wayan MeterAfiliasi tidak diketahui1
Florante P IbarraAfiliasi tidak diketahui1
Jade O HizonAfiliasi tidak diketahui1
Nikki Y CruzAfiliasi tidak diketahui1
Leila M. CollantesAfiliasi tidak diketahui1
Joel M. TorresAfiliasi tidak diketahui1
Adhayani LubisAfiliasi tidak diketahui1
Ira Aini DaniaAfiliasi tidak diketahui1
Dewi PangestutiAfiliasi tidak diketahui1
Adi Raja Brando LubisAfiliasi tidak diketahui1
Donalry Agus SaputraAfiliasi tidak diketahui1
Stenly Hely SajowAfiliasi tidak diketahui1
Minsih MinsihAfiliasi tidak diketahui1
Imam MujahidAfiliasi tidak diketahui1
Helzi HelziAfiliasi tidak diketahui1
Syaukani SyaukaniAfiliasi tidak diketahui1
Siti IsmahaniAfiliasi tidak diketahui1
Sufiyandi SufiyandiAfiliasi tidak diketahui1
Emi EmiliaAfiliasi tidak diketahui1
Ika Lestari DamayantiAfiliasi tidak diketahui1
Izdihar Urjuwan AfkarAfiliasi tidak diketahui1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/element/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 6 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Digital Financial Literacy of MSMEs in Emerging Countries: A Systematic Literature Review and Future Research Agenda</dc:title>
	<dc:creator xml:lang="en">Azis, Azolla Degita</dc:creator>
	<dc:creator xml:lang="en">Mukminin, Amirul</dc:creator>
	<dc:creator xml:lang="en">Zulma, Gandy Wahyu Maulana</dc:creator>
	<dc:creator xml:lang="en">Nugraha, Nugraha</dc:creator>
	<dc:creator xml:lang="en">Lyndon, Novel Anak</dc:creator>
	<dc:creator xml:lang="id">Azis, Azolla Degita</dc:creator>
	<dc:subject xml:lang="en">Digital Financial Literacy</dc:subject>
	<dc:subject xml:lang="en">Financial Risk Behaviour</dc:subject>
	<dc:subject xml:lang="en">MSMEs</dc:subject>
	<dc:subject xml:lang="en">Emerging Countries</dc:subject>
	<dc:description xml:lang="en">Digital Financial Literacy (DFL) has gained popularity in academic research over the past ten years, particularly as digital financial services have transformed the way individuals and businesses interact with the economic system. This paper presents a comprehensive systematic literature review (SLR) analysis of digital financial literacy studies in micro, small, and medium enterprises (MSMEs) in developing countries. The analysis uses VOSviewer to map the scholarly community, analyze the topic's evolution, and identify key contributors based on Scopus literature from 2016 to 2026. The number of articles decreased from 7,219 to a target collection of 26 articles using progressive classification. This study creates a conceptual framework for mapping digital financial literacy using the findings of the most cited studies. The result shows financial literacy, acceptance of fintech, digital financial inclusion, and financial risk behaviour are prevalent themes. The literature on digital financial literacy in the MSMEs area is still fragmented and under-theorized, despite the significant increase in academic contributions from emerging countries. In order to strengthen MSME financial resilience in the digital era, this review unifies scattered information and suggests a future research agenda that calls for context specific studies, comparative cross-country analysis, and more policy-oriented inquiry.</dc:description>
	<dc:publisher xml:lang="en">FKIP Universitas Jambi</dc:publisher>
	<dc:date>2026-05-31</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://online-journal.unja.ac.id/element/article/view/55636</dc:identifier>
	<dc:identifier>10.22437/element.v4i1.55636</dc:identifier>
	<dc:source xml:lang="en">Educational Leadership and Management Journal; Vol. 4 No. 1 (2026):  Element - 2026; 61-75</dc:source>
	<dc:source>3031-4712</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/element/article/view/55636/24500</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Educational Leadership and Management Journal</dc:rights>
</oai_dc:dc>