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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) · pp. 61–75

DOI
10.22437/element.v4i1.55636
ISSN
3031-4712
Published
2026-05-31
Publisher
FKIP Universitas Jambi
Language
en

Abstract

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.

Keywords

Collaboration network of the authors

40 authors · 118 co-authorship links · 66 across different organisations · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Universitas PGRI Mahadewa Indonesia
  • Central Luzon State University
  • Universitas Jambi
  • Indonesia University of Education
  • National Research and Innovation Agency
  • North Sumatra Islamic University
  • Universitas Prima Indonesia
  • Other organisations
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Marzul HidayatAffiliation unknown4
Rafiza Abdul RazakUniversity of Malaya2
Ella MasitaAffiliation unknown2
David IqroniAffiliation unknown2
FortunasariAffiliation unknown2
Muhammad GowonAffiliation unknown2
Syahrial SyahrialUniversitas Tamansiswa Padang2
Fadlan MaalipUniversitas Jambi1
SofyanUniversitas Jambi1
Deni HadianaNational Research and Innovation Agency1
I Wayan CitrawanUniversitas PGRI Mahadewa Indonesia1
I Wayan WidanaUniversitas PGRI Mahadewa Indonesia1
I Wayan SumandyaUniversitas PGRI Mahadewa Indonesia1
I Nengah Suka WidanaUniversitas PGRI Mahadewa Indonesia1
Hanief AriefNational Research and Innovation Agency1
Wayan MeterIndonesia Open University1
Florante P IbarraAffiliation unknown1
Leila M. CollantesCentral Luzon State University1
Jade O. HizonCentral Luzon State University1
Nikki Y CruzCentral Luzon State University1
Joel Mayo TorresCentral Luzon State University1
Donalry Agus SaputraUniversitas Sumatera Utara1
Adhayani LubisUniversitas Prima Indonesia1
Ira Aini DaniaNorth Sumatra Islamic University1
Dewi PangestutiNorth Sumatra Islamic University1
Adi Raja Brando LubisUniversitas Prima Indonesia1
Hely Stenly SajowAuckland University of Technology1
Minsih MinsihMuhammadiyah University of Surakarta1
Imam MujahidUIN Raden Mas Said Surakarta1
Helzi HelziMuhammadiyah University of Surakarta1
Syaukani SyaukaniUniversitas Islam Negeri Sumatera Utara1
Siti IsmahaniUniversitas Sumatera Utara1
Sufiyandi SufiyandiIndonesia University of Education1
Emi EmiliaIndonesia University of Education1
Ika Lestari DamayantiIndonesia University of Education1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/element/oai, first harvested 6 Nov 2026, last seen 6 Nov 2026.
Original metadata (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>
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