The role of financial literacy in driving sustainable entrepreneurial success: A case study of Lapo Microfinance Institution (MFI), Nigeria

Even with access to microfinance loans, many small and medium enterprises (SMEs) in Nigeria still find it challenging to achieve sustainable growth; thus, this systematic study investigates the role of financial literacy in driving the sustainable entrepreneurial success of clients of Lapo Microfinance Institution (MFI), Nigeria. A representative sample of Lapo MFI clients who have participated in their financial literacy training programmes was surveyed and interviewed, providing qualitative and quantitative data. The findings demonstrate a positive correlation between participation in Lapo MFI's financial literacy training programmes and sustainable business success among their clients. The novelty of this research is that it establishes a link between financial literacy and SME success. This study offers valuable direction or guidance for other MFIs in developing targeted financial literacy interventions to support the sustainable growth of their clients' businesses.