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This study investigates the role of financial inclusion in driving the performance of small and medium enterprises (SMEs) in Sokoto State, Nigeria. Drawing on survey data collected from a sample of 367 SME owners and managers, the study employs robust regression techniques to analyze the relationships between various dimensions of financial inclusion, including financial literacy, financial self-efficacy, financial attitudes, and financial social networks, and key SME performance indicators. The findings offer a comprehensive and compelling blueprint for leveraging financial inclusion to propel the success and growth of SMEs in the study area. The results unequivocally underscore the pivotal importance of financial literacy, underscoring the urgent need for widespread financial education initiatives to empower SME stakeholders with the knowledge and skills for informed financial decision-making. Equally significant is the study's revelation of the counterproductive impact of overconfidence in financial self-efficacy, necessitating targeted interventions to cultivate a realistic and adaptive financial mindset. Furthermore, the profound influence of positive financial attitudes highlights the critical role of fostering a proactive and favorable financial mindset among SME owners and managers. The recognition of the value of leveraging financial social networks also provides a clear path for strengthening the collaborative and information-sharing ecosystem within the SME community.
Malam et al. (Sun,) studied this question.