Financial literacy workshops have been shown to enhance business success among small businesses in various contexts. However, their effectiveness varies across different populations and settings. The study employed a comparative approach involving pre- and post-workshop assessments conducted in two distinct neighborhoods. Data collection included surveys and interviews focusing on participants' financial management skills and business outcomes. Participants demonstrated significant improvement in financial literacy, particularly in budgeting and saving strategies, leading to enhanced business performance and reduced operational risks. The adapted workshops were effective in improving women's financial literacy levels and positively impacting their small businesses within the Lagos informal economy. Further research should explore longer-term impacts and scalability of these adapted workshops across other regions and demographic groups. Implementation strategies for policymakers and non-governmental organizations (NGOs) to support similar initiatives are also recommended.
Ofoemejo et al. (Fri,) studied this question.