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Small and Medium Enterprises (SMEs) are pivotal to economic growth and innovation but often face significant challenges in accessing finance. This review paper explores the revolutionary role of digital transformation in SME financing, highlighting how technological advancements address traditional barriers. The paper begins with an overview of the economic significance of SMEs and the persistent financing gap they face. It then delves into the financial sector's digital transformation, focusing on key innovations such as fintech, blockchain, and AI and their impact on traditional banking models. The challenges SMEs encounter in securing finance, including historical barriers, market inefficiencies, and regulatory constraints, are examined in detail. The paper discusses digital solutions reshaping SME financing, including fintech platforms, blockchain applications, AI, and big data analytics for enhanced credit assessments. Finally, it identifies future trends and opportunities in digital SME financing, offering policy recommendations to support this transformative shift. The findings underscore the potential of digital technologies to democratize access to finance for SMEs, lower costs, and increase efficiency, ultimately fostering economic development. Keywords: SME Financing, Digital Transformation, Fintech, Blockchain, Artificial Intelligence, Financial Inclusion.
Agu et al. (Sat,) studied this question.
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