Does culture empower inclusive finance? Empirical investigation into small business in Cameroon

The issue of culture is becoming ever more interesting, especially when interconnected with other business factors like finance. Although intriguing, the relationship between culture and finance has long been neglected. Unlike existing research, this article aims at assessing the impact of culture on financial inclusion and financial literacy among Cameroonian small business managers. In this quantitative investigation, the indices are built using Principal Component Analysis (PCA), and the estimation is done using Ordinary Least Squares (OLS). The data used is from a research survey on 161 small enterprises in the cities of Douala, Bafoussam, Foumban, Foumbot, and Dschang. The findings demonstrate that organizational culture, in contrast to its social component, is positively and strongly associated with financial literacy and financial inclusion. Additionally, firm and manager variables like age, turnover variation, and education level significantly explain these financial variables. Thus, it is essential to promote organizational culture in Cameroonian businesses.