Microfinance programmes are increasingly recognised for their potential to enhance financial literacy among women entrepreneurs in developing countries. However, empirical evidence on the long-term impact of such interventions is limited, particularly within West African contexts. Participants were selected from eight randomly chosen West African towns with varying socioeconomic conditions. A pre- and post-programme survey was conducted using a Likert scale questionnaire. Data on financial literacy levels and business outcomes (e.g., sales revenue) were collected. Descriptive statistics, inferential statistical analyses (t-tests for means comparison), and regression models were employed to analyse the data. A significant increase in mean scores of financial knowledge from pre- to post-programme was observed among participants (mean difference = 4.2, p < 0.05). However, there was no notable change in sales revenue as a proxy for business success. These findings suggest that microfinance programmes can effectively improve the financial literacy of female entrepreneurs, but additional support may be needed to translate this knowledge into tangible business performance improvements. Future research should focus on identifying mechanisms or interventions that could enhance the practical application of financial knowledge in real-world business settings.
Konan et al. (Sat,) studied this question.