This paper examines the impact of diverse financial sources on the export performance of small and medium-sized enterprises (SMEs) in Togo, with a specific focus on gender-based disparities. Utilizing firm-level data from the 2018 General Business Census (RGE), the study employs probit and ordered probit models, validated by the Lewbel instrumental variable (IV) procedure to address endogeneity. The results reveal that while nearly 94% of SMEs rely on microfinance, this access remains insufficient for internationalization. Conversely, formal banking significantly drives export intensity. Interaction analysis reveals a gendered duality: while male-led firms leverage networks more effectively for market entry, female entrepreneurs demonstrate superior marginal efficiency in scaling export intensity once the initial barriers have been overcome. These findings suggest that gender-sensitive financial reforms and institutional guarantee mechanisms are essential for transforming SME potential into sustainable export growth under the AfCFTA framework.
Gnedeka et al. (2026) studied this question.