From Financial Literacy to Digital Financial Capability: A Bibliometric and Systematic Review of MSME Research

Abstract

Financial literacy is increasingly recognised as a strategic capability that facilitates access to finance and enhances the performance of Micro, Small, and Medium Enterprises (MSMEs). Despite its growing prominence, the literature remains fragmented across theoretical perspectives, contextual settings, and thematic foci, limiting the development of a coherent intellectual framework. This study maps the evolutionary trajectory of research on financial literacy, access to finance, and MSME performance by integrating bibliometric analysis with a systematic literature review (SLR). Using the PRISMA 2020 guidelines, we retrieved and analysed 151 relevant journal articles published between 2013 and 2026 from the Scopus database using the Biblioshiny tool. Performance analysis and science mapping reveal a substantial increase in publications after 2020, driven primarily by research in emerging economies. While financial inclusion, access to finance, and business performance remain foundational themes, digital financial literacy, fintech adoption, sustainability, and Islamic financial literacy are emerging as developing research streams. This paper delineates the thematic maturation of the field and proposes a structured research agenda across theoretical, methodological, and contextual dimensions. The findings provide a foundation for future empirical investigations and offer practical directions for policymakers and practitioners designing interventions to support MSME financial capability in the digital economy.