The Effect of Financial Literacy and Access to Financing on the Financial Performance of MSMEs: The Role of Financial Management Mediation and Financial Technology Moderation (A Systematic Literature Review)

Ginanjar Indra Kusuma Nugraha (Universitas Negeri Malang)
Puji Handayati (Universitas Negeri Malang)
Ely Siswanto (Universitas Negeri Malang)

Formosa Journal of Multidisciplinary Research (FJMR)
Vol. 4 No. 6 (2025): June 2025

This study aims to systematically analyze the influence of financial literacy and access to financing on the financial performance of Micro, Small, and Medium Enterprises (MSMEs), considering the mediating role of financial management and the moderating role of financial technology. Using a Systematic Literature Review (SLR) approach, 30 relevant academic articles published between 2021–2025 were thematically reviewed. The findings reveal that financial literacy directly improves MSMEs' financial decision-making capacity and indirectly enhances financial performance through improved financial management. Access to financing is identified as a critical determinant of MSME growth but is often hindered by structural barriers. Financial management acts as a key mediator linking literacy and financing to performance, while financial technology moderates this relationship by digitizing financial processes, improving access to capital, and increasing efficiency. The study also identifies research gaps, including a lack of longitudinal studies, insufficient analysis of cultural and religious influences, and the need for performance evaluation models that incorporate sustainability dimensions.