Financial Literacy, Fintech, And Msme Performance: The Moderating Role Of Business Experience
Abstract
This study examines the effects of financial literacy and FinTech adoption on MSME performance and investigates the moderating role of business experience. A quantitative explanatory design was employed involving 101 MSME owners or managers in Suli, Central Maluku Regency, selected through purposive sampling. Data were collected using a Likert-scale questionnaire and analyzed using SmartPLS. The findings indicate that financial literacy and business experience have positive and significant effects on MSME performance, whereas FinTech adoption does not have a significant direct effect. Business experience also fails to moderate the relationships between financial literacy and MSME performance and between FinTech and MSME performance. The model demonstrates adequate explanatory and predictive relevance. These findings suggest that MSME performance is driven more strongly by internal capabilities related to financial knowledge and accumulated business experience than by the mere adoption of financial technology. From a Resource-Based View perspective, financial literacy and business experience represent valuable internal resources that contribute to performance when effectively applied, while the benefits of FinTech depend on how well it is integrated into business processes. The study highlights the importance of strengthening financial literacy, experiential learning, and strategic technology utilization to improve MSME performance.
References
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Guenther, P., Guenther, M., Ringle, C. M., Zaefarian, G., & Cartwright, S. (2023). Improving PLS-SEM use for business marketing research. Industrial Marketing Management, 111(March), 127–142. https://doi.org/10.1016/j.indmarman.2023.03.010
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Hair, J., & Alamer, A. (2022). Partial Least Squares Structural Equation Modeling (PLS-SEM) in second language and education research: Guidelines using an applied example. Research Methods in Applied Linguistics, 1(3), 100027. https://doi.org/10.1016/j.rmal.2022.100027
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Mahastanti, L. A., Rita, M. R., Sitorus, D. S., & Atahau, A. D. R. (2026). Beyond Access: Entrepreneurial Capabilities and Business Context in Shaping P2P Lending Usage among Women-Led MSMEs in an Emerging Economy. Journal of Women’s Entrepreneurship and Education, 1–2, 144–168. https://doi.org/10.28934/jwee26.12.pp144-168
Maryanti, Mediaty, Arifin, A. H., & Mas’ud, A. A. (2026). Digital Accounting and Financial Performance of MSMEs in Indonesia: The Mediating Role of Digital Innovation. International Journal of Financial Studies, 14(3). https://doi.org/10.3390/ijfs14030066
Ningsih, H. T. K., Erlina, Muda, I., & Atmanegara, A. W. (2025). The impact of financial technology on MSME performance in indonesia: a study using the technology acceptance model. International Journal of Accounting and Economics Studies, 12(2), 76–84. https://doi.org/10.14419/4pktwq88
Ntshangase, S. D., Mbewana, V., & Ezeuduji, I. O. (2026). Tourism entrepreneurial struggles, survival, and success: A multinomial logit regression analysis. Journal of the International Council for Small Business. https://doi.org/10.1080/26437015.2025.2607491
Oladapo, I. A. (2024). “Financial literacy in Saudi Arabian MSMES: Insights from Islamic banks’ customers”. Investment Management and Financial Innovations, 21(4), 25–34. https://doi.org/10.21511/imfi.21(4).2024.03
Pandey, L. K., Bhattacharjee, J., Singh, R., Baker, H. K., & Sharma, R. K. (2025). Fintech Adoption and Dispositional Innovativeness in E-Gold Investment: Evidence from India. Journal of Theoretical and Applied Electronic Commerce Research, 20(2). https://doi.org/10.3390/jtaer20020105
Patty, M. R., & Rumtutuly, H. H. (2024). Peran moderasi literasi keuangan dalam hubungan antara adopsi fintech dan kinerja keuangan UMKM di kota Ambon. Jurnal Indovisi, 6(2), 1–7.
Ramayanti, R., Rachmawati, N. A., Setiawan, R., & Azhar, Z. (2024). Driving Sustainable Financial Management: an Investigation of Factors Influencing the Use of Digitals Technologies By Msmes. Journal of Governance and Regulation, 13(2), 76–85. https://doi.org/10.22495/jgrv13i2art7
Rumtutuly, H. H. (2025). Pengaruh Moderasi Literasi Keuangan : Kecemasan Finansial Terhadap Perilaku Konsumtif. Urnal Ilmu Sosial & Hukum Al-Zayn: Jurnal Ilmu Sosial & Hukum, 3, 5908–5916.
Rumtutuly, H. H., Metekohy, V. T., Limba, P. R., & Leasa, S. H. (2025). Transformasi digital terintegrasi sebagai penggerak keunggulan kompetitif UMKM. Jurnal Indovisi, 7(3), 1–9.
Singh, A., Mukherjee, A., Kumar, S., & Goel, U. (2026). Financial literacy as a driver of investment intentions: a study using the theory of planned behaviour. Property Management, 1–20. https://doi.org/10.1108/PM-11-2025-0163
Singh, V., Vishvakarma, N. K., & Kumar, V. (2025). Dark patterns, dimmed brands: the erosion of equity through deceptive design in e-commerce. Internet Research, 36(2), 847–872. https://doi.org/10.1108/INTR-07-2024-1026
Susanti, & Putra, R. (2025). Financial Literacy and MSME Performance: The Role of Access to Financing Products and Perception of Financial Risk. Quality - Access to Success, 26(207), 258–269. https://doi.org/10.47750/QAS/26.207.27
Tandilino, C., Pontoh, G. T., Darmawati, D., & Indrijawati, A. (2025). Digital Financial Inclusion as a Mediator of Digital Financial Literacy and Government Support in MSME Performance. International Journal of Financial Studies, 13(4), 199. https://doi.org/10.3390/ijfs13040199
Telagawathi, N. L. W. S., Yasa, N. N. K., Giantari, I. G. K. A., & Ekawati, N. W. (2022). The role of innovation strategies in mediating covid-19 perceptions and entrepreneurship orientation on Endek weaving craft business performance. Uncertain Supply Chain Management, 10(3), 913–922. https://doi.org/10.5267/j.uscm.2022.3.003
Tete, F., Chikoko, L., & Murendo, C. (2024). Factors influencing the resilience of rural agricultural and retail Micro, Small and Medium Enterprises in Midlands Province of Zimbabwe. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2404476
Yusra, Y., Ariffin, A. A. M., Susanto, P., Ayob, A. H., Zarman, N., Sijabat, F. N., & Caraka, R. E. (2026). Linking platform interaction quality to brand loyalty through brand love: an empirical study in the car e-hailing context. Cogent Business and Management, 13(1). https://doi.org/10.1080/23311975.2026.2698778
Agustina, Y., Subagyo, & Nurulistanti, L. (2022). How money circulates in indonesian smes: An analysis of financial literacy, business performance, financial management behavior, and financial attitude. Educational Administration: Theory and Practice, 28(2), 122–132. https://doi.org/10.17762/kuey.v28i02.425
Anning-Dorson, T., & Senanu, B. (2026). Mobile money adoption: Unequal pathways to financial well-being across small enterprises. Technological Forecasting and Social Change, 229. https://doi.org/10.1016/j.techfore.2026.124706
Benitez, J., Henseler, J., Castillo, A., & Schuberth, F. (2020). How to perform and report an impactful analysis using partial least squares: Guidelines for confirmatory and explanatory IS research. Information and Management, 57(2), 103168. https://doi.org/10.1016/j.im.2019.05.003
Caraka, R. E., Gio, P. U., Hendrawan, M. Y., & Pardamean, B. (2025). Understanding financial trends through LPS publications using big data topic modeling: a Shariah and conventional finance perspective. Journal of Islamic Accounting and Business Research, 1–40. https://doi.org/10.1108/JIABR-06-2024-0210
Faul, F., Erdfelder, E., & Buchner, A.-G. L. A. A. (2007). G * Power 3 : A flexible statistical power analysis program for the social , behavioral , and biomedical sciences. Behavior Research Methods, 39(2), 175–191.
Guenther, P., Guenther, M., Ringle, C. M., Zaefarian, G., & Cartwright, S. (2023). Improving PLS-SEM use for business marketing research. Industrial Marketing Management, 111(March), 127–142. https://doi.org/10.1016/j.indmarman.2023.03.010
Gunawan, A., Jufrizen, & Pulungan, D. R. (2023). Improving MSME performance through financial literacy , financial technology , and financial inclusion. International Journal of Applied Economics, Finance and Accounting, 15(1), 39–52. https://doi.org/10.33094/ijaefa.v15i1.761
Hair, J., & Alamer, A. (2022). Partial Least Squares Structural Equation Modeling (PLS-SEM) in second language and education research: Guidelines using an applied example. Research Methods in Applied Linguistics, 1(3), 100027. https://doi.org/10.1016/j.rmal.2022.100027
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/MTP1069-6679190202
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). The Results of PLS-SEM Article information. European Business Review, 31(1), 2–24.
Hair Jr., J. F., Matthews, L. M., Matthews, R. L., & Sarstedt, M. (2017). PLS-SEM or CB-SEM: updated guidelines on which method to use. International Journal of Multivariate Data Analysis, 1(2), 107. https://doi.org/10.1504/ijmda.2017.10008574
Junarsin, E., Hanafi, M. M., Iman, N., Arief, U., Naufa, A. M., Mahastanti, L., & Kristanto, J. (2023). Can technological innovation spur economic development? The case of Indonesia. Journal of Science and Technology Policy Management, 14(1), 25–52. https://doi.org/10.1108/JSTPM-12-2020-0169
Kurniawan, Maulana, A., & Iskandar, Y. (2023). The Effect of Technology Adaptation and Government Financial Support on Sustainable Performance of MSMEs during the COVID-19 Pandemic. Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2023.2177400
Listyaningsih, E., Rahyono, R., Alansori, A., & Mukminin, A. (2024). Financial Literacy, Financial Inclusion, And Financial Statements on Msmes’ Performance and Sustainability With Business Length as A Moderating Variable. Ikonomicheski Izsledvania, 33(1), 108–127. https://www.scopus.com/pages/publications/85184206807?origin=resultslist
Mahastanti, L. A., Rita, M. R., Sitorus, D. S., & Atahau, A. D. R. (2026). Beyond Access: Entrepreneurial Capabilities and Business Context in Shaping P2P Lending Usage among Women-Led MSMEs in an Emerging Economy. Journal of Women’s Entrepreneurship and Education, 1–2, 144–168. https://doi.org/10.28934/jwee26.12.pp144-168
Maryanti, Mediaty, Arifin, A. H., & Mas’ud, A. A. (2026). Digital Accounting and Financial Performance of MSMEs in Indonesia: The Mediating Role of Digital Innovation. International Journal of Financial Studies, 14(3). https://doi.org/10.3390/ijfs14030066
Ningsih, H. T. K., Erlina, Muda, I., & Atmanegara, A. W. (2025). The impact of financial technology on MSME performance in indonesia: a study using the technology acceptance model. International Journal of Accounting and Economics Studies, 12(2), 76–84. https://doi.org/10.14419/4pktwq88
Ntshangase, S. D., Mbewana, V., & Ezeuduji, I. O. (2026). Tourism entrepreneurial struggles, survival, and success: A multinomial logit regression analysis. Journal of the International Council for Small Business. https://doi.org/10.1080/26437015.2025.2607491
Oladapo, I. A. (2024). “Financial literacy in Saudi Arabian MSMES: Insights from Islamic banks’ customers”. Investment Management and Financial Innovations, 21(4), 25–34. https://doi.org/10.21511/imfi.21(4).2024.03
Pandey, L. K., Bhattacharjee, J., Singh, R., Baker, H. K., & Sharma, R. K. (2025). Fintech Adoption and Dispositional Innovativeness in E-Gold Investment: Evidence from India. Journal of Theoretical and Applied Electronic Commerce Research, 20(2). https://doi.org/10.3390/jtaer20020105
Patty, M. R., & Rumtutuly, H. H. (2024). Peran moderasi literasi keuangan dalam hubungan antara adopsi fintech dan kinerja keuangan UMKM di kota Ambon. Jurnal Indovisi, 6(2), 1–7.
Ramayanti, R., Rachmawati, N. A., Setiawan, R., & Azhar, Z. (2024). Driving Sustainable Financial Management: an Investigation of Factors Influencing the Use of Digitals Technologies By Msmes. Journal of Governance and Regulation, 13(2), 76–85. https://doi.org/10.22495/jgrv13i2art7
Rumtutuly, H. H. (2025). Pengaruh Moderasi Literasi Keuangan : Kecemasan Finansial Terhadap Perilaku Konsumtif. Urnal Ilmu Sosial & Hukum Al-Zayn: Jurnal Ilmu Sosial & Hukum, 3, 5908–5916.
Rumtutuly, H. H., Metekohy, V. T., Limba, P. R., & Leasa, S. H. (2025). Transformasi digital terintegrasi sebagai penggerak keunggulan kompetitif UMKM. Jurnal Indovisi, 7(3), 1–9.
Singh, A., Mukherjee, A., Kumar, S., & Goel, U. (2026). Financial literacy as a driver of investment intentions: a study using the theory of planned behaviour. Property Management, 1–20. https://doi.org/10.1108/PM-11-2025-0163
Singh, V., Vishvakarma, N. K., & Kumar, V. (2025). Dark patterns, dimmed brands: the erosion of equity through deceptive design in e-commerce. Internet Research, 36(2), 847–872. https://doi.org/10.1108/INTR-07-2024-1026
Susanti, & Putra, R. (2025). Financial Literacy and MSME Performance: The Role of Access to Financing Products and Perception of Financial Risk. Quality - Access to Success, 26(207), 258–269. https://doi.org/10.47750/QAS/26.207.27
Tandilino, C., Pontoh, G. T., Darmawati, D., & Indrijawati, A. (2025). Digital Financial Inclusion as a Mediator of Digital Financial Literacy and Government Support in MSME Performance. International Journal of Financial Studies, 13(4), 199. https://doi.org/10.3390/ijfs13040199
Telagawathi, N. L. W. S., Yasa, N. N. K., Giantari, I. G. K. A., & Ekawati, N. W. (2022). The role of innovation strategies in mediating covid-19 perceptions and entrepreneurship orientation on Endek weaving craft business performance. Uncertain Supply Chain Management, 10(3), 913–922. https://doi.org/10.5267/j.uscm.2022.3.003
Tete, F., Chikoko, L., & Murendo, C. (2024). Factors influencing the resilience of rural agricultural and retail Micro, Small and Medium Enterprises in Midlands Province of Zimbabwe. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2404476
Yusra, Y., Ariffin, A. A. M., Susanto, P., Ayob, A. H., Zarman, N., Sijabat, F. N., & Caraka, R. E. (2026). Linking platform interaction quality to brand loyalty through brand love: an empirical study in the car e-hailing context. Cogent Business and Management, 13(1). https://doi.org/10.1080/23311975.2026.2698778
Published
2026-10-14
How to Cite
SELEKY, Roy; TURUKAY, Evracia; RUMTUTULY, Hansen Hein.
Financial Literacy, Fintech, And Msme Performance: The Moderating Role Of Business Experience.
Otonomi, [S.l.], v. 26, n. 2, p. 232-246, oct. 2026.
ISSN 2657-1684.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/otonomi/article/view/9377>. Date accessed: 20 oct. 2026.
doi: https://doi.org/10.32503/otonomi.v26i2.9377.
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
http://creativecommons.org/licenses/by/4.0
