The experience of small medium, and micro- enterprises (SMMEs) owners in improving opportunities through the adoption of Fintech services

Abstract

Many small medium, and micro enterprises (SMMEs) owners do not have a rich credit history to build credibility, and they do not have sufficient collateral for security to be considered by the financial institutions and therefore leads to these businesses to be regarded as high-risk borrowers. Furthermore the lack of pro-activeness and decisive measures from the financial institutions to solution the challenge of the SMMEs to access credit , delays the growth in the economy. The objective of the study is to explore how do the SMMEs owners understand and experience the adoption of Fintech service to improve financial opportunities. The purpose is to develop new insights that could be recommended to the financial institutions and government agencies to provide solution to access to credit, operational efficiency, that are offered by Fintech services. The research design for the study is explorative in nature. The study makes contributions through the conceptual framework where the additions and refinements to the body of knowledge were presented.