The Influence of FinTech Continuance Intention, Financial Access, Financial Literacy, and Innovation on Microenterprise Sustainability
DOI:
https://doi.org/10.62794/je3s.v7i4.274Keywords:
financial access, financial literacy, FinTech, innovation, microenterprise sustainabilityAbstract
Microenterprises play a vital role in economic development in Indonesia, especially in creating jobs and supporting the local economy. The majority of microenterprises, especially in the food sector, still suffer from financial literacy, limited access to finance and financial technology (FinTech), and low innovation level, which may threaten sustainability. The study aims to explore the effects of FinTech, financial literacy, financial access, and innovation with the mediation of microenterprise performance on microenterprise sustainability. The research design used is explanatory research with a quantitative research approach. Primary data were collected using structured questionnaires from 280 microenterprise owners using FinTech applications. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that FinTech continuance intention, financial literacy, financial access, and innovation have both direct and indirect impacts on microenterprises sustainability through performance. This highlights the importance of strengthening financial literacy, digitalization, and innovation.
References
Abdallah, W., Harraf, A., Ghura, H., & Abrar, M. (2025). Financial literacy and small and medium enterprises performance: the moderating role of financial access. Journal of Financial Reporting and Accounting, 23(4), 1345–1364. https://doi.org/10.1108/JFRA-06-2024-0337
Ahmed, S. K. (2024). How to choose a sampling technique and determine sample size for research: A simplified guide for researchers. In Oral Oncology Reports (Vol. 12). Elsevier Ltd. https://doi.org/10.1016/j.oor.2024.100662
Appiah, T., & Agblewornu, V. V. (2025). The interplay of perceived benefit, perceived risk, and trust in Fintech adoption: Insights from Sub-Saharan Africa. Heliyon, 11(2). https://doi.org/10.1016/j.heliyon.2025.e41992
Aripin, & Zuhriyah, N. A. (2025). Empowering women through financial literacy and business management skill: Empirical evidence from Indonesia. Social Sciences and Humanities Open, 12. https://doi.org/10.1016/j.ssaho.2025.101976
Bajwa, F. A., Fu, J., Bajwa, I. A., & Alsuhaibany, Y. M. (2025). Financing the future: The role of fintech, leadership, and financial competencies in driving sustainable firm performance. Acta Psychologica, 260. https://doi.org/10.1016/j.actpsy.2025.105449
Bank Indonesia. (2017). Regulation of Bank Indonesia Number 19/12/PBI/2017 concerning the Implementation of Financial Technology [Peraturan Bank Indonesia Nomor 19/12/PBI/2017 tentang Penyelenggaraan Teknologi Finansial]. https://www.bi.go.id/id/publikasi/peraturan/Documents/PBI_191217.pdf
Becerra-Vicario, R., Ruiz-Palomo, D., León-Gómez, A., & Santos-Jaén, J. M. (2023). The relationship between innovation and the performance of small and medium-sized businesses in the industrial sector: The mediating role of CSR. Economies, 11(3). https://doi.org/10.3390/economies11030092
Bongomin, G. O. C., Chrysostome, E., Nkongolo-Bakenda, J. M., & Yourougou, P. (2025). Toward increasing financial inclusion and sustainability of indigenous microenterprises in Africa in the presence of financial literacy. Journal of Business and Socio-Economic Development, 5(3), 296–310. https://doi.org/10.1108/JBSED-07-2023-0056
Budiarto, D. S., Prabowo, M. A., & Kartika, T. N. (2023). Does performance improve sustainability? empirical research on indonesian msmes. International Journal of Business and Society, 24(3), 1252–1265. https://doi.org/10.33736/ijbs.6422.2023
Budiman, J., Yodiputra, J., Candy, C., & Agustin, I. N. (2025). How overconfidence and mental accounting influence investments? The moderating role of financial literacy. Asian Management and Business Review, 1–18. https://doi.org/10.20885/ambr.vol5.iss1.art1
Cheung, G. W., Cooper-Thomas, H. D., Lau, R. S., & Wang, L. C. (2024). Reporting reliability, convergent and discriminant validity with structural equation modeling: A review and best-practice recommendations. Asia Pacific Journal of Management, 41(2), 745–783. https://doi.org/10.1007/s10490-023-09871-y
Cholil, S. R., Gernowo, R., & Edi Widodo, C. (2024). A Novel BED: BWM-Entropy-D Numbers as Determinants of Sustainable Entrepreneurship in MSMEs. IEEE Access, 12, 167367–167387. https://doi.org/10.1109/ACCESS.2024.3491838
Coordinating Ministry for Economic Affairs of the Republic of Indonesia. (2022). Development of MSMEs as the Critical Engine of the National Economy Continues to Receive Government Support [Press release No. HM.4.6/553/SET.M.EKON.3/10/2022]. www.ekon.go.id
Cuandra, F., & Candy, C. (2024). Strategies and innovations for enhancing sustainable performance in SMEs during the 4.0 digital business era. Jurnal Organisasi Dan Manajemen, 20(1), 1–16. https://doi.org/10.33830/jom.v20i1.6449.2024
Culebro-Martínez, R., Moreno-García, E., & Hernández-Mejía, S. (2024). Financial literacy of entrepreneurs and companies’ performance. Journal of Risk and Financial Management, 17(2). https://doi.org/10.3390/jrfm17020063
Dejardin, M., Raposo, M. L., Ferreira, J. J., Fernandes, C. I., Veiga, P. M., & Farinha, L. (2023). The impact of dynamic capabilities on SME performance during COVID-19. Review of Managerial Science, 17(5), 1703–1729. https://doi.org/10.1007/s11846-022-00569-x
Dwijayanty, R., Buchory, H. A., Nuryaman, N., & Kusumah, W. R. (2025). The mediating role of financial management behavior in the relationship between financial literacy and business performance. Edelweiss Applied Science and Technology, 9(8), 1406–1412. https://doi.org/10.55214/2576-8484.v9i8.9618
Elmi, M. A., Abdulkadir, F. O., Mohamud, A. M., Osman, N. H., & Abdi, I. A. (2025). Exploring the effect of financial technology on the sustainability of small and medium enterprises in Mogadishu, Somalia. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2460624
Fauzi, M. A. (2022). Partial least square structural equation modelling (PLS-SEM) in knowledge management studies: Knowledge sharing in virtual communities. Knowledge Management and E-Learning, 14(1), 103–124. https://doi.org/10.34105/j.kmel.2022.14.007
Financial Service Authority. (2024). Press Release: OJK and Statistics Indonesia Present National Survey on Financial Literacy and Inclusion 2024 Findings. https://ojk.go.id/en/berita-dan-kegiatan/siaran-pers/Pages/OJK-And-Statistics-Indonesia-Present-National-Survey-On-Financial-Literacy-And-Inclusion-2024-Findings.aspx
Gao, J., Siddik, A. B., Khawar Abbas, S., Hamayun, M., Masukujjaman, M., & Alam, S. S. (2023). Impact of E-commerce and digital marketing adoption on the financial and sustainability performance of MSMEs during the COVID-19 pandemic: An empirical study. Sustainability (Switzerland), 15(2). https://doi.org/10.3390/su15021594
Gupta, U., Agarwal, B., & Nautiyal, N. (2022). Financial technology adoption—A case of Indian MSMEs. Finance: Theory and Practice, 26(6), 192–211. https://doi.org/10.26794/2587-5671-2022-26-6-192-211
Hair Jr, J. F., G, T. M. H., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer Nature. https://doi.org/10.1007/978-3-030-80519-7
Hasani, T., Rezania, D., Levallet, N., O’Reilly, N., & Mohammadi, M. (2023). Privacy enhancing technology adoption and its impact on SMEs’ performance. International Journal of Engineering Business Management, 15. https://doi.org/10.1177/18479790231172874
Heenkenda, H. M. J. C. B., Xu, F., Kulathunga, K. M. M. C. B., & Senevirathne, W. A. R. (2022). The role of innovation capability in enhancing sustainability in SMEs: An emerging economy perspective. Sustainability (Switzerland), 14(17). https://doi.org/10.3390/su141710832
Irimia-Diéguez, A., Velicia-Martín, F., & Aguayo-Camacho, M. (2023). Predicting FinTech innovation adoption: the mediator role of social norms and attitudes. Financial Innovation, 9(1). https://doi.org/10.1186/s40854-022-00434-6
Krah, R., Tetteh, L. A., Boateng, A., & Amankwa, R. F. (2024). Financial technology adoption among small and medium enterprises in Ghana. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2321786
Kunal, K., Ramprakash, K. R., & Prasad, R. A. (2025). Enhancing livelihoods through digital finance: A study on the impact of fintech adoption on the financial performance of Hawkers. Qubahan Academic Journal, 5(1), 565–579. https://doi.org/10.48161/qaj.v5n1a1207
Kurniasari, F., Abd Hamid, N., & Lestari, E. D. (2025). Unraveling the impact of financial literacy, financial technology adoption, and access to finance on small medium enterprises business performance and sustainability: a serial mediation model. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2487837
Kurniasari, F., Lestari, E. D., & Tannady, H. (2023). Pursuing long-term business performance: Investigating the effects of financial and technological factors on digital adoption to leverage SME performance and business sustainability—Evidence from Indonesian SMEs in the traditional market. Sustainability (Switzerland), 15(16). https://doi.org/10.3390/su151612668
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), 2177400. https://doi.org/10.1080/23311975.2023.2177400
Le, D. V., Le, H. T. T., Pham, T. T., & Vo, L. Van. (2023). Innovation and SMEs performance: evidence from Vietnam. Applied Economic Analysis, 31(92), 90–108. https://doi.org/10.1108/AEA-04-2022-0121
Ledi, K. K., Ameza-Xemalordzo, E., Amoako, G. K., & Asamoah, B. (2023). Effect of QR code and mobile money on performance of SMEs in developing countries. The role of dynamic capabilities. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2238977
Lontchi, C. B., Yang, B., & Shuaib, K. M. (2023). Effect of financial technology on SMEs performance in Cameroon amid COVID-19 recovery: The mediating effect of financial literacy. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032171
Magno, F., Cassia, F., & Ringle, C. M. (2024). A brief review of partial least squares structural equation modeling (PLS-SEM) use in quality management studies. The TQM Journal, 36(5), 1242–1251. https://doi.org/10.1108/TQM-06-2022-0197
Market Research Indonesia. (2025). Indonesia digital SME adoption is accelerating. https://marketresearchindonesia.com/insights/articles/indonesia-digital-sme-adoption-is-accelerating
Masdupi, E., Firman, Rasyid, R., & Darni, M. O. (2024). Financial literacy and sustainability in SMEs: Do financial risk attitude, access to finance, and organizational risk-taking tolerance mediate? Asian Economic and Financial Review, 14(1), 43–58. https://doi.org/10.55493/5002.v14i1.4959
Menne, F., Surya, B., Yusuf, M., Suriani, S., Ruslan, M., & Iskandar, I. (2022). Optimizing the financial performance of smes based on sharia economy: Perspective of economic business sustainability and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(1). https://doi.org/10.3390/joitmc8010018
Mujiatun, S., Trianto, B., Cahyono, E. F., & Rahmayati. (2023). The impact of marketing communication and Islamic financial literacy on Islamic financial inclusion and MSMEs performance: Evidence from halal tourism in Indonesia. Sustainability (Switzerland), 15(13). https://doi.org/10.3390/su15139868
Mulisa, F. (2022). When does a researcher choose a quantitative, qualitative, or mixed research approach? Interchange, 53(1), 113–131. https://doi.org/10.1007/s10780-021-09447-z
Mulyaningrum, M., Yuwono, W., Esfandiany, S., & Budiman, J. (2025). How to Increase Product Innovation and Competitive Advantage of MSMES in Batam City. Trikonomika, 24(2), 139–147. https://doi.org/10.23969/trikonomika.v24i2.33002
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). FinTech adoption drivers for innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4). https://doi.org/10.3390/joitmc8040208
OECD. (2016). Ensuring Financial Education and Consumer Protection for All in the Digital Age. https://g20.utoronto.ca/2016/P020160914399346655198.pdf
OECD. (2025). Financial Literacy Assessment: Preparing Students for their Financial Future. https://www.oecd.org/en/about/programmes/pisa/pisa-governing-board.html
Pasaribu, D., Sinurat, E. J., Tambunan, D., Nainggolan, A., & Nasib. (2023). Model analysis of strengthening the success and sustainability of MSMEs in Pematang Siantar. Journal of Hunan University Natural Sciences, 50(7). https://doi.org/10.55463/issn.1674-2974.50.7.8
Purwanto, A. H. D., Nashar, M., Jumaryadi, Y., Wibowo, W., & Mekaniwati, A. (2022). Improving medium small micro enterprise’ (MSME) performance. International Journal of Advanced and Applied Sciences, 9(5), 37–46. https://doi.org/10.21833/IJAAS.2022.05.005
Rahadjeng, E. R., Pratikto, H., Mukhlis, I., Restuningdiah, N., & Mala, I. K. (2023). The impact of financial literacy, financial technology, and financial inclusion on SME business performance in Malang Raya, Indonesia. Journal of Social Economics Research, 10(4), 146–160. https://doi.org/10.18488/35.v10i4.3509
Rahmawati, A., Wahyuningsih, S. H., & Garad, A. (2023). The effect of financial literacy, training and locus of control on creative economic business performance. Social Sciences and Humanities Open, 8(1). https://doi.org/10.1016/j.ssaho.2023.100721
Rajamani, K., Jan, N. A., Subramani, A. K., & Raj, A. N. (2022). Access to finance: challenges faced by micro, small, and medium enterprises in India. Engineering Economics, 33(1), 73–85. https://doi.org/10.5755/j01.ee.33.1.27998
Rosyidiana, R. N., & Narsa, I. M. (2024). Micro, small, and medium-sized enterprises (MSMEs) during the post-pandemic economic recovery period: digitalization, literation, innovation, and its impact on financial performance. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2342488
Saptono, P. B., Khozen, I., Mahmud, G., Hodžić, S., Pratiwi, I., Purwanto, D., & Imantoro, L. W. (2024). Flourishing MSMEs: The role of innovation, creative compliance, and tax incentives. Journal of Risk and Financial Management, 17(12). https://doi.org/10.3390/jrfm17120532
Sentoso, A., Sibarani, T. P., & Muchsinati, E. S. (2024). Business Performance of MSMEs: An analysis of the effect of entrepreneurial orientation, market orientation, and technology orientation. JDM (Jurnal Dinamika Manajemen), 15(2), 318–333. https://doi.org/10.15294/jdm.v15i2.7559
Setiabudhi, H., Suwono, S., Setiawan, Y. A., & Karim, S. (2025). Analisis Data Kuantitatif dengan SmartPLS 4. Borneo Novelty Publishing.
Siddik, A. B., Yong, L., & Rahman, M. N. (2023). The role of Fintech in circular economy practices to improve sustainability performance: a two-staged SEM-ANN approach. Environmental Science and Pollution Research, 30(49), 107465–107486. https://doi.org/10.1007/s11356-023-25576-7
Statistics Indonesia [Badan Pusat Statistik]. (2024a). Food and Beverage Service Activities Statistics 2023. 7. https://www.bps.go.id/id/publication/2024/12/23/f2c7743c4712aaeaa4abf694/statistik-penyediaan-makanan-dan-minuman-2023.html
Statistics Indonesia [Badan Pusat Statistik]. (2024b). Profile of Micro and Small Industries 2023 [Profil Industri Mikro dan Kecil 2023] (Vol. 14). https://www.bps.go.id/en/publication/2024/09/18/52d85cbe9de005b6f5d69f95/profile-of-micro-and-small-industries-2023.html
Supramono, S., Damayanti, T. W., & Adhitya, D. (2025). Dynamic capabilities and financial behavior to accelerate MSME performance recovery and its impacts on business sustainability. Journal of Innovation and Entrepreneurship, 14(1). https://doi.org/10.1186/s13731-024-00456-7
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. http://links.jstor.org/sici?sici=0143-2095%28199708%2918%3A7%3C509%3ADCASM%3E2.0.CO%3B2-%23
Thathsarani, U. S., & Jianguo, W. (2022). Do digital finance and the technology acceptance model strengthen financial inclusion and SME performance? Information (Switzerland), 13(8). https://doi.org/10.3390/info13080390
Valdez-Juárez, L. E., Castillo-Vergara, M., & Ramos-Escobar, E. A. (2022). Innovative business strategies in the face of COVID-19: An approach to open innovation of SMEs in the Sonora Region of Mexico. Journal of Open Innovation: Technology, Market, and Complexity, 8(1). https://doi.org/10.3390/joitmc8010047
Widagdo, B., & Sa’diyah, C. (2023). Business sustainability: Functions of financial behavior, technology, and knowledge. Problems and Perspectives in Management, 21(1), 120–130. https://doi.org/10.21511/ppm.21(1).2023.11
Widyastuti, M., Ferdinand, D. Y. Y., & Hermanto, Y. B. (2023). Strengthening formal credit access and performance through financial literacy and credit terms in micro, small and medium businesses. Journal of Risk and Financial Management, 16(1). https://doi.org/10.3390/jrfm16010052
Zickar, M. J., & Keith, M. G. (2023). Innovations in sampling: Improving the appropriateness and quality of samples in organizational research. Annual Review of Organizational Psychology and Organizational Behavior, 10(1), 315–337. https://doi.org/10.1146/annurev-orgpsych-120920-052946
Zuñiga-Collazos, A., Galvez-Albarracin, E. J., Vera-Jaramillo, F., & Patiño-Giraldo, L. V. (2025). Digitalization, innovation, sustainability and performance: A causal analysis applied to tourism MSMEs. International Journal of Innovation Studies, 9(1), 46–59. https://doi.org/10.1016/j.ijis.2024.12.001
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Johny Budiman, Liana, Hesniati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
