Empowering Non-educated Women Entrepreneurs in Kelantan for Digital Finance Inclusion

Abstract

The Malaysian state of Kelantan boasts a vibrant entrepreneurial landscape, with women at the forefront, driving economic growth through their businesses. However, many women entrepreneurs face a common obstacle: a lack of formal education, leaving them inadequately equipped to navigate the evolving economy and technological advancements. Financial illiteracy, particularly concerning informal business practices, restricts their potential to achieve economies of scale and hinders their ability to make informed financial decisions, thus impeding business growth and expansion. Despite these challenges, the spirit of entrepreneurship and determination to provide for their families has driven many women to become primary breadwinners. This paper highlights the critical issue of financial literacy among women business owners in Kelantan and its impact on their capacity to access finance, secure loans, and make sound financial decisions. As many of these women entrepreneurs operate informal businesses, their growth potential is limited, hindering their ability to contribute substantially to the economy. To foster a healthy entrepreneurial ecosystem, targeted financial literacy programs must be developed to equip women entrepreneurs with the necessary knowledge and skills to manage their finances effectively, enabling long-term growth and financial inclusion. In conclusion, this chapter emphasizes women entrepreneurs’ challenges due to financial exclusion and proposes solutions to help them adapt to digital finance. Empowering women through financial literacy, mentorship, and supportive policies will contribute to a thriving entrepreneurial ecosystem in Kelantan and foster sustainable economic growth.