Impact of Financial Literacy on Entrepreneurial Growth

Sammanfattning: The objective of this study is to examine the impact of financial literacy on entrepreneurialgrowth in Southern Nigeria. To achieve this, a qualitative research approach was employed.Twelve respondents were interview, and primary data were generated for this study viasemi-structured interview. The information were transcribed by listening to the recordingsof the interviews, and were analysed using qualitative data analysis method by comparingthe findings of this study with that of other empirical studies. Amongst others, it was foundthat educated entrepreneurs have a high level of financial literacy, entrepreneurs with highfinancial literacy are able to use banking services and bookkeeping to the benefit of theirbusinesses, entrepreneur’s knowledge of banking services enhances the growth of thebusiness since he will be able to access credit products from the banks to expand hisbusiness, entrepreneur’s bookkeeping knowledge helps him to monitor the growth of hisbusiness, and most businesses whose entrepreneur lacks bank services and bookkeepingliteracy do not do well. Therefore, it was recommended that financial institutions shouldmake the keeping of accounting books mandatory for any entrepreneur or business thatwants to benefit of their credit facilities.