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Effect of Financial Technology on the Growth of the Agricultural sector of Micro, Small and Medium-sized Enterprises in Lipa City

Open Access
Journal Type:Research Article
Subject Field:Business and Management
Downloads:1082
Publish Date:September 18, 2024 8:00 pm
Views:526
Volume:157, Issue: 1, September, 2024
Subject:Business Studies
Pages:79-91

Abstract

One of the United Nations Agenda for Sustainable Develpoment is to promote MSMEs expansion by providing them with access to financial services. Digitalization and innovation continue to reshape how to conduct business not only for large-scale enterprises but also for MSMEs. The general objective of the study is to determine the effect of Financial Technology (Fintech) on the growth of the agriculture sector of the Micro, Small and Medium-sized Enterprises (MSMEs) in Lipa City. The study uses descriptive-causal research design. The study targets the registered agriculture enterprises in Lipa City. Total enumeration is applied, and 149 samples have been indetified. Specifically, multiple regression is used to determine the effect of Fintech as a whole on the growth of MSMEs. The result of the study shows that fintecg prositively and significantly affect the growth of agricultural sector of MSMEs in Lipa City. Hence, the study recommends that the business owners increase the use of mobile money, digital lending and online banking and take advantage of its benefits while watching out on the potential risks so their businesses will continue to grow and develop.  

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