Various studies (including our MSME Review and Ecosystem Study) show that one of the major challenges faced by Nigerian Entrepreneurs particularly those running Micro, Small and Medium Enterprises (MSME) is having the right financial data, insight and knowledge to guide their business growth. Most of these entrepreneurs often struggle with being able to develop and understand financial rudiments of running a sustainable business such as record keeping, cash flow, projections, tax and this affects their ability to use important financial information to make strategic decisions that will impact their business survival and/or growth.

This is one of the key reasons why FATE Foundation decided to make engendering Financial Literacy and Access to Funding Information for Nigerian entrepreneurs its strategic focus for the 2018/2019 Financial year.  

In line with its strategic focus, FATE Foundation in partnership with the Association of Chartered Certified Accountants (ACCA) Nigeria has commissioned a research on “How to Better Enable Financial Literacy Knowledge among MSMEs in Nigeria”.

Financial literacy education for entrepreneurs is the ability to help Entrepreneurs plan and manage business finances; identify financial providers and funding requirements; manage financial risk; and understand the financial and economic landscape in relation to their business.  

The Research Report will explore current gaps Nigerian entrepreneurs face with regards to understanding and applying financial literacy knowledge to start and grow their businesses and provide recommendations on how to provide Financial Literacy learning and support to Micro Small and Medium Entrepreneurs. 

Our goal is to develop an exhaustive Report incorporating feedback from all states in Nigeria. In order to achieve this, we have developed two survey forms that will be disseminated across all the states in Nigeria.

Please download and fill Survey Forms here:        

• Financial Literacy Survey for Nigerian Entrepreneurs: This survey is designed for Micro, Small and Medium entrepreneurs running their businesses in Nigeria.
• Survey for Organizations providing Financial Literacy Support to Nigerian Entrepreneurs: This survey is designed for organizations/institutions/Individuals who provide enterprise support (knowledge, learning and support) to Micro, Small and Medium entrepreneurs in areas including Financial Literacy.