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Financial literacy among the small business processors of cereals is increasingly drawing attention over business performance. Small business processors of cereals are obliged by restricted or limited knowledge, skills and ability to use financial sources for required business expansion. This study assessed the influence of financial literacy on performance of small business processors of cereals in Tanzania: The case study of Morogoro Municipality.
This study used a cross-sectional structure that encourages and manages the accumulation of information at a single point in time. The sample size was 93 which were randomly chosen by the entire population. The purposive testing was utilized to choose 3 WEOs out of 15 WEOs and pioneers to give some official data on the influence of financial literacy on the performance of small business processors of cereal in Morogoro Municipality.
The finding shows that, small business processors of cereals do not keep business record because of low education level as majority had primary education level. The loan was mostly utilized as one of the financial services and financial advice on the other hand was utilized as non-financial services. The small business processors of cereals produce 20,001-25,000 tons of cereals annually. The processed cereals take 21-30 days in which 9,000,100 -11,000,000 Tshs of sales are generated annually. These indicate the existence of poor performance for small business processors of cereals.
The relationship between financial literacy and the performance of small business of cereals processors observed on the knowledge on recording, separating business profit and preparation of financial report. In order to improve performance of small business processors of cereals there is a need to provide financial literacy in terms of skills and knowledge.
Financial institutions need to support small business processors of cereals in terms of loan, business advice and training to enhance credit accessibility, business advice and training towards the performance of small business processors of cereals |
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