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Cogent Business & Management

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Financial Exclusion, Alternative Entrepreneurial Finance Mechanisms and Entrepreneurial Resilience: A Spotlight on African Developing Economies

Manuscript deadline
31 August 2024

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Article collection guest advisor(s)

Dr. Oyedele Martins Ogundana, Nottingham Trent University
[email protected]

Dr. Ugbede Umoru, Nottingham Trent University
[email protected]

Dr. Victor Udeozor, Nottingham Trent University
[email protected]

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Financial Exclusion, Alternative Entrepreneurial Finance Mechanisms and Entrepreneurial Resilience: A Spotlight on African Developing Economies

The Global Findex Database from the World Bank consistently reveals that many entrepreneurs in African developing economies lack access to financial services (World Bank, 2021). Notably, the percentage of adults with financial access remains low in several African developing countries: Sudan (15%), Egypt (27%), Sierra Leone (29%), Guinea (30%), Burkina Faso (36%), Malawi (43%), Algeria (44%), Nigeria (45%), Congo (47%), Zambia (49%), and Togo (50%) (World Bank, 2021). This substantial financial exclusion in these nations creates a significant funding gap hindering grassroots economic progress. However, there is a remarkable and consistent surge in entrepreneurial activities across many African developing countries, with an average entrepreneurial growth rate exceeding 22% of the working-age population engaged in entrepreneurial pursuits (GEM, 2023). According to the Global Entrepreneurship Monitoring group, Total Early-Stage Entrepreneurial Activity (TEA) is notably high globally in Nigeria (40%), Zambia (40%), Malawi (36%), Sudan (35%), Togo (23%), Tunisia (18%), South Africa (18%), and approximately 10% in Egypt and Morocco. This upswing stimulates scholarly interest in the varied forms of entrepreneurial finance (other than the traditional formal finance) utilised for sustaining continuous growth in entrepreneurial activities in African developing nations. Besides, further studies are needed to explore how entrepreneurs in African developing nations navigate challenges arising from political instability, social unrest, bureaucratic obstacles, and institutional voids prevalent in that region (Bu et al., 2022; Ogundana et al., 2023). Unravelling these complexities becomes imperative in formulating effective strategies to fuel and sustain entrepreneurial dynamism in the developing world.

The surge in entrepreneurial activities in African developing nations underscores local entrepreneurs' resilience in overcoming challenges, from financial exclusion to institutional voids. As alternative entrepreneurial finance gains prominence, it is vital to explore their diverse forms and how entrepreneurs implement and leverage these varied financing approaches for their entrepreneurial ventures and expansion (Simba et al., 2023). Moreover, understanding how entrepreneurs navigate challenges (arising from political instability, social unrest, bureaucratic obstacles, and institutional voids) prevalent in these regions is crucial. This article collection is important as it aims to enhance knowledge generated from African developing nations, introducing new theoretical landscapes specifically applicable to these regions. Importantly, this collection provides additional insights into entrepreneurship, essential for crafting effective support mechanisms for entrepreneurs in African developing nations. It will be valuable to stakeholders, including entrepreneurs, by offering strategies for securing alternative entrepreneurial finance and navigating the distinctive entrepreneurship landscape within African developing nations.

  • Alternative Entrepreneurial Finance Mechanisms: Investigating diverse forms of entrepreneurial finance utilised by entrepreneurs in African developing economies. This subtopic should assess their transformative potential and their role in unlocking entrepreneurial capacities.
  • Entrepreneurial Resilience in Developing Economies: Focusing on the notable surge in entrepreneurial activities in the developing world, this subtopic should explore the resilience and potential of local entrepreneurs in the face of adversities and institutional voids.
  • Navigating Complex Environments: Delving into the strategies employed by entrepreneurs, this subtopic should examine how they navigate challenges stemming from political instability, social unrest, bureaucratic hurdles, and institutional voids pervasive in many developing contexts.

This collection eagerly invites scholarly articles, case studies, and in-depth analyses offering comprehensive insights into the multifaceted realm of entrepreneurial financing in developing economies. Beyond conceptual papers, submissions employing qualitative, quantitative, or mixed methods research data are encouraged, with a particular emphasis on methodological rigor. We also seek contributions from practitioners, policy discussions, and success stories that provide practical implications, fostering a holistic discourse on empowering entrepreneurship amid the dynamic landscapes of the developing world.

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All manuscripts submitted to this Article Collection will undergo desk assessment and peer-review as part of our standard editorial process. Guest Advisors for this collection will not be involved in peer-reviewing manuscripts unless they are an existing member of the Editorial Board. Please review the journal Aims and Scope and author submission instructions prior to submitting a manuscript.