Organizational and strategic determinants of effective financial inclusion: An empirical study of Moroccan SMEs

Abstract

This article analyzes the determinants of effective financial inclusion for SMEs in Morocco, defined as the relationship between access to, use of, and quality of financial services. Based on a sample of 250 formal SMEs, a conceptual framework integrating the Resource-Based View, configurational approaches, and neo-institutional theory is used to construct, using PCA, a composite index of financial inclusion (FIi) and scores for organizational resources (Resi), strategic configurations (Configi), and acceptance of digital payments (Accepti). The linear regression (OLS) and interaction models tested show that Resi, Configi, and especially Accepti have significant positive effects on FIi. Digital acceptance plays a central mediating role, transforming strategic configurations into effective use. These results highlight the strategic importance of the operational activation of digital payments and adapted usage pathways, in line with the objectives of the National Financial Inclusion Strategy (SNIF).