Invisible generative potential: how women’s participation and financial inclusion foster innovation in Moroccan SMEs?

Abstract

In a context where the imperatives of economic transformation, social inclusion, and innovation intersect, Moroccan very small, small, and medium-sized enterprises (VSMEs) emerge as strategic actors. Although they represent more than 95% of the formal entrepreneurial fabric, their innovation potential remains constrained by structural barriers, particularly unequal access to financing and the underrepresentation of women in decision-making positions.

This article offers an integrated perspective on two key drivers «financial inclusion and female participation» that are often examined separately in the literature, especially in developing countries. Drawing on an analytical review of existing research, updated sectoral data, and a critical assessment of public support programs, the study develops a conceptual model. This model is built around three core hypotheses: (1) financial inclusion promotes innovation within VSMEs; (2) female participation enhances this innovation; and (3) female participation positively moderates the relationship between financial inclusion and innovation.

From a practical standpoint, the article outlines concrete avenues for action: the development of gender-sensitive support mechanisms, the strengthening of territorially anchored public policies, and the introduction of evaluation indicators that are sensitive to gender dynamics. It also calls for an expanded research agenda focused on underexplored areas such as frugal innovation in informal contexts and the differentiated impacts of public guarantee mechanisms.

Ultimately, this work aims to revalue often invisible economic resources, particularly those mobilized by women, and to promote a more inclusive and systemic vision of innovation in support of national development.

Classification JEL : L26 ; O31 ; G21 ; J16

Paper type : Theoretical Research