The DIFILIM project aimed to enhance digital financial literacy and inclusion in European MSMEs by exploring the entrepreneurial environment and necessary skillsets, increasing awareness of novel financial instruments, and investigating the impact of digital financial literacy on firm well-being. It seeks to identify and address digital and financial literacy needs through tailored training for both professionals and the unemployed. Additionally, the project aimed to develop training programs in local languages that address real entrepreneurial needs in financial literacy and digital skills, bridging gaps in existing education.
The DIFILIM project application was prompted by the need to address challenges faced by SMEs in Europe, particularly in Cyprus, Greece, and Latvia. These challenges encompass the high dependency on SMEs and solo self-employment, economic and financial shocks like the debt crisis and Covid-19 pandemic, lack of financial resilience and innovation, obstacles in productivity growth and digitalization, and the necessity for enhanced digital financial literacy. The project also aimed to address underperformance in digital adoption, the crucial role of digital technologies in firm resilience during the pandemic, and the opportunities presented by financial technology (FinTech) in the post-pandemic recovery.