Impact of Sharia QRIS and Fintech Lending on MSME Growth via Digital Financial Inclusion

A Mediation Analysis from North Sumatra

Abstract

This research investigates the impact of Sharia QRIS transactions (X₁) and Sharia P2P lending fintech (X₂) on MSME growth (Y) in North Sumatra with digital financial inclusion (Z) as a mediating variable. Using secondary data from OJK, BPS, and Bank Indonesia (2023–2025) and primary data from 280 MSME entrepreneurs, this study applies Path Analysis and Structural Equation Modeling (SEM-PLS). Key findings show: (1) Sharia QRIS transactions have a significant positive effect on digital financial inclusion (β=0.487, p<0.001); (2) Sharia fintech lending significantly affects digital financial inclusion (β=0.512, p<0.001); (3) digital financial inclusion significantly impacts MSME growth (β=0.628, p<0.001); and (4) the mediation effect of financial inclusion on both independent variables reaches 42% and 38% respectively. The research contributes academically by integrating Sharia fintech perspective, digital payment technology, and sustainable competitive advantage using region-specific data. Practical implications emphasize the importance of synergizing digital Sharia financial ecosystem in promoting inclusive financial access and sustainable MSME growth.