Barriers to Credit and Blockchain's Potential for Retail Micro-Enterprises in Harare, Zimbabwe

Abstract Access to formal credit is a persistent constraint for retail micro-enterprises in Harare, where many firms lack the documentation, verifiable transaction histories and assets required by formal lenders. This paper examines those barriers and evaluates whether features associated with blockchain technology, tamper-resistant ledgers, smart contracts and decentralized organizational models (DAOs), are perceived as useful remedies. The study is grounded in the Technology Acceptance Model (TAM) and Diffusion of Innovations (DOI), which together highlight perceived usefulness, ease of use and social diffusion as drivers of technology uptake. Empirically, we draw on a citywide cross-sectional survey of N = 190 retail micro-enterprise owners and managers. Measurement constructs were validated via exploratory and confirmatory factor analysis, and hypotheses were tested using binary logistic regression (formal credit access) and multiple linear regression (adoption intention). Results identify missing documentation and absent credit histories as dominant barriers, while digital literacy and positive perceptions of DAO features are associated with greater willingness to adopt blockchain-enabled services. We conclude that technology pilots should be paired with identity/documentation support, digital-literacy training and regulator-led sandboxes so that promising technical solutions can be tested safely and designed to deliver measurable benefits for small traders. Keywords: Blockchain adoption, SMEs, Zimbabwe, technological readiness, regulatory barriers, digital innovation, stakeholder trust, emerging technologies.