Microfinance Services and Economic Empowerment of Women Groups in Marginalized Settings in Kenya

Robert Mukoswa Odunga
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Robert Mukoswa Odunga: Department of Accounting and Finance, School of Business and Economics, Moi University

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 1, 2122-2136

Abstract: Women’s economic empowerment globally remains a complex issue with persistent gender disparities in labor force participation, entrepreneurship, and leadership roles. However, microfinance has played a crucial role in bridging this gap by providing women, especially in low-income settings, access to essential financial services. A significant challenge in women’s economic empowerment is the limited access to capital and financial resources that women often face, particularly in marginalized and low-income communities. However, microfinance services have emerged as a solution to address this issue by offering tailored financial services to women who lack access to formal banking systems. This study aimed at assessing the effect of Microfinance services on economic empowerment of women groups in Kilifi County, Kenya. The specific objectives were to determine the effect of micro lending and micro saving services on economic empowerment of women groups. This study was anchored on Access to Capital Theory. This study adopted explanatory research design and targeted a population of 3320 women groups registered by Kenya Climate Innovation Centre (KCIC) in Kilifi County. Simple random sampling techniques and the Krejcie and Morgan t-table was used to sample three hundred and forty-one (341) was derived and primary data was collected by use of a closed ended questionnaire. The collected data was analyzed descriptive methods; and also correlation and regression analysis was conducted. The study revealed that micro lending and micro saving services have a significant positive effect on the economic empowerment of women groups in Kilifi County, Kenya, (P-value=0.017

Date: 2024
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