The Role of Microfinance in Promoting Women's Empowerment: A Socioeconomic Approach

The Role of Microfinance in Promoting Women's Empowerment: A Socioeconomic Approach

Gertrude Amoakohene, Stephen Owusu Afriyie, Joseph Nkyi, Mohammed Musah, Peter Yao Lartey
Copyright: © 2023 |Pages: 17
DOI: 10.4018/978-1-6684-8979-6.ch010
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Abstract

Women's economic empowerment is a technique meant to give them more authority over decisions, increase their income, and own assets. Since empowering women is essential to achieving the goals of development and reducing poverty, numerous attempts have been made to address this issue. Microfinance institutions (MFIs) have emerged as key tools over the past few decades to not only address poverty, but also to empower women in particular. It is believed that by employing microfinance, which has been shown to be one of the most effective approaches, women may gain some kind of personal empowerment. The primary objective of this research is to analyse how microfinance affects women's economic empowerment. Microfinance significantly boosts women's independent revenues, their levels of asset ownership, and their savings, which all contribute to their economic empowerment. The research also demonstrated that microfinance helps promote the growth of women's entrepreneurship and accessibility to business opportunities.
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Overview of Women Empowerment

The most vulnerable people in the world are women and children. However, if given more authority, women might become a formidable force. Women's empowerment was defined as improving their ability for decision-making at all levels. This includes giving them control over their lives, giving them an equitable chance to engage in society, and fostering their sense of value (Mohammed et al., 2022). Empowering women could be seen as a process. It takes time for the process develop. As such, it calls on women to advance and be given the same opportunities as males to engage in personal, social, and economic endeavours. Women must be included in all facets of society on an equal footing with men. Women would then have the freedom to make their own decisions and the authority to effect social change as a result. Improving the status of women would mean making them capable of controlling their lives in all spheres, including reproduction and all societal arenas. This makes it obvious that women empowerment is a pressing problem that requires a swift fix or an urgent solution.

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