MICRO FINANCE AND ECONOMIC EMPOWERMENT OF WOMEN

ABSTRACT

The influence of microfinance on the economic, financial, and social empowerment of women micro entrepreneurs in Ikeja, Lagos State, is investigated in this study. In Ikeja, a group of 50 women micro entrepreneurs was chosen, including dealers, hairdressers, fashion designers, fish farmers, and shop owners. To provide a picture of the population, a survey method was used. The empowerment of women micro entrepreneurs and access to money from microfinance banks were measured with the help of a 24-item questionnaire. The instrument’s reliability and validity were checked to ensure that it had both face and content validity. The information gathered was evaluated via descriptive and inferential statistics. The hypotheses were examined using correlation coefficient, analysis of variance, and regression analysis, while the research questions were tested using frequency counts and percentages. My findings revealed that there are more women micro entrepreneurs between the ages of 18 and 45, that 68 percent of the respondents were married, that half of the population engaged in trading, that 24 percent of the population were hairdressers, and that fashion designers made up 8% of the population. The findings suggest that women micro entrepreneurs can be economically empowered and that there is currently an appreciable level of economic empowerment: 14% of respondents have purchased land, 4% have been able to build houses, and 68% are funding their children’s education. It has been proven that microfinance lending facilities, trainings, and monitoring can boost women’s business capacity in a variety of ways, such as allowing them to acquire more goods. The findings suggest that women micro entrepreneurs can be economically empowered and that there is currently an appreciable level of economic empowerment: 14% of respondents have purchased land, 4% have been able to build houses, and 68% are funding their children’s education. It has been proven that microfinance lending facilities, trainings, and monitoring can boost women’s business capacity in a variety of ways, including purchasing more commodities in bulk, growing stock, and purchasing additional work tools. Although there is a favorable association between microfinance access and the empowerment of women micro entrepreneurs, there is a considerable disparity in access to capital depending on the type of business. The economic empowerment of respondents varied by 4% depending on their age and marital status.