MICRO FINANCE AND ECONOMIC EMPOWERMENT OF WOMEN
ABSTRACT
This study examines the impact of microfinance on economic, financial and social empowerment of women micro entrepreneurs in Ikeja, Lagos State. A sample of 50 women micro entrepreneurs were selected in Ikeja some of which include traders, hairdressers, fashion designers, fish farmers and boutique owners. Survey method was employed to obtain a picture of the population. Research data was collected using a 24 item questionnaire in order to measure the empowerment of women micro entrepreneurs and access to capital from microfinance banks. Reliability and validity of the instrument was tested to ensure the instrument has face and content validity. Data collected were analyzed using descriptive and inferential
statistics. Research questions were tested using frequency counts and percentages while the hypotheses were tested
using correlation coefficient, analysis of variance and regression analysis. The result of my analysis showed that;
there are more women micro entrepreneurs between the ages of 18-45, 68% of the respondents were married, half of
the population engaged in trading, 24% were hairdressers and fashion designers constituted 8%. The finding shows
that women micro entrepreneurs can be economically empowered and there is an existing appreciable level of
economic empowerment; 14% of respondents have purchased lands, 4% were able to build houses, 68% are
sponsoring their children’s education. It was proved that loan facilities, trainings and monitoring through microfinance
can improve women’s business capacity in various ways like buying more goods, buying in bulks, increasing stocks
and buying more work tools. There is a positive relationship between the access to capital through Microfinance and
the empowerment of women micro entrepreneurs, there is a significant difference in access to capital based on
business types. Age and marital status of women combined gave 4% variation in economic empowerment of
respondents. Based on these findings we recommend that Women Micro entrepreneurs should embrace the services
of microfinance and seek information about the product/service that will help in empowering them and should use the
resources appropriately. Microfinance banks should ensure they increase their efforts/strategies to reach all women
micro entrepreneurs, develop packages suitable for each type of business and personality. More adequate follow up
and training/monitoring should be provided for women micro entrepreneurs and microfinance should create a warm
and welcoming environment in their offices to win the women and also use friendly approaches.
Basically, non-parametric statistical tests and analysis were called out. For clarity purpose results of data analysis
were presented using statistical table percentages, charts and chi-square. Of the 100 questionnaire administered, 82
were retrieved duly completed. These were analyzed to elicit answers to the research questions. The questionnaires
retrieved represented 71.6% retrieval rate.
MICRO FINANCE AND ECONOMIC EMPOWERMENT OF WOMEN