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CHAPTER ONE
INTRODUCTION
Background of the study
Improvement of poverty in the course of women’s empowerment has turn into one of the significant strategies in rising and weak countries of the world during the last few decades. The governments of weak and rising countries of the world tried tough to deal with the dilemma of poverty in the course of various dealings and policies. In India also since the 1950s, the government experimented with various strategies to improve poverty and empower women both socially and economically. More than a few strategies have been modified to deal with the problem of poverty since 1970s. But a huge portion of people are incapable to meet their fundamental needs. Funding is the source of economic growth and credit believes it as its branch. The latter cultivates upright, which facilitates previous to blow up horizontally. In other expressions, speedy growth of financial system depends upon strong and resonance system of credit policy in an economy. The unique quality of microfinance programme is that it centers on women for improvement. With the facilitate of microfinance the situation of a woman recuperates in the family; she receives superior respect in the family than before; she gives in the decision-making and group of people meetings; and she acquires liberty to shift for the betterment of the micro-business. In actuality, microfinance programme develops economic, social, and political empowerment. Empowerment in the position of women’s development is a technique of significant, demanding and overcoming obstructions in a woman’s life during which she increases her capability to outline her life and environment. It is an active, multidimensional development which should aid women to recognize their full independence and ability in all areas of life. With the policies linked to poverty improvement, microfinance and microcredit schemes take up a central position. Rural micro financing is defined as “all financial services that are accessible to poor and low-income rural households and individuals” (IFAD 2009). The incapacity of the rural formal credit institutions or banks to contract by way of the credit necessities of the poor and women efficiently has lead to philosophy of substitute strategies to deal with the problem of poverty particularly women during 1970’s. For the duration of this time some NGOs tested in arranging women into groups, telling knowledge and release of micro-finance to deal with their socio-economic susceptibility, and a humble achievement in that made the state to transfer its strategy additional towards the “group based approach” since the 1980s. NGOs that lived with the group of peoples are strongly observed and examined such women’s activities pictured substitute paradigms to alternate the traditional women groups, so as to remind energetic contribution amongst each and every one the members of the women groups. This is pursued by the additional association of NGOs in the progress approach of the government. The experiment of Mohammad Yunus of Bangladesh with the Grameen Bank project gave additional improve to the thought of microfinance in India in the 1980s lots of other countries like Indonesia, Philippians, Kenya, Latin America, Central USA and Srilanka also pursued this sort of approach with a few different models. This eventually escort to numerous debates, seminars, works and studies on the thought of ‘Microfinance’ and ‘Women Empowerment’ all over the world including India
Statement of research problem
When the micro finance institution Grameen bank and its founder Muhammad Yunus were awarded the Nobel Peace Price in 2006:”[…] for their efforts to create economic and social development from below[…]” which ultimately would enhance democracy and human rights11, it sent a signal to the world that microfinance had an important role, perhaps the most important one, as an instrument in combating poverty. From the perspective of a (micro finance) business in expansion and with Grameen bank as an icon for success at large, it is interesting to analyze the assumption that micro finance really does create social and economic development from below and that the advancement and deepening of democracy follows as a consequence.further more the study will look at how empowering women through lending and their un-ableness in paying back what was borrowed affect micro finance banks.
Objectives of the study
The primary objective of the study is as follows:
1. To find out the socio-economic impact of empowerment through micro finance have on women
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2. To find out whether women active in a micro finance program have become economically empowered through the support of the micro credit organizations.
3. To find out how micro finance organizations can improve and make lending easy for women.
Research questions
The following questions have been prepared for the purpose of this study:
1. Can the activities of microfinance create economic development for women?
2. Do you think women active in a micro finance program have become economically empowered?
3. Do you think micro finance organizations can make lending easy for women?
Significance of the study
This study will lay emphasis on the socio-economic determinant of women empowerment through micro finance
The findings of this research work will undoubtedly provide the much needed information to government organizations, NGO, banks ,micro finance organizations, individuals, and academia
Scope of the study
This study intends to examine the socio economic determinant of women empowerment through micro finance. Hence this study is delimited to micro finance banks in Lagos state.
Limitations of the study
This study was constrained by a number of factors which are as follows:
Financial constraint is inevitable considering the present economic situations. Due to lack of finance at the researchers disposal to get materials and in printing of questionnaires. it was not possible to visit some of the police stations and some of the victims of corruption.
In developing countries like Nigeria, there is the problem of insufficient data.
Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher
Operational definition of terms
Assessment: the action of assessing someone or something.
Socio-ecomic: relating to or concerned with the interaction of social and economic factors.
Determinant:
Empowerment:a factor which decisively affects the nature or outcome of something.
Micro finance:also called microcredit, is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.
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