AEIJST - April 2016 - Vol 4 - Issue 4 ISSN - 2348 - 6732
Role of Microfinance in Women Empowerment
* Danish Ahmad Ansari
* Assistant Professor, KNIPSS Management Institute, Faridipur, Sultanpur, U.P., India
Abstract
Microfinance is emerging as a powerful instrument for empowerment of women folk in
developing countries across Asia, Latin America, and Africa. Women's status is elevated
both in their homes and in their communities, when they manage loans and savings.
Research shows that credit provided to women has a significant impact on their families'
life standard, especially their children. Microfinance both credit and saving has been now
a foolproof strategy for reaching and empowering poor women to improve their status. In
India microfinance for women is mainly group-based rather than the individual lending,
because it is assumed that bringing women together in groups will be more empowering.
Many successful women forums and organizations are working to bring rural women
together for development of women folk like Working Women‟s Forum (WWF), SelfEmployed Women‟s Association (SEWA), Shri Mahila Griha Udyog etc.
The purpose of this article is to evaluate the contribution of microfinance and
microfinance programme through various ways like Self‐Help Group, Bank‐Linkage etc. to
empower the women.
Keywords: Microfinance, women empowerment, developing countries, strategy, economic
and political empowerment, WWF, SEWA, SHG
1. Introduction
1.1. "Microfinance is the supply of loans, savings, and other basic financial services to
the poor." Microfinance is the provision of financial services to low-income clients or
solidarity lending groups including consumers and the self employed, who traditionally
lack access to banking and related services. Microfinance is a very efficient tool to abolish
poverty and empowering the most marginalized segment of the society especially women.
Microfinance is emerging as a very competent and promising tool, reaching out to poor
households who have yet to be approached by formal finance sector. Microfinance has
been an effective intervention for poverty alleviation in early seventies for developing
countries. The great visionary and Nobel Prize winner Prof. Md. Yunus has conceptualized
this intervention to eradicate poverty. Credit has been proved as one of the most crucial
inputs in the process of economic development.
1.2. Development has economic, social and political dimensions and is incomplete
without the development women who constitute about 50 per cent of total population.
Women as an Independent-target group, account for 495.74 million and represent 48.3%
of the population of India, as per the 2001 census. No country can achieve its potential
without the adequate investment in and development of the capabilities of women. In
many developing countries, including India, women have much less access to education,
jobs, income and power than men
1.3. The empowerment can be understood as a process of enabling women to acquire
and possess “power resource” in order to make decisions or resist the decisions that are
made by others which affect women. Hence, the process of gaining greater control over the
source of power is considered as empowerment. The societal status of women is reliable
indicator of the economic development of society. It is expected that women will create
over half of the 9.72 million new small business jobs by 2018 and more and more are
doing this from home offices across the country.
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1.4. Development of economic, social and political dimensions is incomplete without
empowerment of women. The failure of credit institutions to fulfill the credit requirement
of poor particularly women has led to emergence of the microfinance. The micro credit
summit campaign reports that 14.2 millions of the world's poorest women now have to
access to financial services accounting for nearly 74 per cent of the 19.3 million poorest
served women.
2. Objectives of the Study
The study mainly focuses on women empowerment on education, income generating
activities and empowerment strategies for socially and economically vulnerable sections of
women. The study is undertaken with the following objectives.
1. To study the nature and extent of micro finance available to women SHGs.
2. To assess the role of micro finance towards the empowerment of SHGs
3. To identify the indicator for empowerment of women SHGs
4. To analyze the problem of micro finance and
5. To offer suitable suggestions for empowerment of women SHGs
3. Literature Review
3.1 Dr. S. Kavitha Devi explained in her article “Micro Finance and Women
Empowerment” that, Finance refers to the activities regarding the management of funds.
More specifically, it refers to the decisions regarding the procurement and application of
the funds. Further, she says that it comes under division of economics that studies the
management of money and other assets. Microfinance is the statute of financial services to
take care of low-income clients or solidarity lending groups including consumers and the
self employed, specifically women who traditionally lack access to banking and related
services."Microfinance is the supplement to the need of loans, savings, and other basic
financial services to the poor."
Microfinance comprises a broad category of financial services, which includes microcredit
also, can be defined as the provisions of credit services only restricted to poor clients.
Although microcredit by definition achieve only a small portion of the goals of
microfinance, conflation of the two terms is common in public conversation. In other
words, critics attack microcredit while referring to it indiscriminately as either
'microcredit' or 'microfinance'. Due to the broad range of microfinance services, it is
difficult to evaluate impact, and no studies to date have done so.
3.2 R.Sreenivasa Rao, G.V. Chalam and Ratnajirao Chowdary have cited in their paper
“Women empowerment through micro enterprises – Role of microfinance (A study with
special reference to select Mandals in W.G. District, A.P.)” that, Mahatma Gandhi, the
Father of Nation stated that „India lives in its villages‟. Village is the unit of nation. So
Economic Development of the country is possible only through development of villages.
According to the census 2011, the percentage of rural population is far above the urban
population, as the rural population of India is sixty-five per cent and urban population is
thirty-five per cent.
Their paper is focused on a particular district of A.P., and according to their study, in
rural India, agriculture is adopted as the main occupation by the rural people who are
engaged in this age old activity, called farmers and agricultural labour. The thing to note
is that agriculture is a seasonal activity and its operations are in full swing for about two
hundred and seventy days in a year. For the remaining days of the year, the population
has to remain without work and earnings so rendering the maintenance of the family
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becomes an uphill task. Subsequently various schemes are introduced by the government
to combat rural unemployment but not of much fruitful.
The role of Indian women is very strange in the family and they are the vital part of family.
They play the custodians role in family maintenance without any financial discretion. The
male member of the family cares of all the financial aspects in the family
system. Therefore, there is a very little scope for women to participate in financial
decision-making. During the days of seasonal unemployment in agricultural sector, she
finds it very difficult to maintain the family in an orderly manner because she is totally
dependent on the earnings of male members for meeting the day-to-day expenditure. Her
wants, desires and ambitions are hardly materialized in the absence of adequate money
available at her disposal. This situation called for providing the average Indian women
with an opportunity to earn money on her own and empower herself financially.
Considering the need for women empowerment in the light of their changed role in the
contemporary society, the government has introduced several schemes to provide financial
freedom and earning opportunities to them.
3.3 Mrs. M. Shanthi in her paper “Impact of Micro Finance towards Empowerment of
Women Self Help Groups with Special Reference to Coimbatore District” stated that
Women constitute half of the total population in every society. They have been playing
significant roles both on the social and economic fronts. Women play multiple roles as
wives, sisters, daughters and mothers. In this paper she emphasizes over the crucial role
played by women in society. Therefore, women‟s welfare accessibility to development and
participation in decision-making process are imperative in the context of their multiple
roles in society. Women empowerment is a global issue, which has gained momentum in
recent decades. She also threw light on provisions mentioned in statute regarding women
empowerment as in India besides ratification of International conventions, there are
provisions in the constitution and several legislative Acts have been passed to ensure
women empowerment.
She also mentioned the census data as “Women as an Independent-target group account
for 495.74 million and represent 48.3% of the population of India, as per the 2001
census”. No country can achieve its potential without adequately investing in and
developing the capabilities of women. In the interest of long-term development, it is
necessary to facilitate their empowerment. In many developing countries, including India,
women have much less access to education, jobs, income and power than men. The
empowerment can be understood as a process of enabling women to acquire and possess
“power resource” in order to make decisions or resist the decisions that are made by
others which affect women. Hence, the process of gaining greater control over the source
of power is considered as empowerment. Thus, the key elements in the process of
empowerment are „enabling‟ and „providing power‟ and they and complement reinforce
each other. The process of empowering also refers to the act of challenging the existing
inequality, power relation and more control over resources by women. Many strategies and
programs have been designed and implemented for the empowerment of women, which
include the efforts by the Government and the NGO Agencies particularly improving the
accessibility of credit.
The societal status of women is reliable indicator of the economic development of society.
On this basis empowering women becomes inevitable and it is evident through
entrepreneurial development in the economy. But they are unaware of their prudential
role in the society as well as the Quantum of potential they possess. Women especially
poor and belonging to weaker sections of the society, have limited access to resources and
employment opportunities that would make them financially independent. Even the
money earned by them from hard physical labour is not controlled and managed by them.
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She also discussed about the importance of Credit as it is one of the most crucial inputs
in the process of development. Development has economic, social and political dimensions
and is incomplete without developing the women who constitute about 50 per cent of
population. There are many problems in the field of rural credit for the poor. The problem
becomes much more aggravate if it is related not only to the rural poor but also to the
rural women because women bear the brunt of multiple forms of exploitations that
originate from class, caste, culture and patriarchic systems. Studies have revealed that
the subordinate position of the women is perfection and reinforced by their limited access
to control over resources. Women have comparatively less control over such resources
than men. Women thus get doubly marginalized by the virtue of being poor and being
women.
Her vast paper is not untouched of rural India, she focused on the poor rural Indian as, it
can be seen that poor sections of the society and destitute can not avail credit from the
banks and other formal financial institutions due to their inability to deposit collateral
security and mortgage property. The Government sponsored poverty alleviation programs
are evolved centrally and planned without participation of the local people, and therefore
often fail to address the needs and requirements of the poor. Lack of participation
approach in planning and execution of these programs results in complete failure to
improve the social and the economic conditions of the poor masses for which these
programs are implemented
3.4 A.G. Jayakumari in “Microfinance in India: A Mechanism For Financial Penetration”
narrated the evolution of microfinance that in 1974 Bangladesh faced a famine which
moved Professor Muhammad Yunus, then a professor of economics, to Jobra, a village in
Chittagong of Bangladesh, to learn a new method of banking for the poor. That is where he
tried the idea of tiny loans for self-employment of the poor, and thus, the idea of micro
finance was born and later took the shape of Grameen Bank, Bangladesh, and thereafter,
spread all over the world.
According to F.A.J. Borman's 1990 book, "Small, Short and unsecured." Microfinance
refers to small-scale financial services such as micro‐saving, micro credit and
micro‐insurance to the people who operate micro enterprises, which generate income and
allowing them to meet financial needs and emergency. These short-term loans are enough
to start or expand business, weaving baskets, raising chicken or buying wholesale product
to sell in the market.
India‟s population is the world‟s second largest in term of population after China with
more than 1000 million. India's GDP ranks among the top 15 economies of the world.
However, around 300 million people or about 80 million households are living below the
poverty line, i.e. less than $2 per day according to the World Bank and the poorest earns
$1 per day. As per the projection that of these households, only about 20% have access to
credit from the formal sector and remaining 80% takes credit from the informal sources
i.e. local Zamidars, Chit Funds etc. 80% out of this 80 million households below poverty
line, is access from informal sector, which induces to solve this problem and consequently
Micro Finance Institutions (MFIs) came into existence. MFIs include non-governmental
organizations (NGOs), credit unions, non-bank financial intermediaries, and even a few
commercial banks also. Annual credit demand by the poor in the country is estimated to
be about Rs 60,000 crores. In the Indian context, terms like "small and marginal farmers",
"rural artisans" and "economically weaker sections" have been used to broadly define
micro-finance customers. Women are the major constituent of users of micro-credit and
savings services. Briefly, Micro Finance means providing very poor families with very small
loans to help them engage in productive activities or grow their very small businesses. It is
preferably a tool to combat the poverty. Ultimately, the goal of microfinance is to provide
low-income group with an opportunity as a means of saving money, borrowing money and
insurance to become self-sufficient. Nearly forty years after nationalization of banks,
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60% of the country's population do not have bank accounts and nearly 90% do not get
loans," India has been currently the second-highest number of financially excluded
households in the world. While, 40% of India‟s population have bank accounts, and about
10% have life insurance cover, a meagre 0.6% has non-life insurance cover.
5. Methodology of the Study
The study is based on the secondary data to evaluate the overall performance of micro
enterprises. The data was collected from the published report of RBI, CMIE, Economic
Survey, news papers, journals, websites, DRDA of the District on the micro enterprises
organized by the SHGs including petty business (either individual or collective ones).
Similarly, data is also collected from the official records of different departments located in
the Collectorate. Secondary data was also collected from local Mahila Mandal groups.
6. Results and Discussions
The aspect of microfinance has contributed to its success of its credit plus approach
where focus has not only been on providing adequate timely credit to low income groups
but to integrate it with other development activities such as community organizing and
development, leadership, training, skill and entrepreneurship. The ultimate aim is to
attain social and economic empowerment. The microfinance programme has major impact
on improving living standard of poor people.
During the year 2007‐2008, the idea has been presented under two models of
microfinance involving credit linkage with bank.
6.1 SHG‐Bank Linkage Model
This model involves the SHGs finance, directly by banking agencies viz commercial Banks
(Public sector and private sector), Regional Rural Bank (RRBs) and cooperative Banks.
Women self-help groups are increasingly being used as tool for various developmental
interventions. Credit and its delivery through Self Help Groups have also been taken as a
tool for empowerment of rural women.
Indian micro finance is dominated by the operational approach of Self-Help Groups (SHGs)
popularly known as SHG-Bank linkage model. This model is the dominant model, initiated
by the NABARD in the early 1990s. Now SHG model also links the informal groups of
women to the mainstream system and it has the largest outreach to micro financial clients
in the world. SHGs involve a group of 15-20 members. The groups start with savings that
are placed in a common fund. In other words, SHGs are co-operative (credit) societies
linked to a commercial bank rather than an apex cooperative bank. Once linked to the
bank, the SHGs may access a given multiple of the pooled savings for disbursement to its
members. The SHG-bank linkage programme was conceived with the objectives of
supplementary credit delivery services for the un-reached poor, building mutual trust and
confidence between the bankers and the poor and encouraging banking activity both on
thrift as well as credit and sustaining a simple and formal mechanism of banking with the
poor.
As Per the report of CRISIL the leading Microfinance companies in India are1. Annapurna Microfinance Pvt Ltd
2. Arohan Financial Services Pvt Ltd
3. Asirvad Microfinance Pvt Ltd
4. Bandhan Financial Services Pvt Ltd
5. BSS Microfinance Pvt Ltd
6. Cashpor Micro Credit
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7. Disha Microfin Pvt Ltd
8. Equitas Microfinance Pvt Ltd
9. ESAF Microfinance and Investments Pvt Ltd
10. Fusion Microfinance Pvt Ltd
11. Grama Vidiyal Micro Finance Ltd
12. Grameen Financial Services Pvt Ltd
13. Janalakshmi Financial Services Pvt Ltd
14. Madura Micro Finance Ltd
15. RGVN (North East) Microfinance Limited
6.2 MFI Bank Linkage Model
This model covers financing of micro finance institutions (MFIs) by banking agencies for
lending to SHGs and other small borrowers covered under microfinance sector. SHG group
about 10 to 20 people, usually women from similar class and region who come together to
form saving and credit organization. They pool financial resources to lend loan on small
interest to their members.
6.3 Concept of Women Empowerment:
Empowerment is related to the process of internal change (Mayoux 1998) and to the
capacity and right to make decisions (Kabeer 2001) consists of change, choice and power.
It is a process of change by which weak individuals or groups gain the ability to make
choices that affect their lives in positive way. Women‟s empowerment requires not only
strategies- targeting women but also to support men in challenging gender inequality.
In rural areas, women below the poverty line are unable to realize their potential.
Microfinance programmes are the emerging key strategies for simultaneously addressing
both poverty alleviation and women‟s empowerment. The Self Help Groups (SHGs) of
women as sources of microfinance facilitate them to contribute in the development
activities. The participation of women in SHGs made a significant impact on their
empowerment in both the social and economic aspects. Enormous segments of the rural
poor are even now deprived of the basic facilities and opportunities and demoralized by
social customs and practices. Several programmes were implemented by various
government and nongovernmental organizations to strengthen them both economically
and socially.
The evaluation of microfinance programmes indicates that it helped the expansion of
public services, creation of employment opportunities, acceleration of agriculture
production and infrastructure development. In India, formal financial system is meeting
social and economic objectives efficiently because reaching the poor household and
particularly women has been unable. All these raising the concept of microcredit for the
poorest segment, along with a new set of credit delivery techniques, with the support of
NGO.
7. Development of Microfinance in India In The Context of Women Empowerment:
During the financial year 2007‐2008, microfinance in India served over 33 millions
Indians up by 9 millions over the previous financial year through its two major
channels‐SHG‐linkage‐bank and MFI, and 4 out of 5 microfinance clients in India are
women.
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As per the provisional information made available by National Bank for Agriculture and
Rural Development in report 2007‐2008 which is shown in table 1 that number of new
groups credit‐linked with banks declined to 0.552 million during the year 2008, compared
to 0.68 million group in 2007. The cumulative number of groups borrowed from a bank at
least once has increased to 3.48 million by end of March 2008 from 2.92 million, at same
time last year. The extent of finance availed by these new SHGs amounted to Rs. 42.28
billion. The average loans to new groups increased by Rs. 1,520 to Rs. 45,900 and to
existing group increased by Rs. 11,500 to Rs. 90,100 in comparison to previous year.
The number of groups that have availed during 2007‐2008 could be around 0.58 million
and the amount of loans availed were around Rs. 40 billion.
Women are typically targeted for microfinance initiative around the world because studies
indicate that involving women in microfinance ventures often plays a role in increasing
gender equality within a country. Efforts to reduce gender inequality can be linked to
positive effects within a country. World Bank Report demonstrates that countries and
societies with high levels of gender inequality and discrimination against women often
have the following attributes: high property levels, low economic growth and weak
governance. Additionally providing women with access to finance resources help, increase
the stability of the family unit (Cheston and Kuhn, 2002). In "Microfinance and the
empowerment of Women", Linda Mayouse (2001) identifies three distinct models outlining
reasons to target women.
7.1 Model‐1: Financial Self-Sustainability
Another reason to target women for microfinance initiatives in order to create overall
market growth is their proven high loan repayment rates in comparison to men. Economic
empowerment to women provides the necessary access to resources to enable individuals
to make their own decisions and become self-dependent.
7.2 Model‐2: Poverty Alleviation
According to Poverty Alleviation Model, organizations promote microfinance as a mean of
alleviating poverty and fostering community development. The Poverty Alleviation Model
targets women because of their characterizing level of poverty and responsibility for
maintaining and running the family unit.
7.3 Model 3: Feminist Empowerment
The feminist empowerment model is the most indirect of three models because its overall
goal is to promote economic, social and political empowerment among women.
7.4 Microfinance and Women Entrepreneurship
The microfinance industry‟s significant effort has given immense attention to the women's
need for saving services and other finance services. A women employment survey
conducted by NGO evidenced that 60 per cent of the women have greater power over
family, planning, buying and selling property and sending their children to the school.
Studies conducted all over the world have found that rising self-esteem of women is
among good consequences of microfinance. This has not only increased their self‐esteem of
confidence but also their status at home. Indian women clients of Rashtriya Seva Samiti
(RASS) found that their contribution helped them in earning greater respect from family. A
few studies commissioned by NABARD indicate that the programme has emerged as the
largest microfinance network in the world with impressive statistics (Kropp and Suran,
2002 and Seibal and Dane 2002). The programme has enabled more than 350 lakh poor
women in the country to gain access to microfinance facilities through formal banking
system (Economic Survey, 2007‐2008).
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NABARD has been emphasizing on the SHG‐Bank‐linkage programme in 13 priority states
as they account for 70% of the country's rural poor population. There has been increase in
the number of SHGs credit linked to banks from 3, 97,464 as on 31st March 2004 to
17,64,856 as on 31st March 2008. The member of SHG linked credit programme during
the year has recorded significant increase in the state of Assam, Bihar, Chattisgarh,
Madhya Pardesh, Maharastra, Orrisa and West Bengal on the hand, the states of
Uttarahnchal, H.P. and Jharkhand have shown relatively less growth. Thus, it is clear
from data available from the level of microcredit has increased over the years.
Microfinance programme enables women to secure greater levels of decision making power
within the family unit. It is a result of women's increased economic opportunity and
control over their finances. This in turn provides women with new skills, information and
organization capacity building (i.e. an expanded network of people). As a result of social
and political empowerment are able to improve their status within their community.
8. Challenges to Women
Microfinance has been successful in supplying production loans to women who run tiny
business but on other side, these initiatives occasionally produce negative effects. Kantor,
Dunn and Arbuckle (2000) also find that an increased success in business due to
microfinance may reduce the women's household decisions. Women who successfully
utilized their financial resources and build thriving entrepreneurial ventures frequently
themselves working longer house and often harder than they have in the past. This
change in workload may lead to poor health, exhaustion and overwork.
The problem of male influence is one of the most difficult challenges related working with
women as microfinance clients. According to Mayoux (2001), women serve as
intermediaries between lending institutions and their male relatives. Rather than using
the loans to start small business, women actually turn the money over to their husband or
other male relatives. However, loan is sanctioned in name of women, but often it is
expropriated by men and other family member and women is not strong enough to resist
it. It has been observed that after disbursement of loan women does not know how to use
it. Certain cultural factors hamper their ability to develop enterprises access microfinance
and draw benefit from it. The domestic responsibilities of women consume the major
portion of time and to spend on this enterprise. Mayoux effectively summarizes the
potential negative effects of microfinance programmes Evidences indicates that those who
cast the benefit from microfinance and may be even further disempowered, are those who
are already the poorest and/or most disadvantaged by ethnic group and/or who are
abused group and/or who are abused within household (Mayoux, 2001, 15). It is also
clear that while these can be significant benefits to encourage in order empowering
women, considerable cost also exist.
9. Conclusion
The concept of Micro Finance is still new in India. Not many people are aware the Micro
Finance Industry. So apart from Government programmers, we the people should stand
and create the awareness about the Micro Finance. The Micro Finance Institutions are an
integral part of financial inclusion and instrumental in providing last mile connectivity.
But there need to be a balance. They should be kept viable but within certain boundaries.
At present, these MFIs across the country are under stress. The Reserve Bank of India has
set up a committee under the chairmanship of Mr. Y.H. Malegam to examine the issues
confronting the microfinance industry, including their interest rate structure and suggest
recommendation. Microfinance has the unique ability to provide sustainable development
services if they are designed and implemented properly. If micro lending was done well, it
could be part of a sustainable development strategy. Micro finance helps in strengthening
women‟s financial base and economic development in their life.
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The research paper is presented with the enthusiastic hope that this will draw the
attention of the authorities, departments and organizations concerned with micro finance
and the SHGs on the various issues in respect of the development of women
empowerment.
It is concluded that microfinance has proved it to successful in empowerment of women
reducing dependency on money lenders, easy access to credit to their members and
savings and moderate economic benefits. There has been tremendous growth in the
progress of SHG‐Bank‐linkage. NABARD's SHG‐Bank‐linkage programme has been a major
effort to connect thousands of SHGs across the country with formal banking system. Till
the recent past, microfinance programmes have confined themselves to distribution of
loan to women but receipt of a loan and utilization of loan is guarantee of improving
economic status of women.
There are many more dimensions related to micro finance and women empowerment these
few dimensions are also a part of women empowerment in encouraging women in various
fields to achieves their goals, benefits, to become self reliant human being in this existing
world. These dimensions gave great ability to make positive impact on women
empowerment. Based on the dimensions micro finance has extended new dimensions and
reached global dimensions. Micro finance plays a major role it has got potential and
powerful impact on women‟s empowerment. Micro finance helps in strengthening women‟s
financial base and economic development in their life.
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8. www.egovonline.net
9. www.ifmr.ac.in
10. www.ghallabhansali.com
11. www.icfaijournals.com
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