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Contribution of microfinance on women empowerment case study of Vision Finance company ltd Nyaruguru

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par Albert RUTAYISIRE
Protestant institute of arts and social sciences - Bachelor's degree in Business studies with education 2016
  

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CHAPTER FIVE: CONCLUSION AND RECOMMANDATIONS

5.1. INTRODUCTION

This chapter represents a brief summary of findings of the study by expressing the general view of what the researcher discovered during the research. It is also in this chapter that the researcher's recommendations, suggestions and conclusion are mentioned.

5.2. CONCLUSION

The aim of this research is to explore the contribution of microfinance on women empowerment and the circumstances under which microfinance can help the poor women out of their poverty situation. Microfinance provides employment to the poor women who have no other means of income. Women are highly represented in self-employment and operating small income generating activities. Therefore, microfinance has the potential to have a powerful impact on women's empowerment.

Women need and profit from credit and other financial services. Strengthening women's financial base and economic contribution to their families and communities plays a role on empowering them. To a large level, access to capital or credit may be the only input needed to start women on the road to economic empowerment.

However, women have indicated that often they also value the non-economic benefits of microfinance services. Some of the most valued benefits include expanded business and social networks, improved self-esteem, increased household decision making power, and increased respect and prestige from both male and female relatives and community members.

Through VFC Ltd has proved to be a powerful instrument toward women empowerment, enabling them to build assets, increase incomes, and reduce the vulnerability to economic stress. All women who receive a loan, gain access to additional resources and have succeeded in controlling their loans and using them to generate independent incomes.

Targeting women continues to be important for Vision Finance Company Ltd in design of its products and services, mainly because women by default have less access to credit and because they face constraints unique to their gender. Product design and program planning should take women's needs and assets into account.

All in all, most interviewees seem satisfied with the microfinance services as offered. Most clients, in general, have a better life than before. By implementing a limited number of changes to the microcredit programs of MFI. As is working on a country wide scale, an extra increase in women's empowerment could benefit women in many different countries. Vision Finance Company Ltd in partnership with main activities, can be a very useful instrument in contributing to women's empowerment, and offers women a free choice with regard to the way they want to use their talents. If some extra efforts are made, the contribution could be even larger. Microfinance has not been able to reach the poorest at the bottom of the poverty line and therefore the claims that it will reduce poverty for the majority poor remains a mere myth.

However, it's worth noting that, through VFC Ltd has reached a number of poor people who previously had been excluded from the formal banks. The program has been successful in reaching the poor especially women who have not been served by the traditional financial institutions and findings indicate that it has reduced poverty among the borrowers.

The MFI also in addition group-based lending program has recently introduced individual lending for long term borrowers with excellent repayment records. This will enable microfinance borrowers to easily graduate to formal banking system in future. However, the study findings indicate that microfinance was likely to have greater positive impacts in rural than other financial institutions and this suggests differences in opportunities, women poverty levels and microfinance products appropriateness.

This study sought to analyze the impact of microfinance services in empowering the rural women. The outcomes of multiple regression revealed that four factors i.e. socio-economic status up gradation, autonomy for life choices, women position in the family/society and positive approach towards child development can significantly influence the lives of rural women. Traditionally, rural women's role was to provide support to their husband and family which show the suppression of women in rural household. The results of this study states that microfinance has improved their economic condition and enhanced their ability to contribute in their family's decision making. As rural women started to earn and contribute to their family expenses, their husband's behavior towards them has changed considerably. The study also indicates that the livings standard of their family has improved.

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