




































Copyright © CC-BY-NC 2020, CRIBFB | IJFB 

 

Indian Journal of Finance and Banking; Vol. 4, No. 2; 2020 
                                       ISSN 2574-6081   E-ISSN 2574-609X 

Published by CRIBFB, USA 

51 

 

Ethiopian Women Economic Empowerment Through Microfinance 
  

 
 

Belay Mengstie 
PhD Student 

Punjabi University, India 
E-mail: belaybelay40@gmail.com 

 
Amanpreet Singh PhD 

Assistant Professor 
Punjabi University, India 

E-mail: amanpreet@pbi.ac.in 
 

 
Received: July 13, 2020       Accepted: July 29, 2020     Online Published: August 15, 2020 
 
doi: 10.46281/ijfb.v4i2.708        URL: https://doi.org/10.46281/ijfb.v4i2.708 
 
 
Abstract 
Women's economic empowerment a strategy helping women to participate in the process of making decisions, supporting 
income increment, asset possession. The main aim of this study is to investigate the microfinance impact on women 
economic empowerment considering age and education as moderators. Data for this study have been collected from 346 
respondents of microfinance beneficiary women. For data analysis multiple regression and moderated regression with Hayes 
(2018) process macro software were used in the study. Regression results showed that credit amount, age, number of 
training, marital status, education level, have a significant impact on the development of women's economy. However, the 
business experience has an insignificant impact on the development of women's economy. Moderated regression results 
revealed that age and education did not have a moderation role in the relationship between microfinance service and on the 
economic empowerment of women. Microfinance affects women's economic empowerment by improving women's 
independent income, increasing asset possession levels, and improved monthly saving amount. Moreover, the study proved 
that the microfinance institution has a vital role in women entrepreneurs' development and business exposure. 
 
Keywords: Microfinance, Women Economic Empowerment, Moderating Effect.           
 
1. Introduction 
Microfinance institutions considered an important development program in Ethiopia for the last twenty years. The legal 
foundation for the microfinance movement and expansion in Ethiopia was started after the 1996 proclamation. In the 
development of microfinance, this proclamation considered a benchmark to start and develop microfinance in the country. 
Women's participation in microfinance is growing gradually though all microfinance industry has a shared vision of poverty 
alleviation and women economic development. 

       According to Yousuf and Dawit (2014) and Rahman, Khanam, and Nghiem (2017) study, Microfinance 
institutions are effective instruments providing basic services like saving, microcredit, and training. Microfinance institutions 
are important economic development agent intended to benefit women and lower-income people (Duflo, 2012). 
Microfinance institution has a great role in alleviating women the economic problem, creating self-employment 
opportunities, developing businesses for female entrepreneurs. Different studies reported women’s benefits from  the 
microfinance institution, participation leads to economic freedom, and business practices improvement (Addai, 2017; Belay 
& Amanpreet, 2019). However, Women's involvement in economic activities is very low in Ethiopia (Yousuf & Dawit, 
2014; Wassie, Kusakari, & Sumimoto, 2019).  
            Economic empowerment improves women’s opportunity for resources and non-financial resources. Moreover, it 
creates a good opportunity for skill development and market information (Alshebami & Khandare, 2015; Addai, 2017). 
The economic participation of Women is base to exercise their right and helping them to improve decision making roles 
over their household and in the community. According to Wanjiku and Nijiru (2016) study, Women's economic 
empowerment is creating equitable societies.  
            There are controversies on the impact of microfinance economic development of women clients. Odell (2010) 
study identified the problem of generalization taking into consideration the difference between microfinance programs. 
Stewart, Van Rooyen, Dickson, Majoro, and de Wet (2010) study in Africa found little impact of Microfinance on the 
income of beneficiaries. According to Rathiranee & Semasinghe (2015) study, microfinance service proved a positive impact 
on women's income increment in Sri Lanka. Addai (2017) and Rahman el al. (2017) study indicated that microfinance 

mailto:belaybelay40@gmail.com
https://doi.org/10.46281/ijfb.v4i2.708


Copyright © CC-BY-NC 2020, CRIBFB | IJFB 
 

www.cribfb.com/journal/index.php/ijfb                           Indian Journal of Finance and Banking                          Vol. 4, No. 2; 2020 

52 

 

affects the economy of women in Ghana and Bangladesh respectively. Different researchers confirmed the significant effect 
of microfinance (Kato & Kratzer, 2013; Swapna, 2017; Sell & Minot, 2018). 

     The main objective of this research is to analyze Ethiopian women's economic empowerment through microfinance 
by considering the moderating effect of age and education. We aim to deepen recent research, by considering economic 
empowerment through microfinance. Moreover, the moderating effect of age and education are investigated deeply. 
 
2. Microfinance and Women Economic Empowerment 

Microcredit services are considered a society based strategy to give different finance-related resources for the poor and 
disadvantaged society to enhance the lives of clients (Sinha, 2006). The microfinance sector supports the community in its 
transition towards the country's development and peace and building. According to Rahman et al. (2017), the microfinance 
industry supports local economic development by providing the needed financial and non-financial services for small 
enterprise development. Some researchers consider microfinance as a survival strategy in a time of disaster and sustainable 
peace development (Yousuf & Dawit, 2014; Khanday, Shah, Mir, & Rasool, 2015; Sell & Minot, 2018). 

     In Ethiopia context, supervision and Licensing Microfinance Proclamation No. 626/2009 define microfinance as 
“financial services providers including credit, savings, drawing, transferring money, and related services.” This microfinance 
business definition does not confine the microfinance institution to only credit. In this article Microfinance considered as 
finance-related services provision to poor people and small enterprises that lack financial institution service.  Microfinance is 
not limited to borrowing activities but also includes savings, transfer facilities, training, insurance, and others. The 
microfinance sector supports women financially by providing seed money and supports women to get constant income to 
their families (Tandon, 2016; Rashid, John, Consolatta, & Stephen, 2015). According to Gundappa (2014), many Women 
were clients of microfinance in different countries. Women's economic development generated self-esteem and respect for 
women microfinance beneficiaries (Khanday et al., 2015). Microfinance provides finance to women who helped them to 
start or expand the business. Microfinance institution service of credit and training gives women confidence and a 
participating role in society and household decisions. 

     Microfinance institutions create self-employment opportunities, improving labor productivity, and increasing wage 
rates (Wanjiku & Njiru, 2016).  Microfinance impact mostly measured using variation in independent income, employment 
rate, and household consumption on a sustained basis. Microfinance institution service impact could also be directly known 
by considering increment in outcomes such as literacy rate, fertility rate, and housing pattern, and other related factors.  

     Microfinance helps to protect from different risks and diversify the business to increase sources of income as a vital 
instrument for women's economic development (Littlefield, Morduch, & Hashemi, 2003; Addai, 2017). Many researchers’ 
results showed that income played a significant role in consumption, capital formation, and other indicators of human 
wellbeing. When the income level increases access to balanced food, access to medical services, and children's education are 
positively affected (Hussain, Mahmood, & Scott, 2019; Wassie et al., 2019). Moreover, microfinance institutions provide 
services that seek to minimize the risk from adverse effects for the poor society. For example, savings programs are operating 
to help microfinance institution clients to gradually accumulate working capital for the times of crises and when there is 
capital need for different purposes. Efficient microfinance services decrease the unemployment rate, sources of income 
diversification. The economic empowerment of women could be achieved as a result of microfinance service. 

 
2.1 Conceptual Framework  

Based on the evidence available in the literature conceptual framework was developed. More than thirty articles reviewed to 
develop this framework of the research. 

     According to (Sinha, 2006), assessing the impact of microfinance will be helpful for the betterment of services. 
Ledgerwood (1999) divides the impact of microfinance into three categories namely economic, socio-political, and personal. 
Economic empowerment may be influenced by both women’s demographic characteristics and access to financial 
resources from microfinance institutions. The result expected is empowering economically which is manifested through 
ownership in income-generating activities, ownership of assets, increased income, savings, and decision making (Naeem, 
Khan, ul Hassan, & Muhammad, 2018; Selvaraj, 2016). 

     Microfinance service (access to credit and training) and demographic variables (age and education) leads to women's 
economic empowerment. Addai (2017) study clearly showed that microcredits have an impact on women's economic 
developments but the relationship mainly takes into account education and. according to Rehman, Moazzam, and Ansari 
(2015), research finding education and age affect the economic development of women beneficiaries. The main independent 
variables which microfinance institution provides are access to credit and training. According to Yousuf and Dawit (2014) 
and Rehman et al. (2015) finding women's involvement in business raises women's independent incomes and savings, 
increases their family monthly income, and other household resources which are the basis for women's economic 
empowerment.  

 
3. Data and Methodology 
We conducted this research in Ethiopia in the year 2019. From the literature review, 35 items that would women income, 
asset, saving, and decision making, credit, training was identified. The questionnaire was used to collect data from samples 



Copyright © CC-BY-NC 2020, CRIBFB | IJFB 
 

www.cribfb.com/journal/index.php/ijfb                           Indian Journal of Finance and Banking                          Vol. 4, No. 2; 2020 

53 

 

of 346 microfinance client respondents. The questionnaire focused on demographic characteristics, economic 
empowerment, and microfinance service.  
          The researcher takes 3 zone administrations from the Amhara regional state of Ethiopia. Based on the proportion of 
clients sample respondents were selected in each town administrations. Finally, by using simple random sampling 
respondents were selected.  As a result, 51.5 % of the respondents were from Dessie town administrations.  27% of the 
respondents were from the Debrebirhan town administration. The remaining 21.5 % were from Woldia town 
administrations. 

     Regression data analysis technique was employed to examine independent variables: age, education, marital status, 
business experience, training, amount of credit that has a positive effect on the economic empowerment of women. 
Moreover, Moderated regression with Hayes process macro software (Hayes, 2018) was used to examine the moderating 
effect that age and education may have upon women's economic empowerment and microfinance. The econometrics model 
used is: 
 

CEEI= β0 + β1 (Age) + β2 (Marital) + β3 (Education) + β4 (experience) + β5 (Training) + β6 (Credit) +έ 
 

     For measuring the economic empowerment of women, a Cumulative Economic Empowerment Index (CEEI) was 
used as a dependent variable .it is developed by commuting up the individuals’ scores obtained from asset, income, saving, 
control over the resource. Other researchers (Parveen & Leonhauser, 2004; Parveen & Chaudhury, 2009; Kaur, 2012; 
Samad, 2014; Yousuf & Dawit, 2014; Mohapatra, & Sahoo, 2016) also used similar methods to measure women economic 
empowerment by developing a cumulative women economic empowerment index. 
 
For moderated regression, the following model was used. 
 

EE= β0 + β1 (MF) + β2 (Age) + β3 (MFx Age)  +έ …………………..     age as moderator 
 

EE= β0 + β1 (MF) + β2 (Education) + β3 (MFx Education)  +έ………      education as moderator 
 
The proxy variable for microfinance service is credit amount and for economic empowerment is total asset including cash. 
 
4. Results and Discussions 
This section of the study was conducted to contribute new information about the impact of microfinance on women's 
economic empowerment. Multiple regression and moderated regression were employed for data analysis. 
 
4.1 Assumptions of Multiple Regressions 
4.1.1 Test of Normality 
The regression model assumption is based on variables of normal distributions.  For this research, the histogram was 
checked and the result indicates that data used in the study is normally distributed. 
                      

 
                    Figure 1. Normality test using histogram                                                Figure 2. Linearity test 
 
4.2.2 Test of Linearity 
Multiple regressions assume linearity. This assumption was tested by using a scatter plot and the result of the test indicated 
that there is a linear relationship between microfinance service and women's economic empowerment. As depicted in the 
figure above (figure 2), it can be noted that all observations do lie on the straight line of the graphs.   
 



Copyright © CC-BY-NC 2020, CRIBFB | IJFB 
 

www.cribfb.com/journal/index.php/ijfb                           Indian Journal of Finance and Banking                          Vol. 4, No. 2; 2020 

54 

 

4.2.3 Test of Multicollinearity 
Multicollinearity occurs when independent variables correlated highly (usually above r= 0 .9). The existence of 
multicollinearity can be diagnosed by analyzing the values of tolerance and Variance Inflation Factors. A tolerance of < 
0.10 and a VIF>10 shows that there is a multicollinearity problem.  The result from the regression analysis of this current 
study (see table 1 below) VIF and tolerance are indicating that there is no multicollinearity problem. 

 
Table 1. Multicollinearity test                                                                  Table 2. Independence test result 
 

 
 
 

 

4.2.4 Independence of Error 
Independence of error assumes that the behavior of one participant should not affect the behavior of a participant. Table 2 
above shows the results of the test of independence of errors. Durbin Watson statistic is used to test the independence of 
error. An acceptable range is from 1.5 to 2.50. The results in Table shown above that the Durbin Watson statistic is 1.677 
which falls under acceptable range. 
 
4.2.5 Homoscedasticity 
The residuals at each level of the independent variables must be the same variance, if unequal this is called heteroscedasticity. 
Levene’s test is used to check the homoscedasticity assumption. Therefore, the assumption homogeneity of variances has 
been fulfilled (see table 3). 
 
Table 3. Test for homogeneity 
 

Test of Homogeneity of Variance 

 Levene 
Statistic 

df1 df2 Sig. 

Cumulative economic 

empowerment index 

Based on Mean 1.475 7 338 .175 

Based on Median 1.106 7 338 .359 

Based on Median  1.106 7 316.121 .359 

Based on trimmed mean 1.531 7 338 .156 

 
4.2 Regression Result 
Table 4. Regression result 
 

Coefficients a  

Model Unstandardized Coefficients Standardized 
Coefficients 

t Sig. 

B Std. Error Beta 

 (Constant) 4.412 1.320  3.342 .001 

age  1.330 .228 .285 5.835 .000 

Marital status 1.941 .704 .125 2.759 .006 

 education 1.394 .249 .260 5.598 .000 

business experience  .200 .160 .064 1.252 .212 

credit amount .698 .153 .225 4.573 .000 

Training number 1.354 .285 .224 4.757 .000 

a. Dependent Variable: cumulative economic empowerment index 

 

Model Summary b  

 R R 

Square 

Adjusted 

R Square 

Std. Error 

of the 

Estimate 

Durbin-

Watson 

 .616a .380 .367 6.17635 1.677 

Variables  Collinearity Statistics 

Tolerance VIF 

Age  .737 1.357 

Marital status .675 1.481 

 Education .781 1.280 

Business experience .669 1.495 

Number  training .822 1.217 

Amount of credit .751 1.332 



Copyright © CC-BY-NC 2020, CRIBFB | IJFB 
 

www.cribfb.com/journal/index.php/ijfb                           Indian Journal of Finance and Banking                          Vol. 4, No. 2; 2020 

55 

 

     The result of regression in above table  shows that that age of women( p = 0.00 ); marital status ( p = 0.006 ),  
education ( p=0.00 ); training ( p = .00) ; credit amount ( p=0.00 ) , are significant independent variables that impact 
women economic. Business experience ( p = 0.212) variable was insignificant predicator  on economic development of 
women.  

     The result of this study showed that age plays a significant effect on women's development economically. Most 
women got better exposure to business and skill about different household and economic matters, as women age increased 
(Yousuf & Dawit, 2014). Business and skill experience helped them a better decision about their households, and in a 
society which leads them better economic position and empowerment. A similar result was found by Rehman et al. (2015) 
study that age played a significant role in women’s economic empowerment. In Burma, a field study was conducted and the 
result of the study clearly shows that age affects positively women's economic empowerment (Ringkvist, 2013).  
       Marital status has a vital role in women's economic empowerment. Most Married women economically empowered 
than divorced or single women. According to Addai (2017) findings, most married women have got support from their 
husbands and children which are important for women's economic empowerment. However, Yousuf and Dawit (2014) 
finding shows that marital status has got as such a significant impact on the development of women economically. 

     The result of the study showed that educated were better on efficient usage of training and credit service and achieve 
economic empowerment. Moreover, educated women microfinance clients were proved to have a significant effect on 
improving the economic position of women. Women's level of education has a direct relationship with control over 
resources. Moreover, women's education affects her decision on contraception, better employment opportunity, and income 
which are the basic indicator of women's economic development and empowerment.  

     Training and credit have a significant impact on female empowerment economically. As the amount of credit 
amount increased, the use of credit for income-generating activities increased. Training attended women more likely to 
enhance business skills and knowledge than women did not attend training. The number of training significantly affects the 
economic empowerment of women. Most of the respondents reported that all members of microfinance participated in 
training before they got credit (Parveen & Leonhauser, 2004; Korkmaz, Goksuluk, & Zararsiz, 2014). 
 
4.3. Moderated Regression Result 
To examine the moderated effect of age and education, moderated regression with Hayes (2018) process macro software 
was employed. Hayes's process macro result indicated that age has no moderation effect on the relationship between 
microfinance service and women entrepreneurship in the study area (see table 5). Research conducted by Addai (2017) in 
Ghana shows that microfinance has a positive effect on women's economic development, but such a relationship is 
dependent on the age and education level of the women. 
 
Table 5. Hayes process macro result age as a moderator 
 

Model 

coeff                       se                               t                            p                  LLCIULCI 

constant 377397.811  16178.608     23.327       .000 345575.704 409219.918 

microfin      1.419       .219      6.489       .000       .989      1.849 

Age       12072.198   1945.598      6.205       .000   8245.354  15899.043 

Int_1          .042       .030      1.398       .163      -.017       .102 

 
     Based on table 6 below the moderating effect of education on relationship microfinance service and women 

entrepreneurship is insignificant. The result of the study is different from former researchers like Laha and Kuri (2014). 
Their study only focused on merely establishing the relationship between microfinance service and women's economic status 
paying attention to other women's economic development attributes such as age and educational background which affect 
the relationship existing between microfinance service and women entrepreneurship. Contrary to this finding, Kabeer 
(2005) study in south Asia revealed that microfinance has a vital contribution to women's economy but it does not 
automatically empower them. 
 
Table 6. Hayes process macro result education as moderator 

 

     Creating a conducive environment for clients for income generation is one among different Amhara credit and saving 
institution activities. Through advice, the organization enables clients to spend the money on profitable business activities . 

Model 

coeff              se          t          p                     LLCIULCI 

constant 377707.360  17216.917     21.938       .000 343842.977 411571.743 

microfin      1.401       .237      5.922       .000       .935      1.866 

educatio   7879.470   4647.290      1.695       .091  -1261.401  17020.341 

Int_1          .025       .058       .428       .669      -.090       .140 



Copyright © CC-BY-NC 2020, CRIBFB | IJFB 
 

www.cribfb.com/journal/index.php/ijfb                           Indian Journal of Finance and Banking                          Vol. 4, No. 2; 2020 

56 

 

From the study, it is clear that most clients’ income increased from year to year. The microfinance industry played a 
significant role in enhancing the monthly income of female microfinance clients. 
 
5. Conclusion 
Access to microfinance institutions like credit, saving, and training helps women in economic development and decision 
making role on savings and credit and other business activities. Investing in women's economic development activities will 
dramatically improve for Ethiopian women's employment and other sections of society. From the study result, it is clear that 
microfinance has a significant impact on women's assets, income, saving, and control over the resource. Women 
microfinance clients have higher levels of income, better asset position, high saving amount, and better control over the 
resource in households and the surrounding community. Whatever is done to improve the microfinance service of credit 
provision and training will improve women entrepreneurship development. 

     The regressions result shows that the age of women, education, marital status, training, amount of credit, have a 
significant positive impact on women's economic empowerment.  However, women's business experience has no significant 
impact on the economic development of women. Moreover, age and education have no moderation effect on the study. 
 
6. Limitations and Future Research Directions 
In this research, some limitations were identified. The study was limited to the Amhara credit and saving the institution of 
Ethiopia. Future research should include other microfinance working at the regional and national levels for better 
representation and generalizability. Moreover, this study investigates only age and education as moderator. The future study 
requires including other demographic variables such as marital status, number of the household as a moderator.  
 
References 
Addai, B. (2017). Women empowerment through microfinance: Empirical evidence from Ghana. Journal of finance and 

accounting, 5(1), 1-11. 
Alshebami, A. S., & Khandare, D. M. (2015). The role of microfinance for empowerment of poor women in Yemen. 

International Journal of Social Work, 2(1), 36-44. 
Belay, M., & Amanpreet, S. (2019). Impact of microfinance through Amhara credit and saving institution on women's 

economic empowerment.International Journal of Recent Technology and Engineering, 8(4), 9696-9703. 
Duflo, E. (2012). Women empowerment and economic development. Journal of Economic literature, 50(4), 1051-79. 
Gundappa, M. (2014). Micro finance and Empowerment of Women: An Impact study of SHGS. Indian Streams Research 

Journal, 4(8). 
Hayes, A. F. (2018). The Process macro for SPSS and SAS (version 3.0). 
Hussain, J., Mahmood, S., & Scott, J. (2019). Gender, microcredit and poverty alleviation in a developing country: The 

case of women entrepreneurs in Pakistan. Journal of International Development, 31(3), 247-270. 
Kabeer, N. (2005). Is microfinance a 'magic bullet' for women's empowerment? Analysis of findings from South Asia. 

Economic and Political weekly, 4709-4718. 
Kato, M. P., & Kratzer, J. (2013). Empowering women through microfinance: Evidence from Tanzania. 
Khanday, M. I., Shah, B. A., Mir, P. A., & Rasool, P. A. R. V. A. I. Z. (2015). Empowerment of women in India-historical 

perspective. European Academic Research, 2(11), 14494-14505. 
Kaur, J. (2012). Microfinance and women empowerment: a study of Punjab. 
Korkmaz, S., Goksuluk, D., & Zararsiz, G. (2014). MVN: An R package for assessing multivariate normality. The R 

Journal, 6(2), 151-162. 
Laha, A., & Kuri, P. K. (2014). Measuring the impact of microfinance on women empowerment: A cross country analysis 

with special reference to India. International Journal of Public Administration, 37(7), 397-408. 
Ledgerwood, J. (1999). Sustainable banking with the poor. Microfinance Handbook. And Institutional and Financial 

Perspective. 
Littlefield, E., Morduch, J., & Hashemi, S. (2003). Is microfinance an effective strategy to reach the millennium 

development goals?. Focus note, 24(2003), 1-11. 
Mohapatra, S., & Sahoo, B. K. (2016). Determinants of participation in self-help-groups (SHG) and its impact on women 

empowerment. Indian Growth and Development Review. 
Naeem, A., Khan, S., ul Hassan, F. S., & Muhammad, J. (2018).The Impacts of Microfinance on Women Entrepreneurs 

“A Case Study of District Quetta, Pakistan”. 
Odell, K. (2010). Measuring the impact of microfinance. Grameen Foundation, Washington, 1-38. 
Parveen, S., & Leonhäuser, I. (2004). Empowerment of Rural Women in Bangladesh: A Household Level Analysis In: A 

Paper Presented in the conference on Rural Poverty Reduction through Research for the Development and 
Transformation. 5–7 October. Deutscher Tropentag-Berlin, German. 

Parveen, S., & Chaudhury, M. S. R. (2009). Micro-credit intervention and its effects on empowerment of rural women: the 
BRAC experience. Bangladesh Research Publication Journal, 2(3), 641-647. 

Ringkvist, J. (2013). Women's Empowerment through Microfinance: A case study on Burma. 
Rahman, M. M., Khanam, R., & Nghiem, S. (2017). The effects of microfinance on women’s empowerment: new evidence 

from Bangladesh. International Journal of Social Economics, 44(12), 1745-1757. 



Copyright © CC-BY-NC 2020, CRIBFB | IJFB 
 

www.cribfb.com/journal/index.php/ijfb                           Indian Journal of Finance and Banking                          Vol. 4, No. 2; 2020 

57 

 

Rashid, F., John, M., Consolatta, N., & Stephen, S. (2015). Impact of microfinance institutions on economic 
empowerment of women entrepreneurs in developing countries. International Journal of Management Science 
and Business Administration, 1(10), 45-55. 

Rehman, H., Moazzam, A., & Ansari, N. (2015). Role of microfinance institutions in women empowerment: A case study 
of Akhuwat, Pakistan. South Asian Studies, 30(1), 107-125. 

Rathiranee, Y., & Semasinghe, D. M. (2015). Factors determining the women empowerment through microfinance: An 
empirical study in Sri Lanka. International Journal of Social, Behavioural, Educational, Economic, Business and 
Industrial Engineering, 9(5), 2328-2185. 

Selvaraj, N. (2016). Impact of Micro-Credit on Economic Empowerment of Women in Madurai, Tamilnadu. Journal of 
Global Economics, 4(4). 

Sell, M., & Minot, N. (2018, November). What factors explain women's empowerment? Decision-making among small-
scale farmers in Uganda. In Women's Studies International Forum (Vol. 71, pp. 46-55). Pergamon. 

Stewart, R., Van Rooyen, C., Dickson, K., Majoro, M., & de Wet, T. (2010). What is the impact of microfinance on poor 
people?: a systematic review of evidence from sub-Saharan Africa. 

Swapna, K. (2017). Impact of microfinance on women entrepreneurship. International Journal of Business Administration 
and Management, 7(1), 2278-3660. 

Samad, M. A. (2014). Islamic micro finance: tool for economic stability and social change. Humanomics. 
https://doi.org/10.1108/H-12-2013-0085. 

Sinha, F. (2006). Social rating and social performance reporting in microfinance. Towards a common framework, the 
SEEP network for the Argidius Foundation. 

Tandon, T. (2016). Women empowerment: perspectives and views. The International Journal of Indian Psychology, 3(3), 
6-12. 

Wassie, S. B., Kusakari, H., & Sumimoto, M. (2019). Performance of microfinance institutions in Ethiopia: Integrating 
financial and social metrics. Social Sciences, 8(4), 117. 

Wanjiku, E., & Njiru, A. (2016). Influence of microfinance services on economic empowerment of women in Olkalou 
constituency, Kenya. International Journal of Research in Business Management, 4(4), 67-78. 

Yousuf, J., & Dawit, T. (2014). Women’s Economic Empowerment Through Microcredit Intervention: The Case of 
Chinaksen Woreda, Oromiya National Regional State (Doctoral dissertation). 

 
 
 
Copyrights  
Copyright for this article is retained by the author(s), with first publication rights granted to the journal. This is an open-
access article distributed under the terms and conditions of the Creative Commons Attribution license 
(http://creativecommons.org/licenses/by/4.0/). 
 
 

 

https://doi.org/10.1108/H-12-2013-0085
http://creativecommons.org/licenses/by/4.0/

