Role of Informal Financial Banking Services in Economic Empowerment of Rural Women through Self-Help Groups Affiliated To Joyful Women Organization in Kericho County, Kenya
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 4
Abstract
Women all over the world contribute a lot to the national agricultural output and family food security, and several studies from Sub Saharan Africa shows that rural women are credit constrained than men of equivalent socio-economic conditions. Rural women are exposed to economic disability yet they form the majority of the rural population. Empowerment and improvement of women's socio-economic status is important for achievement of the necessary rural Development. In Kenya informal financial services concept has taken root with recent adoption of Joyful Women Organisation to provide financial resources to rural women to engage in livelihood projects. The purpose of this study was to determine the role of informal financial services to the economic empowerment of rural women entrepreneurs in Kenya. The specific objectives were; to determine the role of informal savings, to evaluate role of informal loans and credit on empowering rural women entrepreneurs, and to establish the role of financial training on empowering rural women entrepreneurs and to assess the role of information access and awareness of informal financial services on the empowerment of rural women entrepreneurs in Kericho County. The study used a survey design and targets rural women who are members of groups that subscribe to (JoyWO). The study adopted Grameen Bank model. The target population was 1040 members of women spread in 65 groups. Stratified sampling method was used to sample out 153 women. The study was carried out in Kericho County. The main instruments of data collection were the questionnaire, focus group questionnaire, and use of interview schedule for key informants. A pre-test of the questionnaire was carried out in a similar setting in Nakuru County to test the reliability of the instrument. The data was analysed using descriptive statistics, frequency distributions, chi-square and multiple linear regressions with the aid of Statistical Package for Social Sciences (SPSS). The results of the study showed that there was a significant relationship between information access and economic empowerment (χ2=23.508, df= 9, P=0.005). The researcher therefore failed to accept the null hypothesis. Hence there was a significant relationship between information access and economic empowerment.The study recommends that the policy makers see the need to link formal institutions with the emerging informal ones so as to improve on capital sustainability, accessibility and finally positive financial values. The ‘chamas’ if given financial assistance integrated with wider formal financial market, the impact on women empowerment and to the economy is great. The study will be helpful to groups and their members in streamlining their lending, saving and borrowing programmes. The formal banks will also benefit by adapting the principles of Informal banking and the use of group lending. Both national and county governments will make policies based on the findings.
Authors and Affiliations
Felisterchebetkurgat . , Peter Kibas
Keywords
Related Articles
- EP ID EP400500
- DOI -
- Views 129
- Downloads 0
Role of Cultural and Status Factors In Leadership Style and Organizational Effectiveness - An Overview
This paper examines the literature review on role of cultural and status factors in Leadership style and organizational effectiveness. Some of the authors views have been expressed in this paper.
A Study on Tourists Inclination to Visit Konni
Tourism is a very big industry today. The diverse tourism types are created from the experiences that tourists want to experience; such are the cases of the nature tourism, cultural tourism, adventure tourism etc. This s...
Effect Of Service Quality And Patient Satisfaction Towards Loyalty Of National Social Security Patient (Study Case At Hospital In Indonesia)
Service quality is the key to improve customer satisfaction on every industry both product or service, as satisfaction will determine the level of consumer loyalty to a product or service. Services can not be separated f...
Drt And Sarfaesi: Mechanisms To Prevent Menace Of Npa’s
The Fiscal Means are one around which the world evolves. It is end in itself. The emerging barriers like fraudulent practices, money laundering, escaping debt liabilities, cheating, misappropriations etc confine its circ...
Growth of Micro, Small and Medium Enterprises in Manipur
Economic development and industrial development is considered as synonym and entrepreneurs play a major role in industrial development. Micro, Small and Medium Enterprises (MSMEs) extend to the necessary support and comp...