Literature Review On Microfinance

Literature Review On Microfinance-67
It is however still unclear the effect these funds have had on the women owned enterprises.Little information is available on this front partly owing to the fact that most of the women based enterprises fall within the informal sector.In developing countries the situation is even worse as there are more women entrepreneurs who are underfunded and undersaved.

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In its smallest manifestation, it enhances livelihoods within the family while on larger and deeper levels, national wealth accrues.

However, for long, women entrepreneurs have low business performance compared to their male counterparts and this has been attributed to factors which normally affect entrepreneurial performance such as lack of credit, saving, education or training, and social capital.

Although men and women both experience personal problems, women recorded more difficulties.

This is especially true with regard to a lack of self-confidence and not being taken seriously by providers of funds when applying for funds (Bridge et al., 2003).

Micro finance means building permanent local institutions.

Micro finance also means integrating the financial needs of poor people into a country's mainstream financial system.Furthermore, in many African countries, women have fewer inheritance rights either by law or obstacles preventing women from realizing their economic potential as well as constraining economic development (Ong, 2008).Growth-oriented donors have promoted investment strategies in Africa that typically exclude women, due to the commonly held view that those women enterprises that are concentrated in dynamic sub-sectors have little potential for contributing to the growth of the economy (Downing and Daniels, 1992).The argument is further supported by Marlow (1997), who commented that discrimination remains a problem for women in self-employment, for example, they experience particular difficulties in gaining bank finance for their ventures.Challenges to women entrepreneurs cover a wide spectrum, including level of education, inter-role conflicts emanating from greater parenting responsibilities, a dearth of financial assistance and socio-cultural constraints (Ghosh and Cheruvalath, 2007).This resulted from evidence that state owned agricultural development banks in developing countries had been a monumental failure, actually undermining the development goals they were intended to serve (Adams et al., 1984).Nevertheless public officials in many countries hold a different view, and continue to intervene in microfinance markets.It is therefore difficult to make meaningful analysis on the relationship between micro financing and performance of these enterprises for future projections and decision making.This paper seeks to fill this gap by reviewing extant literature on this topic.The Concept of Micro Financing Micro finance refers to the provision of financial services to low-income clients, including consumers and the self employed (Ledgerwood, 2000).The term also refers to the practice of sustainably delivering those services.

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