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THE IMPACT OF FINANCIAL SERVICES OFFERED BY MICROFINANCE 

· INSTITUTIONS ON EMPOWERMENT OF WOMEN ENTREPRENEURS: A CASE 

STUDY OF NAIROBI COUNTY 

NDIRITU SYLVIA WANJIRU 

094615 

A Research Proposal submitted to Strathmore Business School in partial fulfillment for the 

Degree of Bachelor of Commerce of Strathmore University 

DECEMBER 2019 



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DECLARATION 

I declare that this work has not been previously submitted and approved for the award of a degree 

by this or any other University. To the best of my knowledge and belief, the thesis contains no 

material previously published or written by another person except where due reference is made in 

the thesis itself. 

Sylvia Ndiritu 

Signature:.._ · 

December 2019 

The thesis of Sylvia Ndiritu was reviewed and approved by: 

Lincoln Ndwiga 
,---.-., 

Jm~c 
Strathmore Business School 

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DEDICATION 

I dedicate this study to my parents, siblings and friends for their constant prayers, supp01i and 

encouragement to see me tlu·ough the long hours and tireless efforts to complete this project. 

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ACKNOWLEDGEMENT 

First of all, I thank the almighty God for giving me good health, and guiding me through the entire 

period of doing my project. 

My sincere gratitude to my supervisor Lincoln Ndwiga for his time, continuous support and 

guidance in writing the project to the final report. 

I extend my gratitude to my lecturers who taught me my coursework in Bachelor of Commerce, 

therefore enriching my research with the acquired knowledge and to my classmates for their 

motivation and moral support. 

I. I acknowledge Strathmore University for providing me with the capacity and capabilities to 

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develop the management research project in partial fulfillment of requirements of achievement of 

the Bachelor of Commerce degree. 

I am grateful to the staff of all Microfinance Institutions that I visited for their cooperation and 

assistance where I accessed much information concerning the research study. 

Thank you all for your time; it was all through your endless support that I managed to complete 

this research project, God bless you all! 

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TABLE OF CONTENTS 

DECLARATION .......................................................................................................................... ii 

DEDICATION ............................................................................................................................. iii 

ACKNOWLEDGEMENT .............................................................. ...................................... .... .. iv 

ACRONYMS ............................................................................................................................... vii 

CI-IAPTER ONE: INTRODUCTION .......................................................................................... 9 

1.1 Background of The Study ................................. .. ..... .... .......... ....................................... ............. 9 

1.2 Micro finance Institutions in Kenya .......... .. ......... ... ......................... .... ...... .............. ................ 1 0 

1.3 Problen1 Statement. ............. ..... ... ...... .... ...... ................ .......... ... ...... .... ...... .... ... ... ... .................. . 11 

1. 1.4 Research Objectives ...... ........ ... ......... ....... ... ..... .... ......... ... ....... ............................................ ..... 12 

1.5 Research Questions ....... ... .................. ... .......... .......... .. ............... ... .... ..................................... .. 13 

1.6 Scope of The Study .. .............. ....................................................................................... .... ....... 13 

1. 7 Significance of The Study .................................. ..... ................... .......... .............. ....... .... .. ........ 13 
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CHAPTER TWO:LITERATURE REVIEW ............................................................................ 14 

2.1 Introduction ........................................................................ ............. ..................... .................... 14 

[ 2.2 Theoretical Review of Literature .................... ............... .......... ........ ... .... ... ...................... ..... ... 14 

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2.3 En1pirical Review ............ .................................... ............................................................. ....... 15 

2.4 Research Gap ................................... ................... .. .... ........ ................ ....... ............. ............ .. .. ... 19 

2.5 Conceptual Framework ............ .... ........................ .................... ................................ ........ .... .... 20 

CHAPTER THREE:RESEARCH METHODOLOGY ........................................................... 21 

3 .1 Introduction ........................................................................ .. .................. .............. ................. .. . 21 

3 .2 Research Design ...................................................... .... ........... .................... .... ......................... 21 

3.3 Population and Sampling ............................................................... ......... ................................. 21 

3.4 Data collection ........................................... ....................................................................... ... .... 21 

3.5 Data Analysis ........ ........... : .......................................... ...... ............................ .. ........ ... ...... ........ 22 

3.5 Data Validity and Reliability ............. ....... ..... ................................................... ........ ............... 22 

CHAPTER FOUR:DATA ANALYSIS, FINDINGS AND DISCUSSIONS ........................... 23 

4.1 Introduction ............................... ................ .............................. .... .. ........................................... 23 

4.2 Descriptive Statistics ......................................... ...................................................................... 23 

4.2.1 Part A- Demographic Characteristics of Clients ...................... ..................................... 23 

4.2.2 Pmi B- Products Offered by MFis ............................................ .................. ..... ............. 26 

4.2.3 Pmi C- Impact of Financial on_Empowerment of Women Entrepreneurs .............. ...... 28 

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4.2.4 Part D- Challenges Experienced by When Serving Women_Entrepreneurs .. ...... .... ...... 32 

CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS ............. 37 

5.1 Introduction .... .......... .... .. ..................................... ..... ..... ..... ........ .. ... ........ ... ..... .. ..... ... ... ... ... ...... 37 

5.2 Su1nn1ary ofFindings .. ............. .. .......... ... ... .......... ... ....... ..... .. .. ..... ..... .... ...... ... .. ... .. ... ... ... .. ... .... 37 

5.3 Conclusions ...... ..... ........ .......... .. ..... .... ...... ....... ..... .. .... ...... .. .. ......... ... ........... ....... ................. ... .. 39 

5.4 Recomn1endations ... .. .. .. ... ... ........ .......... ....... .... .......... .... ..... ........ .... .. ...... ... .... ..... ... .... ... .. ... ...... 40 

5.5 Li1nitations ofthe Study ..... .. .. .. ........... .. .............................. ....... ... .. .... ... ... .... ... .. .... ... .. .... ....... . 41 

REFERENCES ............................................................................................................................ 42 

APPENDICES .............................................................................................................................. 45 

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LIST OF FIGURES 
Figure 2. 1 Conceptual Framework .. ..... .... .. .... .... ............. .... ... .. ..... ...... .... ...... .. 00 .. ...... .. oo · ....... ... 00 .. 20 

Figure 4. 1 Gender of the Clients ... . .......... . ......... .... .. . ...... ........ . ... .. .. ... .... . .... ........ 00 ..... . 23 

Figure 4. 2 Age Group of the Female Clients 00 .. .. .. ...... 00 ...... .... .... ........................ 00 .......... 00 .. oooo .......... 00 .24 

Figure 4. 3 Level of Education of Female Clients ......... .. ... ...... .. .. ... ..... .... .......... .... .. .. oooooooooo ooooooo oo ooo oo ooo 25 

Figure 4. 4 Occupation of the Women Entrepreneurs ooooooooooooooooooooooooo oooooooooo oo· oooooo .. .......... oo ...... oo .. oo .. . 25 

Figure 4. 5 Products Offered by MFis oooooo .. ....... ... ....... .. .. oooo ........ .. oooo ...... ... oo .. oo ... oo ......... ..... oo ...... oooo .... 26 

Figure 4. 6 Women Entrepreneurs Who Have Accessed The Products .. .... .. .. ............ .. ........... ........ oo ..... 27 

LIST OF TABLES 

Table 4. 1 Financial services by the MFI empowers women entrepreneurs financially ... 00 .... ...... 28 

Table 4. 2 Microcredit accessed has helped in upscaling and expansion of the enterprises 00 000000 .28 

Table 4. 3 Training offered by helps the women entrepreneurs to efficiently utilize funds .... .. .. .. 29 

Table 4. 4 Your MFI helps nurture and support business ideas of the women ........... .. ... oo ... . oo .. oo. 29 

Table 4. 5 Loans accessed from the MFI have worsened the livelihoods of the clients .... .... 00 ..... 30 

Table 4. 6 Access to microsavings from your MFI has increased the savings capability ............. 31 

Table 4. 7 Increased access to the MFI services has had unintended consequences .... .. .. .... ......... 31 

Table 4. 8 Women entrepreneurs are considered as a highly risky group .. .. ........ .. oo oo oo oo ooo ooooo ..... . 32 

Table 4. 9 Lack of collateral results to high interest rates charged ........... ...... .. .. .... .. 00 ..... .. ... .. ...... 33 

Table 4. 10 Individual lending is less preferred compared to group lending ......... ........ 00 ... 00 ... ... .. 34 

Table 4. 11 There is redirection of funds obtained to cater for immediate household expenses ... 34 

Table 4. 12 Non-repayment ofloans is higher amongst the women entrepreneurs ... .. .. .. .. ...... .. .... 35 

Table 4. 13 Repayment pressure results to additional borrowing from other alternatives ... .. .. 00 .. . 35 

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ACRONYMS 

MFis- Microfinance Institutions 

NGOs- Non-Governmental Organizations 

USAID-United States Agency for International Aid 

CBK- Central Bank of Kenya 

AMFI- Association ofMicrofinance Institutions 

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1.1 Background of The Study 

CHAPTER ONE 

INTRODUCTION 

Many people in the society choose to celebrate the women in their lives and view them as important 

people due to their ability to juggle around many challenging situations in life and are able to jump 

right back even better due to their strong personalities, their ability to strike a balance in managing 

their homes and their professions, and have coined very creative self-help groups to be able to get 

that extra source of income or savings that grants them financial independence. Despite this, 

women have been perceived to be a minority group in society as they are left to take care of their 

homes and be the natural caregivers while their male partners go ahead to pursue their careers. 

Due to this, various attempts have been made to promote the woman' s position in society one 

being the access to financial services from the Microfinance Institutions. 

Alexandra (2008) points out that women face a higher risk of poverty compared to the men due to 

several reasons. They are paid less due to discrimination and are into occupations that pay less 

such as cleaning, they spend most of their time providing unpaid care like looking after a disabled 

family member, they are more likely to bear the economic costs of bringing their children up in 

cases offailed maniages, pregnancies especially unplanned ones, affect their opportunities in work 

or education compared to the men as they may find it difficult to get a job and sustain it, and, 

domestic and sexual violence may push them into poverty due to the job loss that comes along 

. with this . With these challenges that women face, women empowerment has become an important 

issue today with various attempts that aim at promoting the position of women to ensure that they 

are working alongside men and are successfully taking up diverse professions. Women are 

increasingly gaining control over their lives and making their own decisions in the different aspects 

which has given them confidence to lead their own lives and build their own identity. Microfinance 

services have been viewed as a major player and an important tool in offering financial assistance 

that empower women and help in poverty alleviation. 

A definition of empowerment by (He1mink, Kiiti , Fillinger, & Jayakaran, 20 12) is, the increase of 

freedom of choice and action by increasing one's authority and control over the resources and 

decisions that affect one's life. It encourages people to gain the skills and knowledge that will 

allow them to overcome obstacles in life or work environment and ultimately , help them develop 

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within themselves or in the society. It eventually grants confidence to individuals and strengthens 

their participation in decision making. The origin of Micro finance Institutions was in Bangladesh 

by Muhammad Yunus, an economics professor, after the aid, subsidies and the banks were unable 

to successfully fight poverty. After assisting a group of 42 women with a personal loan of $27 that 

would help them start a business, this idea was successful and Muhammad decided to launch his 

program, Grameen, that offered small loans to poor populations and was fruitful. This led to 

formation of Grameen Bank which has recorded a stunning growth to date (Counts, 2008). 

Lenssen et al. (2014) define Microfinance Institutions as the financial institutions that are 

committed to serve the low-ii1come households and small enterprise to get access to financial 

services such as providing credit, insurance and advice or training to their clients. The authors 

state that the approach the Microfinance Institutions use of providing financial assistance and 

services to poor households, disadvantaged sections of society and smaller enterprises makes them 

different and help in filling a gap left by the major commercial institutions. The end goal of these 

products offered by the Microfinance Institutions is to provide these categories of individuals an 

opportunity to become independent and improve their well-being. 

1.2 Microfinance Institutions in Kenya 

Microfinance in Kenya has been developing since the mid-1990s and the Microfinance Act was 

passed in 2006. By 2010, there were 24 large MFis that offered loans to approximately 1.5 million 

active borrowers with Equity Bank having the largest share of 150,000 clients followed by Kenya 

Women Microfinance Bank. According to the Microfinance Act (2006), institutions had to be 

registered either as deposit-taking institutions, non-deposit taking institutions and informal 

organizations to qualify for the microfinance license. "Major players in the sector include Faulu 

Kenya, Kenya Women Finance Trust (KWFT), Pride Ltd, Wedco Ltd, Small and Medium 

Enterprise Programme (SMEP), Kenya Small Traders and Entrepreneurs Society (KSTES), 

Ecumenical Loans Fund (ECLOF) and Vintage Management (Jitegemee Trust)" (Magutu, Khoya, 

& Onsongo, 2010). 

The deposit taking microfinance are regulated by the Microfinance Act and Microfinance 

Regulations 2008 and must be licensed by the CBK. The non-deposit taking MFis are self­

regulated by the AMFI and are registered under eight different Acts of Parliament i.e. The Banking 

Act, The Companies Act, The Cooperative Societies Act, The Kenya Post Office Savings Bank 

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(KPOSB) Act, The Non-Governmental Organizations Co-ordination Act (Repealed), The Building 

Societies Act, The Societies Act and The Trustee Act (Ali, 20 15). 

The MFis get funding from different sources such as commercial borrowing, International NGOs 

and AID agencies such as USAID, the shares of the members and the commercial banks that have 

invested in the MFis. Some of the challenges that MFis experience are, limited capacity in areas 

such as staff, inefficient delivery of products and services, insufficient funding, dealing with highly 

risky clients, expanding outreach to large numbers of people, deepening outreach to poorer clients 

and reducing costs to improve their sustainability. The major aspect that has promoted the growth 

of the MFis in Kenya is tapping the unbanked population. This is because most commercial banks 

are reluctant to deepen their financial services to the poor groups and households as they termed 

to be riskier. Kenya's Govermnent recognizes that the access to financial services goes a long way 

in poverty alleviation hence putting efforts in trying to create an enabling environment for the 

operations of the MFis therefore developing an appropriate legal framework (Magutu et al., 201 0). 

1.3 Problem Statement 

The origin of the concept ofMFis was to promote the position of the women in the male dominated 

society by providing them with financial assistance that they would be able to carry out their 

businesses. With the success observed from the Grameen Bank, it is evident to say that the 

women' s position has been improved since their ability to access the services. This can be 

expressed from the assumptions that there is increased control in making financial decisions, 

increased participation in economic activities, a boost in self-esteem and self-respect (Counts, 

2008). Khandker & Koolwal (20 1 0) point out that most MFis address the difficulties for people 

living below the poverty line to get formal loans from the commercial banks as they have many 

requirements for clients, which poor people cannot comply with and, access to formal credit is 

biased to men, making it more difficult to formally borrow money for women like in Bangladesh, 

a woman is obliged to get consent from her husband or male guardian (Rahman et al. , 2009). 

Kabeer (2012) points out that although there is reasonable evidence that access to the services of 

MFis leads to empowerment, there is less evidence that it helps people grow out of poverty. A 

research by (Salia, Hussain, Tingbani, & Kolade, 20 17) conducted to find out the unintended 

consequences of microfinance on women's empowerment in Ghana. Some of the unintended 

consequences he identified were, spousal and family disputes, polygamy and neglection of 

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perceived female responsibilities in the household. He concluded that these lead to a neutralized 

effect ofthe benefits that come with the microfinance institutions. 

Mukhetjee (20 15) conducted his research in India to find out whether the government's program 

of micro finance facilitated the expansion of empowerment physically, economically, politically 

and socio-culturally across the different societal classes of people with different religious beliefs. 

His findings were that participation in state sponsored microfinance program has enhanced the 

likelihood of women empowerment although that benefit has not been accrued evenly among all 

socio-religious communities. Women of the highest social classes community who are members 

of state sponsored microfinance program were more likely to be empowered than other program 

participating members. With this background knowledge, the previous studies have dealt with the 

position of the woman being promoted due to their access to financial assistance with some 

showing a positive outcome while others express a negative opinion. This study aims at focusing 

specifically on women entrepreneurs and what impact the financial services they have accessed 

from the MFis has had on rmming and operating their enterprises while adding more information 

to already existing literature and identify any overlooked concepts or matters arising in this field. 

1.4 Research Objectives 

The research aims at describing how MFI financial services have impacted on empowerment of 

women entrepreneurs in Nairobi County focusing on the following objectives: 

1.4.1 General 

To determine the impact of financial services by Microfinance Institutions on empowerment of 

women entrepreneurs. 

1.4.2 Specific 

1. To identify the demographic characteristics ofthe clients served by the MFis. 

2. To identify the products offered by the MFis to the women entrepreneurs. 

3. To determine the impact of the financial services offered by the MFis on empowerment of 

the women entrepreneurs. 

4. To identify the challenges MFis face while serving the women entrepreneurs. 

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1.5 Research Questions 

1. What are the demo graphical characteristics and gender of the clients served by the MFis? 

2. What products do the MFis offer the women entrepreneurs? 

3. What impact have the financial services had on empowerment of women entrepreneurs? 

4. What challenges do the MFis face when serving women entrepreneurs? 

1.6 Scope of The Study 

This study focuses on finding out the impact of the financial services offered by MFis on 

empowerment of women entrepreneurs in Nairobi County. Since the study is specific to Nairobi 

County, the time span is five years. 

1. 7 Significance of The Study 

This study will be significant to: 

NGOs that fight for the women's right to attain gender equality. The information presented will 

. enable these organizations to identify the best possible ways to attain gender equality and promote 

the position of women in the society. 

Policy makers like Central Bank in formulating policies that improve the management of informal 

finance organizations and other microfinance set ups. 

Self-help groups that women have formed. They will be able to understand the best packages that 

promote their position in the society. 

Other commercial financial institutions will get useful information on the products and financial 

packages women entrepreneurs can access that result in empowerment and possibly design similar 

products to help serve the women better. 

. The MFis will also benefit by understanding their role in women empowerment, the products that 

women entrepreneurs tend to seek more, get ideas to improve on what they are already offering or 

design new products that reflect the change in the needs of the women entrepreneurs. 

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2.1 Introduction 

CHAPTER TWO 

LITERATURE REVIEW 

This chapter begins with theoretical review then followed by the empirical review and provides an 

in-depth analysis focusing on the objectives of the study. A summary of the literature reviewed is 

· presented, and the research gap identified and highlighted. Finally, the conceptual framework for 

the study is outlined. 

2.2 Theoretical Review of Literature 

There are several theories that inform this study of the impact of financial services offered by MFis 

on empowerment of women entrepreneurs. They include: 

2.2.1 Financial Intermediation Theory 

The Microfinance Institutions play the role of intermediation between individuals in financial 

deficit and those with excess in order to match their financial needs and be able to invest. The 

individuals in financial deficit seek monetary resources to be able to finance their activities or 

· invest while those with a surplus postpone their consumption. The financial institutions thrive 

through the lending out of money at high interest rates and on the other hand receiving deposits at 

low interest rates (Buera, Kaboski, & Shin, 20 12). This theory is relevant to the study as the main 

goal of the MFis is to provide financial assistance to the groups, in this case the women 

entrepreneurs, with funds that they can get to use to take pmi in activities that promote their 

economic position. It is evident from the origin of the concept of MFis where Muhammad Yunus 

had surplus funds that he assisted the women to boost their business. 

2.2.2 Empowerment Theory · 

Women empowerment is considered as a vital part of the greater goal of creating a better society. 

According to (Mayoux, 1997), he argues that from emly 1970s movements led by women in 

· several countries became increasingly interested in how women were able to access credit 

programs and cooperatives that targeted the poor. This theory advocates for empowerment of 

women tlu·ough the access of credit that they can invest in the businesses they run or own. This 

theory is relevant to this study as MFis are considered as an entry point in the context of a wider 

strategy for women's economic and socio-political empowerment (Kabeer, 2012). 

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2.2.3 Mor I H a azard and Adverse Selection Theory 

The moral h d h 1 . . . 1 fi . 1 . f azar t eory states t 1at when an mdrvrdua gets to access mancra assrstance rom a 
fi . . 

nancJalrnstitution, they may decide to redirect their plans or intentions of using the money that 

may be of greater risk. This puts the other party in a position that they bear the losses if default 

occurs (Simtowe, Zeller, & Phiri, 2006). Moral hazard can occur when there is information 

asymmetry b t 1 · · 1 d 1 1 · 1 k' · kt e ween t 1e parties mvo ve w 1ere t 1e ns <.-ta mg party to a transactiOn 1ows more 
~OWj~ · . . . 

IntentiOns than the party paymg the consequences of the nsk. In most cases, the person 
able to a . . . 

Ccess funds will not use the money as was mtended or they may take unnecessary nsks or 

not be cautious in reducing risk. In this study, this theory is applicable where women entrepreneurs 

Who manage to get funds from the MFis may change their intentions of using these funds and take 

part in activities with greater risk. This may lead to difficulties of repayment making the financial 

institutiDI b h . k h . fi . 1 . . . 1 
1 ear t ens ence creatmg a long-term challenge that the mancia mstitutwns mays 1y 

away from lending to them. 

The ad e 1 . h . 1 f"' . c . b 1 . rse se ectwn t eory IS a so a 1ected by 11110nnat10n asymmetry etween t 1e parties 
invoJvect . 

where a person who knows that they would get greater advantage from somethmg would 

have a higher chance of seeking it i.e. higher risk individuals will tend to seek that which will be 

of great: value to them due to the private information that they possess (Benjamin, 2013). This 
theory - . . . . 

::t. s applicable m thrs study whereby, the women entrepreneurs who may be considered 
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un atl:.]<able" by the commercial lending institutions as they are termed to be a highly risky 
catego~ , h . fi . 1 d fi . 

- Y " are t e ones who tend to borrow most times from the MFis due to theu mancia e ICits. 
This is b . . 

· ecause they are the ones who are m more need of the funds hence will always be the ones 
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PP Yll::lg :for the loans. 

2.3 E--. •. 
........_,Pilrtcal Review 

Micra :::fin I . . h b · . 1 . II . . D'f"-ance nstitutwns ave een viewed as an Important too m poverty a eviatwn. I 1erent 
studi~ 

regarding the MFis have been conducted and the literature is presented below. 

2.3.1 JiVE -
· •~rofinance Institutions and Demography of Clients 

A StUL<tiy conducted by (Torreguitart-Mirada & Estape-Dubreuil, 2010), aimed at investigating the 
allocC":lt' 10 n of resources to projects owned and run by women, the women's personal traits and their 
bus it 

ess . initiatives and comparing the programs of microfinance institutions by gender. The 

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findings to this research were that there were no common profiles for the female clientele of the 

MFis in Catalan where the ages of the women, the amount of loans and their business ideas were 

not similar and that different clients sought different levels of funds from the MFis. 

A study by (Kifle, Tadesse, Belay, & Yousuf, 2013) sought to investigate on the determinants of 

women pmiicipation in MFis in Ethiopia. The researchers based their questions on demographical 

factors such as age, religion, marital status, educational status and family size to find out if they 

had an impact on the level of participation of women in the MFis. The findings to the study were: 

. the average age of the women that accessed the MFis services was 36 years, most participants 

were the Muslims in comparison to the 01ihodox and Protestants, more participants were married 

women as opposed to the single women and widows and a greater percentage of the respondents 

were illiterate. 

Ashraf (20 14) conducted a research in Bangladesh on the willingness behavior of the rural poor to 

participate in the MFis. Demographical factors were examined, and the findings were: on the 

gender aspect, the females would be more appropriate to participate in MFis as opposed to men 

since the party that incurs the lowest oppmiunity cost is the best option and females only require 

few membership responsibilities. On income, women were more likely to pmiicipate in the MFis 

due to the lack or regular income and their zeal in fighting poverty and promote self-employment. 

Lastly, on asset base, women who had a small- scale asset base were not willing to participate in 

the MFis as they are excluded due to the high risk they possess. 

2.2.2 Products Microfinance Institutions Offer Female Clientele 

A study conducted by (Laureti & Hamp, 2011) identified the products offered by the micro finance 

institutions to the women which included microcredit, microsavings and microinsurance. Some 

of the products identified were SafeS ave in Bangladesh which is a savings account that is flexible 

in making withdrawals and deposits and has no fixed repayment periods, Vimo SEWA( Self­

Employed Women's Association) in India which is a microfinance insurance that covers the 

women's risks by providing s life insurance, hospitalization, accident and asset insurance. Lastly, 

microcredit offered in Peru by Confianza and in Bolivia as short-term loans that are tailored to the 

clients' circumstances and repayments made to fit to the client's income and expenditure cycle. 

Confianza offers credit to clients with good repayment histories. 

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Armendariz (20 11) conducted a study on women and microsavings 111 the Micro finance 

Institutions. He points out that the poor households have a strong urge to save, women are more 

likely to save compared to the men and despite this, they face a constraint in accessing saving 

services from the MFis and highlights that the women have come up with informal savings 

arrangements such as Rotating and Credit Savings Association (ROSCA) in Kenya to address the 

challenges in the MFis. The researcher concludes that the MFis have failed to meet the demand 

by women ofmicrosavings due to factors such as high transaction costs, failure to address women's 

concern on desired commitment and flexibility. 

Agnes (2014) conducted a study in Uganda that focused on the Capital Asset Loan locally known 

as KIKALU Loan offered by the MFis meant to address needs for assets. The study disclosed that 

there were more female beneficiaries than men and utilization was more in the trade and commerce 

and service sector. Evaluation done indicated that the loan product had an impact to the women 

clients in form of access and control of assets, improved standard of living and relief from 

economic burdens. 

2.3.3 Microfinance Institutions and Women Empowerment 

From a study conducted in Latin America, the researchers used Guatemalan data to evaluate the 

impacts that the MFis had. A dataset of 393 clients from Guatemalan MFis was used and the 

impacts examined from two dimensions: financial and social dimension by surveying new, current 

. and graduated clients from five MFis. The researchers findings were that a positive relationship 

exists between financial assistance from the MFis and women empowerment as women are more 

able to exercise agency, have greater access to resources, experience reduced marital 

subordination, increase voice in family decision-making, and enjoy more control over household 

income and assets. The researcher comes into a conclusion that from the analysis done, microcredit 

adds value (Brau, Hiatt, & Woodworth, 2009). 

Bayulgen (20 15) conducted a study to analyze the political effects of microcredit. He carried out 

in depth interviews with clients from the MFis in Kazakhstan and Azerbaijan in June 2010 and 

January 2011. The findings to his research were that the microloans the clients obtained only led 

to modest improvements on their socio-economic status and almost had no effect on political 

empowerment. The researcher focused on political awareness and political participation of the 

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· clients to measure the political empowerment. Only 25 per cent felt that their political awareness 

improved since they started accessing loans from the MFis. 

Lastly, a research conducted in Nigeria aimed at understanding why the most disadvantaged 

groups such as the rural African women were benefitting less from the MFis. The researcher 

sampled poor women who owned small businesses to understand how they perceived microfinance 

and their experience with them. The findings to this research were that MFis focused on only credit 

as the solution to combat poverty whilst there were other difficulties that the women faced such as 

lack of assets and security. The women pointed out that they felt dangers of the MFis could 

outweigh the benefits as in some instances the loans they obtained to enhance their businesses 

would sometimes get redirected to cater for immediate needs i.e. business growth was not a priority 

· to them compared to providing food and school fees to their children. The researcher also found 

out that the women were reluctant to taking the loans from the MFis as they viewed them as a high 

risk due to the repayment pressure brought about by having a sh01i repayment period, borrowing 

from other lending institutions with high interest rates to pay and the possibility of losing their 

businesses when they failed to pay (Ukanwa, Xiong, & Anderson, 20 17). 

2.3.4 Challenges Microfinance Institutions Face When Serving Female Clientele 

A study conducted by (Munene & Guyo, 2013) examined the factor ofloan repayment which is a 

major hurdle that the MFis face when serving the clients. The findings to the study were that there 

were a number of reasons that lead to default in loan repayment which include, lack of training on 

how to utilize the loans hence clients end up misusing the funds and having nothing at the end to 

· repay, poor client selection at the initial stages whereby highly risky clients are selected and 

redirection of the funds obtained to cover immediate expenses rather than income-generating 

ventures. 

Dahir & Tall (20 15) conducted a study in Mogadishu to identify the challenges the MFis 

experienced while tackling poverty eradication. Questionnaires were administered to the MFis in 

Mogadishu and the responses on some of the challenges identified were high default risk from the 

borrowers, inadequate donor funding that limited their capacity of assisting the beneficiaries, lack 

of understanding by the clients of the micro finance concept and lack of sufficient equity capital to 

increase the loanable funds. 

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Kittilaksanawong & Zhao (2018) conducted a study on investigating whether lending to women 

. lowered the sustainability of the MFis and a negative relationship was established. The findings 

were, lending to the women does lower the sustainability of MFis and it is more noticeable in 

countries with more hierarchical levels and individualism, and less serious in countries ranking 

higher on masculinity. Factors that the researcher identified that attributed to the lowered 

sustainability included: increased expenses when providing the loans to the women due to higher 

staff costs and administrative costs as they serve a group considered to be poor, provision of the 

loans in a costly method which is the group lending and women are more likely to take additional 

loans to repay earlier loans to manage their business. The researcher gives recommendations by 

highlighting that the MFis should not rely on the repayment rates as their key performance 

indicators but focus on how their beneficiaries use the loans and they should reduce their 

operational costs e.g. by providing larger amounts ofloans to avoid costs associated with the small 

transactions. 

2.4 Research Gap 

The literature presented from the empirical studies presents some of the products that the women 

have been able to access from the MFis with the main being microcredit, the impact MFis have 

had on empowering the women with some researchers pointing out that the impacts are positive 

while others highlighted that the MFis have not empowered the women. A majority link the 

financial assistance given to the women to have promoted their position in society as they are able 

to finance their businesses that grant them periodical income and improved their decision-making 

abilities. The studies reviewed on the demographical factors have provided a clear understanding 

of the profile of the female clientele that patiicipate in the MFis and the challenges have also been 

highlighted hence giving a broader picture of the whole concept ofmicrofinance. This study targets 

to provide an in-depth analysis by focusing specifically on women entrepreneurs and provide a 

better understanding of the extent their financial position has been promoted as well as their 

enterprises. The study also aims at providing additional literature on some of the factors that may 

have been overlooked and provide more data to give a better grasp of the topic under research. 

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2.5 Conceptual Framework 

This study investigates the impact of financial services offered by MFis on empowerment of 

· women entrepreneurs in Nairobi County hence the conceptual framework developed demonstrates 

the relationship between the variables. 

Figure 2. 1 Conceptual Framework 

INDEPENDENT 
V:ARJJABLE 

• Microfinance Institutions 
• Demography of female 

clientele 
• Products offered 
• Challenges encountered 

2.5.1 Discussion of the Variables 

DEPENDENT VARIABLE 

• Empowerment of women 
entrepreneurs 

The Microfinance Institutions are the independent variable for this study which tend to affect the 

extent empowerment (dependent variable) occurs. The variables of demography, products offered, 

and challenges encountered are all informed by the specific objectives of this study and they 

influence the relationship between the independent and the dependent variable. 

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3.1 Introduction 

CHAPTER THREE 

RESEARCH METHODOLOGY 

. The chapter gives a description of the research methodology: the method used to gather data, the 

population, the sample size and the location for data collection. Lastly, the chapter explains the 

methods of data processing, analysis, and presentation. 

3.2 Research Design 

According to (Maxwell, 2012), a research design is the outline that helps a researcher efficiently 

tackle the topic under examination by giving insights on how to conduct the study through specific 

methods in a logical manner. This study will employ a descriptive research design with the aim of 

establishing the impact offinmi.cial services offered by Microfinance Institutions on empowerment 

of women entrepreneurs. (Omair, 20 15) points out that descriptive designs answer the why and 

how of the phenomenon. This approach best fits this study as it will provide an in-depth analysis 

and answer the question how the women entrepreneurs have been able to benefit from the financial 

assistance offered by the microfinance institutions. 

3.3 Population and Sampling 

A population includes all the items in the field of enquiry (Ketkesone, 2009). The target population 

for this study is the MFis registered with AMFI and are in Nairobi. According to AMFI (2012), 

there are fifty registered non-deposit taking MFis and 9 registered deposit-taking microfinance 

institutions. Out of these 59 registered MFis, 49 ofthem are based in Nairobi. 

A sample is a representation of the whole population and sampling is the process of selecting the 

number of units from the target population (Ketkesone, 2009). The sample size considered for this 

study will be all the 49 MFis based in Nairobi as this will ensure that the topic under research is 

well addressed. 

3.4 Data collection 

Wahyuni (20 12) points out that data is collected in form of secondary and primary data whereby, 

primary data is collected using semi-structured questionnaires. The study will rely on primary data 

collected hence using semi-structured questionnaires that have both close-ended and open-ended 

questions. Questionnaires were selected due to the ability to obtain response in a standardized way, 

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confidentiality of the respondents is maintained, they are more objective and are free from the 

researcher's bias. The questionnaire will consist of parts guided by the specific objectives of the 

study: Part A will focus on demographic information of the clients ,Part B will focus on products 

MFis offer to the women entrepreneurs, Part C will focus on the impact of financial services 

. offered by micro finance institutions on empowerment of women entrepreneurs and lastly, Part D 

will focus on the challenges the MFis face when serving the women entrepreneurs. A drop and 

pick later method will be used to administer the questionnaires to the respondents. 

3.5 Data Analysis 

Data analysis refers to getting inferences from the raw data collected (Wahyuni, 20 12). Descriptive 

analysis techniques will be used to analyze the data whereby, frequencies and percentages will be 

calculated and provide an analysis of distribution of the variables for the study. The qualitative 

data will be presented in tables, pie charis and graphs for easy interpretation and understanding. 

3.5 Data Validity and Reliability 

Validity is the ability of a tool to measure what it is intended to measure that ensures accurate 

reflection of the data while reliability on the other hand, is the consistency of the research findings 

(Noble & Smith, 2015). The validity ofthis study will be achieved by ensuring that the questions 

featured on the questionnaires fully address the research objectives. A pre-test will be conducted 

in all the microfinance institutions to ensure that the credit officers validate the questions and 

assure that the questionnaires will be reliable. 

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CHAPTER FOUR 

DATA ANALYSIS, FINDINGS AND DISCUSSIONS 

4.1 Introduction 

The research aimed at determining the impact of financial services offered by microfinance 

institutions on women entrepreneurs in Nairobi County. A sample size of 49 microfinance 

· institutions were selected for this study. Out of a total of 49 questionnaires issued, 34 usable 

questimmaires were recovered and used in the analysis indicating a response rate of 69.39%. This 

response rate attained was considered sufficient to provide responses to the questions relevant to 

the topic under research, and conforms to Mugenda and Mugenda (1999) stipulation that a 

response rate of 50% is adequate, a rate of 60% is good and a rate of 70% and above is excellent. 

The analysis of the data collected, interpretation and discussion is presented in this chapter. 

4.2 Descriptive Statistics 

4.2.1 Part A- Demographic Characteristics of Clients 

The study sought the demographic information of the clients served by the MFis in regard to 

. gender, age, level of education and occupation and the findings are as shown below. 

Figure 4. 1 Gender of the Clients 

GENDER 

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MALE 

FEMALE 



The above representation indicated that from all the clients the MFis serve, most were female 

clients (59%) as compared to the male counterparts ( 41%) with a notable di fference of 18%. This 

was attributed to the fact that there are more women who access financial services provided by the 

MFis an example being, most loan applicants were women due to the higher chances of them being 

in disadvantaged situations st1ch as, being paid less as a result of discrimination, getting into 

occupations that pay less such as cleaning and, domestic and sexual violence that pushed them into 

poverty as a result of job loss compared to the male counterparts. 

Figure 4. 2 Age Group of the Female Clients 

40.00% 

30.()()lYo 

20. ()()l~'O 
11 .60% 

0.00% 
21 -35 Years 36-49 Years Above 50 Years 

The age of the female clients served by the MFis was important for this study as it helped in giving 

a clear picture of how women empowerment and pruticipation in microfinance varied with the 

different age groups. Most of the women entrepreneurs were in the category of 36-49 years which 

accounted for 50.20%, the age group of21-35 years accounted for 38.20% and the least, was the 

group of above 50 years which accounted for 11 .60%. The above graph shows clearly that, 

majority of the women entrepreneurs served by the MFis were between the age of 36-49 years 

which was attributed to, the increased financial responsibilities with increase in age, the 

. prime/active age where there is increased need to invest in income generating activities financed 

by microfinance loans and, a majority of them did not hold employment positions hence the need 

to start enterprises venturing into self-employment. 

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Figure 4. 3 Level of Education of Female Clients 

Higher Le arning 
7.92% 

Seconda ry 
60 .54% 

Primary 
31.64% 

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60 .00% 70.00% 

The findings to the level of education were, most of the women entrepreneurs reached up to the 

secondary level of education accounting for 60.54%, the primary level accounted for 31.64% and 

a small proportion ofthese female clients had proceeded to higher learning institutions i.e. college 

or university accounting for 7.92%. The above representation indicated that a sufficient proportion 

of the women entrepreneurs were knowledgeable enough to understand the role of the financial 

services acquired from the MFis, their impact and how well to utilize them for upscaling of their 

· ventures . 

Figure 4. 4 Occupation of the Women Entrepreneurs 

INDUSTRY OPERATING 1N 

6.93% 

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Prim ary 

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This aimed at identifying the industries in which the enterprises owned by the women belonged 

to. The huge proportion (51.21%) of the ventures were in the primary industry which included 

activities such as fanning, (41.86%) were in the tertiary industry that included services such as 

hairdressing and retail trade, and a small proportion (6.93%) were in the secondary industry which 

included activities such as manufacturing and construction. The study revealed that, once the 

women entrepreneurs accessed financial services from the MFis, they preferred to undertake 

occupations that were not corriplex and could easily be managed, they were less capital intensive 

and that which they would be assured of generating revenues hence the vast distribution in both 

the primary and tertiary industry . 

4.2.2 Part B-Products Offered by MFis 

Figure 4. 5 Products Offered by MFis 

Business Ideas ., 0.44% 

Financial Training 3.33% 

M icroinsurance 5.11% 

M icrosavings 

Microcredit 

0.00% 10.00% 20.00% 

58.82% 

30.00% 40.00% 50.00% 6000% 70 00% 

The findings show that microcredit is the most prevalent financial product offered by the MFis 

accounting for 58.82% and the business ideas accounting for the least at 0.44%. This was attributed 

to the fact that the women entrepreneurs highly consider loans/funds as the most important aspect 

of financial capital required to start their enterprises and successfully carry out their operations, 

hence ended up demanding it more than the rest. These micro loans were offered either tlu·ough the 

group or individual lending programs whereby, the MFis did tend to lean more on the individual 

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program due to the perceived lower costs incurred. Microsavings on the other hand stood at 

32.29% which the women entrepreneurs also highly sought due to their strong desire to save and 

set aside some funds aside for their rainy days. However, it was established that the MFis have not 

fully met the demand for microsavings hence resulting into informal saving programs for the 

women. Micro insurance stood at 5.11% while financial training at 3. 3 3%. 

Figure 4. 6 Women Entrepreneurs Who Have Accessed The Products 

60.00% 

50.00% 52.34% 

40.00% 

30.00% 

28.44% 

20.00% 

10.00% 

2.39% 

0.00% 

M icrocredit Microsavings Micro insurance Financial Train ing Business Ideas 

The findings indicate that 52.34% of the women entrepreneurs had been able to access microcredit, 

28.44% microsavings, 12.41% microinsurance, 4.43% financial training and 2.39% business ideas. 

The bulk proportion ofthe total number of the women entrepreneurs served by MFis had largely 

managed to access microcredit accounting for 52.34%. This was supported by the high value 

placed on financial capital for successful venturing into enterprises and efficiently operating and 

running them and, the need to look for alternative sources of capital in this case the alternative 

being the MFis. 

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4.2.3 Part C- Impact of Financial Products offered by Microfinance Institutions on 

Empowerment of Women Entrepreneurs 

Table 4. 1 Financial services by the MFI empowers women entrepreneurs financially and 

improves their living standards. 

Frequency Percent Cumulative Percentage 

Strongly Agree 5 14.71 14.71 

Agree 21 61.76 76.47 

Neutral 8 23.53 100.00 

Disagree 

Strongly Disagree 

Total 34 100.00 100.00 

In Table 4.1, the findings clearly show that most of the MFis (61.76%) agreed that their financial 

services offered to the women entrepreneurs empowered them financially by enabling them to 

access resources required for getting into income generating activities such as microcredit. 

Table 4. 2 Microcredit accessed has helped in upscaling and expansion of the enterprises 

owned by the women entrepreneurs 

Frequency Percent Cumulative Percentage 

Strongly Agree 14 41.18 41.18 

Agree 17 50.00 91.18 

Neutral 3 8.82 100.00 

Disagree 

Strongly Disagree 

Total 34 100.00 100.00 

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The findings presented in Table 4.2 indicate that a majority of the MFis; a cumulative percentage 

of 91.18%, were in agreement that the microcredit they provided to the women entrepreneurs 

offered disposable capital that enabled them to improve the operations of their enterprises such as 

increasing stock and in some cases, enabled expansion into handling larger transactions/operations. 

Table 4. 3 Training offered by your MFI helps the women entrepreneurs to efficiently 

utilize and manage their funds . 

Frequency Percent Cumulative Percentage 

Strongly Agree 8 23.53 23.53 

Agree 17 50.00 73.53 

Neutral 5 14.71 88.24 

Disagree 4 11.76 100.00 

Strongly Disagree 

Total 34 100.00 100.00 

[ , The findings presented in Table 4.3 established that 111ost of the MFis believed financial training 

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enabled the women entrepreneurs to efficiently use the funds for the intended purpose and gain 

knowledge on how to effectively exploit business opportunities that would generate income for 

them. A proportion of 14.71% of the MFis were neutral on this aspect, while the 11.76% who 

disagreed explained that there were more factors that played a role in efficient use and utilization 

of funds by the women entrepreneurs an example being the redirection of funds to cater for urgent 

· and immediate family responsibilities would mean that the funds were not committed to income 

generating activities. 

Table 4. 4 Your MFI helps nurture and support business ideas of the women. 

Frequency Percent Cumulative Percentage 

Strongly Agree 

Agree 5 14.71 14.71 

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Neutral 23 67.65 82.36 

Disagree 6 17.65 100.00 

n Strongly Disagree 

Total 34 100.00 100.00 

The findings to this aspect indicated that a majority of the MFis were neutral, accounting for 

[. 67.65%. This was attributed to the fact that very few of them offered this as a mainstream product 

in their institutions and what they would consider as support, was through the small instances of 

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relating with their clients while seeking products, by offering advisory services to the women 

entrepreneurs regarding the ventures they would consider venturing into and if they were viable. 

The 14.71% that agreed with the statement highlighted that they helped the women entrepreneurs 

to develop business plans that would be used in establishing efficient and financially sustainable 

enterprises. 

· Table 4. 5 Loans accessed from the MFI have worsened the livelihoods of the clients and may 

not be enough to empower the women entrepreneurs. 

Frequency Percent Cumulative Percentage 

Strongly Agree 1 2.94 2.94 

Agree 7 20.59 23.53 

Neutral 8 23 .53 47.06 

Disagree 18 52.94 100.00 

Strongly Disagree 

Total 34 100.00 100.00 

L The study also wanted to find out ifthere were negative aspects in the concept ofmicrofinance. A 

huge propmiion (52.94%) of the MFis disagreed that the loans they offered had worsened the 

livelihoods of these women entrepreneurs and that they were not enough. They supported this 

argument by explaining that the funds they provided were based on the amount an individual 

qualified for informed by their profile, and that the funds obtained facilitated the women L 
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entrepreneurs to enter into income generating activities hence availability of disposable income 

which improved their living standards eventually. The 20.59% that agreed to this statement 

supported their argument by identifying contributing factors such as repayment pressure faced, 

accumulation of payable interests charged on a compounded basis that the women were unable to 

pay, investment in opportunities that were not financially viable and sustainable that resulted to 

loan defaults and in some extreme cases of auctioning due to defaulting. 

Table 4. 6 Access to microsavings from your MFI has increased the savings capability of the 

women entrepreneurs. 

Frequency Percent Cumulative Percentage 

Strongly Agree 16 47.06 47.06 

Agree 14 41.18 88.24 

Neutral 4 11.76 I 00.00 

Disagree 

Strongly Disagree 

Total 34 100.00 100.00 

The data presented showed that a majority of the MFis believed that their microsavings product 

had done much to the savings culture ofthe women entrepreneurs. A cumulative percent of88.24% 

shows that MFis agreed to this statement hence indicating that the women entrepreneurs highly 

sought for this product that helped them set aside funds for future consumption. The chunk that 

was neutral to this (11.76%), projected concerns that some of the women entrepreneurs sought for 

products that had better terms such as flexibility hence failed to sign up for any microsavings 

programs. 

Table 4. 7 Increased access to the MFI services has had unintended consequences to the 

women entrepreneurs e.g. neglect of family responsibilities. 

Frequency Percent Cumulative Percentage 

Strongly Agree 

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Agree 3 8.8 8.8 

Neutral 6 17.65 26.45 

Disagree 10 29.41 55.86 

Strongly Disagree 15 44.12 100.00 

Total 34 100.00 100.00 

The findings represented in the table above shows that the MFis believed that their products have 

not had any unintended consequences. A huge propo1iion of 44.12% strongly disagreed with this 

statement and supported their argument by highlighting that women entrepreneurs have equal 

chances with the male counterparts in venturing into business and their role should not be reduced 

to just taking care of their families and running their homes. They also highlighted that the women 

were able to strike a balance between running their enterprises and their homes due to their strong 

multitasking personalities and .nature hence no cases of neglect occurred. The small proportion of 

8.8% that agreed with the statement identified cases that suppo1ied it such as, in instances of sole 

proprietorship, the level of control, aggressiveness and decision making required for the successful 

. operation of the enterprise was fully dependent on the women entrepreneurs which meant huge 

devotion in terms of time and resources that reduced their involvement with family responsibilities. 

4.2.4 Part D- Challenges Experienced by Your Institution When Serving Women 

Entrepreneurs 

Table 4. 8 Women entrepreneurs are considered as a highly risky group to offer financial 

services to. 

Frequency Percent Cumulative Percentage 

Strongly Agree 

Agree 5 14.71 14.71 

Neutral 22 64.71 79.42 

Disagree 7 20.59 100.00 

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Strongly Disagree 

Total 34 100.00 100.00 

The findings represented in Table 4.8 shows that most of the MFis were neither for nor against the 

statement hence neutral at 64.71%. This was supported by the awareness that all individuals pose 

a risk in their own different aspects hence no generalization should be used. The 14.71% that were 

in agreement suppmied this by stating that the women entrepreneurs have higher chances of being 

in disadvantaged situations e.g. lack of ownership of assets that could be used as collateral for 

securing loans which means greater risk if default occurs. 

Table 4. 9 Lack of collateral results to high interest rates charged. 

Frequency Percent Cumulative Percentage 

Strongly Agree 3 8.82 8.82 

Agree 5 14.71 23.53 

Neutral 3 8.82 32.35 

Disagree 19 55.88 88.23 

Strongly Disagree 4 11.76 100.00 

Total 34 100.00 100.00 

The huge distribution of 55.88% disagreed and 11.76% strongly disagreed to this statement. The 

research led to the realization that most of the institutions requirements to qualify for credit was 

having collateral. This was a measure that had been put in place to mitigate default risk and ensure 

that the institution could sustain its operations. Dealing with a low income group, the chances of 

default were higher hence collateral was very essential therefore, any of the women entrepreneurs 

who did not have this, the MFI opted to request for a guarantor or provide the group lending 

program whereby, the group provided a social collateral instead of charging high interest rates to 

ensure the institution lessens the costs and risk that may result from default. 

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Table 4. 10 Individual lending is less preferred compared to group lending. 

Frequency Percent Cumulative Percentage 

Strongly Agree 10 29.41 29.41 

Agree 13 38.26 67.67 

Neutral 1 2.94 70.61 

Disagree 7 20.59 91.20 

Strongly Disagree 3 8.82 100.00 

Total 34 100.00 100.00 

The MFis that were in agreement with this statement; a cumulative percentage of 67.67%, argued 

that the individual lending program needed clients to be charged higher interest rates due to the 

higher chances of default as compared to the group lending program where there is a social 

collateral provided and members in a group would actively pursue their colleagues to honor their 

repayment obligations hence less chances of default. Those that were against the statement; a 

cumulative percentage of 29.415%, argued out that the constant pestering to honor repayment in 

the group lending program, would lead to higher chances of drop out by the members of the team 

hence higher level of default risk compared to the individual lending. 

Table 4. 11 There is redirection of funds obtained to cater for immediate household expenses. 

Frequency Percent Cumulative Percentage 

Strongly Agree 2 5.88 5.88 

Agree 8 23.53 29.41 

Neutral 7 20.59 50.00 

Disagree 14 41.18 91.18 

Strongly Disagree 3 8.82 100.00 

Total 34 100.00 100.00 

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Table 4.11 above shows that most of the MFis did not agree with the statement; a cumulative 

percentage of 50%.The argument used to support this was, the financial training offered helped 

channeling funds into income generating activities, the strict repayment periods issued on the funds 

given and interest charges that accrued on the funds required a very careful approach to use the 

funds in order to avoid defaulting. Those that were in agreement with the statement highlighted 

that most of the women entrepreneurs (bringing their motherly nature into the picture) would opt 

to tackle the urgent family needs first e.g. paying for school fees using funds obtained from the 

MFI rather than going ahead to open up businesses yet family needs were not met. 

Table 4. 12 Non-repayment of loans is higher amongst the women entrepreneurs. 

Frequency Percent Cumulative Percentage 

Strongly Agree 

Agree 2 5.88 5.88 

Neutral 5 14.71 20.59 

Disagree 18 52.94 73.53 

Strongly Disagree 9 26.47 100.00 

Total 34 100.00 100.00 

The MFis in agreement took a minority part accounting for 5.88% and supported their stand by 

highlighting the issue of redirection of funds to cater for immediate expenses therefore, the women 

entrepreneurs ended up not being able to engage in income generating activities that help in the 

loan repayment. The majority, 52.94% disagreeing and 26.47% strongly disagreeing with this 

statement, argued out that the women entrepreneurs were viewed as more responsible with the how 

they handled funds hence better at ensuring they honor their loan repayments. 

Table 4. 13 Repayment pressure results to additional borrowing from other alternatives. 

Frequency Percent Cumulative Percentage 

Strongly Agree 6 17.65 17.65 

Agree 17 50.00 67.65 

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Neutral 8 23.53 91.18 

Disagree 3 8.82 100.00 

Strongly Disagree 

Total 34 100.00 100.00 

The study also sought to find out whether the pressure for repayment facing the women 

entrepreneurs led to additional borrowing. Most MFis agreed with this statement accounting for 

50%. The reasoning behind this was, the strict timelines outlined for the loan repayment, the 

consequences for defaulting and failure to have cashflow cycle that fits into repayment period 

forced the women entrepreneurs to seek alternative sources of funds such as their savings and 

· borrowing from other financial institutions in order to honor their obligations. This in the long run 

created a ripple effect of the women entrepreneurs being constantly obliged to make repayments 

rather than focusing on improving their businesses. Those that disagreed, 8.82%, argued that only 

the women entrepreneurs that did not efficiently utilize their funds or ventured into financially 

viable and sustainable enterprises, would be faced by the repayment pressure. 

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CHAPTER FIVE 

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 

5.1 Introduction 

This chapter presents a summary of the findings on the objectives of the study on the topic of the 

impact of the financial services offered by the microfinance institutions on empowerment of 

women entrepreneurs in Nairobi County, conclusions and provides recommendations and 

suggestions of areas that further academic research can be conducted. 

5.2 Summary of Findings 

The aim of this study was to comprehend the impact financial services offered by MFis had on 

empowerment of women entrepreneurs in Nairobi County and had the objectives: to identify the 

gender and understand the demographic characteristics of the clients served by the MFis, to 

identify the products offered by the MFis to the wonien entrepreneurs, to determine the impact of 

financial services offered by the MFis on empowerment of women entrepreneurs and lastly, to 

identify the challenges MFis face while serving the women entrepreneurs. The data collection was 

successfully done using questionnaires whose questions were informed by these objectives and the 

findings presented in tables, charts and graphs. 

The research established that the women formed the largest proportion (59%) of the clients served 

by the MFis as compared to the men at 41%. This was attributed to the fact that most women are 

at higher chances of being in disadvantaged situations that may increase their poverty levels hence 

greater pursuit for financial services from the institutions. The research identified the demographic 

characteristics of these women entrepreneurs in regard to age; most were in the category of 36-49 

years which was considered the prime age to engage in business activities, level of education; most 

of the women entrepreneurs had reached up to the secondary level which meant they were 

knowledgeable and had the capability to utilize the financial services efficiently to their advantage 

and lastly, occupation; most of the enterprises operated by the women were in the primary and 

tertiary industry as they were considered less capital intensive and could easily be run to generate 

mcome. 

The study identified the financial products that the institutions offered which included, 

microsavings, microcredit, microinsurance, financial training and business ideas and how the 

women entrepreneurs were able to access each of them. The research found out that most of the 

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MFis offered microcredit as a product accounting for 58.82% and it was also the most sought for 

product by the women entrepreneurs whereby, 52.34% were able to access it. This was supported 

by the perception held by the women entrepreneurs that credit/funds were considered the most 

important aspect of financial capital required to finance operations of the enterprises run by the 

women. The research discovered that although microsavings was the second most sought for 

product, the demand was not fully met as many women entrepreneurs felt the terms for the savings 

programs such as flexibility, were unfavorable hence they ended up having the traditional 

rotational savings groups. 

The study established that the greatest impact the financial services offered to the women 

entrepreneurs was provision of capital to be utilized in financing operations of their ventures 

whether it was opening up new enterprises or expanding operations of already existing ventures. 

This meant that the women entrepreneurs were financially and economically empowered hence 

able to generate income that eventually improved their financial position and living standards. 

· Other impacts that were discovered included, an improved savings culture resulting from the 

access to the microsavings product, increased awareness and knowledge on how to efficiently use 

products offered at the MFI through the financial training and lastly, the MFis helped the women 

entrepreneurs mniure their business ideas by advising on the viability and financial sustainability 

of the ventures they would want to pursue. 

The research established that the MFis encountered challenges when they focused on serving the 

women entrepreneurs which had an impact on their sustainability. The women entrepreneurs who 

belonged to the low income group in some instances lacked ownership of assets hence no collateral 

to secure their loans which forced the MFis to require either a guarantor or offer group lending 

program where the group provides a social collateral. Another challenge identified was the higher 

chances of non-repayment of the loans due to the redirection of funds by the women entrepreneurs 

who opted to cater for immediate family expenses and failed to channel the funds for sole purpose 

of engaging in income generating activities. 

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5.3 Conclusions 

A huge percent of the world's poor people is the women who have traditionally been marginalized 

and their pmticipation in economic decisions and activities has been low. The microfinance 

institutions have creatively coined products, financial services and programs that address such 

· issues to facilitate empowerment hence an important tool for the financial and economic 

empowerment ofthe women entrepreneurs. 

The study concluded that most of the MFis had the women as their largest proportion of clients 

who operated enterprises hugely in both the primary and tertiary industries as they were considered 

less capital intensive, they were in the age bracket of 36-49 years as it is considered the prime age 

for actively engaging in business and, most had reached secondary level of education hence were 

greatly aware and could easily understand about microfinance, its impacts and how to efficiently 

utilize it. The main products the women entrepreneurs accessed from the MFis inc! uded 

microcredit, microsavings and microinsurance while a small number of them managed to access 

financial training and business ideas mniuring. 

The research concluded that the impact by the MFis has had more positive effects outnumbering 

the negative effects. The financial services the MFis provided to women entrepreneurs had greater 

positive impacts by empowering them financially which enabled them to invest in income 

generating activities and provided for capital to actively participate in business. The financial 

empowerment to the women entrepreneurs eventually resulted to improved living standards 

resulting from improved savings culture due to access of the micro savings product and increased 

disposable income generated from the businesses established using microcredit. One of the 

negative effect established was the ripple effect created when repayment pressure forced the 

women entrepreneurs to seek alternative sources of funds to honor their obligations in order to 

avoid defaulting rather than focusing on improving their enterprises. 

The study concluded that the MFis keenly identified the risks that the women entrepreneurs posed 

and sought for collateral or a guarantor from them to act as security for credit issued which helped 

them manage the risk that results from default. In other cases, group lending programs were 

utilized to help mitigate risk as there is social collateral provided and the colleagues would greatly 

pester each other to make their repayments therefore, the chances of default were greatly reduced. 

This in the long run ensured that the institutions remained financially sustainable. 

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5.4 Recommendations 

The microfinance institutions should come up with savings programs that will meet the demand 

of microsavings by the women entrepreneurs as factors such as high transaction costs, failure to 

address women's concern on desired commitment and flexibility have resulted into the informal 

savings arrangements such as Rotating and Credit Savings Association (ROSCA) in Kenya to 

address the challenges in the MFis. 

The management involved in administration of the microfinance institutions should come up with 

strict policies that are meant to tame the usage of the funds obtained by ensuring close tracking of 

how the funds are utilized and the enterprises that the women entrepreneurs channel these funds 

to . This will reduce the cases of redirection of funds which was a challenge observed during the 

data analysis. 

The microfinance institutions should design more innovative and creative policies of loan issuing 

in cases of lack of collateral to ensure the bureaucratic process of acquiring a loan is greatly 

reduced. This will ensure that more of the women entrepreneurs overcome the obstacle of lack of 

ownership of assets that act as collateral and hence will be able to access credit. 

More microfinance institutions should take up the financial training and business ideas nmiuring 

as mainstream products since the data analysis indicated that few of them offered this to the women 

entrepreneurs. This would ensure that they can easily access them and be able to acquire rich 

knowledge on how to efficiently utilize the financial services, develop entrepreneurship skills and 

how to venture into and operate financially sustainable enterprises. 

Regulators e.g. the Central Bank of Kenya and policymakers should constantly monitor the 

enviromnent in which the microfinance institutions operate in. This includes issues like the interest 

rates charged by the MFis that should be regulated through interest rate caps to avoid exploitation 

of the women entrepreneurs. They should also review the Micro finance Act to ensure the existing 

policies are updated and adjusted to reflect the changing enviromnent and incorporate emerging 

Issues. 

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5.5 Limitations of the Study 

The study was limited by factors that included, assessmg empowerment of the women 

entrepreneurs varied in different contexts hence limited the ability to make comparisons and 

consistency, the process of measuring empowerment was also not an easy and direct process as 

empowerment is considered as more of a process and not a state whereby, no analytical tool could 

be used to measure the quantitative impacts rather, the qualitative impacts were measured using 

. the Likert Scale, the respondents in some instances failed to provide the required data as they 

termed it as confidential which was addressed by giving assurance that the information would be 

used purely for academic purposes and lastly, the responses provided might have been tailored to 

suit what the management would want the perception of their institutions to be and the impact they 

were creating on the women entrepreneurs hence not giving the true picture. 

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REFERENCES 

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or Feminisation of Debt. 

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facts-on-women-in-poverty I 

Ali, A. E. E. S. (2015). The regulatory and supervision framework ofmicrofinance in Kenya. Int'l 

J Soc. Sci. Stud., 3, 123. 

Armendariz, B. (2011). Women and microsavings. In The handbook of microfinance (pp. 503-

515). 

Ashraf, M.A. (2014). Willingness behavior of the rural poor to participate in MFis: Evidence from 

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Bayulgen, 0. (2015). Microcredit and political empowerment in Azerbaijan and Kazakhstan. 

International Journal of Develovment Issues, 14(2), 130-148. 

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Brau, I. C., Hiatt, S., & Woodworth, W. (2009). Evaluating impacts of microfinance institutions 

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Buera, F. I., Kaboski, I. P., & Shin, Y. (2012). The Macroeconomics of Microfinance (Working 

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Counts, A. (2008). Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and 

Microfinance are Changing the World. Jolm Wiley & Sons. 

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Dahir, A. , & Tall, A. (20 15). The Challenges Facing Micro finance Institutions in Poverty 

Eradication: A Case Study in Mogadishu. International Journal Social Sciences and 

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George, D., & Mallety, P. (2016). Descriptive statistics. In IBM SPSS Statistics 23 Step by Step 

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Bennink, M., Kiiti, N ., Fillinger, M., & Jayakaran, R. (2012). Defining empowerment: 

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Approaches Nairobi Acts Press. 

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Mukhe1jee, A. K. (20 15). Empowerment through government subsidized micro finance program: 

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https://doi.org/1 0.11 08/IJSE-02-2013-0036 

Munene, H. N., & Guyo, S. H. (2013). Factors influencing loan repayment default in micro­

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in developed countries: The case of Catalonia. Management Research Review, 33(12), 

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Ukanwa, I., Xiong, L., & Anderson, A. (2017). Experiencing microfinance: Effects on poor 

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Wahyuni, D. (2012). The research design maze: Understanding paradigms, cases, methods and 

methodologies. Journal of Applied Management Accounting Research, 10(1), 69-80. 

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APPENDICES 

APPENDIX 1: RESEARCH QUESTIONNAIRE 

This questi01maire is designed to gather information on The Impact Of Financial Services 

Offered By Microfinance Institutions On Empowerment Of Women Entrepreneurs. The 

study is being canied out for a project in partial fulfilment of the degree in Bachelor of Commerce 

at Strathmore University. The responses given will be treated with confidentiality, anonymity and 

the information will not be used for any other purpose other than for this academic exercise. 

Part A: Demographic Information of Respondents 

This section aims at giving a clear picture ofthe demographic characteristics of the clients served. 

No Characteristic Category Number of Clients 

1. Gender(All Clients Served) a) Male 

b) Female 

2. Age of Female Clients a) 21-35 years 

b) 36-50 years 

c) Above 50 years 

'"' Level of education of a) Primary .). 

Female Clients b) Secondary 

c) Higher Learning 

4. Occupation of the Women a) Primary Industry 

Entrepreneurs b) Secondary Industry 

c) Tertiary Industry 

Part B: Products Offered by MFis 

What products do you offer to the women entrepreneurs? 

a) Microcredit c) Micro insurance 

b) Micro savings d) Business Ideas 

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( 

e) Financial training 

· Are there are other products you provide that have not been listed above? 

a) Yes 

b) No 

If yes, specify 

How many women entrepreneurs have managed to access the products? 

No Product Number of Female Clients 

1. Microcredit 

2. Microsavings 

3. Micro insurance 

4. Business ideas 

5. Financial training 

Part C: Impact of Financial Products offered by Microfinance Institutions on Empowerment 

of Women Entrepreneurs 

Kindly rate the following statements. 

No Statement Strongly Agree Neutral Disagree Strongly 

Agree Disagree 

1. Financial services by the MFI 

empowers women entrepreneurs 

financially and Improves their 

living standards. 

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2. Microcredit accessed has helped 

in upscaling and expansion ofthe 

enterprises owned by the women 

entrepreneurs 

3. Training offered by your MFI 

help the women to efficiently 

utilize and manage their funds. 

4. Your MFI helps nurture and 

support business ideas of the 

women 

5. Loans accessed from the MFI 

have worsened the livelihoods of 

the clients and are not enough to 

empower women entrepreneurs. 

6. Access to microsavings from 

your MFI has increased the 

savings capability of the women. 

7. Increased access to the MFI 

services has had . unintended 

consequences to the women e.g. 

neglect of family responsibilities 

Are there other impacts the MFI has had and have not been identified? 

Kindly specify if any. 

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Part D: Challenges Experienced by Your Institution When Serving Women Entrepreneurs 

This section aims at identifying the challenges the MFI faces when focusing on serving the women 

entrepreneurs. Kindly rate the statements below. 

No Statement Stron Agree Neutral Disagree Strongly 

gly Disagree 

Agree 

1 Women entrepreneurs are considered 

as a highly risky group to offer 

financial services to. 

2 Lack of collateral results to high 

interest rates charged. 

,., 
Individual lending is less preferred .) 

compared to group lending. 

4 There is redirection of funds obtained 

to cater for immediate household 

expenses. 

5 Non-repayment of loans IS higher 

amongst the women entrepreneurs. 

6 Repayment pressure results to 

additional bono wing from other 

alternatives. 

Are there other challenges that have not been identified? 

Kindly specify if any. 

48 



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