EMPOWERING RURAL WOMEN-A CLOSER LOOK AT THE IMPACT OF MICROFINANCE SERVICES

Abstract

This article explores the transformative impact of microfinance services on rural women, focusing on their economic and social empowerment. Microfinance, characterized by small-scale financial services, plays a pivotal role in addressing the unique challenges faced by rural women, often marginalized and excluded from traditional banking systems. The discussion encompasses the economic empowerment achieved through entrepreneurship, asset accumulation, and improved financial stability. Social empowerment is examined through education, skill development, enhanced health and well-being, increased agency, and community leadership. Despite the profound positive effects, challenges such as over-indebtedness and socio-cultural barriers persist. The abstract emphasizes the need for a comprehensive understanding of the multifaceted impact of microfinance, advocating for its continued refinement and expansion to empower rural women globally.