Empowering Women through Microcredit: An Analysis of the Grameen Bank Model's Impact on Socio-Economic Outcomes
DOI:
https://doi.org/10.22399/ijcesen.4074Keywords:
microcredit, women’s empowerment, Grameen Bank, socio-economic impact, decision-making autonomy, social mobilityAbstract
This research examines the role of microcredit in empowering women and enhancing their capacity to utilize funds for growth and mobility. The research examines the Grameen Bank model's impact on enhancing women's socio-economic status in Bangladesh. The study used a mixed-methods approach, utilizing both qualitative and quantitative data derived from the impact report, case study, and research paper of Grameen Bank. The study's results demonstrate enhancements in income levels and increased financial independence for women attributable to access to microcredit. Moreover, microcredit improved decision-making autonomy, particularly for borrowers engaged in group lending, where accountability and trust were paramount. Microcredit enhanced social mobility by facilitating greater educational achievement and fostering stronger community engagement. But the research draws a differentiation of numerous difficulties like payback pressure, dependency issues, and the demand for a sustainable microcredit model. This study aims to make a substantial contribution to the field of microfinance. The study elucidates methods for enhancing women's economic conditions and socio-economic empowerment through microfinance. Additionally, suggestions are offered to policymakers and microfinance institutions for enhanced outcomes. The research article underlines that microfinance is insufficient to promote gender empowerment. Moreover, it can perpetuate gender inequality by creating disparities in access to and utilization of credit following the acquisition.
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