Determining the Role of Microcredit in Women Empowerment and Poverty Alleviation in Edo State, Nigeria

The study focused on the role of microcredit in women empowerment and poverty alleviation in Edo State, Nigeria. Women constitute the majority of the society's deprivation; they have faced adversity as a result of socioeconomic inequality and gender disparity. Women have limited access to economic and income-generating assets like land and funds. Microcredit is regarded as a powerful tool for empowering women and alleviating poverty. The research focuses on the role of microcredit in empowering women and alleviating poverty. The objective of this study is to determine the effect of microcredit in women empowerment in the study area It specifically identifies the sources of microcredit to women, the effect of microcredit on income, savings and investment level of women and the constraints militating against women access to microcredit. Data for the study were collected using a well structured questionnaire administered to 100 women who have had access to microcredit in the study area. A two staged sampling procedure was adopted in selecting the respondents. Descriptive statistics and regression analysis were used to analyse the data. According to the findings, the majority of women in the study area obtained credit from four microcredit institutions in Edo State, with the majority (33.33 percent) receiving N30,000.00 or more. The respondents' income was positively and significantly influenced by family size and loan volume. Access to microcredit had an effect on women's income and savings, as their income and savings were greater than their income and savings prior to accessing microcredit, with a difference in income and savings of N225, 809.50 and N9, 772.70, respectively. This demonstrated that microcredit is a tool that can be used to increase women's income and savings levels, thereby empowering them to live better lives. It is therefore recommended that the government assist in raising awareness of the activities of microcredit institutions and their credit functions through radio, television, and print media, so that more women are aware of their ongoing activities. More resources should be made available to these microcredit institutions so that the programme can benefit more women.