The Impact of Microfinance on Women Empowerment in the Kpone Katamanso Municpal Assembly

Microfinance is a financial service that provides small loams, savings and other financial products to individuals or groups who lack access to traditional banking services. The Kpone Katamanso Municipal Assembly which was carved out from the Tema Metropolitan Assembly with the promulgation of the Legislative instrument (L.I) 2031 was selected for the study on the impact of Microfinance Institution (MFI) on women empowerment. A descriptive approach was adopted for the study. Primary and secondary data were used. Two sets of questionnaires were administered in the study; one each for clients of the MFI and the officials of the Eddieyn Microfinance Ltd. Combinations of purposive and convenient sampling methods were used to select the MFI and the clients for the study. The main findings of the study revealed that the presence of MFI has contributed to a large extent, an increase in access to credit and savings mobilization. This contributed in women’s ability to improve their petty trading, hence increase their income, and subsequently leading to good health and education for their families, acquisition of assets and taking part in household decision making. Based on the findings it is recommended that financial education be intensified by financial institutions to educate women on financial services available and how to access them through meetings and seminars. Also, the Municipal Assembly should encourage MFIs to establish their branches in rural areas.