Influence of Microfinance Institutions on the Growth of Women Entrepreneurial Ventures in Mombasa County, Kenya (original) (raw)

2017, International Journal of Latest Research in Engineering and Technology

Microfinance programmes and policies are normally put in place by governments to enable people have increased access to credit and therefore reduce the rate of poverty and improve their livelihoods. The active participation and involvement of women in the growth of the economy and creation of employment opportunities through creating entrepreneurial ventures has benefitted significantly from financial support from different sources, one of which is the MFIs. The purpose of this study was to examine the influence of microfinance institutions in the successful implementation of women entrepreneurial ventures in Mombasa County. The study was guided by four objectives; to assess the influence of credit accessibility on the growth of women entrepreneurial ventures in Mombasa County; to assess the influence of training on the growth of women entrepreneurial ventures in Mombasa County; to assess the influence of social capital on the growth of women entrepreneurial ventures in Mombasa County and to assess the influence of savings on the growth of women entrepreneurial ventures in Mombasa County. The Literature reviewed was based on the themes of the independent variables and the theoretical foundations of this study were Grameen Model and Feminist Theory. The study adopted a descriptive research design approach, where effects of MFIs" on the growth of women entrepreneurial ventures were described as phenomenon in the real-life context. This design was suitable because the study was trying to investigate factors affecting accessibility to finance, training, social capital and savings by small scale women entrepreneurs in Mombasa County.The process of determining the sample size for a finite population, Krejcie & Morgan table was applied and ttherefore, for the registered 250 women, the sample size was 152 respondents. Simple random sampling was used to avoid biasness and every individual to have an equal chance to participate in the study. SPSS version 22 was used to aid in data analysis. The study concluded that credit accessibility by women entrepreneurs; training; social capital on women entrepreneurial ventures and savings changes significantly with respect to growth of women entrepreneurship and growth of women entrepreneurial ventures in Mombasa county at 95% confidence level, thus accepted the alternative hypothesis. Recommendations for the government to come up with easy and cheap ways to access credit for women entrepreneurs, different groups should be involved in capacity building on the members on savings and business management, the government should put in place the right policies to enable women to complete their education and also policies that will enable MFIs support women entrepreneurs.

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