Examining the Efficacious Effect of Microfinancing on Achieving SDG-5 through Women Empowerment: A Case Study of Inclusion of Women in Micro Finance Programmes in Muzaffarabad, AJ&K.

Abstract

Microfinance refers to the endowment of loans, saving accounts, and insurances to the poor who are unable to obtain a traditional bank loan (Jafar, 2016). This research analyzes the importance of microfinance in achieving SDG-5 which is ‘’gender equality’’ through women empowerment. Gender equality and empowerment of women and girls is the main goal of SGD-5 through 1) eliminating violence against women and girls, 2) ensuring women’s participation in decision-making, and 3) ensuring global access to sexual and reproductive health and rights. It is a qualitative research based on in-depth interviews of 8 women beneficiaries and 4 workers from microfinancing institutions. The interviews were conducted through a semi-structured and structured interview guide. The research was conducted in Muzaffarabad. The findings revealed that microfinance plays an integral part in boosting women’s socioeconomic status. It makes women independent and free from all sorts of violence.