Unveiling the Prospects, Impacts, and Constraints of Women’s Microfinancing Initiatives in South Asia: A Systematic Review

Abstract

Empowering women requires a multidimensional and holistic approach that encompasses the social, political, and economic aspects of women’s development. Economic empowerment is particularly crucial for achieving sustainable development in society. This is especially important in South Asia, where women’s poverty levels are high. Microfinancing for South Asian women expands their opportunities in public works, agriculture, finance, and other sectors, thereby accelerating economic growth and helping to mitigate the effects of current and future financial crises, especially at the household level. This study systematically examines evidence of the impact of microfinance initiatives on women in South Asian countries (SAARC countries) using 38 articles. It considers the effects on decision-making; economic gains, such as income, savings, and expenses; freedom and mobility; educational gains; and asset accumulation. The study also assesses the impact on non-financial outcomes like food security, health and nutrition, and social benefits. The results conclude that efficient and effective women’s microfinancing can bring significant benefits for women in the region.