Empowering the Underserved: The Role of Microfinance in Poverty Alleviation and Economic Empowerment

Author(s)	Kalaivani Balaji, Afreen Zama R
Country	India
Abstract	The study explores the impact of microfinance on poverty alleviation, specifically assessing its role in providing financial access to low-income populations who lack traditional banking services. By offering services such as microloans, savings accounts, and insurance, microfinance institutions (MFIs) empower marginalized individuals, particularly women, to engage in entrepreneurial activities and contribute to community economic growth. This research investigates microfinance's effectiveness in enhancing financial inclusion, increasing household income, and promoting social development. Additionally, it addresses challenges such as high-interest rates, over-indebtedness, and the sustainability of microfinance models. Data was collected through a structured survey and analyzed using descriptive and inferential statistical methods.
Keywords	Microfinance, Poverty Alleviation, Economic Empowerment, Financial Inclusion, Social Development.
Field	Business Administration
Published In	Volume 6, Issue 6, November-December 2024
Published On	2024-11-21
DOI	https://doi.org/10.36948/ijfmr.2024.v06i06.31232
Short DOI	https://doi.org/g8wkqn

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International Journal For Multidisciplinary Research