Influence of women participation in village savings and loan schemes on their socio-economic status. a case of Care Kenya program in Kachien, Rachuonyo District
Apopa, Fredrick O
MetadataShow full item record
Many financial service provision approaches and models have been employed overtime to promote access to financial services in rural Kenya. However, little has been done with regard to establishing what works well and whether involvement in particular approaches has significantly contributed to uplifting the socio-economic status of the target people. The purpose of this study was to examine the influence of Village Savings and Loan schemes on socio-economic status of women in Rachuonyo District. The objective of this study was to assess the relationship between participating in VS&L schemes and improvement in the socio-economic status of the women. The study adopted a descriptive survey design with quantitative and qualitative approaches to data collection. Using probability and non-probability sampling techniques, a sample of 135 respondents drawn from 45 VS&L schemes and 5 informants from oldest groups and local leaders were studied. On the qualitative aspect, the study employed in-depth interviews to obtain information to help understand respondent's views, experiences and impressions. Review of secondary documents was also undertaken. Data analysis entailed use of statistical package for social sciences (SPSS) to run frequency distributions. Use of T and Chi-square tests were employed in preparation of cross tabulation of the variables and hypothesis testing to generate significant test results. Qualitative information was summarized into briefs followed by description of the responses. This, together with the quantitative analysis, was integrated into one main study report. Study findings were presented in tables, graphs and charts. Study findings indicated that women participating in VS&L schemes have access to saving and loan services and a social fund. The study results also found that involvement and participation in VS&L schemes has improved access to basic financial services as denoted by the initial saving mechanisms preferred and the participation in VS&L schemes at present. Findings also revealed that participation in VS&L schemes significantly leads to improved economic well-being and social standing of women. The study concluded that participation in VS&L schemes improves access to financial services. Key recommendations made include mobilizing and sensitizing women to adopt the VS&L model in order to be able to access financial services for their development. It is also recommended that some form of regulation is exercised through formulation of a policy framework to bring the schemes under a form of control. Proposed areas for further research include establishing the definite lending patterns in VS&L in order to determine whether all group members access loans. It's also recommended that a comparative study among women participating in VS&L schemes and those that do not also need to be carried out to help understand the effects of extraneous variables on the relationship between participation in VS&L schemes and improvement in socio-economic status of women.