Memoire Online - Contribution of microfinance on women empowerment case study of Vision Finance company ltd Nyaruguru

CONTRIBUTION OF MICROFINANCE INSTITUTIONS ON WOMEN EMPOWERMENT.CASE STUDY VISION FINANCE COMPANY Ltd NYARUGURU

Dissertation submitted to the faculty of education in partial fulfillment for the award of bachelor's degree with honor in business studies with education.

Special dedication to my Father, siblings, aunt, cousin and friends for their unprecedented support through my life, and to all friends for their devotion and courage that have led to the completion of my studies and this research.

DECLARATION

I, Albert RUTAYISIRE hereby declare that the study on «Contribution of microfinance institutions on women empowerment». A Case Study: VISION FINANCE COMPANY Ltd NYARUGURU Branch is my original work, that has not been, to my best knowledge, submitted and presented to any university of higher learning for a similar award, and that all sources I have used and quoted have been acknowledged by complete references.

DECLARATION

I, BASHIMUBWABO J.Pierre acknowledge that this research project entitled «Contribution of microfinance on women empowerment: A case study of Vision Finance Company Ltd » was conducted by Mr. Albert RUTAYISIRE and has been done under my supervision.

ACKNOWLEDGEMENTS

The final product of this research project is not the result of the effort of one person but a combination of participation of different persons.

First and foremost I thank the Almighty God who has been taking care of me and keeping me strong and done everything for my best.

My special thanks go to my father, my aunt, cousin and to my siblings for their moral and financial support along my education. Your love has made me what I am today.

My sincere gratitude goes to Mr. BASHIMUBWABO J.Pierre who kindly accepted to supervise me and for his enrichment advices regardless of his duties.

I also desire to express and proof my sincere appreciation to the Protestant Institute of Arts and Social Sciences and Faculty of Education in general, and especially to the teaching staff in the department of Business studies, for the huge support accorded to me during my courses. This was evidenced through material and moral support settled to me.

I would like to thank all those who contributed in one or more way to the achievement of my study.

I'm highly grateful to the VFC ltd contributing toward the successful completion of my research project. To Branch manager and to all staff of VFC Ltd Nyaruguru, I am tremendously appreciative of the support you gave me.

It is not possible to thank all of you in person, as this may not be sufficient or exhaustive in coverage, extent and depth.

However, special thanks go to my fellow friends who have been together with me during my studies, and who managed to provide any kind of support during this period.

ABASTRACT

In the world a men dominated society, women have always been underestimated and discriminated in all domains of life be it their family and social life or their economic and political life. Furthermore, the traditional duties of managing households make interruptions in their social and economic empowerment. Over the years various efforts have been made by many Government and Non-Government organizations to promote women empowerment in general and especially in rural areas. One such effort is the microfinance intervention. Many microfinance aims to promote self-sufficiency and economic development among people who don't have access to the traditional financial sector. They do this primarily by extending small loans without the strict requirements of traditional lenders. Recipients are usually the poor and "unbanked," but they also include people who are not poor but who lack the credit standing to borrow money to start or grow a business, most of these populations includes women. This study sought the contribution of microfinance institutions on women empowerment. It addressed specifically the analysis of the role of microfinance institutions on women empowerment and their family life in nyaruguru District, especially in Kibeho, Muganza, Ngera, Cyahinda, Rusenge, Nyagisozi and Ngoma Sectors and it investigated to identify various determinants of women empowerment in Nyaruguru district. Researcher took a sample of 64 respondents that were selected from study only target population made of 919 VFC women clients in Nyaruguru District within 1509 total VFC clients in Nyaruguru including men. The study used both qualitative and quantitative approaches. The analysis was made via purposive sampling. The researcher employed analytical method, descriptive methods and synthetic method. The data collection techniques used includes questionnaire, documentation, and interview. The study found that all respondents agreed that after receiving the loan from VFC their income and saving culture have been increased and their management skills have been increased after acquiring the loan from VFC Ltd and carrying out their business, 62.5% confirmed that women economically-developed change gender role and status within household and community, (95.3%) agreed that most women may be economically self-sufficiency due to microcredit without the men, 79.7% of respondents confirmed that Business held by women is competitive with others, 100% agreed that Women empowerment involves the family and community development have highest the important in the family promotion, 85.9% were particularly proud of the financial contribution of the loan received to their empowerment especially in their family, increases personal income, access to basic needs, and improved welfare of households. The researcher suggested that Microfinance institutions should try to extend more credit facilities to clients to expand their businesses. It was also suggested that MFIs should raise-up the loan amount for supporting the business of their target group. The Government should provide some fund and subsidies to MFIs in order to help MFIs delivering financial services at low price.

EICV: Enquête Intégrale sur les Conditions de Vie des Ménages (Integrated Household Living Conditions Survey)

TABLE OF CONTENT

LIST OF TABLES

LIST OF FIGURE

CHAPTER ONE: GENERAL INTRODUCTION

Since 2000, Rwanda has made tremendous progress in achieving a number of development objectives including building strong institutions, maintaining macroeconomic stability, and decreasing poverty through increasing access to basic services. The Rwandan Government aspires to build on this trajectory and increase financial penetration and inclusion as a key vehicle to sustained economic growth. Insufficient access to finance, particularly with SMEs has been a challenge. Rwanda's financial inclusion is still shallow with 11% of adults in Rwanda (around 0.7 million individuals) do not use any financial products or lacking access to formal financial services (FinScope Survey 2016), a large portion are covered by women compared to men. To encourage Microfinance institutions and The «Women and Youth Access to Finance Program» have been prepared with an objective to contribute in addressing this challenge.

About 11% of adults in Rwanda (around 0.7 million individuals) do not use any financial products or services (neither formal nor informal) to manage their financial lives, i.e. they are financially excluded. Levels of exclusion vary considerably across the country from 22% to 3% in all districts. Traditionally vulnerable groups such as the poor, those residing in remote rural areas, women, and the youth are more likely to be financially excluded (FinScope Survey 2016).

At the same time, microfinance is being promoted as a key poverty alleviation strategy to enable poor women and men to cope with the adverse economic and social impacts of structural adjustment policies and globalization, Mayoux (2001).

According to S.Sarumathi1 and Dr.K.Mohan (2011), the main aim of microfinance is to empower women. Women make up a large proportion of microfinance beneficiaries. Traditionally, women (especially those in underdeveloped countries) have been unable to readily participate in economic activity. Microfinance provides women with the financial banking they need to start business ventures and actively participate in the economy. It gives them confidence, improves their status and makes them more active in decision-making, thus encouraging gender equality. According to CGAP, long-standing MFIs even report a decline in violence towards women since the inception of microfinance.

The limitation of access to finance for women is largely skewed towards non-financial barriers. These include conditions in the broader business environment like limited management capacity, lack of collaterals, perception of lending institutions towards women and limited incentives to reach out to more women. Significant attention and resources will be drawn towards capacity building and empowering more women.

1.1. BACKGROUND OF THE STUDY

Rwanda is among the African developing countries still characterized by over dependence on agricultural activities in rural areas, low savings and low investments, low income groups and the economy highly depending on agricultural (Source IMF web: Regional Economic Outlook(2014). Where the populations dependent on subsistence agriculture cover 70% on entire population, (Finescope report Rwanda (2016).

In Rwanda, women comprise (57%) of 11,533,446of the entire population. However, most of these Rwandan women are illiterate and this limits their employment opportunities and financial ability to take care of their families of which 25.5% of households were reported to be headed by females while 6.4% of households were headed by females in the absence of a male head in 2013/14.Considering poverty status, it was observed that female-headed households are slightly more likely to be poor than male-headed households, with 44% of female-headed households being poor compared to 37% of poor male-headed households in 2013/14. De facto female-headed households had a higher poverty rate (47%) than other households. ((EICV4 Thematic Report - Gender (2014).

According to FAO report 2014, Women living in rural areas face many obstacles, mainly in their access to education and schooling, employment opportunities, land ownership and access to other productive resources such as all forms of financing. In view of these unequal opportunities, rural women are limited to modest and lower yielding activities, and work mainly in the informal economy. This limits their production capacity and impacts negatively on them, as well as on their families and rural areas communities in general. It is increasingly recognized that the effective empowerment of rural women implies comprehensive strategies to overcome the persistent obstacles they face. The lack of gender-specific analysis, of awareness about socio-economic issues and of political will result in policies and programs that only replicate the systemic obstacles and hamper women empowerment and their involvement as fully fledged economic players.

Kabeer, quoted in Mosedale (2003) states that women need empowerment as they are constrained by «the norms, beliefs, customs and values through which societies differentiate between women and men». She also states that empowerment refers to the «process by which those who have been denied the ability to make strategic life choices acquire such an ability», where strategic choices are «critical for people to live the lives they want (such as choice of livelihood, whether and who to marry, whether to have children, etc)» (Kabeer, 1999). Therefore MFIs cannot empower women directly but can help them through training and awareness-raising to challenge the existing norms, cultures and values which place them at a disadvantage in relation to men, and to help them have greater control over resources and their lives.

Littlefield, Murduch and Hashemi (2003) state that access to MFIs can empower women to become more confident, more assertive, more likely to take part in family and community decisions and better able to confront gender inequities. However, they also state that just because women are clients of MFIs does not mean they will automatically become empowered.

Hulme and Mosley (1996) also make this point when they refer to the «naivety of the belief that every loan made to a woman contributes to the strengthening of the economic and social position of women». However, with careful planning and design women's position in the household and community can indeed be improved.

According to Littlefield, Murduch and Hashemi (2003), the Women's Empowerment Program in Nepal confirmed that women were making decisions on buying and selling property, sending their daughters to school and planning their family, all decisions that in the past were made by husbands. They refer to studies in Ghana and Bolivia, which indicated that women involved in microfinance projects, had increased self-confidence and had an improved status in the community.

Women have been the most neglected and discriminated strata of the society not only in Rwanda but all over the world. Inspire of all Government and Non-Governments' efforts, they have been highly inactive clients of the financial sector. In the recent times, microfinance has been developed as a powerful tool for empowering women particularly; the women that have little financial ability. Apart from the informal sector of finance, the formal and semi-formal sectors like commercial banks, NGOs are taking much interest in providing microfinance services to women in order to promote them. Women are also participating in the microfinance movement by availing the microfinance services being provided by the various financial networks (Adeline K., (2013)

Women empowerment is one of the most important issues that have been in the focus of various policies and programs introduced by the Government. Microfinance is one such effort that has been emerging as a powerful tool of women empowerment. It has been observed through the available literature, that most of the studies related to microfinance have been carried out in the all province regions of the country (Rwanda) particularly and worldwide in general. The present study aims to fill in the gap in the available literature. It is uncertain attempt to analyze the contribution of microfinance on women empowerment and the satisfaction level of the women towards microfinance services.

1.2. PROBLEM STATEMENT

Basing on historical background, After the TUTSI genocide of 1994, women in Rwanda took huge responsibilities that made it difficult for women to be able to hold up themselves in absence of their spouses. This explain how women are vulnerable to poverty especially those women heading the family.

According to Adeline K. (2013) In general, Rwanda women make up the majority of the low income earners, unorganized informal sector of the economy and bigger number of them are gaps left overdue by the 1994 genocide tragedy, others are illiterate and have been marginalized by poverty and negative cultural practices.

According to Finescope Report Rwanda (2016), there is a gender gap in terms of financial inclusion in Rwanda, which is smaller in comparison to the rural divide. In general, there are slightly higher levels of financial inclusion among males compared to females due to a number of reasons (e.g. economic, social, legal, and cultural).

(Mjomba, 2011) studied the development of micro-finance in Kenya by specifically considering micro finance on financial empowerment of women in Kenya. This study though identified the impact of micro financing as empowering women positively, it majored on Kenya Women Finance Trust and was also bias to women only.

International aid donors, governments, scholars, and other development experts have paid much attention to microfinance as a strategy capable of reaching women and involving them in the development process. The microfinance industry has made great strides toward identifying barriers to women's access to financial services and developing ways to overcome those barriers. The microfinance institutions have been developed to fill these gaps, with increasing assistance from the various financial institutions and other donors, microfinance service is emerging as a powerful tool to reduce poverty and improve access to financial services for the poor women of Rwanda Cheston, susy Kuhn, Lisa (2002).

It is against this background that the researcher intends to carry out a study in order to analyze the outreach and impact of microfinance on the VFC women clients in Rwanda especially those leaving in Nyaruguru district. The findings will be drawn from an in-depth analysis of data obtained from microloan delivered to women beneficiaries of VFC Ltd Nyaruguru.

1.3. OBJECTIVES OF STUDY

1.3.1. General objective

1.3.2. Specific objectives

1.4. RESEARCH QUESTIONS

1.5. SIGNIFICANCE OF THE STUDY

Rwanda was encouraging the practice of microfinance institutions to enhance women empowerment especially in rural areas for the purpose of poverty reduction.

1.5.1. To the researcher

This study was important to the researcher as it equipped him with the knowledge on the contribution of microfinance institutions to the available data for women empowerment. It further helped in designating proper solution for identified problems

1.5.2. To the government and government agency

This study was an important element that helped the government policy maker, women council, and Nyaruguru district to assess if their planned goals for poverty reduction and empowering women are in process to be achieved. As to empower women is the key for poverty reduction, and will help to assess if the microfinance institutions contribute in women empowerment.

1.5.3. To the VFC ltd's management

The microfinance institutions are formed with the mission of providing financial and non financial services to the vulnerable Rwandese especially women through their small business. There are several Rwandan women who fall under the bracket of low income earners. Microfinance institutions aim at ensuring that all these citizens who are low income earners including women are catered for in terms of provision of financial services. It is therefore necessary for the institutions to understand the perceptions of the women on the contribution of the microfinance services they are offering and the level of awareness of the public on the existence of microfinance institutions and their services.

This information may be used by the management of the microfinance institutions in determining areas for improvement and to who empowered and determining the product that feat with the level of the clients, so as to ensure their success.

1.5.4. To the Academicians/ researchers

Little research has been done in Rwanda to directly identify the contribution of microfinance in economic change. Considering the benefits credited to microfinance institutions in economic development and the rapid development of these institutions, impact of microfinance has received attention of researchers and academicians. Therefore a study on the contribution of microfinance on women empowerment in Rwanda, with major focus on Nyarugurudistrict, may therefore attract researchers and academicians who are in need of educating more and providing solutions to lack of access to financial services in Rwanda.

The information from the study will also form basis for literature for other researchers and academicians who are willing to carry out studies in the same field in Rwanda.

1.6. SCOPE OF THE STUDY

1.6.1. Geographical scope

The research information wascaptured within VFC Ltd in Nyaruguru district,but as it was introduce their product in all sectors of Nyaruguru, the information gathered especially in the sampled sectors Kibeho, Cyahinda, Rusenge, Muganza, Nyagisozi, Ngera sector.Because, it is one of the sectors where VFC Ltd introduces their products.

1.6.2. Content scope

This research analyzed and highlighted the contribution of MFIs on women empowerment, through VFC Ltd view.

1.6.3. Sample scope

The targeted population was the VFC ltd women Clients in Nyaruguru district and VFC Ltd staffs in Nyaruguru branch

1.6.4. Time scope

This study dealt with information within period from 2012 to 2015 to assess how Microfinance institutions contribute on women empowerment. Especially these period was helped us to generate the information as VFC Ltd introduced their activities in Nyaruguru from 2012.

1.8. STRUCTURE OF THE STUDY

This study comprises five chapters. Chapter one dealt with general introduction including Background of the study, problem statement, research purpose, research question, and significance of the study, scope of the study and structure of the study.

The second chapter dealt with literature review which discusses the definitions of key concepts, theoretical frame work and related literature conceptual framework.

The third chapter is research methodology in this includes research design, population and sample size, sampling techniques, data collection and techniques, data analysis, ethical issues and limitation of the study.

Fourth chapter concerns data presentation, data analysis and interpretation. Finally the fifth chapter concerns discussion; conclusion and recommendations.

CHAPTER TWO: LITERATURE REVIEW

This chapter of our research helped to discuss on the following points: the definition of key concepts, theoretical framework, and related literature

2.1. The definition of key concepts

2.1.1. Contribution

According to oxford dictionary contribution is gift or payment to a common fund or collection

According to merriam-webster.com/dictionary contribution is the act of giving something or something given: donation

2.1.2. Microfinance

Microfinance is the provision of financial services to low-income clients, including women and the self- employed, who traditionally lack access to banking and related services. Microcredit, or microfinance, is banking the un-bankable, bringing credit, savings and other essential financial services within the reach of millions of people who are too poor to be served by regular banks, in most cases because they are unable to offer sufficient collateral. In general, banks are for people with money, not for people without.» (Gert van Maanen, (2004) is based on the premise that the poor have skills which remain unutilized or underutilized. Microcredit fits best to those with entrepreneurial capability and possibility. Ultimately, the goal of microfinance is to give low income people an opportunity to become self-sufficient by providing a means of saving money, borrowing money and insurance.

According to the RMF (Rwanda Microfinance Forum) (2002;6) is defined as development instrument by which populations excluded from the standard banking systems access decentralized financial services.

Therefore, microfinance programs generally target poor people who do not have access to classic banking and financial services to help them improve their financial situations. It enables poor people to meet them need for financial services and improve their standards of living. Financial services for the poor are the powerful instrument poverty reduction that enables the poor to build assets, increase incomes and reduce their vulnerability to economic stress.

2.1.3. Institutions

Institutions are "stable, valued, recurring patterns of behavior." As structures or mechanisms of social order, they govern the behavior of a set of individuals within a given community. Institutions are identified with a social purpose, transcending individuals and intentions by mediating the rules that govern living behavior.

The term "institution" commonly applies to a custom or behavior pattern important to a society, and to particular formal organizations of the government and public services. As structures and mechanisms of social order, institutions are a principal object of study in social sciences such as political science, anthropology, economics, and sociology (the latter described by Émile Durkheim as the "science of institutions, their genesis and their functioning"). Institutions are also a central concern for law, the formal mechanism for political rule-making and enforcement

According to Geoffrey M. Hodgson (2006) Institutions are the kinds of structures that matter most in the social realm: they make up the stuff of social life. The increasing acknowledgement of the role of institutions in social life involves there cognition that much of human interaction and activity is structured in terms of overt or implicit rules. Without doing much violence to the relevant literature, we may define institutions as systems of established and prevalent social rules that structure social interactions. Language, money, law, systems of weights and measures, table manners, and firms (and other organizations) are thus all institutions.

2.1.4. Microfinance institution

Microfinance institution, according to Otero (1999) is «the provision of financial services to low-income poor and very poor self-employed people». These financial services according to Ledgerwood (1999) generally include savings and credit but can also include other financial services such as insurance and payment services. Schreiner and Colombet (2001) define microfinance as «the attempt to improve access to small deposits and small loans for poor households neglected by banks.» Therefore, microfinance involves the provision of financial services such as savings, loans and insurance to poor people living in both urban and rural settings who are unable to obtain such services from the formal financial sector.

CGAP Occasional paper (2004).Microfinance institution is a broad category of services, which includes microcredit. Microcredit is provision of credit services to poor clients. Microcredit is one of the aspects of microfinance and the two are often confused. Critics may attack microcredit while referring to it indiscriminately as either 'microcredit' or 'microfinance'. Due to the broad range of microfinance services, it is difficult to assess impact, and very few studies have tried to assess its full impact. Proponents often claim that microfinance lifts people out of poverty, but the evidence is mixed. What it does do, however, is to enhance financial inclusion

2.1.5. Concept of empowerment

What do we mean by empowerment? When does the well-being of a person improve? Sen (2001) explains that the freedom to lead different types of life is reflected in the person's capability set. The capability of a person depends on a variety of factors, including personal characteristics and social arrangements.

Malhotra (2002) constructed a list of the most commonly used dimensions of women's empowerment, drawing from the frameworks developed by various authors in different fields of social sciences. Allowing for overlap, these frameworks suggest that women's empowerment needs to occur along multiple dimensions including: economic, socio-cultural, familial/interpersonal, legal, political, and psychological.

The World Bank defines empowerment as «the process of increasing the capacity of individuals or groups to make choices and to transform those choices into desired actions and outcomes ( http://go.worldbank.org/VELLT7XGR0 visited on 04 June 2016).

According to Krishna (2003) empowerment means increasing the capacity of individuals or groups to make effective development and life choices and to transform these choices into desired actions and outcomes. It is by nature a process and outcome.

Power is often related to our ability to make others do what we want, regardless of their own wishes or interests (Weber, 1946). Traditional social science emphasizes power as influence and control, often treating power as a commodity or structure divorced from human action (Lips, 1991). Conceived in this way, power can be viewed as unchanging or unchangeable. Weber (1946) gives us a key word beyond this limitation by recognizing that power exists within the context of a relationship between people or things. Power does not exist in isolation nor is it inherent in individuals. By implication, since power is created in relationships, power and power relationships can change. Empowerment as a process of change, then, becomes a meaningful concept

Empowerment is the process of enhancing the capacity of individuals or groups to make choices and to transform those choices into desired actions and outcomes. Central to this process are actions which both build individual and collective assets, and improve the efficiency and fairness of the organizational and institutional context which govern the use of these assets.

2.1.6. Women

Biologically, A woman is a female human being. According to Dr Mamta Ch (2016)The term woman is usually reserved for an adult, with the term girl being the usual term for a female child or adolescent. The term woman is also sometimes used to identify a female human, regardless of age, as in phrases such as " women's rights". "Woman" may also refer to a person's gender identity. Women with typical genetic development are usually capable of giving birth from puberty until menopause. In the context of gender identity, transgender people who are biologically determined to be male and identify as women cannot give birth. Some intersex people who identify as women cannot give birth because of either sterility or inheriting one or more Y chromosomes. In extremely rare cases, people who have Sawyer syndrome can give birth with medical assistance. Throughout history women have assumed or been assigned various social roles.

2.2. VFC Ltd and Various Credit Lending Models

According to hope magazine(2016) Vision Finance company Ltd (VFC Ltd) is the Christian microfinance subsidiary of World Vision and is one of the largest microfinance institutions serving rural underprivileged communities in Rwanda, many of which do not have access to formal financial services. VFC started in 1997 as a microfinance department under World Vision Rwanda and has since grown to become one of the largest regulated microfinance institutions in Rwanda today.
VFC serves people and communities that are economically productive but low-income, especially women in very rural areas. This includes small business owners and salary earners who are looking for opportunities to provide better lives for their families and a promising future for their children.
The average client of VFC is a woman, often widowed, looking after a family of 5-7, some of whom are orphans. She owns a small business, usually a market stall in a market or a roadside kiosk. She believes she can grow her business to support her family, sending her children to school and to provide for their health and welfare.

A unique lending approach:
according to VFC lending methodology manual 2014, VFC serves communities with 3 main types of loans: community banks, solidarity groups and individual loans.

a) Community banks create an opportunity for the poorest entrepreneurs to obtain credit. These are self-selected groups of 10 - 30 borrowers who agree to cross-guarantee each other's loans. The group screens potential borrowers and tracks each repayment, building their leadership and sense of pride along the way.

b) Solidarity groups are designed for more experienced entrepreneurs with slightly larger enterprises. They have fewer members than community banks, with an average of 5 members who guarantee each other's loans. Members who make repayments on time become eligible for larger individual loans.

c) Individual loans go to borrowers who have either grown their businesses successfully through a solidarity group or who have medium-sized businesses that qualify for these larger loans. The individual loans typically require either 2 guarantors or collateral. Borrowers often create a multi-year business plan in consultation with their loan officers

2.3. ROLE OF MICROFINANCE IN WOMEN EMPOWERMENT

According to UN Report (2000), Microfinance is a type of banking service which provides access to financial and non-financial services to low income or unemployed people. Microfinance is a powerful tool to self-empower the poor people especially women at world level and especially in developing countries. Microfinance activities can give them a means to climb out of poverty. From early 1970's women movement in number of countries has been increasing to alleviate poverty through microfinance programs. The problem less access to credit by women was given a particular attention at First International Women Conference in Mexico in 1975.

Microfinance services lead to women empowerment by positively influencing women's decision making power at household level and their overall socioeconomic status. By the end of 2000, microfinance services had reached over 79318million of the poorest of the world (Women and Men). As such microfinance has the potential to make a significant contribution to gender equality and promote sustainable livelihood and better working condition for women. (ILO Geneva report 2007)

It has been well documented that an increase in women resources or better approach for credit facilities results in increased well being of the family especially children. ( Maoux, 1997; Kabeer, 2001).

FinScope survey Rwanda, released in 2016, indicates that 87 %of women have access to financial services compared to 68 % in 2012. Although women are considered to be good managers, the financial inclusion in Rwanda 2016 by Access to Finance Rwanda shows that only 24 % of women are banked, while 39 % use other forms of banking, an average of 24 % of women uses informal banking while 13 % totally excluded. The large portion covered by MFIs.

Based on ILO Geneva report (2007), by the end of 2000, microfinance services had reached over 79 million of the poorest of the world. As such microfinance has the potential to make a significant contribution to gender equality and promote sustainable livelihood and better working condition for women. (ILO Geneva) It has been well documented that an increase in women resources or better approach for credit facilities results in increased wellbeing of the family especially children. Presently, in most of the developing countries like Rwanda higher emphasis is being laid upon the development of women as an entrepreneurs and their active participation in the development process of their country. Women can be successful and better entrepreneurs if given the much needed conducive environment and provided with enough resources most importantly the required amount of capital. The studies of rural women have proved their business excellence. They have been found to be better in credit utilization than men but because of lack of access to assets they are often more vulnerable to poverty than males.

From early 1970's women movement in number of countries increasing to alleviate poverty through microfinance programs. The problem of women less access to credit was given a particular concentration at First International Women Conference in Mexico in 1975.

Really the user-owned financial cooperatives that offer savings, credit and other financial services to their members are easy to establish and are based on a common bond, a linkage shared by savers and borrowers that can be based on a community, organizational, religious or employee affiliation. They provide members the chance to own their own financial institution and help Microfinance services lead to women empowerment by positively influencing women's decision making power at household level and their overall socioeconomic status.

The focus on women's empowerment in the context of microfinance brings to light the significance of gender relations in policy development circles more prominently than ever before. Role of women in the development of today's growing word can never be forgotten. For this her empowerment is very important, so that she can participate in the today's competitive atmosphere. Asim (2008) evaluates the impact of micro credit program on indicators of women empowerment in urban slums of Lahore district, Pakistan. The author has chosen specialized institutions with women focusing models.

In another view Hunt and Kasynathan (2002) describes that microfinance programs for women have positive impact on economic growth by improving women income generating activities. The data used was collected from three NGO's in Bangladesh and one state from India. Most of women receiving credit have no control over their loans due to low access to markets. The author finds that the impact of Micro credit on female male education, marriage practice, mobility, violence against women and self-respect. Moreover, microfinance which is designed for the poorest, actually not reached to the poorest people. So donors and NGO's must concentrate on the access of credit to the poorest people.

«All efforts at improving an MFI's impact on women boil down to really understanding a woman's needs her predicament and what she dreams of. Even before all the questions can be answered, the basic question that must first be answered is who she is?» (Noni S. Ayo). This quote sums up a major concern and challenge that emerges in the context of microfinance and women's empowerment. In exploring such empowerment, it is important to have a clear understanding not only of the concept of empowerment but also of the category of woman. In an effort to empower women through microfinance, caution needs to be exercised that an excessive focus on `women' may come at the cost of empowerment of a `woman'.

Although a woman's personal empowerment may not be effective without collective empowerment tool. But treating women as a homogeneous category may be an equally naïve approach. Listening to clients and carefully evaluating their resource bases, strengths and vulnerabilities is important if microfinance programmes are to realize the goal of women's empowerment (Cheston and Kuhn 2002). Finally, this gender analysis of microfinance includes an understanding of the empowerment impact of MFIs:

(ii) On women in relation to men. In other words, it addresses the question of how much is the effect of MFIs on women due to the fact that they are women.

2.3. Theoretical framework

This section is a presentation of theoretical debates about microfinance and poverty reduction and an illustrative analytical framework that is relevant for understanding this study.

This study is based on Empowerment theory, the Empowerment is both a value orientation for working in the community and a theoretical model for understanding the process and consequences of efforts to exert control and influence over decisions that affect one's life, organizational functioning, and the quality of community life (Perkins & Zimmerman, 1995; Rappaport, 1981; Zimmerman & Warschausky, 1998).

A distinction between the values that underlie an empowerment approach to social change and empowerment theory is necessary. The value orientation of empowerment suggests goals, aims, and strategies for implementing change. Empowerment theory provides principles and a framework for organizing our knowledge. The development of empowerment theory also helps advance the construct beyond a passing fad and political manipulation

2.4. Related literature review

The women empowerment has become the object of unparalleled concentration now days both at national and international levels. As one of the MDGs, elimination of poverty has become a key issue for all those interested in development of the developing countries (Nalunkuuma, 2006), with microfinance as one of the predominant methodologies for making finance accessible to the poor especially women, among the donor community. Many donor agencies and governments in developing countries are now funding a growing number of microfinance organizations (Lont and Hospes 2004).

According to A. Kayiranga (2013); Microfinance is considered to be a solution for overcoming poverty. Lack of savings and capital make it difficult for many poor people who want jobs in the farm and non-farm sectors to become self-employed and to undertake productive employment-generating activities. Providing credit seems to be away to generate self-employment opportunities for the poor. But because the poor lack physical collateral, they have almost no access to institutional credit.

At the same time, informal lenders in many developing countries often charge high interest rates, inhibiting poor households from investing in productive income-increasing activities (Khandker, 1998).

It has been well-documented that an increase in women's resources results in the well-being of the family, especially children (Mayoux, 1997; Kabeer, 2001; Hulme and Mosley, 1997). A more feminist point of view stresses that an increased access to financial services represent an opening/opportunity for greater empowerment. Such organizations explicitly perceive microfinance as a tool in the fight for the women's rights and independence.

2.4.2. Characteristics of financial Services that meet Women's needs

2. Collateral is not required because substitutes such as solidarity groups, character references, and personal effects are acceptable.

15. The hours of operation of the institution are compatible with women's business and domestic obligations.

17. There are special arrangements to assist women borrowers unfamiliar with formal financial service institutions. ( http://www.gdrc.org viewed 30/06/2016)

2.4.3. Challenges to Empowerment through Microfinance

While the empowering potential of microfinance programmes remains strong, the evidence of challenges, ineffectiveness and limitations of the potential is equally compelling. Although microfinance has the ability to empower women, the connection is not straightforward or easy to make. Significant research and much anecdota evidence suggests that this link is certainly not automatic (Hunt and Kasynathan 2001, 2002; Kabeer 1998; Mayoux 1998). Just handing money to women and giving them access to financial assets and resources creates a new set of challenges for women, thus balancing the experience of empowerment with the experience of extra burdens. Others argue more strongly that access to microcredit actually affects women's empowerment experience negatively by leading to a certain kind of disempowerment. Yet another set of analyses indicates that the goals of microfinance and its empowering potential are intrinsically of conflicting natures. The argument is that focusing on women's empowerment leads to dilution of efficiency and sustainability of MFIs, and these results in reluctance to focus on women's empowerment when designing their systems and programmes. Impressive literature exists that records the challenges and gaps between the goals challenges emanate in the economic, politico-organizational, ideological and cultural domains within which microfinance institutions and microcredit lending programmes are embedded. This section discusses the multidimensionality of these challenges.

2.4.3.1. Economic and Political - Organizational Challenges

The central issue here is whether the economic goals of efficiency and sustainability of MFIs are rationally compatible with the goals of empowerment. There are arguments pro and con. Those who support a finding of compatibility have argued that targeting women is in fact more judicious, because: (i) women's repayment rates are higher than men's; (ii) women are more cooperative; and (iii) awareness of what clients have and what they need - and empowering them - can actually increase sustainability, because MFIs can offer loans that are appropriate and sustainable (Cheston and Kuhn 2002).

In the views and experience of Damian von Stauffenberg, founder and chairman of Micro Rate, the first rating agency to specialize in microfinance, "MFIs which concentrate exclusively on women may place ideological goals ahead of technical competence. Whether this is true remains to be proven". A related argument is that: MFIs fear that building empowering elements into their programmes will threaten their financial sustainability ratios and limit their access to funds from major bilateral and multilateral donor agencies. Many donor agencies' funding criteria focus primarily on outreach and institutional sustainability criteria and do not 'reward' programmes that are able to demonstrate greater and more sustainable impact on their clients. The incentive structures lead many MFIs to consider including programme elements intentionally empowering for women as 'extras' or 'luxuries' rather than as an integral part of their programme design and goals.

- Cheston and Kuhn 2002 While there are certain studies showing that better lives can be built by integrating microfinance programmes with programmes such as education and health (Dunford 2001, 2) - certain microcredit programmes such as WWF in India and Women's World Banking in the Dominican Republic do combine empowerment goals with goals of 3 Quoted in Cheston and Kuhn (2002).

2.4.3.2. Ideological Challenges

A topic to be discussed here is whether the concept of empowerment and women's empowerment is an integral part of a given society or is an imported phenomenon that is borrowed and imposed from the West on the East. Since the primary interest of microfinance institution (MFI) is financial sustainability, introducing empowerment issues is not only incompatible with their goals; it is also an additional agenda in which MFIs would avoid investing. Although governments and organizations such as the Self Employed Women's Association (SEWA) and Working Women's Forum (India) (WWF) in India have mobilized women for a long time to fight for women's rights, it does make it easier for MFIs to avoid an empowerment agenda - as it sometimes mutually suits the MFIs and other stakeholders such as national governments. Indeed, there are reports that the MFI turmoil in Andhra Pradesh is more due to government politicians' and officials' vested interests and lack of concern for women's empowerment (Bellman 2010).

2.4.3.3. Cultural Challenges

The biggest cultural constraint on women's empowerment through microfinance programmes doing research is the culture of patriarchy pervasive throughout Asia. The patriarchal culture is dynamic and thus exercises constraints in different contexts, in varied forms and at various stages in the empowerment process. These include bargaining power and the ability to make decisions on economic issues within the household, ability to make decisions outside the household, control over loans, building of social networks, responsibility for household chores, and power over one's time and physical and emotional health and energy.

2.5. Critical literature views

But Burger (1989) observed that microfinance tends to stabilize rather than increase income, and tends to preserve rather than create jobs. In the same view, Arbuckle et al (2001) cited by Nalunkuuma (2006) indicates that studies carried found little to recommend that micro credit has any significant impact on enterprise incomes. Evidence by Coleman (1999) suggested that the village bank credit did not have any significant impact on physical asset accumulation; production and expenditure on education. The women ended up in a vicious cycle of debt as they used the money from the village bank for consumption and were forced to borrow from money lenders at high interest rates to repay the village bank loans so as to qualify for more loans. However, impact for women who had access to bigger cheaper loans from the village bank was significant. The main conclusion of the study was that credit is not an effective tool for helping the poor to enhance their economic condition and that the poor are poor because of other factors (like lack of access to markets, price shocks, un equitable land distribution) but not lack of credit. A study of 13 MFIs in seven developing countries concluded that households' income tended to increase at a decreasing rate, as the debtors income and asset position improved (Mosley and Hulme 1998) cited by Okurutet al (2004).Similarly, Hulme and Mosley (1996) cited by Lont and Hospes(2004) in a study made on Twelve lending institutions providing micro-lending services in seven countries found that the impacts of microcredit on the poor were on average small or negative relative to the control group.

Results by Diane and Zeller (2001) in the study done in Malawi also suggested that microfinance did not have significant effect on household income. Fisher and Sriram (2002) stress that access to microfinance services protects the poor against the often severe consequences of fluctuating incomes, ill health, death and other emergency expenditures. Despite the overwhelming claims that microfinance credit works best for the poor people, Johnson and Rogaly (1997) argue that poorest borrowers become worse off as a result of credit and that it makes them vulnerable and expose them to high risks.

Using gender empowerment as an impact indicator, some studies argue that microcredit has a negative impact on women empowerment (Goetz and Gupta, 1994). Goetz and Gupta (1994) as cited by Kabeer (2000) using a five point index of `managerial control» over loans as their indicator of empowerment. At one end of their index are women who are described as having `no control' over their loans: these are women who either had no knowledge of how their loans were used or else had not provided any labor into the activities funded by the loan. At the other end are those who were considered to have exercised `full' control, having participated in all stages of the activity funded by the loan including the marketing of the produce. The study found that the majority of women, particularly married women exercised little or no control over their loans by this criterion.

Sebstad and Chen (1996) as cited by Lont and Hospes (2004) in their summaries of the thirty-two research and evaluation reports found that micro lending to women had positive impacts on their empowerment in Asian countries. However, reports from African programs found very little or no impacts of microcredit on the empowerment of women. In the same studies, credit had a positive impact on households' income, but the impacts on health, on the nutrition level of family members, and on children's attendance at schools were not conclusive.

Also the view that it is the less badly-off poor who benefit principally from microfinance has become highly influential and for example was repeated in the World Development Report on poverty (World Bank, 2000) cited by Montgomery and Weiss ( 2005).

Simanowitz and Alice (2002) put it clearly that, the microfinance industry has concentrated not on reaching the poor but rather on financial and situational performance. Meanwhile Mayoux (2001) argues that microfinance institutions are undergoing a period of rapid innovations. They are coming up with products and new methodologies for reaching the broader category of poor people including the poorest of the poor. This will enable microfinance to have a significant impact in achieving poverty reduction.

Also where group lending is used, the very poor are said to be excluded by other members of the group, because they are seen as bad credit risk, jeopardizing the position of the group as a whole. Similarly, it's argued that when professional staff operates as loan officers, they may exclude the very poor from borrowing, again on the grounds of the repayment risk (Montgomery and Weiss, 2005).

Simanowitz in regard to groups points out that while the use of the groups has the potential to build social capital, develop skills; the way they are used varies considerably between MFIs. Some use them solely as means for creating peer group pressure while others use them more deliberately as vehicles of the empowerment (Simanowitz, 2003).

From the above discussions, we realize that core issues remain how to make microfinance accessible to the poor and ensure that the benefits are positive. For the purpose of this study, the above theoretical debates form the bedrock to explore into the role of microfinance in poverty reduction in Rwanda.

This analytical framework is build on the ground that if the MFI mission and objectives are geared towards poverty reduction, then the terms, conditions and methodology and product design have to be favorable for the poor to access the microfinance products and services which will be reflected in the outreach; how many poor people are reached (scale of outreach), how poor are the clients (depth of outreach), in which economic sectors are they engaged (breadth of outreach), where do they live (geographical outreach) and the quality which is how the services fit the needs of potential clients. Depending on whether the poor have been reached with microfinance, then impact may be expected in terms of:

(ii) asset building and reduced vulnerabilities defined as increases in ownership of household's physical assets and reduced vulnerabilities as the poor are encouraged to save and diversify their livelihood activities,

(iii) empowerment which means enabling the poor to have greater control over the resources and their lives and taking part in family and community decisions,

(iv) Building social capital implying reduced isolation, opportunity to share information and building the bond that was not previously there.

(v) Good health in terms of improvement in nutrition and afford medical care, and education of clients' children which is investing in children's education as a result of new income from micro-enterprise. This will in turn lead to poverty reduction on women and all family members.

2.6. Conceptual framework

Disempowerment of women due to oppressive social, cultural, legal, economic and political structure

CHAPTER THREE: RESEARCH METHODOLOGY

3.1. RESEARCH DESIGN

This research methodology was designed in a simple way and conducted using a detailed questionnaire and structured interviewed to gather and systematically track the client's responses on the impact of microfinance towards their economic empowerment.

Research methodology can be described as a course of action which describes the tools that are used when conducting a research. This chapter involves various methods, techniques and procedures of the data collection, processing as well as data analysis that were used to collect, analyze, and interpret data which gives an overview of how the entire study was conducted to reach a final conclusion on how microfinance leads to women's economic empowerment. It also discusses the case study, the population, sample size, and sampling the techniques used during research study such as, documentations, questionnaires and interviews. The chapter cannot conclude without taking about various procedures for data processing and analysis. These procedures include percentages, editing, coding, and tabulation, ethical consideration and limitation of the study.

3.2. CASE STUDY

Through Vision Finance Company Ltd is the one of the well-known Microfinance institutions in Rwanda. The researcher chose this organization because of its outstanding performance in promoting economic development of poor people in Rwanda especially the marginalized women. To this point it serves as an important source of content for the researcher to achieve the objective of her research topic. The MFI helps the unemployed women to get microcredit loans to invest in small income generating activities to ensure them with income self-sustenance result into economic empowerment of Rwandan women.

3.3. AREA OF THE STUDY

An area of the study refers to the area in which the research was conducted. The research was carried out the Vision Finance Company Ltd in Nyaruguru. The reason for choosing to study the clients of Vision Finance Company Ltd is because the majorities are women who are most vulnerable and marginalized in Rwandan society. Secondly through Vision Finance Company Ltd is one of pioneers' of women microfinance in Rwanda. According to Vision Finance Company Ltd, its mission is to provide the financial services (Saving and credit) and non-financial services to the economically active poor people Rwandan especially women through their microenterprise.

Both employees and clients of Vision Finance Company Ltd were considered. The Vision Finance Company Ltd microfinance institution has many clients located in almost all sectors of Nyaruguru district, but due to limited time the researcher targeted clients in Kibeho, Cyahinda, Rusenge, Muganza, Nyagisozi, Ngera sector in Nyaruguru district in mid of June 2016. In addition these sectors were selected purposively because of the density of the credit beneficiaries in the area. There are many microfinance institutions that provide similar microfinance services, their coverage in this research would therefore require enough time and fund to meet necessary requirement.

3. 4. POPULATION OF THE STUDY

The target populations were all beneficiaries of Vision Finance Company Ltd 919 clients in Nyaruguru district specifically Kibeho sector (82clients), Cyahinda sector (149clients), Rusenge sector (132clients), Muganza sector (168clients), Nyagisozi sector (154clients), and Ngera sector (234clients). The clients from these sectors were chosen to represent other groups due to the limited time and the fact that Vision Finance Company Ltd had within that period planned a meeting with that group helped the researcher to meet each group of respondents at a time and within short period.

3.5. SAMPLE SIZE AND SAMPLING TECHNIQUES

3.5.1. SAMPLE SIZE

According to (William G. Cochran, 1997: 126) a sample is a part of population which is deliberately selected for the purpose of investigation. Here the sample size was drawn from both the staff and clients of through Vision Finance Company Ltd Nyaruguru. However, the study of whole population was not possible due to limited time and resources.

According to Glen, D. Israel (2009) the following formula is used to determine sample size

The researcher as used 64 clients as a sample to represent the whole population, however the researcher interviewed key members of Kibeho, Cyahinda, Rusenge, Muganza, Nyagisozi, Ngera Through Vision Finance Company Ltd, Microfinance Institution for their view. The purpose was to limit the sample size to 64 persons.

Table 1: Respondents numbers in the Sectors

Sectors	Total number of clients	Sample
Kibeho	82	6
Cyahinda	149	10
Rusenge	132	9
Muganza	168	12
Ngera	234	16
Nyagisozi	154	11
Total	919	64

3.5. 2. SAMPLING TECHNIQUES

A purposive sampling method Purposive sampling is a technique widely used in qualitative research for the identi?cation and selection of information-rich cases for the most effective use of limited resources (Patton 2002). The goal of purposive sampling is not to randomly select units from a population to create a sample with the intention of making generalizations from that sample to the population of interest. The researcher conducted study with purpose in mind and targeted specific predetermined groups of women clients in Vision Finance Company Ltd IMF. Six women groups were selected and from them 6 are from Kibeho, 10 clients from Cyahinda, 9 are from Rusenge, 12 are from Muganza, 16 clients are from Ngera, and 11 clients from Nyagisozi. Those clients were selected to fill the questionnaires. This method was useful to the researcher in way that it enabled him to target specific group which has basic information that he believed to be critical for the research.

3.6. CLASSIFICATION AND SOURCES OF DATA

The tradition classification of data for an empirical study like this was employed. Both primary and secondary data sources were used for data collection.

3.6.1. Secondary Data Sources

Secondary data sources are the foundation for which the theoretical and conceptual framework of the research is built. Relevant literature from existing empirical studies and reports from the institutions, library, websites, Government of Rwanda (relevant ministries) were contacted for reports, papers on contribution of microfinance in women empowerment, strategies in Rwanda, and Vision Finance Company Ltd IMF was visited for reports on microfinance products, services and provision.

3.6.2. Primary data sources

Primary data refers to the original data compiled and studies for specific purpose. The data was collected from the field by issuing questionnaire and requesting the respondents to fill them. This involves focusing on group sessions and primary document analysis and is used to clarify, confirm or explain the results revealed by the secondary data or sources and any other relevant information that could not be disclosed by the existing records.

Questionnaires and interviews during the research process were essential in the highlighting the contribution of microfinance on women empowerment in Rwanda.

3. 7. DATA COLLECTION TECHNIQUES

This involves two types of data collection technique notably questionnaire and interviews, with the help of Vision Finance Company Ltd Loan field staff. Clients above were invited for training and this gave the researcher an opportunity to distribute questionnaires. Since clients were in groups, it was easier to fill questionnaires and return them within short time. As result, the researcher managed to meet the six groups in 3 days. Two groups on Monday, the second two groups on Wednesday, the last two groups on Friday. This Implies that data collection involving interviews and questionnaires look only four days but the whole process including organizing and planning covered four weeks.

3.7.1. QUESTIONNAIRE FOR CLIENTS

According toResearch & Consultation Guidelines; a questionnaire is simply a `tool' for collecting and recording information about a particular issue of interest. It is mainly made up of a list of questions, but should also include clear instructions and space for answers or administrative details. Questionnaires should always have a definite purpose that is related to the objectives of the research, and it needs to be clear from the outset how the findings will be used. Respondents also need to be made aware of the purpose of the research wherever possible, and should be told how and when they will receive feedback on the findings.

The questionnaire was used in data collection was designed in English language and later translated to Kinyarwanda language to ease communication and for those respondents who could be not able to read and write, interpreters were provided. The questionnaire is composed of both structured and unstructured questions, where by structured questions are useful to obtain detailed information whereas unstructured questions were designed to extract short and precise responses from the respondents on the same issue.

The fact that all the interviewees were organized in the groups, both distributing and collecting questionnaires were done easily. The researcher was issued 64 questionnaires to be filled and all of them were answered successfully, this implies that 100% of the questionnaires sent for data collection was received back.

3.7.2. INTERVIEWS FOR KEY STAFF

According to Krlinger, (1978, 1964), an interview refers to the conversation in which the researcher tries to get information from the interviewer. One of the methods of collecting data is to interview the respondents to obtain information on the issue of interest.

With help of interviews, the researcher conducted face to face interviews with respondents. It should be mentioned that the interviewer direct each question to the interviewee at a timewhile recording the information on a prepared paper for each question asked. The interview is chosen as one of the best instrument of research due to its flexibility and the way of getting responses quickly as an advantageous way to the researcher in terms of receiving information.

3.7.3. DOCUMMENTATION

According to Williams and Grinnell, (1990:p219), Documentation search is any written materials that may be used as a source of information about the subject. In this research published text to obtain secondary data were used. The different authors were used to gather the required information which is related to microfinance and women empowerment.

3.8. DATA PROCESSING, ANALYSIS, AND INTERPRETATION

Nachimias D. and Nichimias C., 1976: 143) argue that data processing and analysis involves the transformation of data gathered from the field into a systematic categories and the transformation of these categories into codes to enable quantitative analysis and tabulation; the data collected was classified into a meaningful manner for easy interpretation and understanding. This involves preparing data collected into some useful, clear and understandable data.

While for the first hand information the researcher has summarized the recorded interview (discussion). Data processing involves editing, coding, tabulation and finally data analysis.

3.8.1. EDITING

According to Pelosi et al (2001), this involves checking all questions in order to discover errors and remove unnecessary information. Here effort were made by the researcher to reduce errors that could come out during the course of research process, hence creates better ground for coding and tabulation.

3.8.2. CODING

According to Saldaña and Johnny,(2015).Coding is an analytical process in which data, in both quantitative form (such as questionnaires results) or qualitative (such as interview transcripts) is categorized to facilitate analysis.

3.8.3. TABULATION

After the process of coding, all information was put into statistical tables showing the number of occurrences of respondents in particular question. The research presented in calculated percentages, after tabulation data were analyzed and summarized in accordance with the objective of study.

3.9. LIMITATIONS OF THE STUDY

During this research, some constrains were encountered and these include the following:

· Lack of enough financial resources for carrying out the research work, which did not allow the researcher to arrive at each VFC client. but the institution should provide some fund that can help researchers to make accurate research.

· Luck of enough documentation, it is better that PIASS should facilitate the graduates to access online library (books) for their research.

· Lack of enough time, employees were busy with day to day activities and had no time to help the researcher, the institutions should provide enough time to facilitate the researcher in gathering information on time.

· Illiteracy given that the study was conducted in microfinance having clients that are especially low income earner and with low level of education. Some clients failed to express themselves for some of the study attributes as required.

CHAPTER FOUR: PRESENTATION OF KEY FINDINGS AND DATA ANALYSIS

4.1. INTRODUCTION

This chapter concerns the presentation of findings from the research project. The data have been collected from self-administered questionnaires and observation on the field to explore the women projects. The data collected have been tabulated and analyzed by descriptive statistics.

4.2. IDENTIFICATION OF PARTICIPANTS

Participants to our research were identified according to some socio-demographics variables. These are the sex, age, marital status, education level, and employment status, which are synthesized in the below table. These variables affect the use of savings and credit operations.

Table2. Identification of respondents

	Category	Number of respondents	Percentage
Gender	Male	0	0
Gender	Female	64	100
	Total	64	100
Age	18-35Years	21	32.8
	36-45Years	41	64.1
	46-60Years	2	3.1
	Above 60 Years	0	0
	Total	64	100
Marital status	Single	2	3.1
	Married	26	40.6
	Widow	36	56.3
	Divorced	0	0
	Total	64	100
Level of education	Primary school	62	94.3
	Secondary	0	0
	High education	0	0
	Other	2	3.1
	Total	64	100
Employment status	Self-employed	59	92.2
	Employed	5	7.8
	Unemployed	0	0
	Student	0	0
	Total	64	100

According to the variable sex, all respondents were women, and they should generate the needed information for research, as the topic focused on women only.

According to the variable age, most of respondents are ranged between 18-35 years, representing 32.8% and 36-45Years representing 64.1%. This meets the fact that the above category represents the active population in general; while above 45 years of respondents have 3.1%, which means that this group characterized by the dependent category and they do not owing business.

With regard to the marital status, the married group showed 40.6%, and Widower group represent 56.3%, and became higher involved in savings and credit operations rather than the single one. The explanation behind is that the single population is less charged than the married and widower group, in terms of people who are/are not dependents on them. The person who has to satisfy the needs of many people has to increase his incomes.

From the above table, results show that people with primary level constitutes 96.9% of the respondents. Thus, 3.1% of respondents represents category of others. The others group includes those who attend adult education or never attended school. We explain these findings as a result of the microfinance's institutions deal with low income projects.

Reference made to employment status, the high number of respondents (92.2%) is self-employed, whereas the employed represent the small group with 7.8%. These results match with the Rwandan government initiatives which encourage people not to look at State of employment, but to set up their own business (entrepreneurship).

4.3. PRESENTATION OF RESULTS FROM QUESTIONNAIRES

Results from questionnaires are presented in different tables. The questions have been formulated regarding the objectives of the research.

Table3: major causes of poverty among women according the respondents

Statement	Number of respondents	Percentage
Ignorance	5	7.8
economic aspect and lack access to finance	52	81.3
legal and political structure	0	0
oppressive social	2	3.1
Cultural	5	7.8
Other	0	0
Total	64	100

Reference made to major causes of poverty among women, the high number of respondents (81.3%) is economic aspect and lack access to finance, whereas the cultural and ignorance represent the small group respectively with 7.8%and 7.8% and oppressive social cover 3.1%. These results clarify the major causes of poverty among women are economic aspect and lack of access to finance is the major cause of poverty among women, the second level covered by cultural and ignorance and oppressive social are the major causes at second level of poverty among women

Table4: Number of respondent who received any loan from VFC Ltd

The table above shows that all respondents agreed that they received loan from VFC and used it in their businesses.

Table5: Number of loan cycles from VFC Ltd

Cycles	Number of respondents	Percentage
1^st cycle	0	0
2^nd cycle	0	0
3^rd cycle	42	65.6
4^th cycle	12	18.8
5^th and over	10	15.6
Total	64	100

According to the result from table above a large group received loan from VFC Ltd at 3^rd cycle is 65.6%clients, who get it on 4^th cycles are 18.8% and the respondents who get the loan on the 5^th and over cycles are 15.6%. All respondents have get 3^rd loan and over, this provide an evidence to our result will be accurate and it will help us to view the impact of microfinance on women empowerment to women received the loan from VFC Ltd and acquired it in their business.

Table 6: The use of Loan from VFC Ltd

Loan use activities	Number of respondents	Percentage
Agriculture activities	10	15.6
Commerce	54	84.4
Pay School fees	0	0
Building house	0	0
Paying health insurance	0	0
Transport	0	0
hand craft	0	0
Others	0	0

Total	64	100

According to the above table, respondents have indicated that when found credits from VFC was engaged mostly in Commerce and in agriculture activities. The respondent answered that the loan received from VFC Ltd 84.4% of the respondents have confirm that the loan engaged in commerce business, 15.6% of the respondents agreed that the loan from VFC used in agriculture activities. This should confirm that most of the loans acquired by VFC finance the commerce business of their clients.

Basing on the results from the question asked above the respondents returned on the social action that VFC Ltd provides to their active clients, deliver 25000Frw for funnel expense to somebody who lost their family member and provide health insurance to insure their in case of death.VFC Ltd provides to their clients trainings on business management in order to be more sustainable and profitable in their businesses.

Table7: Views on Empowerment of the respondent after getting Loan from VFC Ltd

The table above shows that all respondents agreed that they have been empowered after getting loan from VFC Ltd. They got credits for caring to their small businesses and increase the level of decision making within household and their community, after meeting the basic needs, some amount is left and use it as savings.

10. After receiving the loan from VFC their income and saving culture have been increased

Table 8: After receiving the loan from VFC their income and saving culture have been increased

The table above shows that all respondents agreed that after receiving the loan from VFC their income and saving culture have been increased. It confirm that VFC Ltd contributes to the improvement of living conditions of its clients because it provides credits to them for caring in their small businesses and through that, they pay school fees for their child and after meeting the basic needs, some amount gained within the business used as savings and the regular payment trained them to save in order to meet payment deadline.

11. Are your management skills have been increased after acquiring the loan from VFC Ltd and carrying out your business?

Table 9: Management skills have been increased after acquiring the loan from VFC Ltd and carrying out their business

The table above shows that all respondents agreed that their management skills have been increased after acquiring the loan from VFC Ltd and carrying out their business. It confirm that VFC Ltd contributes to the improvement of business management conditions of its clients because before getting loans they are trained on how to manage micro project and warned to use the acquired fund for what was requested for, that raise up the level of management skills of their business.

To the results below, for each question, respondents had to choose their position regarding the statement, and depending on the following elements: strongly agree, agree, neutral, disagree and strongly disagree.

Table10: Women use savings and credit in economic activity for their empowerment

Statement	Number of respondents	Percentage
Strongly agree	26	40.6
Agree	36	56.3
Neutral	2	3.1
Disagree	0	0
Strongly disagree	0	0
Total	64	100

From the tables above, most of respondents (56.3%) agreed with the statement that women use saving and credit for economic activity, It should also be noted that 40.6% strongly agree with the statement. This means that 96.9% agree with the statement at certain level. The neutral receives 3.1% of respondents. This may result from low knowledge or lack of information on existence of schemes that help women in promoting their economic activities.

13. Women economically-developed change gender role and status within household and community

Table 11: Women economically-developed change gender role and status within household and community

Statement	Number of respondents	Percentage
Strongly agree	40	62.5
Agree	21	32.8
Neutral	0	0
Disagree	3	4.7
Strongly disagree	0	0
Total	64	100

A big number of respondents 62.5% confirms that the women economically-developed change gender role and status within household and community with strongly agree , 32.8% and 4.7%, are agree and disagree respectively with the role of economic of women in household and the communities while 0% of respondent neutral and strongly disagree with the statement.

14. Microcredit provided by Vision Finance Company Ltd MFI is enough to women empowering

Table 12: Microcredit provided by Vision Finance Company Ltd MFI is enough to women empowering

Statement	Number of respondents	Percentage
Strongly agree	0	0
Agree	2	3.1
Neutral	0	0
Disagree	0	0
Strongly disagree	62	96.9
Total	64	100

According to the table above, 3.1% of respondents agree that: Microcredit provided by VFC Ltd is enough to women empowering while 96.9% of respondents strongly disagree with the statement. This means that the majority confirmed microcredit provided by Vision Finance Company Ltd is not enough in case of the women empowerment.

15. Women appreciate the short-term loan from VFC Ltd for their
empowerment purpose

Table 13: Women appreciate the short-term loan from VFC Ltd for their
empowerment purpose

Statement	Number of respondents	Percentage
Strongly agree	0	0
Agree	0	0
Neutral	0	0
Disagree	60	93.7
Strongly disagree	4	6.3
Total	64	100

According to the above table, the respondents 93.7% have been disagreed and 6.3% strong disagree the short-term loan from Vision Finance Company Ltd MFI for their empowerment. It means that time allocated to the repayment of credit is not enough according to the capacity of the started business. As the business requires more funds the loan volume provided by VFC Ltd is so small.

16. Women may be economically self-sufficiency due to microcredit without the men support

Table 14: Women may be economically self-sufficiency due to microcredit without the men support

Statement	Number of respondents	Percentage
Strongly agree	61	95.3
Agree	0	0
Neutral	0	0
Disagree	3	4.7
Strongly disagree	0	0
Total	64	100

The above table shows that respondents (95.3%) agreed that most women may be economically self-sufficiency due to microcredit without the men compared to respondents (4.7%) who did not strongly agree with the statement.

17. Socio-demographics variables such as education level, age, marital and professional status lead to success of microcredit in women empowerment

Table 15: Socio-demographics variables such as education level, age, marital and professional status lead to success of microcredit in women empowerment

Statement	Number of respondents	Percentage
Strongly agree	31	48.4
Agree	11	17.2
Neutral	0	0
Disagree	19	29.7
Strongly disagree	3	4.7
Total	64	100

Data From the above data, 48.4% strongly agree and 17.2% agree that Socio-demographics variables such as education level, age, marital and professional status lead to success of microcredit in women empowerment and what little income they earn may substitute for former male household contributions as men retain more of their earnings for their own use. While4.7% and 29.7% strongly disagree and disagree with the statement respectively

Table 16: Business held by women is competitive with others

Statement	Number of respondents	Percentage
Strongly agree	51	79.7
Agree	0	0
Neutral	3	4.7
Disagree	10	15.6
Strongly disagree	0	0
Total	64	100

The table shows that 79.7% of respondents confirmed that Business held by women is competitive with others and reproductive tasks, 15.6% disagreed with the statement while 4.7% of respondents did not comment about the subject.

Table 17: Microcredit offered to women improves the family standing

Statement	Number of respondents	Percentage
Strongly agree	18	37.5
Agree	40	62.5
Neutral	0	0
Disagree	0	0
Strongly disagree	0	0
Total	64	100

From the above table, most of respondents (37.5%) were strongly agreed, and 62.5% agreed that the microcredit offered to women improves the family standing, that implies that income generated by women improves family's life.

Table 18: Women empowerment involves the family and community development

Statement	Number of respondents	Percentage
Strongly agree	64	100
Agree	0	0
Neutral	0	0
Disagree	0	0
Strongly disagree	0	0
Total	64	100

100% 0f the women asked strongly agreed to Women empowerment involves the family and community development have highest the important in the family promotion.

21. Family economy may be based on the women empowerment due to Savings and credit through microfinance

Table 19: Family economy may be based on the women empowerment due to Savings and credit through microfinance

Statement	Number of respondents	Percentage
Strongly agree	55	85.9
Agree	3	4.7
Neutral	0	0
Disagree	4	6.3
Strongly disagree	2	3.1
Total	64	100

The study shows that 85.9% of the women respondents were particularly proud of the financial contribution of the loan received to their empowerment especially in their family and 4.7% of respondents agreed with the same. However, 6.3% and 3.1% disagreed and strongly disagreed with the statement respectively.

4.4. DISCUSSION OF RESULTS

The researcher expressed his interest to conduct microfinance impact assessment among VFC Ltd women clients and their path to economic development. It has been recognized that VFC Ltd is doing an outstanding work to ensure transformation of lives of poor Rwandan especially women who have been covering behind economically due to political, social and cultural barriers.

However, Rwandan academicians and the public alike do have limited knowledge about intervention that VFC Ltd has been providing to bring economic independent, pride, and confidence and build power in decision making to the women clients.

4.4.1. DISCUSSION OF RESULTS FROM QUESTIONNAIRES

The results from my research have confirmed the contribution of microfinance on women empowerment in Nyaruguru. Different questionnaires answered by respondents have underlined the above assumption. Some of these questions have evaluated the use of savings and credits in economical activity for women empowerment, and this met the agreement of 96.9% of respondents. Indeed, when the people resources are limited or inexistent, they have to look on low-income generating activities in order to gain money. In regards to the socio-demographic variables, the majority of respondents are married, self-employed, achieved only the primary level, and are aged between 18-60 years. This justifies the fact that respondents in the mentioned categories deal with microfinance in terms of saving & credits for their survival. Currently in Rwanda, it has been evidenced that none can get better economically without the credits and savings operations.

Further, another item has questioned about the change of gender role and status within household & community by economically developed-women. In the past, women in Rwanda were not considered with appropriate dignity. Since they have been involved in business and other responsibility, they have changed that mentality. From our research, 95.3% of respondents have agreed with the statement. Effectively, women empowerment affects their status not only in their place of residence but also within the community, and this constitutes the sum or the result of their status change. The women economically-developed need their involvement in income generating business, which imply the use of saving and credit operations.

On the other hand, the women appreciation towards the microcredit provided by Vision Finance Company Ltd MFI in their empowerment has been analyzed, and most of respondent have expressed their wish to increase the amount of credit offered by Vision Finance Company Ltd. All the same, the research has evidenced that most of clients who benefit from Vision Finance Company Ltd's microcredit have agreed to be in female low-income activities. This means that women who deal with Vision Finance Company Ltd MFI would like to have more amount of credit for high income generating activities. Obviously, it emphasizes that a low income generating activity becomes later a high income generating activity, and justifies the contribution of microfinance in women empowerment.

Thus, 95.3% respondents have agreed that through the microcredit, women may become economically self-sufficiency even with the absence of men support. This confirms the part of microfinance in women empowerment because in former times, the woman has been for a long time financially dependent on man. Currently, as long as Rwanda still obsessed by the women promotion in various domains, their financial self-sufficiency will strengthen and make easy the process. Moreover, the research has interestingly enough evidenced that most of participants were strongly agreed not only that the microcredit offered to women in context of family impacts positively its standing improvement, but also that the family economy may be based on the women empowerment due to savings and credit through microfinance. One thing is for sure, woman has always been the pillar of the family economical development. Furthermore, it is known that the family development goes hand in hand with the community development. Then, the women involvement in savings and credit process towards microfinance leads up to the community promotion through the family one.

Based on the results of the present research, we intend to emphasize on the strengthening of women empowerment through microfinance for the following major achievements: firstly, as women constitute the high percentage among all Rwandan, their empowerment will become a key point in sustainable development of the country. Secondly, the promotion of women through microfinance enhances them to become more self-employed, and encourage gender promotion which leads them to competitiveness with men. Thirdly, the reinforcement of microfinance and the encouragement of people, women especially, to deal with them contributes in poverty alleviation through redaction of the rise in unemployment because people become job creator not job seeker.

It is important to note that these results concern only Vision Finance Company Ltd and participants to the research. They can be generalized neither to all microfinance institutions nor to all women who deal with microfinance. Another limitation related to this research is linked to the inaccessibility to all respondents for interview and observation of all their projects. Thus, it has been difficult for us to evaluate with precision the progression made by our respondents since it wasn't easy to eliminate all factors which may have intervene in their economical development.

4.4.2. DISCUSSION OF RESULTS FROM INTERVIEW

We remind that some information have been obtained through interview with a small group among Vision Finance Company Ltd staff and its beneficiaries. We mention that all information have been completed by observation on field for some projects and consulting some Vision Finance Company Ltd documents. The results from interview have allowed us to draft the contribution or impact of Microfinance on women empowerment, and the challenges experienced by both sides: institution and beneficiaries (Women).

4.4.2.1. IMPACT OF MICROFINANCE ON WOMEN EMPOWERMENT

Since the most direct anticipated benefits of microfinance concern are women clients' business, I shall begin with a discussion of the effects of Microfinance program in that area. Running a successful business not only contributes to women's improved welfare; it also contributes both directly and indirectly to their economic empowerment. The interview held with Vision Finance Company Ltd managing director showed that through microfinance services, women's business become more successful in the following ways:

These services enable an increase in operating income that affords women basic necessities, saving, self-esteem, and self-respect which have improved relationships with families and communities, more strategic planning and pricing, and diversification and expansion into more profitable product lines.

Microfinance services ensure an increase in operating income which is particularly important for women empowerment through generating their own capital or have access to cash credit and provide women with considerable more power and prestige in the marketplace.

4.4.2.2. CHALLENGES EXPERIENCED BY VISION FINANCE COMPANY LTD IN OFFERING CREDIT

Women have limited knowledge for business transaction and general business knowledge; this affects clients' business performance in term of price negotiations and dealing with customers. Thus in turn affects income returns which results into difficulties in their loan repayment. Product diversification has been also a burden to Vision Finance Company Ltd clients; where by majority of the borrowers have diversified their loan into other activities leading to loan repayment failure.

4.4.2.3. CHALLENGES EXPERIENCED BY BENEFICIARIES (Women)

During the interview done with some women who have already benefited microcredit from Vision Finance Company Ltd, we have noted certain challenges. The main challenges may be related to the educational background, where beneficiaries who have completed only primary level are more than other respondents (94.3%). This may easily arouse some doubt about the success of their business.

In general, the challenges faced by women in microfinance services and in their business those are:

1. Few women clients still lack self-confidence to try other business opportunities;

2. Limit educational background as it is big problem in the improvement for women's business;

5. Lack of tangible assets or properties to be used for larger loan guarantee or caution in the case an individual women encounters loan repayment problem has been one of the challenges

Few of the interviewee, pointed out that family responsibilities take a lot of women's time that could be applied for improving their income generating efforts. Their responsibility for children care limits their mobility and obliges them to generate income in less conducive environment for business.

CHAPTER FIVE: CONCLUSION AND RECOMMANDATIONS

5.1. INTRODUCTION

This chapter represents a brief summary of findings of the study by expressing the general view of what the researcher discovered during the research. It is also in this chapter that the researcher's recommendations, suggestions and conclusion are mentioned.

5.2. CONCLUSION

The aim of this research is to explore the contribution of microfinance on women empowerment and the circumstances under which microfinance can help the poor women out of their poverty situation. Microfinance provides employment to the poor women who have no other means of income. Women are highly represented in self-employment and operating small income generating activities. Therefore, microfinance has the potential to have a powerful impact on women's empowerment.

Women need and profit from credit and other financial services. Strengthening women's financial base and economic contribution to their families and communities plays a role on empowering them. To a large level, access to capital or credit may be the only input needed to start women on the road to economic empowerment.

However, women have indicated that often they also value the non-economic benefits of microfinance services. Some of the most valued benefits include expanded business and social networks, improved self-esteem, increased household decision making power, and increased respect and prestige from both male and female relatives and community members.

Through VFC Ltd has proved to be a powerful instrument toward women empowerment, enabling them to build assets, increase incomes, and reduce the vulnerability to economic stress. All women who receive a loan, gain access to additional resources and have succeeded in controlling their loans and using them to generate independent incomes.

Targeting women continues to be important for Vision Finance Company Ltd in design of its products and services, mainly because women by default have less access to credit and because they face constraints unique to their gender. Product design and program planning should take women's needs and assets into account.

All in all, most interviewees seem satisfied with the microfinance services as offered. Most clients, in general, have a better life than before. By implementing a limited number of changes to the microcredit programs of MFI. As is working on a country wide scale, an extra increase in women's empowerment could benefit women in many different countries. Vision Finance Company Ltd in partnership with main activities, can be a very useful instrument in contributing to women's empowerment, and offers women a free choice with regard to the way they want to use their talents. If some extra efforts are made, the contribution could be even larger. Microfinance has not been able to reach the poorest at the bottom of the poverty line and therefore the claims that it will reduce poverty for the majority poor remains a mere myth.

However, it's worth noting that, through VFC Ltd has reached a number of poor people who previously had been excluded from the formal banks. The program has been successful in reaching the poor especially women who have not been served by the traditional financial institutions and findings indicate that it has reduced poverty among the borrowers.

The MFI also in addition group-based lending program has recently introduced individual lending for long term borrowers with excellent repayment records. This will enable microfinance borrowers to easily graduate to formal banking system in future. However, the study findings indicate that microfinance was likely to have greater positive impacts in rural than other financial institutions and this suggests differences in opportunities, women poverty levels and microfinance products appropriateness.

This study sought to analyze the impact of microfinance services in empowering the rural women. The outcomes of multiple regression revealed that four factors i.e. socio-economic status up gradation, autonomy for life choices, women position in the family/society and positive approach towards child development can significantly influence the lives of rural women. Traditionally, rural women's role was to provide support to their husband and family which show the suppression of women in rural household. The results of this study states that microfinance has improved their economic condition and enhanced their ability to contribute in their family's decision making. As rural women started to earn and contribute to their family expenses, their husband's behavior towards them has changed considerably. The study also indicates that the livings standard of their family has improved.

5.3. RECOMMENDATIONS

The findings may be useful to microfinance institutions to strengthen and expand their support to rural poor women. Microfinance institutions should conduct usual meeting with the beneficiaries to make them aware about the use of loan in proper business. Govt. and NGOs, on the basis of the study findings, may formulate its policy to empower rural women socially and economically. Based on the above conclusions, the following recommendations are suggested:

1. Microfinance institutions should try to extend more credit facilities to clients to expand their businesses since the study results confirmed that microfinance had a positive impact in empowering rural women.

2. It was also suggested that MFIs should raise-up the loan amount for supporting the business of their target group

3. MFIs should adapt existing training programs and set up new ones in response to clients' needs. With respect to introductory training, as previously mentioned, transparency and full understanding of loan modalities must be ensured.

4. MFIs should pay attention on their target group including the ones in the extreme poverty. This un-bankable group, it should be better to be linked with the NGOs or government to provide direct support more than linked with MFIs.

5. The design of products and services should also be made flexible to reflect the needs of the poor especially women. As was found out by this study, microfinance is most directed to income generating activities, or delivered to those who have existing businesses, street trade or physical collateral.

6. This excludes a large majority of the poor people who would need the products and services and cannot afford this collateral. It's thus important to mention that there is need to improve the design and outreach and to see MFI as part of the package for targeting the poor.

7. Incentive systems should be set up on all levels to encourage MFIs to incorporate strategies and activities supporting women's empowerment into their work. The key here is not to provide more funds in general, but rather to specifically reward promising and/or effective approaches.

8. Despite increasing competition between MFIs to disburse loans, both and its member MFIs must ensure that loans are given responsibly to clients who can afford them. It should also encourage MFIs to re-evaluate their effective interest rates, requests for collateral and policies on group guarantees as well as punitive and legal measures in case of non-payment. Such measures will guarantee responsible finance and ensure that the current largely negative image of microcredit is counter balanced.

9. The Government should provide some fund and subsidies to MFIs in order to help MFIs delivering financial services at low price (interest rate) as they serve the poor people.

5.4. SUGGESTIONS FOR FURTHER RESEARCH

After carrying out the research and learning some problems in the field on the project entitled «the contribution of microfinance institution on women empowerment » a research is suggested on the following areas:

- Accountability and performance as tools for proper functioning of microfinance institutions

- The impact of microfinance institutions credit services in poverty alleviation in rural areas of Rwanda

- The importance of using mobile banking within microfinance institution on their performance

- Factors that can lead to poverty reduction since microfinance institution is one of them,

- Commercialization of microfinance services and products offered by microfinance institutions.

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APPENDICES

COVER LETTER TO RESPONDENTS

I'm pursuing the program of Undergraduate of business studies with education at Protestant institute of arts and social sciences (PIASS). And I'm doing a survey on the CONTRIBUTIONOF MICRO-FINANCE ON WOMEN EMPOWERMENT. I have chosen Vision Finance Company Ltd Nyaruguru Branch to study on and that is why I am inviting all of you to take part in this survey, please answer the following questions as much as you can and the information gathered will be only used for this research. I would be very grateful when you give answers to the following questions will help me to get relevant information. All information will be kept confidential and I will be used only for the purpose of this research. It is not necessary to give your name.

QUESTIONNAIRE (English version)

7. After using the loan acquired from VFC Ltd, have you income and culture of savings increased?

8. After acquiring the loan from VFC Ltd and carrying out your personal activities, have your management skills increased?

9. Identify the various determinants of women empowerment in Nyaruguru district? (Tick the appropriate answer match with your answer)

N^o	STATEMENT	STRONGLY AGREE	AGREE	NEUTRAL	DISAGREE	STRONGLY DISAGREE
1	Women use savings and credit in economic activity for their empowerment
2	Women economically-developed change gender role and status within household and community
3	Microcredit provided by Vision Finance Company Ltd IMF is enough to women empowering
4	Women appreciate the short-term loan from Vision Finance Company Ltd IMF for their empowerment purpose

10. What are the role of microfinance institutions on empowering women and their families(Tick the appropriate answer match with your answer)

INTERVIEW QUESTIONS

IBIBAZO BY'UBUSHAKASHATSI( Igice cy'ikinyarwanda)

Ndi umunyeshuri mu ishuri rikuru rya PIASS mu ishami rijyanye N'ubukungu n' uburezi. Nkaba ndimo gukora ubushakashatsi ku uko ibigo by'imari iciriritse bizamura ubushobozi bwa abagore. Nikubwiyo mpamvu nabatumiye kugira ngo mumfashe muri ubwo bushakashatsi musubiza ibi bibazo uko mushobozwa.

12. Ese imari yawe yaba yariyongereye hanyuma yo gukoresha inguzanyo zo muri VFC Ltd?

13. Umaze kubona inguzanyo iturutse VFC Ltd no kuyikoresha ibikorwa byawe hari icyahindutse kubumenyi bw'icunga mari ?

Kuri buri kibazo , usubiza azajya ahitamo uruhande yemeranwa narwo bigendewe ku byabajijwe, aragagaza uruhande ahagazeho hakoreshejwe ibi: Ndabyeza cyane, Ndabyemeza, Ndifashe, Sibyemeza, Sibyemeza cyane(shyira akamenyetso ka V ku gisubizo cy'ukuri)

N^o	Ingingo yabajijwe	Ndabyeza cyane	Ndabyemeza	Ndifashe	Sibyemeza	Sibyemeza cyane
1	Ese abagore bafata inguzanyo muri Vision Finance Company Ltd IMF bari mukiciro cy'abagore bafite ubushobozi buke gusa
2	Ese umugore uteyimbere mu bukungu bizamura urwego ariho na akamaro mu muryango no mu bantu muri rusange
3	Ese inguzanyo zitangwa na Vision Finance Company Ltd IMF zirahagije ku bagore kugirango bazamure ubushobozi bwabo
4	Abagore bishimira inguzanyo z'igihe gito bahabwa na VFC kugira ngo bazamure urwego bariho

15. Ni akahe kamaro k'ibigo by'imari iciriritse mukuzamura ubushobozi bw'umugore n'imiryango yabo (Shyira akamenyetso ka (V) ku gisubizo kikunogeye)