Effects of Table Banking on Socio-Economic Empowerment of Women in Kenya

Abstract

The empowerment of women has been widely acknowledged as an important goal in international development, but the meaning and terminology associated with this concept vary. Moreover, the methods for systematically measuring and tracking changes in levels of empowerment are not well established. Table banking, one of the approaches of empowering women is a concept that is becoming popular among women groups in Kenya. The main objective of this study was to establish the effects of Table banking on Socio-Economic Empowerment of Women in Kenya.The specific objectives were: to establish the effects of Access to Finance, Financial Services, Funds Mobilization Techniques, Group Resources and Management Characteristics on Socio-Economic Empowerment of Women. The study adopted the descriptive survey design where questionnaires were used to get primary data. Secondary data was used to validate the primary collection. The study involved a sample of 440 members drawn using simple random sampling method from a population of 30,735 Table banking members from Baringo, Nakuru, Uasin Gishu, Bomet and Kericho counties. A total of 440 questionnaires were administered with a return rate of 70.9%. The data collected was analyzed using descriptive statistics. The study relied on Pearson’s correlation, linear regression and factor analysis to draw inferences from the responses. Statistical analysis was done with the aid of statistical package of social sciences (SPSS) software version 24. The findings of the study revealed a strong, positive and statistically significant relationship between Access to Finance and Socio-Economic Empowerment of Women. The findings of the study also showed a fairly strong, positive and statistically significant correlation between Table banking Financial Services and Socio-Economic Empowerment of Women. Besides, the findings revealed a very strong, positive and statistically significant relationship between Table banking Group Resources and Socio-Economic Empowerment of Women. The results of the study also exibited a very strong, positive and statistically significant relationship between Table banking Management Characteristics and Socio-Economic Empowerment of Women. According to the findings, this study recommends continuous, effective and thorough training of all groups involved in Table banking to enhance their financial management capability and performance. The study also recommends that the government should consider increasing the avenues and mechanisms for socio-economic empowerment of women and special interest groups especially in the rural areas. It is also recommended that the groups find out various ways of raising funds other than from their own contributions and invest prudently.The study further recommends that Table banking group members should consider increasing the amounts of their contributions and savings and uphold high levels of financial discipline. The groups should as well pursue viable and economical external sources of funding to boost their capital base and support the group investment activities. The study also recommends that the group members should properly utilize the available resources to avoid inconviniencies to the group members. Based on the study findings, it is important that further research be done on the rationale of mens’ involvement and active participation in Table banking as a means of achieving economic empowerment. Studies should also be done to unearth the interrelation between adoption of Table baking and performance of women owned micro and small enterprises in Kenya.