Microfinance and Women:
Bibliographic Analysisand Trends Using the ARIMA Model
DOI:
https://doi.org/10.30854/anf.1195Keywords:
microfinance, empowerment, women, ARIMA Model, SDGs , (obtained from the Social Sciences thesaurus), JEL Code: B54Abstract
Objective: To conduct a bibliographic analysis and a review of trends in microfinance and women. Methodology: The Autoregressive Integrated Moving Average (ARIMA) model was used due to its capacity to model and forecast time series data. Publication data from the Scopus database between 2010 and 2023 were examined to support the analysis. Results: The findings made it possible to identify patterns, seasonality, and changes that reveal trends and potential research lines in this field. Conclusions:
Overall, microfinance is regarded as a positive strategy implemented by different countries to promote women’s empowerment.
Downloads
References
Adusei, M., Yaw-Akomea, S., & Poku, K. (2017). Board and Management Gender Diversity and Financial Performance of Microfinance Institutions. Cogent Business & Management, 4(11), 1-14. https://doi.org/10.1080/23311975.2017.1360030
Aktaruzzaman, K., & Farooq, O. (2023). Does Gender Diversity Affect Nonperforming Loans? International Evidence from Microfinance Institutions. Borsa Istanbul Review, 23(4), 865-875.
https://doi.org/10.1016/j.bir.2023.03.001
Al-shami, S., Al Mamun, A., Rashid, N., & Al-shami, M. (2021). Microcredit Impact on Socio-Economic Development and Women Empowerment in Low-Income Countries: Evidence from Yemen. Sustainability: Science Practice and Policy, 13(16), 1-17. https://doi.org/10.3390/su13169326
Alzate, M. y Alzate, P. (2023). Microfinanzas solidarias: alternativa para mejoramiento del desarrollo con personas en situación de pobreza. Estudio de caso Medellín. Revista Lasallista de Investigación, 20(2), 28-43. https://revistas.unilasallista.edu.co/index.php/rldi/article/view/3290/210210851
Banco Mundial. (3 de agosto de 2015). El fundador del Banco Grameen tiene consejos para los emprendedores [Archivo de video]. Youtube. https://www.youtube.com/watch?v=IxmQQAsETaY
Baskaran, A., Dong, T., & Selvarajan, S. (2022). Microfinance and Women’s Empowerment in Myanmar. Institutions and Economies, 14(2), 59-90. https://doi.org/10.22452/IJIE.vol14no2.3
Bott, E., Ojha, S., Mini, S., Kumar, R., Choudhary, S., Yaron, G., & Smyth, A. (2022). Daily Bread: Women’s Self-Help Microfinance and the Social Meanings of Money. Sociological Research Online, 28(2), 442-461. https://doi.org/10.1177/13607804211058745
Box, G., Reinsel, G., Jenkins, G., & Ljung, G. (2015). Time Series Analysis: Forecasting and Control. John Wiley & Sons.
Cruz, S., López, J., Moro-Visconti, R., & Santandreu, E. (2022). Should Gender Be a Determinant Factor for Granting Crowdfunded Microloans? Humanities and Social Sciences Communications, 9(1), 1-13. https://doi.org/10.1057/s41599-022-01475-z
Dhungana, B., Chapagain, R., & Ashta, A. (2023). Alternative Strategies of For-Profit, Not-For-Profit and State-Owned Nepalese Microfinance Institutions for Poverty Allevation and Women Empowerment. Cogent Economics & Finance, 11(2), 1-24. https://doi.org/10.1080/23322039.2023.2233778
Dickey, D., & Fuller, W. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366a), 427-431. https://doi.org/10.1080/01621459.1979.10482531
Fall, F., Tchuigoua, H., Vanhems, A., & Simar, L. (2021). Gender Effect on Microfinance Social Efficiency: A Robust Nonparametric Approach. European Journal of Operational Research, 295(2), 744-757.
https://doi.org/10.1016/j.ejor.2021.03.020
García, J., Attallah, D., Gomma, N., & Ali, S. (2024). Improvements in Practicing Nurses’ Knowledge, Skills, Self-Efficacy, Confidence, and Satisfaction After a Simulated Clinical Experience of Caring for a Patient Undergoing Chemotherapy: A Quasi-Experimental Study. BMC Nursing, 23, 1-9. https://bmcnurs.biomedcentral.com/articles/10.1186/s12912-024-01727-0
Garikipati, S., Johnson, S., Guérin, I., & Szafarz, A. (2017). Microfinance and Gender: Issues, Challenges and The Road Ahead. Journal of Development Studies, 53(5), 641-648. https://doi.org/10.1080/00220388.2016.1205736
Gupta, V., & Gupta, A. (2014). Leadership Gender, Performance, and Governance in Microfinance Institutions: Is There a Connection? Academy of Management Perspectives, 28(3), 1-3.
Gyapong, E., Gyimah, D., & Ahmed, A. (2021). Religiosity, Borrower Gender and Loan Losses in Microfinance Institutions: A Global Evidence. Review of Quantitative Finance and Accounting, 57(2), 657-692. https://doi.org/10.1007/s11156-021-00958-5
Hewa-Wellalage, N., & Thrikawala, S. (2021). Bank Credit, Microfinance and Female Ownership: Are7 Women More Disadvantaged Than Men. Finance Research Letters, 42, 1-8. https://doi.org/10.1016/j.frl.2021.101929
Huis, M., Hansen, N., Otten, S., & Lensink, R. (2017). A Three-Dimensional Model of Women's Empowerment: Implications in The Field of Microfinance and Future Directions. Frontiers in Psychology, 8, 1-14. https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2017.01678/full
Huis, M., Hansen, N., Otten, S., & Lensink, R. (2019). The Impact of Husbands' Involvement in Goal-Setting Training on Women's Empowerment: First Evidence From an Intervention Among Female Microfinance Borrowers in Sri Lanka. Journal of Community & Applied Social Psychology, 29(4), 336-351.
https://doi.org/10.1002/casp.2404
Hyndman, R., & Athanasopoulos, G. (2018). Forecasting: Principles and Practice (2nd ed.). OTexts.
Kapiga, S., Harvey, S., Mshana, G., Holm, C., Mtolela, G., Madaha, F., Hashim, R., Kapinga, I., Mosha, N., Abramsky, T., Lees, S., & Watts, C. (2019). A Social Empowerment Intervention to Prevent Intimate Partner Violence Against Women in a Microfinance Scheme in Tanzania: Findings from the MAISHA Cluster Randomised Controlled Trial. The Lancet Global Health, 7(10), 1-12.
https://doi.org/10.1016/S2214-109X(19)30316-X
Khan, S., & Ansari, N. (2018). A Microcredit Alternative in South Asia: Akhuwat’s Experiment. Routledge. https://doi.org/10.4324/9781351174589
Knight, L., Ranganathan, M., Abramsky, T., Polzer-Ngwato, T., Muvhango, L., Molebatsi, M., Stöckl, H., Lees, S., & Watts, C. (2019). Intervention with Microfinance for AIDS and Gender Equity (IMAGE): Women’s Engagement with the Scaled-up IMAGE Programme and Experience of Intimate Partner Violence in Rural South Africa. Prevention Science, 21(2), 268-281.
https://doi.org/10.1007/s11121-019-01070-w
Kumar, K. (2020). Empowering Women Through Microfinance: Evidence from Uttar Pradesh, India. Journal of Critical Reviews, 7(7), 1024-1029.
Kwiatkowski, D., Phillips, P., Schmidt, P., & Shin, Y. (1992). Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure are We that Economic Time Series Have a Unit Root. Journal of Econometrics, 54(1-3), 159-178. https://doi.org/10.1016/0304-4076(92)90104-Y
Macrimmon, T., Witte, S., Mergenova, G., Terlikbayeva, A., Primbetova, S., Kuskulov, A., Bellamy, S., El-Bassel, N. (2018). Microfinance for Women at High Risk for HIV in Kazakhstan: Study Protocol for a Cluster-Randomized Controlled Trial. Trials, 19, 1-14.
https://trialsjournal.biomedcentral.com/articles/10.1186/s13063-018-2566-y
Maîtrot, M. (2021). The Moral Economy of Microfinance in Rural Bangladesh: Dharma, Gender and Social Change. Development and Change, 53(2), 335- 355. https://doi.org/10.1111/dech.12700
Mohamed, S., & Elgammal, M (2022). Credit Risk in Islamic Microfinance Institutions: The Role of Women, Groups, and Rural Borrowers. Emerging Markets Review, 54, 1-14. https://doi.org/10.1016/j.ememar.2022.100994
Olohunlana, A., Adeleye, N., Olohunlana, S., & AbdulKareem, H. (2022). Gender Heterogeneity and Microfinance Sustainability in Sub‐Saharan Africa. African Development Review, 34(2), 232-243. https://doi.org/10.1111/1467-8268.12627
Organización de Naciones Unidas [ONU]. (2015). ODS. Objetivo 5: Lograr la igualdad entre los géneros y empoderar a todas las mujeres y las niñas.
https://www.un.org/sustainabledevelopment/es/gender-equality/
Pareek, A., Kumar Saini, S., Holla, C., & Nagaraju, G. (2019). Enabling Women Entrepreneurs in Horticulture and Instruction Parts in India Through Microfinance Advancements. International Journal of Innovative Technology and Exploring Engineering, 8(10), 2663-2666. https://doi.org/10.35940/ijitee.J9429.0881019
Pervin, S., Ismail, M., & Noman, A. (2023). Does Microfinance Singlehandedly Empower Women? A Case Study of Bangladesh. SAGE Open, 13(2), 1-32. https://doi.org/10.1177/21582440221096114
Pindyck, R., & Rubinfeld, D. (2014). Econometric Models and Economic Forecasts. McGraw-Hill Education.
Rodrigues-Salgado, C., & de Farias-Aires, R. (2018). Microcredit and Gender: Are There Differences in the Credit Conditions? BAR - Brazilian Administration Review, 15(2), 1-18. https://bar.anpad.org.br/index.php/bar/article/view/349/354
Samant, P., Singh, A., Misra, R., & Dwivedi, R. (2019). Impact of Microcredit on Women Empowerment Indicators: An Empirical Reserach in the State of Uttarakhand. International Journal of Recent Technology and Engineering (IJRTE), 8(3), 3702-3709. https://www.doi.org/10.35940/ijrte.C4851.098319
Shohel, T., Niner, S., & Gunawardana, S. (2021). How the Persistence of Patriarchy Undermines the Financial Empowerment of Women Microfinance Borrowers? Evidence from a Southern Sub-District of Bangladesh. PLoS ONE, 16(4), 1-21. https://doi.org/10.1371/journal.pone.0250000
Shohel, T., Niner, S., & Gunawardana, S. (2023). ‘Even Though I Get a Loan, My Husband Controls It’: Rhetoric Versus Reality of Empowering Bangladeshi Women Through Microfinance Programs. The European Journal of Development Research, 35, 794-819. https://doi.org/10.1057/s41287-022-00539-9
Tchakoute, H. (2023). Loan Officer Gender and Loan Repayment Performance. Evidence from Greenfield Microfinance Institutions in Cameroon. Annals of Public and Cooperative Economics, 94(2), 519-548. https://doi.org/10.1111/apce.12382
Tolmay, J., Knight, L., Muvhango, L., Polzer-Ngwato, T., Stöckl, H., & Ranganathan, M. (2022). Women’s Economic Contribution, Relationship Status and Risky Sexual Behaviours: A Cross-Sectional Analysis from a Microfinance-Plus Programme in Rural South Africa. AIDS and Behavior, 26, 2349-2362.
https://doi.org/10.1007/s10461-021-03566-5
Uzma, B., Ozer-Balli, H., Matthews, C., & Tripe, D. (2018). Impact of Gender and Governance on Microfinance Efficiency. Journal of International Financial Markets, Institutions and Money, 53, 307-319. https://doi.org/10.1016/j.intfin.2017.12.008
Walia, M., Irani, L., Chaudhuri, I., Atmavilas, Y., & Saggurti, N. (2020). Effect of Sharing Health Messages on Antenatal Care Behavior Among Women Involved in Microfinance-Based Self-Help Groups in Bihar
India. Global Health Research and Policy, 5, 1-8. https://doi.org/10.1186/s41256-020-0132-0
Wondimu, H., Terefe, D., & Melkamu, G. (2023). The Role of Microfinance Service in the Sustainable Development Goals of Women’s Empowerment: A Glimpse from Amhara Credit and Savings Institution (ACSI). Discover Sustainability, 4, 1-18. https://doi.org/10.1007/s43621-023-00161-7
Published
Issue
Section
License
Copyright (c) 2026 Martha del Socorro Alzate Cárdenas, David Salvador Cisneros Zepeda

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Once the manuscript is approved, the authors should file and sign the Right Transfer Format.