Influence of Youth Microfinance Economic Empowerment in Masasi District Council Tanzania

Social Science

This study investigates the influence of youth microfinance economic empowerment training skills. The study conducted at the Masasi District Council among youths who were the beneficiaries of the microfinance program. A sample of 40 respondents who were the youths benefited from microfinance and operating income-generating activities within the study area were interviewed. Analysis of data was conducted by using qualitative thematic content analysis techniques, tables and graphs were used. The results of the research indicated microfinance has an impact on improving the income, asset ownership, and improving the living standard of the beneficiaries. The finding of the study revealed that access to microfinance enables the beneficiaries to engage in income-generating activities such as small business and agricultural activities. Most of the youth improved their business activities due to the credit and other services granted to them, and microfinance had also positively improved the knowledge and management skills of the youth due to the entrepreneurship training programs provided by Microfinance institutions. The study concludes that the sustainable provision of the microfinance program is recommended to widen the income source of poor people. Since poor people do not have access to formal financial services, microfinance services regarded as a useful way out for financial constraints. Microfinance services have grown immensely since its beginning in the 1970s; it has one of the essential strategies for reducing poverty in the world. Microfinance has a positive impact on the increasing household income, assets ownership, and improving the living standard of the beneficiaries in the world. The study recommends to the Masasi district council to help youth to form economic groups and in that way, they are able to access loans from microfinance institutions in which youths can carry out businesses and will be in a position negotiations skills.

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