The role of microfinance service in the sustainable development goals of women's empowerment: a glimpse from Amhara Credit and Savings Institution (ACSI)

Gender equality and women's empowerment are major concerns under Goal 5 of the United Nations' Sustainable Development Goals to be achieved by 2030. Therefore, microfinance institutions in developing nations have been working on these issues by providing loans to married women and others in need. As a result, this paper focuses on one such microfinance institution in Ethiopia, called ACSI (Amhara Credit and Saving Institution), and its role in fostering economic independence for married women and their involvement in various public social schemes. The study utilized a qualitative approach, collecting data through in-depth interviews (26), focus group discussions (1), and life histories from ACSI experts (4) and key informants from Women's and Children's Affairs (6). Specifically, the study focused on married women in Basona Werana Woreda and examined the impact of ACSI's credit services on their social conditions. The empirical findings of the study reveal that the social condition of married women clients has improved due to the credit services provided by ACSI. Women's social empowerment indicators have shown positive changes after utilizing the credit services. However, the study also identified challenges faced by the institution, such as a lack of adequate transportation means and a shortage of personnel to reach remote residents and fulfill their mission of improving the situation of vulnerable low-income and productive poor resident women. Additionally, cultural attitudes pose significant challenges to the social empowerment of women. The empirical implementation of this study provides insights into the achievements and hurdles that need to be addressed in enhancing economic security for married women through microfinance initiatives.