A The paradigm of microfinance, catalysed by pioneers like Muhammad Yunus and the Grameen Bank in Bangladesh, was initially heralded as a revolutionary tool for poverty alleviation and women's empowerment. The logic seemed irrefutable: provide small, collateral-free loans to impoverished women, and they would launch or expand small enterprises, generating income, gaining economic independence, and ultimately elevating their status within their families and communities. This model aligns seamlessly with international development agendas, including the UN's Sustainable Development Goal 5, which targets gender equality. However, decades of implementation have revealed a far more complex and often contradictory reality, prompting a critical re-evaluation of the efficacy of microcredit as a standalone solution for fostering sustainable women-owned businesses. B The theoretical foundation of microfinance rests on a linear progression towards empowerment. Access to credit is posited as the critical first step, enabling a woman to move from a position of dependency to one of an active economic agent. By establishing a small venture—be it selling produce, tailoring garments, or raising liv…
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