The Effect of Informal Savings Groups on Women’s Economic Participation in Tofa Local Government Area, Kano State
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Background of the Study
Informal savings groups, such as Rotating Savings and Credit Associations (ROSCAs) and Village Savings and Loan Associations (VSLAs), have emerged as vital financial instruments in many developing countries. In Tofa Local Government Area of Kano State, these groups play a crucial role in enhancing women's economic participation. By providing accessible financial services, informal savings groups empower women to engage in income-generating activities, thereby improving their economic status and contributing to community development. Recent research indicates that participation in such groups not only facilitates asset accumulation but also enhances social capital among women (Adebayo & Yusuf, 2023; Nwankwo & Okeke, 2024). However, challenges such as limited financial literacy, cultural constraints, and lack of formal recognition persist, hindering the full potential of these groups. Addressing these issues is essential for maximizing the benefits of informal savings groups on women's economic empowerment (Oluwole & Adeola, 2025).
1.2 Statement of the Problem
Despite the recognized benefits of informal savings groups, women in Tofa Local Government Area continue to face obstacles that limit their economic participation. Cultural norms and gender biases often restrict women's involvement in financial activities, while limited access to formal financial institutions exacerbates their economic marginalization. Additionally, the informal nature of these savings groups means they lack formal recognition and support, which can lead to issues such as mismanagement of funds and lack of accountability (Usman & Bello, 2023). Addressing these challenges requires a comprehensive understanding of how informal savings groups influence women's economic participation and the formulation of strategies to enhance their effectiveness.
1.3 Objectives of the Study
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To examine the role of informal savings groups in promoting women’s economic participation in Tofa Local Government Area.
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To identify the challenges women face in participating in informal savings groups.
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To assess the impact of informal savings groups on women's financial independence and business sustainability.
1.4 Research Questions
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How do informal savings groups promote women’s economic participation in Tofa Local Government Area?
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What challenges do women face in participating in informal savings groups?
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What is the impact of informal savings groups on women's financial independence and business sustainability?
1.5 Research Hypotheses
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Informal savings groups significantly enhance women’s economic participation in Tofa Local Government Area.
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Women in informal savings groups face substantial challenges that limit their financial inclusion.
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Informal savings groups positively impact women's financial independence and business sustainability.
1.6 Significance of the Study
This study is significant in understanding the critical role informal savings groups play in fostering women's economic empowerment in Tofa Local Government Area. By exploring how these groups contribute to financial inclusion, entrepreneurship, and overall economic participation, the research provides valuable insights for policymakers, financial institutions, and development organizations. The findings can inform initiatives aimed at improving financial literacy, expanding access to microfinance, and addressing socio-cultural barriers to women’s economic participation. Additionally, the study contributes to existing literature on informal financial systems and gender-inclusive economic development, offering a localized perspective on the impact of informal savings mechanisms on women's empowerment.
1.7 Scope and Limitations of the Study
The study is confined to Tofa Local Government Area, Kano State, focusing specifically on women engaged in informal savings groups. It examines the role of these groups in enhancing economic participation, the challenges faced, and their broader impact on financial independence. The study does not cover formal financial institutions or savings mechanisms outside informal group structures. Limitations may include data collection challenges due to the informal nature of these groups and reliance on self-reported information from participants.
1.8 Operational Definition of Terms
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Informal Savings Groups: Community-based financial associations where members contribute and withdraw savings on a rotating or need-based basis.
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Women’s Economic Participation: The involvement of women in income-generating activities, entrepreneurship, and financial decision-making.
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Financial Independence: The ability of women to sustain their economic needs and make financial decisions without external reliance.
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