An investigation of informal savings groups and their contributions to women’s economic empowerment in Irepodun Local Government Area, Kwara State
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Background of the Study
Informal savings groups, often known as “ajo” or “esusu,” play a vital role in women’s economic empowerment in Irepodun. These groups provide a platform for pooled savings, credit, and mutual support, enabling women to invest in income-generating activities and improve their socio-economic status (Ogunleye, 2023). In a context where formal banking services are limited, informal savings groups bridge financial gaps and enhance financial inclusion (Balogun, 2024). Recent studies have shown that participation in such groups can lead to increased confidence, better financial management, and community solidarity among women (Adebola, 2025). The groups also facilitate entrepreneurial activities and serve as informal educational platforms for financial literacy. Despite their potential, challenges such as mismanagement, limited scale, and regulatory oversight hinder their full impact. This study critically examines how informal savings groups contribute to women’s economic empowerment, explores the dynamics of trust and collective action, and evaluates the groups’ roles in promoting sustainable economic growth.
Statement of the Problem
Women in Irepodun face significant financial constraints due to limited access to formal banking and credit facilities. Although informal savings groups have emerged as a critical support system, issues such as poor management, inadequate record-keeping, and a lack of formal recognition impede their effectiveness (Ogunleye, 2023). These challenges reduce the potential benefits for women’s economic empowerment, hindering their ability to scale up income-generating activities (Balogun, 2024). The persistent challenges call for an in-depth investigation into how these groups operate and the measures necessary to enhance their impact on women’s livelihoods (Adebola, 2025).
Objectives of the Study:
To evaluate the role of informal savings groups in women’s economic empowerment.
To analyze the operational challenges faced by these groups.
To propose strategies for enhancing their effectiveness and sustainability.
Research Questions:
How do informal savings groups contribute to women’s economic empowerment?
What are the key challenges affecting their efficiency?
What strategies can improve their financial management and scalability?
Research Hypotheses:
H₁: Participation in informal savings groups significantly improves women’s economic status.
H₂: Operational challenges negatively impact the effectiveness of savings groups.
H₃: Strategic interventions can enhance the sustainability of these groups.
Significance of the Study
This study is significant because it illuminates the role of informal savings groups in empowering women economically in Irepodun. The findings will inform policymakers, financial institutions, and community leaders about enhancing support for women’s financial initiatives. It contributes to the literature on grassroots financial systems and offers practical recommendations for sustainable economic empowerment (Ogunleye, 2023).
Scope and Limitations of the Study:
This study is limited to informal savings groups in Irepodun Local Government Area, examining their contribution to women’s economic empowerment without extending to other financial instruments or regions.
Definitions of Terms:
Informal Savings Groups: Community-based financial cooperatives for pooling and lending money.
Economic Empowerment: Enhancing an individual’s capacity to participate in economic activities.
Financial Inclusion: Providing access to useful and affordable financial products and services.
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