Abstract
Years after formulating the Microfinance Policy, Regulatory and Supervisory Framework (MPRSF) in 2005 and, the establishment of MFBs in 2006, the economy is still faced with the problems of poverty and lack of access to finance by women as only 33% of them have access to formal financial institutions. This study examines the effects of MFBs on women empowerment in Anambra State, Nigeria. This study adopts Microfinance theory of change as its theoretical framework and data were collected through 500 questionnaires distributed to female customers of selected MFBs through multiple sampling technique with 410 returned. Data were analyzed with descriptive statistics and inferential statistics. Findings showed that through the accessibility of financial and non-financial services of MFBs, women income and capacity to own productive assets/inputs have relatively improved. The study therefore recommends that MFBs should concentrate more in rural areas and charge interest rate of less than 5% to women entrepreneurs/farmers for productivity and increased participation in economic activities.