The Role of Finance in Empowering Women: Exploring Financial Accessibility and Its Impact on Female Entrepreneurs' Business Growth and Socio-Economic Development

This study systematically reviews 129 peer-reviewed articles published between 2005 and 2024 to investigate the role of finance in empowering women entrepreneurs in under-developed and emerging economies. Using the PRISMA protocol, 177 initial records were screened, with 129 retained after applying inclusion criteria (English, peer-reviewed, and relevance to women’s financial access). Bibliometric analysis revealed a sharp growth in publications after 2015, coinciding with the adoption of the Sustainable Development Goals (SDGs), with 63% of studies published between 2017–2024. VOS viewer keyword mapping identified five thematic clusters: (1) financial literacy and inclusion, (2) microfinance and business growth, (3) structural and institutional barriers, (4) contextual and cultural dynamics, and (5) fintech and digital finance. African (Tanzania, Ethiopia, Ghana) and South Asian (India, Bangladesh, Pakistan) contexts accounted for over 85% of case-based studies, while comparative cross-country analyses made up 15%. Findings demonstrate that access to finance positively influences business survival, innovation, and scalability, with microfinance improving household income by up to 40% in Ethiopia and Bangladesh, and fintech adoption reducing transaction costs by 25-35% in rural South Asia. However, systemic barriers persist by 68% of studies highlight collateral-based discrimination, while 55% note gender bias in bank lending. Beyond economic outcomes, financial empowerment yields significant socio-economic benefits, including increased girls’ school retention, higher community investments, and women’s participation in decision-making. The review concludes that finance is both compound for women’s entrepreneurship and a driver of broader socio-economic transformation, particularly when integrated with literacy, skills, and policy support.