In Pursuit of Happiness: The Transformative Role of Rural Financing for Women in Nara Mughlan Village of Chakwal District in Pakistan

Abstract

Microfinance has generally been linked to women’s economic empowerment. Research findings on empowerment thesis are mixed and vary in their conclusions. This study looks at the relationship between various forms of rural financing and gendered social exchanges, with a particular focus on women. Despite the associated risks, women often experience emotional benefits from their involvement in rural financing. Women in Pakistan are closely involved in major life events like childbirth, marriage, and death. To meet the needs in these situations, they obtain funds through microfinance and rotating savings and credit associations. This article endeavors to examine the influence of rural financing on women's empowerment through the lens of feminist frameworks. Descriptive ethnography was employed as a research design and data was gathered through conducting interviews with the 50 borrowers in Nara Mughlan village of District Chakwal. Findings showed that only a few women were able to employ the money by managing small-scale businesses like sewing and stitching, grocery stores, poultry and livestock management. However, they make various psychological and emotional gains by giving up their turn to other women in case of rotating savings and credit associations and proxy lending in microfinance. This perceived risk is not seen as a loss, as it brings happiness and fulfilment through social exchange.