Microfinance Accessibility and the Growth of Women Entrepreneurs in Lusaka District, Zambia: A Desk Review

This paper evaluates the extent to which access to microfinance services influences the growth and sustainability of women-owned enterprises in Lusaka District, Zambia. It critically examines whether microfinance serves as an effective financial inclusion tool in addressing structural barriers faced by women entrepreneurs, including limited access to formal credit, low asset ownership, and gender-based financial constraints. The study adopts an analytical desk review design, synthesizing secondary data from peer-reviewed journal articles, policy documents, institutional reports, and development agency publications. A thematic analysis approach is employed to identify recurring patterns, relationships, and gaps in the literature, with emphasis on Sub-Saharan Africa and contexts comparable to Zambia. Findings indicate that microfinance access has a generally positive but conditional impact on business growth. While it improves access to startup and working capital and supports short-term operational stability, its long-term effectiveness is constrained by high interest rates, stringent collateral requirements, and small loan sizes that limit business expansion. Financial literacy emerges as a key moderating factor, influencing the productive use of borrowed funds and overall business outcomes. The study concludes that microfinance alone is insufficient to drive sustained entrepreneurial growth and recommends integrated financial inclusion strategies that combine flexible loan products with targeted financial literacy and business management training.