The present paper provides a review of the literature on women’s empowerment. In particular, it explains women’s empowerment and how it has been defined by various authors over time. It also aims at showing studies conducted on empowerment within microfinance and it reports research on the relevance of context. Finally, it reports research on the relevance of context as well as the negative aspects of women’s empowerment. Further, this work points out some gaps in the literature and provides suggestions for future research. The authors advance two hypotheses that could be verified in the future, assuming that there are two levers, “additional resources/services availability” and “national patriarchal society”, which act as mediating factors between the outreach of microfinance, or women and the actual impact on empowerment.