The study made an assessment of micro finance services and challenges in economic empowerment of market women in Urua Mbakara, Ikot Ekpene local Government Area. In order to carry out this study, specified research objectives were drawn from which null hypotheses were formulated and used for the study. The research design for this study is survey design. The population of the study consisted of market women in Urua Mabakara in Ikot Ekpene Local Government. Simple random sampling technique was used to select 383 respondents out of the population. The instrument used for data collection was questionnaire. The instrument was validated by two experts in Test and Measurement. Crombach Alpha reliability technique was used for testing the reliability of the instrument and reliability index of .91 was realized, hence the instrument was regard as being reliable. Data from completed questionnaires was subjected to independent t-test analysis. The findings showed that concluded that concluded that microfinance have been working as the instruments of economic empowerment in our society. Many people have benefited directly and indirectly from the microfinance and therefore lift up the economy of the country in general. Normally the simple access to finance for SMEs has a significant importance for the establishment of new businesses and support the growth and development of already existing business, hence foster the economic and social development of a nation. The study recommended that Microfinance should come up with mechanisms to ensure that loans borrowed are used for the right purpose: for example encourage borrowers to have a business plan, vision and mission when applying for the loans. These willmake them to use the loans proper and for the intended purpose. Microfinance should continuously review their financial policies and procedures. This will enhance the evaluation of loan applications by ensuring that loan applications are evaluated and ranked according to the sovereign by-laws governing financial market of the country. High compliance with financial market by-laws of the country will lead to growth of both members and their Microfinance organization because the loan eligibility facilitates loan recoveryand minimize administrative costs.