The field of microfinance has grown in size and stature since its humble origins in 1976 in Bangladesh. According to the Microcredit Summit Campaign, an international forum to promote microfinance, as of December 31, 2005, over 3,000 microfinance institutions around the globe have reported reaching 113 million clients, 82 millions of whom were among the poorest when they took their first loan. The recent announcement of 2006 Nobel Peace Prize award to Prof. Muhammad Yunus, originator of microfinance, and Grameen Bank, the institution he founded, again marks a significant milestone in the recognition of the field of microfinance by the international community. Despite the significant strides that microfinance has taken, there has always been skepticism expressed about its effectiveness in alleviating poverty, especially in reaching the poorest of the poor. The entry of commercial players, with their focus on getting a decent return on investment, queers the pitch even further. While microfinance might currently be hogging the limelight, the time is opportune to assess its impacts. To this end, this book presents various impact assessment studies focusing on the different, but not unrelated, impact areas of microfinance – poverty alleviation, livelihood generation, women’s empowerment, and children’s education.
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