This article analyses the relationship between outreach and performance of Microfinance Institutions (MFIs) on the one hand and traditional financial sector development on the other. The results indicate that MFIs reach more clients and are more profitable in countries where access to the...

</titre> While microfinance has sometimes been excessively praised, it is now sometimes overly criticized, particularly for being too commercial. It is thus time to question its legitimacy, and this article aims to contribute to this debate. For this purpose, the authors first present a framework of...