Microfinance has been on the development agenda for more than 30 years, heralded as the wondrous tool that reduces poverty and empowers women (Hulme and Mosley, 1996; Rutherford, 2001; Morduch and Haley, 2002; Khandker, 1998). Doubts, however, have recently been raised about the success of microfinance...

Microfinance has been on the development agenda for more than 30 years, heralded as the wondrous tool that reduces poverty and empowers women (Hulme and Mosley, 1996; Rutherford, 2001; Morduch and Haley, 2002; Khandker, 1998). Doubts, however, have recently been raised about the success of microfinance...