This study is premised on two sequential objectives: examination of the outreach dimensions of microfinance institutions (MFIs), and an investigation of the poverty-reducing effect of access to MFIs and the amount loaned to MFI clients. Using a nationally representative sample of 2,884 respondents comprising MFI client and non-client households from Ghana, descriptive statistics and two variants of microeconometric estimation technique are employed. Outreach dimensions varied across MFIs, with targeting of MFIs remaining about the same in 2004 and 2015. Microfinance intervention was observed to have had poverty-reducing effects at the household level. The findings establish that clients of MFIs in the rural areas are more sensitive to larger loan amounts compared to their counterparts in the urban areas. These findings seem to uphold the promise of poverty reduction, but with consideration of the differential effects in terms of outreach, location of the MFI, and loan amount.

Adjei, J.K., Arun, T. and Hossain, F. (2009) ‘The role of microfinance in assets-building and poverty reduction: the case of Sinapi Aba Trust of Ghana’, BWPI Working Paper 87: pp. 4–12 The University of Manchester, Brooks World Poverty Institute <https://ideas.repec.org/p/bwp/bwppap/8709.html> [accessed 15 September 2010].

Afrane, S. (2002) ‘Impact assessment of microfinance interventions in Ghana and South Africa: A synthesis of major impacts and lessons’, Journal of Microfinance/ESR Review 4(1): pp. 4–12.

Agbaeze, E.K. and Onwuka, I.O. (2014) ‘Impact of micro-credit on poverty alleviation in Nigeria – the case of Enugu East Local Council’, International Journal of Business and Management Review 2(1): 27–51.

Angelucci, M., Karlan, D. and Zinman, J. (2015) ‘Microcredit impacts: evidence from a randomized microcredit program placement experiment by Compartamos Banco’, American Economic Journal: Applied Economics 7(1): 151–82.

Annim, S.K. and Alnaa, S.E. (2013) ‘Access to microfinance by rural women: Implications for poverty reduction in rural households in Ghana’, Research in Applied Economics 5(2): 19–32.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, (2nd ed.) Cambridge, Mass: MIT Press.

Attanasio, O., Augsburg, B., De Haas, R., Fitzsimons, E. and Harmgart, H. (2015) ‘The impacts of microfinance: evidence from joint-liability lending in Mongolia’, American Economic Journal: Applied Economics 7(1): 90–122.

Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2015) ‘The impacts of microcredit: Evidence from Bosnia and Herzegovina’, American Economic Journal: Applied Economics 7(1): 183–203.

Awusabo-Asare, K., Annim, S.K., Abane, A.M. and Asare-Minta, D. (2009) ‘Who is reaching whom? Depth of outreach of rural microfinance institutions in Ghana’, International NGO Journal 4(4): 132–41.

Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2015) ‘The miracle of microfinance? Evidence from a randomized evaluation’, American Economic Journal: Applied Economics 7(1): 22–53.

Barnes, C., Gaile, G. and Kibombo, R. (2001) Impact of Three Microfinance Programs in Uganda, Washington, DC: AIMS.

Chavan, P. and Ramakumar, R. (2002) ‘Micro-credit and rural poverty: an analysis of empirical evidence’, Economic and Political Weekly, 37(10): 955–65.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study, Journal of Development Studies, 37(4): 81–100.

Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2015) ‘Estimating the impact of microcredit on those who take it up: evidence from a randomized experiment in Morocco’, American Economic Journal: Applied Economics 7(1): 123–50.

Duvendack, M. and Palmer-Jones, R. (2012) ‘High noon for microfinance impact evaluations: re-investigating the evidence from Bangladesh’, The Journal of Development Studies 48(12): 1864–80.

Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Gaiha, R. and Nandhi, M.A. (2008) ‘Microfinance, self-help groups and empowerment in Maharashtra’, in The Indian Economy Sixty Years after Independence, pp. 179–99, London: Palgrave Macmillan.

GHAMFIN (2014) Performance Monitoring and Benchmarkings of Microfinance Institutions in Ghana: Trends in the Industry During the 2000s (2006–2012), Accra: GHAMFIN.

Gopalaswamy, A.K., Babu, M.S. and Dash, U. (2016) Systematic Review of Quantitative Evidence on the Impact of Microfinance on the Poor in South Asia, London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Imai, K.S., Arun, T. and Annim, S.K. (2010) ‘Microfinance and household poverty reduction: New evidence from India’, World Development, 38(12): 1760–74.

Imai, K.S. and Azam, M.S. (2012) ‘Does microfinance reduce poverty in Bangladesh? New evidence from household panel data’, Journal of Development Studies 48(5): 633–53.

Karlan, D., Goldberg, N. and Copestake, J. (2009) ‘Randomized control trials are the best way to measure impact of microfinance programmes and improve microfinance product designs’, Enterprise Development and Microfinance 20(3): 167–76.

Khandker, S.R. (2005) ‘Microfinance and poverty: Evidence using panel data from Bangladesh’, The World Bank Economic Review 19(2): 263–86.

Nanor, M.A. (2008) ‘Microfinance and its impact on selected districts in Eastern Region of Ghana’, unpublished MPhil thesis, Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.

Rooyen, V.C., Stewart, R. and De Wet, T. (2012) ‘The impact of microfinance in sub-Saharan Africa: a systematic review of the evidence’, World Development 40(11): 2249–62.

Schreiner, M. (2002) ‘Aspects of outreach: A framework for discussion of the social benefits of microfinance’, Journal of International Development 14(5): 591–603.

Sebstad, J. and Cohen, M. (2000) Microfinance. Risk Management, and Poverty. Synthesis report generated under the AIMS (Assessing the Impact of Microenterprise services) project at management services international for USAID, p. 20.

Shirazi, N.S. and Khan, A.U. (2009) ‘Role of Pakistan poverty alleviation fund’s micro-credit in poverty alleviation: a case of Pakistan’, Pakistan Economic and Social Review, 7(2): 215–28.

Stewart, R., van Rooyen, C., Korth, M., Chereni, A., Rebelo Da Silva, N. and de Wet, T. (2012) Do Micro-Credit, Micro-Savings and Micro-Leasing Serve as Effective Financial Inclusion Interventions Enabling Poor People, and Especially Women, to Engage in Meaningful Economic Opportunities in Low- and Middle-Income Countries. A Systematic Review of the Evidence. London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.

Tarozzi, A., Desai, J. and Johnson, K. (2015) ‘The impacts of microcredit: evidence from Ethiopia’, American Economic Journal: Applied Economics, 7(1): 54–89.

Zaman, H. (1999) Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh, Policy Research Working Paper No. 2145, Washington, DC: The World Bank.

Adjei, J.K., Arun, T. and Hossain, F. (2009) ‘The role of microfinance in assets-building and poverty reduction: the case of Sinapi Aba Trust of Ghana’, BWPI Working Paper 87: pp. 4–12 The University of Manchester, Brooks World Poverty Institute <https://ideas.repec.org/p/bwp/bwppap/8709.html> [accessed 15 September 2010].

Afrane, S. (2002) ‘Impact assessment of microfinance interventions in Ghana and South Africa: A synthesis of major impacts and lessons’, Journal of Microfinance/ESR Review 4(1): pp. 4–12.

Agbaeze, E.K. and Onwuka, I.O. (2014) ‘Impact of micro-credit on poverty alleviation in Nigeria – the case of Enugu East Local Council’, International Journal of Business and Management Review 2(1): 27–51.

Angelucci, M., Karlan, D. and Zinman, J. (2015) ‘Microcredit impacts: evidence from a randomized microcredit program placement experiment by Compartamos Banco’, American Economic Journal: Applied Economics 7(1): 151–82.

Annim, S.K. and Alnaa, S.E. (2013) ‘Access to microfinance by rural women: Implications for poverty reduction in rural households in Ghana’, Research in Applied Economics 5(2): 19–32.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, (2nd ed.) Cambridge, Mass: MIT Press.

Attanasio, O., Augsburg, B., De Haas, R., Fitzsimons, E. and Harmgart, H. (2015) ‘The impacts of microfinance: evidence from joint-liability lending in Mongolia’, American Economic Journal: Applied Economics 7(1): 90–122.

Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2015) ‘The impacts of microcredit: Evidence from Bosnia and Herzegovina’, American Economic Journal: Applied Economics 7(1): 183–203.

Awusabo-Asare, K., Annim, S.K., Abane, A.M. and Asare-Minta, D. (2009) ‘Who is reaching whom? Depth of outreach of rural microfinance institutions in Ghana’, International NGO Journal 4(4): 132–41.

Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2015) ‘The miracle of microfinance? Evidence from a randomized evaluation’, American Economic Journal: Applied Economics 7(1): 22–53.

Barnes, C., Gaile, G. and Kibombo, R. (2001) Impact of Three Microfinance Programs in Uganda, Washington, DC: AIMS.

Chavan, P. and Ramakumar, R. (2002) ‘Micro-credit and rural poverty: an analysis of empirical evidence’, Economic and Political Weekly, 37(10): 955–65.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study, Journal of Development Studies, 37(4): 81–100.

Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2015) ‘Estimating the impact of microcredit on those who take it up: evidence from a randomized experiment in Morocco’, American Economic Journal: Applied Economics 7(1): 123–50.

Duvendack, M. and Palmer-Jones, R. (2012) ‘High noon for microfinance impact evaluations: re-investigating the evidence from Bangladesh’, The Journal of Development Studies 48(12): 1864–80.

Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Gaiha, R. and Nandhi, M.A. (2008) ‘Microfinance, self-help groups and empowerment in Maharashtra’, in The Indian Economy Sixty Years after Independence, pp. 179–99, London: Palgrave Macmillan.

GHAMFIN (2014) Performance Monitoring and Benchmarkings of Microfinance Institutions in Ghana: Trends in the Industry During the 2000s (2006–2012), Accra: GHAMFIN.

Gopalaswamy, A.K., Babu, M.S. and Dash, U. (2016) Systematic Review of Quantitative Evidence on the Impact of Microfinance on the Poor in South Asia, London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Imai, K.S., Arun, T. and Annim, S.K. (2010) ‘Microfinance and household poverty reduction: New evidence from India’, World Development, 38(12): 1760–74.

Imai, K.S. and Azam, M.S. (2012) ‘Does microfinance reduce poverty in Bangladesh? New evidence from household panel data’, Journal of Development Studies 48(5): 633–53.

Karlan, D., Goldberg, N. and Copestake, J. (2009) ‘Randomized control trials are the best way to measure impact of microfinance programmes and improve microfinance product designs’, Enterprise Development and Microfinance 20(3): 167–76.

Khandker, S.R. (2005) ‘Microfinance and poverty: Evidence using panel data from Bangladesh’, The World Bank Economic Review 19(2): 263–86.

Nanor, M.A. (2008) ‘Microfinance and its impact on selected districts in Eastern Region of Ghana’, unpublished MPhil thesis, Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.

Rooyen, V.C., Stewart, R. and De Wet, T. (2012) ‘The impact of microfinance in sub-Saharan Africa: a systematic review of the evidence’, World Development 40(11): 2249–62.

Schreiner, M. (2002) ‘Aspects of outreach: A framework for discussion of the social benefits of microfinance’, Journal of International Development 14(5): 591–603.

Sebstad, J. and Cohen, M. (2000) Microfinance. Risk Management, and Poverty. Synthesis report generated under the AIMS (Assessing the Impact of Microenterprise services) project at management services international for USAID, p. 20.

Shirazi, N.S. and Khan, A.U. (2009) ‘Role of Pakistan poverty alleviation fund’s micro-credit in poverty alleviation: a case of Pakistan’, Pakistan Economic and Social Review, 7(2): 215–28.

Stewart, R., van Rooyen, C., Korth, M., Chereni, A., Rebelo Da Silva, N. and de Wet, T. (2012) Do Micro-Credit, Micro-Savings and Micro-Leasing Serve as Effective Financial Inclusion Interventions Enabling Poor People, and Especially Women, to Engage in Meaningful Economic Opportunities in Low- and Middle-Income Countries. A Systematic Review of the Evidence. London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.

Tarozzi, A., Desai, J. and Johnson, K. (2015) ‘The impacts of microcredit: evidence from Ethiopia’, American Economic Journal: Applied Economics, 7(1): 54–89.

Zaman, H. (1999) Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh, Policy Research Working Paper No. 2145, Washington, DC: The World Bank.

Adjei, J.K., Arun, T. and Hossain, F. (2009) ‘The role of microfinance in assets-building and poverty reduction: the case of Sinapi Aba Trust of Ghana’, BWPI Working Paper 87: pp. 4–12 The University of Manchester, Brooks World Poverty Institute <https://ideas.repec.org/p/bwp/bwppap/8709.html> [accessed 15 September 2010].

Afrane, S. (2002) ‘Impact assessment of microfinance interventions in Ghana and South Africa: A synthesis of major impacts and lessons’, Journal of Microfinance/ESR Review 4(1): pp. 4–12.

Agbaeze, E.K. and Onwuka, I.O. (2014) ‘Impact of micro-credit on poverty alleviation in Nigeria – the case of Enugu East Local Council’, International Journal of Business and Management Review 2(1): 27–51.

Angelucci, M., Karlan, D. and Zinman, J. (2015) ‘Microcredit impacts: evidence from a randomized microcredit program placement experiment by Compartamos Banco’, American Economic Journal: Applied Economics 7(1): 151–82.

Annim, S.K. and Alnaa, S.E. (2013) ‘Access to microfinance by rural women: Implications for poverty reduction in rural households in Ghana’, Research in Applied Economics 5(2): 19–32.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, (2nd ed.) Cambridge, Mass: MIT Press.

Attanasio, O., Augsburg, B., De Haas, R., Fitzsimons, E. and Harmgart, H. (2015) ‘The impacts of microfinance: evidence from joint-liability lending in Mongolia’, American Economic Journal: Applied Economics 7(1): 90–122.

Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2015) ‘The impacts of microcredit: Evidence from Bosnia and Herzegovina’, American Economic Journal: Applied Economics 7(1): 183–203.

Awusabo-Asare, K., Annim, S.K., Abane, A.M. and Asare-Minta, D. (2009) ‘Who is reaching whom? Depth of outreach of rural microfinance institutions in Ghana’, International NGO Journal 4(4): 132–41.

Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2015) ‘The miracle of microfinance? Evidence from a randomized evaluation’, American Economic Journal: Applied Economics 7(1): 22–53.

Barnes, C., Gaile, G. and Kibombo, R. (2001) Impact of Three Microfinance Programs in Uganda, Washington, DC: AIMS.

Chavan, P. and Ramakumar, R. (2002) ‘Micro-credit and rural poverty: an analysis of empirical evidence’, Economic and Political Weekly, 37(10): 955–65.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study, Journal of Development Studies, 37(4): 81–100.

Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2015) ‘Estimating the impact of microcredit on those who take it up: evidence from a randomized experiment in Morocco’, American Economic Journal: Applied Economics 7(1): 123–50.

Duvendack, M. and Palmer-Jones, R. (2012) ‘High noon for microfinance impact evaluations: re-investigating the evidence from Bangladesh’, The Journal of Development Studies 48(12): 1864–80.

Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Gaiha, R. and Nandhi, M.A. (2008) ‘Microfinance, self-help groups and empowerment in Maharashtra’, in The Indian Economy Sixty Years after Independence, pp. 179–99, London: Palgrave Macmillan.

GHAMFIN (2014) Performance Monitoring and Benchmarkings of Microfinance Institutions in Ghana: Trends in the Industry During the 2000s (2006–2012), Accra: GHAMFIN.

Gopalaswamy, A.K., Babu, M.S. and Dash, U. (2016) Systematic Review of Quantitative Evidence on the Impact of Microfinance on the Poor in South Asia, London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Imai, K.S., Arun, T. and Annim, S.K. (2010) ‘Microfinance and household poverty reduction: New evidence from India’, World Development, 38(12): 1760–74.

Imai, K.S. and Azam, M.S. (2012) ‘Does microfinance reduce poverty in Bangladesh? New evidence from household panel data’, Journal of Development Studies 48(5): 633–53.

Karlan, D., Goldberg, N. and Copestake, J. (2009) ‘Randomized control trials are the best way to measure impact of microfinance programmes and improve microfinance product designs’, Enterprise Development and Microfinance 20(3): 167–76.

Khandker, S.R. (2005) ‘Microfinance and poverty: Evidence using panel data from Bangladesh’, The World Bank Economic Review 19(2): 263–86.

Nanor, M.A. (2008) ‘Microfinance and its impact on selected districts in Eastern Region of Ghana’, unpublished MPhil thesis, Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.

Rooyen, V.C., Stewart, R. and De Wet, T. (2012) ‘The impact of microfinance in sub-Saharan Africa: a systematic review of the evidence’, World Development 40(11): 2249–62.

Schreiner, M. (2002) ‘Aspects of outreach: A framework for discussion of the social benefits of microfinance’, Journal of International Development 14(5): 591–603.

Sebstad, J. and Cohen, M. (2000) Microfinance. Risk Management, and Poverty. Synthesis report generated under the AIMS (Assessing the Impact of Microenterprise services) project at management services international for USAID, p. 20.

Shirazi, N.S. and Khan, A.U. (2009) ‘Role of Pakistan poverty alleviation fund’s micro-credit in poverty alleviation: a case of Pakistan’, Pakistan Economic and Social Review, 7(2): 215–28.

Stewart, R., van Rooyen, C., Korth, M., Chereni, A., Rebelo Da Silva, N. and de Wet, T. (2012) Do Micro-Credit, Micro-Savings and Micro-Leasing Serve as Effective Financial Inclusion Interventions Enabling Poor People, and Especially Women, to Engage in Meaningful Economic Opportunities in Low- and Middle-Income Countries. A Systematic Review of the Evidence. London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.

Tarozzi, A., Desai, J. and Johnson, K. (2015) ‘The impacts of microcredit: evidence from Ethiopia’, American Economic Journal: Applied Economics, 7(1): 54–89.

Zaman, H. (1999) Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh, Policy Research Working Paper No. 2145, Washington, DC: The World Bank.

Adjei, J.K., Arun, T. and Hossain, F. (2009) ‘The role of microfinance in assets-building and poverty reduction: the case of Sinapi Aba Trust of Ghana’, BWPI Working Paper 87: pp. 4–12 The University of Manchester, Brooks World Poverty Institute <https://ideas.repec.org/p/bwp/bwppap/8709.html> [accessed 15 September 2010].

Afrane, S. (2002) ‘Impact assessment of microfinance interventions in Ghana and South Africa: A synthesis of major impacts and lessons’, Journal of Microfinance/ESR Review 4(1): pp. 4–12.

Agbaeze, E.K. and Onwuka, I.O. (2014) ‘Impact of micro-credit on poverty alleviation in Nigeria – the case of Enugu East Local Council’, International Journal of Business and Management Review 2(1): 27–51.

Angelucci, M., Karlan, D. and Zinman, J. (2015) ‘Microcredit impacts: evidence from a randomized microcredit program placement experiment by Compartamos Banco’, American Economic Journal: Applied Economics 7(1): 151–82.

Annim, S.K. and Alnaa, S.E. (2013) ‘Access to microfinance by rural women: Implications for poverty reduction in rural households in Ghana’, Research in Applied Economics 5(2): 19–32.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, (2nd ed.) Cambridge, Mass: MIT Press.

Attanasio, O., Augsburg, B., De Haas, R., Fitzsimons, E. and Harmgart, H. (2015) ‘The impacts of microfinance: evidence from joint-liability lending in Mongolia’, American Economic Journal: Applied Economics 7(1): 90–122.

Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2015) ‘The impacts of microcredit: Evidence from Bosnia and Herzegovina’, American Economic Journal: Applied Economics 7(1): 183–203.

Awusabo-Asare, K., Annim, S.K., Abane, A.M. and Asare-Minta, D. (2009) ‘Who is reaching whom? Depth of outreach of rural microfinance institutions in Ghana’, International NGO Journal 4(4): 132–41.

Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2015) ‘The miracle of microfinance? Evidence from a randomized evaluation’, American Economic Journal: Applied Economics 7(1): 22–53.

Barnes, C., Gaile, G. and Kibombo, R. (2001) Impact of Three Microfinance Programs in Uganda, Washington, DC: AIMS.

Chavan, P. and Ramakumar, R. (2002) ‘Micro-credit and rural poverty: an analysis of empirical evidence’, Economic and Political Weekly, 37(10): 955–65.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study, Journal of Development Studies, 37(4): 81–100.

Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2015) ‘Estimating the impact of microcredit on those who take it up: evidence from a randomized experiment in Morocco’, American Economic Journal: Applied Economics 7(1): 123–50.

Duvendack, M. and Palmer-Jones, R. (2012) ‘High noon for microfinance impact evaluations: re-investigating the evidence from Bangladesh’, The Journal of Development Studies 48(12): 1864–80.

Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Gaiha, R. and Nandhi, M.A. (2008) ‘Microfinance, self-help groups and empowerment in Maharashtra’, in The Indian Economy Sixty Years after Independence, pp. 179–99, London: Palgrave Macmillan.

GHAMFIN (2014) Performance Monitoring and Benchmarkings of Microfinance Institutions in Ghana: Trends in the Industry During the 2000s (2006–2012), Accra: GHAMFIN.

Gopalaswamy, A.K., Babu, M.S. and Dash, U. (2016) Systematic Review of Quantitative Evidence on the Impact of Microfinance on the Poor in South Asia, London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London.

Imai, K.S., Arun, T. and Annim, S.K. (2010) ‘Microfinance and household poverty reduction: New evidence from India’, World Development, 38(12): 1760–74.

Imai, K.S. and Azam, M.S. (2012) ‘Does microfinance reduce poverty in Bangladesh? New evidence from household panel data’, Journal of Development Studies 48(5): 633–53.

Karlan, D., Goldberg, N. and Copestake, J. (2009) ‘Randomized control trials are the best way to measure impact of microfinance programmes and improve microfinance product designs’, Enterprise Development and Microfinance 20(3): 167–76.

Khandker, S.R. (2005) ‘Microfinance and poverty: Evidence using panel data from Bangladesh’, The World Bank Economic Review 19(2): 263–86.

Nanor, M.A. (2008) ‘Microfinance and its impact on selected districts in Eastern Region of Ghana’, unpublished MPhil thesis, Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.

Rooyen, V.C., Stewart, R. and De Wet, T. (2012) ‘The impact of microfinance in sub-Saharan Africa: a systematic review of the evidence’, World Development 40(11): 2249–62.

Schreiner, M. (2002) ‘Aspects of outreach: A framework for discussion of the social benefits of microfinance’, Journal of International Development 14(5): 591–603.

Sebstad, J. and Cohen, M. (2000) Microfinance. Risk Management, and Poverty. Synthesis report generated under the AIMS (Assessing the Impact of Microenterprise services) project at management services international for USAID, p. 20.

Shirazi, N.S. and Khan, A.U. (2009) ‘Role of Pakistan poverty alleviation fund’s micro-credit in poverty alleviation: a case of Pakistan’, Pakistan Economic and Social Review, 7(2): 215–28.

Stewart, R., van Rooyen, C., Korth, M., Chereni, A., Rebelo Da Silva, N. and de Wet, T. (2012) Do Micro-Credit, Micro-Savings and Micro-Leasing Serve as Effective Financial Inclusion Interventions Enabling Poor People, and Especially Women, to Engage in Meaningful Economic Opportunities in Low- and Middle-Income Countries. A Systematic Review of the Evidence. London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.

Tarozzi, A., Desai, J. and Johnson, K. (2015) ‘The impacts of microcredit: evidence from Ethiopia’, American Economic Journal: Applied Economics, 7(1): 54–89.

Zaman, H. (1999) Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh, Policy Research Working Paper No. 2145, Washington, DC: The World Bank.