The article describes the performance of agricultural credit programmes during the 1950s–1970s and suggests that they later influenced the microfinance industry. Early features and problems of the microfinance industry are described, followed by a discussion of the challenges currently faced by the industry. The authors argue there is little evidence showing that micro-loans are lifting substantial numbers of people out of poverty, although loans may help take the edge off poverty. The article concludes that more attention should be given to deposits and to lending to small- and medium-sized industries

Adams, D.W and Vogel, R.C. (2013) ‘Through the thicket of credit impact assessments’, in J-P Gueyie, R. Manos and J. Yaron (eds), Microfinance in Developing Countries: Issues, Policies and Performance Evaluation, pp. 36–61, London: Palgrave Macmillan.

Cuevas, C.E. and Graham, D.H. (1984) ‘Agricultural lending costs in Honduras’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 96–103, Boulder: Westview Press.

Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby: Practical Action Publishing.

Duvendack M, Palmer-Jones R, Copestake JG, Hooper L, Loke Y, Rao N (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? <https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf≯ [accessed 13 May 2013] London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London. https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf

Fiszbein, A. and Schady, N. (2009) Conditional Cash Transfers: Reducing Present and Future Poverty, Washington, DC: World Bank.

Harper, M. (2012) ‘Microfinance interest rates and client return’, Journal of Agrarian Change 12: 564–74.

Ishiguro, T. (ed.) (1987) Ninomiya Sontoku: His Life and Evening Talks, Tokyo: Kenkyusha.

Pickens, M., Porteous, D., and Parker, S. R. (2009) Banking the Poor via G2P Payments, Focus Note No. 58, Washington, DC: CGAP.

Roodman, D. M. (2011) Due Diligence: An Impertinent Inquiry into Microfinance, Washington, DC: Center for Global Development.

Roodman, D. and Morduch, J. (2009) The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence, Washington, DC: Center for Global Development.

Rosenberg, R., Gonzalez, A, and Narain S. (2009) The New Money Lender: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper No. 15, Washington, DC: CGAP.

Vogel, R.C. (1984) ‘Savings mobilization: the forgotten half of rural finance’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 248–65, Boulder: Westview Press.

Vogel, R.C. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is It Helping or Hindering Microfinance, Washington, DC: Inter-American Development Bank.

Adams, D.W and Vogel, R.C. (2013) ‘Through the thicket of credit impact assessments’, in J-P Gueyie, R. Manos and J. Yaron (eds), Microfinance in Developing Countries: Issues, Policies and Performance Evaluation, pp. 36–61, London: Palgrave Macmillan.

Cuevas, C.E. and Graham, D.H. (1984) ‘Agricultural lending costs in Honduras’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 96–103, Boulder: Westview Press.

Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby: Practical Action Publishing.

Duvendack M, Palmer-Jones R, Copestake JG, Hooper L, Loke Y, Rao N (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? <https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf≯ [accessed 13 May 2013] London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London. https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf

Fiszbein, A. and Schady, N. (2009) Conditional Cash Transfers: Reducing Present and Future Poverty, Washington, DC: World Bank.

Harper, M. (2012) ‘Microfinance interest rates and client return’, Journal of Agrarian Change 12: 564–74.

Ishiguro, T. (ed.) (1987) Ninomiya Sontoku: His Life and Evening Talks, Tokyo: Kenkyusha.

Pickens, M., Porteous, D., and Parker, S. R. (2009) Banking the Poor via G2P Payments, Focus Note No. 58, Washington, DC: CGAP.

Roodman, D. M. (2011) Due Diligence: An Impertinent Inquiry into Microfinance, Washington, DC: Center for Global Development.

Roodman, D. and Morduch, J. (2009) The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence, Washington, DC: Center for Global Development.

Rosenberg, R., Gonzalez, A, and Narain S. (2009) The New Money Lender: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper No. 15, Washington, DC: CGAP.

Vogel, R.C. (1984) ‘Savings mobilization: the forgotten half of rural finance’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 248–65, Boulder: Westview Press.

Vogel, R.C. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is It Helping or Hindering Microfinance, Washington, DC: Inter-American Development Bank.

Adams, D.W and Vogel, R.C. (2013) ‘Through the thicket of credit impact assessments’, in J-P Gueyie, R. Manos and J. Yaron (eds), Microfinance in Developing Countries: Issues, Policies and Performance Evaluation, pp. 36–61, London: Palgrave Macmillan.

Cuevas, C.E. and Graham, D.H. (1984) ‘Agricultural lending costs in Honduras’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 96–103, Boulder: Westview Press.

Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby: Practical Action Publishing.

Duvendack M, Palmer-Jones R, Copestake JG, Hooper L, Loke Y, Rao N (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? <https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf≯ [accessed 13 May 2013] London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London. https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf

Fiszbein, A. and Schady, N. (2009) Conditional Cash Transfers: Reducing Present and Future Poverty, Washington, DC: World Bank.

Harper, M. (2012) ‘Microfinance interest rates and client return’, Journal of Agrarian Change 12: 564–74.

Ishiguro, T. (ed.) (1987) Ninomiya Sontoku: His Life and Evening Talks, Tokyo: Kenkyusha.

Pickens, M., Porteous, D., and Parker, S. R. (2009) Banking the Poor via G2P Payments, Focus Note No. 58, Washington, DC: CGAP.

Roodman, D. M. (2011) Due Diligence: An Impertinent Inquiry into Microfinance, Washington, DC: Center for Global Development.

Roodman, D. and Morduch, J. (2009) The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence, Washington, DC: Center for Global Development.

Rosenberg, R., Gonzalez, A, and Narain S. (2009) The New Money Lender: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper No. 15, Washington, DC: CGAP.

Vogel, R.C. (1984) ‘Savings mobilization: the forgotten half of rural finance’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 248–65, Boulder: Westview Press.

Vogel, R.C. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is It Helping or Hindering Microfinance, Washington, DC: Inter-American Development Bank.

Adams, D.W and Vogel, R.C. (2013) ‘Through the thicket of credit impact assessments’, in J-P Gueyie, R. Manos and J. Yaron (eds), Microfinance in Developing Countries: Issues, Policies and Performance Evaluation, pp. 36–61, London: Palgrave Macmillan.

Cuevas, C.E. and Graham, D.H. (1984) ‘Agricultural lending costs in Honduras’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 96–103, Boulder: Westview Press.

Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby: Practical Action Publishing.

Duvendack M, Palmer-Jones R, Copestake JG, Hooper L, Loke Y, Rao N (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? <https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf≯ [accessed 13 May 2013] London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London. https://www.givedirectly.org/pdf/DFID_microfinance_evidence_review.pdf

Fiszbein, A. and Schady, N. (2009) Conditional Cash Transfers: Reducing Present and Future Poverty, Washington, DC: World Bank.

Harper, M. (2012) ‘Microfinance interest rates and client return’, Journal of Agrarian Change 12: 564–74.

Ishiguro, T. (ed.) (1987) Ninomiya Sontoku: His Life and Evening Talks, Tokyo: Kenkyusha.

Pickens, M., Porteous, D., and Parker, S. R. (2009) Banking the Poor via G2P Payments, Focus Note No. 58, Washington, DC: CGAP.

Roodman, D. M. (2011) Due Diligence: An Impertinent Inquiry into Microfinance, Washington, DC: Center for Global Development.

Roodman, D. and Morduch, J. (2009) The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence, Washington, DC: Center for Global Development.

Rosenberg, R., Gonzalez, A, and Narain S. (2009) The New Money Lender: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper No. 15, Washington, DC: CGAP.

Vogel, R.C. (1984) ‘Savings mobilization: the forgotten half of rural finance’, in D.W Adams, D. H. Graham, and J. D. Von Pischke (eds), Undermining Rural Development with Cheap Credit, pp. 248–65, Boulder: Westview Press.

Vogel, R.C. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is It Helping or Hindering Microfinance, Washington, DC: Inter-American Development Bank.