Whither Microfinance?
Bibliography

The "Whither Microfinance?" Series The "Whither Microfinance? Charting the Future of Financial Inclusion" series of six documents explores how microfinance is evolving in response to new technologies, accountability demands, and global challenges. The series highlights six key themes shaping its future: digital transformation, responsible finance, risk management, impact investment, inclusive services, and policy frameworks.

It asks how microfinance can remain true to its social mission while adapting to commercial pressures and innovation. Building on GDRC's legacy, the initiative seeks to provide insights for practitioners, policymakers, and investors, and to spark debate on guiding values as microfinance faces crises such as climate change, inequality, and post-pandemic recovery.

The Whither Microfinance? Series is based on a wide range of interviews and field studies carried out in Bangladesh, Bulgaria, India, Indonesia, Philippines, Thailand and other locations. It has also referenced the following documents:

  • Accion. (n.d.). The digital transformation guide: Six strategies to scale financial inclusion. Retrieved from https://www.accion.org/the-digital-transformation-guide-six-strategies-to-scale-financial-inclusion/
  • ADA Microfinance. (n.d.). A template for drawing up a business continuity action plan for MFIs in view of COVID-19. Retrieved May 6, 2025, from https://www.ada-microfinance.org/sites/default/files/inline-files/ada-action-plan-for-business-continuity-covid-19-1-.xlsx
  • Alliance for Financial Inclusion (AFI). (2022). Digital Financial Services Regulation: Current State of Practice Report. AFI. Retrieved from https://www.afi-global.org/wp-content/uploads/2024/10/Digital-Financial-Services-Regulation-Current-State-of-Practice-Report.pdf
  • Alliance for Financial Inclusion. (2018, August). Microfinance services to deepen financial inclusion in Africa (AFI Special Report). Retrieved from(https://www.afi-global.org/sites/default/files/publications/2018-08/AFI_AfPI_Special%20Report_AW_digital.pdf)
  • BEAM Exchange. (2025). Building Bridges: Case studies on successful collaboration between donors and development finance institutions. Retrieved from [Insert URL if available from search results] (Source 3.1 indicates a relevant report)
  • BlueOrchard. (2025). Microfinance Outlook for 2025. BlueOrchard Finance Ltd. Retrieved from https://www.blueorchard.com/microfinance-outlook-for-2025/
  • BlueOrchard. (2025). Microfinance Outlook for 2025. Retrieved from https://www.blueorchard.com/microfinance-outlook-for-2025/ (Source 11.1)
  • BRAC. (2022, April 29). Protecting clients in a crisis: Five lessons BRAC learned while re-engineering its microlending strategy during COVID-19. BRAC USA. Retrieved May 6, 2025, from https://bracusa.org/protecting-clients-in-a-crisis-five-lessons-brac-learned-while-re-engineering-its-microlending-strategy-during-covid-19/ ?
  • British International Investment. (2021, December). How are microfinance institutions using technical assistance to address customer needs in the pandemic? Retrieved May 6, 2025, from https://assets.bii.co.uk/wp-content/uploads/2021/12/08082913/Microfinance-institutions_BII.pdf
  • Cambridge Associates. (2025). Sustainable and Impact Investing 2024: Insights and Perspectives. Retrieved from https://www.cambridgeassociates.com/wp-content/uploads/2025/02/2025-02-Sustainable-Impact-Investing-2024-Insights-and-Perspectives-2.pdf (Source 7.1)
  • Center for Financial Inclusion. (2022, November 22). Rebuilding After COVID: Financial Inclusion Across Asia. Retrieved May 6, 2025, from https://www.centerforfinancialinclusion.org/rebuilding-after-covid-financial-inclusion-across-asia/
  • Center for Financial Inclusion. (n.d.). Smart Campaign. Retrieved from https://www.centerforfinancialinclusion.org/research/consumer-protection/smart-campaign/
  • CGAP. (2011, September). Responsible finance: Putting principles to work (Focus Note). Retrieved from(https://www.cgap.org/sites/default/files/researches/documents/Focus-Note-Responsible-Finance-Putting-Principles-to-Work-Sep-2011.pdf)
  • CGAP. (2020). COVID-19 (Coronavirus) Insights for Inclusive Finance. Retrieved May 6, 2025, from https://www.cgap.org/topics/collections/coronavirus-inclusive-finance
  • CGAP. (2024). Investing for Financial Inclusion: Four Enablers for Outcomes Measurement and Management. Retrieved from https://www.cgap.org/research/publication/investing-for-financial-inclusion-four-enablers-for-outcomes-measurement-and (Source 10.1, 16.1)
  • CGAP. (2024, March 29). In a Post-Pandemic World, How Healthy Are MFIs? [Blog post]. Retrieved May 6, 2025, from https://www.cgap.org/blog/in-post-pandemic-world-how-healthy-are-mfis-0
  • Chemonics International. (2021). Blended Finance Technical Briefs Primer. Retrieved from https://chemonics.com/wp-content/uploads/2021/07/Blended-Finance-Technical-Briefs-Primer_Final.pdf (Source 2.1)
  • Christen, R. P., Lyman, T. R., & Rosenberg, R. (2003). Microfinance Consensus Guidelines: Guiding Principles on Regulation and Supervision of Microfinance. Consultative Group to Assist the Poor (CGAP). (While the direct link to the PDF wasn't in the search, this is a foundational CGAP document often cited, e.g., indirectly in Source 8.1) ?
  • Cull, R., Demirg??-Kunt, A., & Morduch, J. (2009). Microfinance Meets the Market. Journal of Economic Perspectives, 23(1), 167-192. (Cited in Source 17.1)
  • Dvara Research. (2024, December 19). Exploring the phenomenon of debt distress and possible solutions. Retrieved from https://dvararesearch.com/emerging-trends-and-shifts-in-microfinance/
  • equities.com. (2024, December 3). Impact investors are expanding access to financial services in underbanked regions. Retrieved from https://www.equities.com/impact-investing/impact-investors-underbanked-mfi/ (Source 14.1)
  • European Commission. (n.d.). European Code of Good Conduct for Microcredit Provision. Retrieved from https://employment-social-affairs.ec.europa.eu/policies-and-activities/funding/microfinance-and-social-enterprise-finance/european-code-good-conduct-microcredit-provision_en (Source 21.1)
  • FasterCapital. (n.d.). The Role Of Technology In Microfinance. Retrieved from https://fastercapital.com/topics/the-role-of-technology-in-microfinance.html (Source 13.1)
  • FINCA Impact Finance. (n.d.). FINCA Impact Finance: A Leader in Responsible Microfinance. Retrieved from https://www.fincaimpact.com/ (Source 15.1)
  • Finnfund. (2021, December 22). Client protection in microfinancing is part of financial inclusion. Retrieved from https://finnfund.fi/en/news-and-publications/blog/client-protection-in-microfinancing-is-part-of-financial-inclusion/
  • FMO. (n.d.). Client protection principles. Retrieved from https://www.fmo.nl/cpp
  • GDRC. (2025). Microfinance Timeline: A Historical Evolution Beyond Credit. Gateway Development Research Centre. Retrieved from https://www.gdrc.org/icm/mf-timeline.html (Source 4.1)
  • Global Environment Facility (GEF). (n.d.). Advances in Blended Finance. Retrieved from https://www.thegef.org/sites/default/files/publications/gef_advances_blended_finance_201911.pdf (Source 2.2)
  • Global Facility for Disaster Reduction and Recovery (GFDRR). (2009). Microfinance and Disasters: Preparing for the Worst. Retrieved May 6, 2025, from https://www.gfdrr.org/sites/default/files/publication/Microfinance%20and%20Disasters-Preparing%20for%20the%20Worst.pdf
  • Global Partnership for Financial Inclusion (GPFI). (n.d.). The impact of COVID-19 on digital financial inclusion. Retrieved May 6, 2025, from https://www.gpfi.org/sites/gpfi/files/sites/default/files/5_WB%20Report_The%20impact%20of%20COVID-19%20on%20digital%20financial%20inclusion.pdf
  • Hartarska, V., & Nadolnyak, D. (2007). Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? World Development, 35(10), 1746-1767. (Though the snippet (Source 8.1) references a working paper version, this is a commonly cited published version on the topic).
  • Impacting Africa. (2025, February 10). Sustainable microfinance: Embedding ESG in responsible lending. Retrieved from https://www.impactingafrica.com/sustainable-microfinance-embedding-esg-in-responsible-lending/ (Source 5.1)
  • inrate.com. (2025, January 31). Key Impact Investing Trends to Watch Out for in 2025: A Glimpse into the Asian Market. Retrieved from https://inrate.com/blogs/impact-investing-trends-2025/ (Source 1.1)
  • International Monetary Fund. (n.d.). Chapter 7 Rural and Microfinance Institutions: Regulatory and Supervisory Issues in: Financial Sector Assessment. IMF eLibrary. Retrieved from https://www.elibrary.imf.org/display/book/9780821364321/ch07.xml (Source 1.1)
  • JICA. (2025, April 15). Impact Investors in the Microfinance Sector: Empirical Analysis of Debt Investment in Normal and Crisis Periods. JICA Research Institute Discussion Paper No. 38. Retrieved from https://www.jica.go.jp/jica_ri/publication/discussion/__icsFiles/afieldfile/2025/04/15/Discussion_Paper_No38_1.pdf (Source 4.1)
  • Kiva. (2010). Regulation in Microfinance: Advantages and Drawbacks. Kiva Blog. Retrieved from https://www.kiva.org/blog/regulation-in-microfinance-advantages-and-drawbacks (Source 2.1)
  • Ledgerwood, J., & White, V. (2006). Transforming Microfinance Institutions: Providing Full Financial Services to the Poor. World Bank Publications. (A foundational text often relevant to regulatory discussions about MFI transformation). ?
  • Microfinance Centre. (n.d.). Smart Campaign has come to an end. Retrieved from https://mfc.org.pl/smart-campaign-has-come-to-an-end/
  • Microinsurance Network. (2022, August 3). Driving Inclusive Insurance: The Untapped Potential within The Microinsurance Market. Retrieved May 6, 2025, from https://microinsurancenetwork.org/driving-inclusive-insurance-the-untapped-potential-within-the-microinsurance-market
  • MicroSave. (2012, July). Responsible finance: Concepts and challenges (MicroSave Briefing Note #128). Retrieved from https://www.findevgateway.org/sites/default/files/publications/files/mfg-en-paper-responsible-finance-concepts-and-challenges-jul-2012.pdf
  • Number Analytics. (2025, March 25). 5 Key Impacts of ESG Banking Initiatives on Sustainability. Retrieved from https://www.numberanalytics.com/blog/5-key-impacts-esg-banking-initiatives-sustainability (Source 5.2)
  • Opportunity International. (2012, January). Road map for the microfinance industry: Focusing on responsible and client-centered microfinance. Retrieved from https://opportunity.org/news/press-releases/road-map-for-the-microfinance-industry-focusing-on-responsible-and-client-centered-microfinance
  • PwC India. (2022). Next-gen microfinance: The role of digital technology. Retrieved from https://www.pwc.in/assets/pdfs/consulting/financial-services/fintech/publications/next-gen-microfinance-the-role-of-digital-technology.pdf
  • PwC. (2022). Microfinance institutions. PwC Kenya Blog. Retrieved from https://www.pwc.com/ke/en/blog/microfifinance-institutions.html (Source 7.1)
  • Siaj, T. H. (2024). Microfinance Services and the Clients' Socioeconomic Wellbeing During the Covid-19 Pandemic in Uganda. ResearchGate. Retrieved May 6, 2025, from https://www.researchgate.net/publication/357133771_Microfinance_Services_and_the_Clients'_Socioeconomic_Wellbeing_During_the_Covid-19_Pandemic_in_Uganda (Original publication likely earlier, ResearchGate is the access point).
  • Siddiqui, D. A., & Ganesan, Y. (2024). A study on the Impact of Digital Technologies on the Microfinance Sector. ResearchGate. Retrieved May 6, 2025, from https://www.researchgate.net/publication/388909742_A_study_on_the_Impact_of_Digital_Technologies_on_the_Microfinance_Sector (Original publication likely earlier, ResearchGate is the access point).
  • Taylor & Francis Online (PALI?, I., et al.). (2025, March 8). The Impact of Microfinance on Society: The State-of-the-Art. Problems and Perspectives in Management. Retrieved from https://www.tandfonline.com/doi/full/10.1080/07360932.2025.2472217?src= (Source 8.1, though original journal might be different - link is to T&F portal)
  • The Nobel Peace Prize. (2006). The Nobel Peace Prize 2006. Retrieved from [Official Nobel Prize website]
  • United Nations Office for Disaster Risk Reduction (UNDRR). (2022, January 18). Building Resilience During COVID-19: Lessons Learned from Disaster Risk Reduction Programming. Retrieved May 6, 2025, from https://www.undrr.org/media/75923/download
  • VakilKaro. (2024, December 28). What are the upcoming trends in the microfinance industry? Retrieved from https://www.vakilkaro.com/blogs/what-are-the-upcoming-trends-in-the-microfinance-industry
  • Vakilkaro. (2025). What Are the Upcoming Trends in the Microfinance Industry? Vakilkaro Blogs. Retrieved from https://www.vakilkaro.com/blogs/what-are-the-upcoming-trends-in-the-microfinance-industry (Source 16.1)
  • World Bank Blogs. (2024, January 29). Fostering Resilience: How Mobile Money Transformed Crisis Response in Cameroon. Retrieved May 6, 2025, from https://blogs.worldbank.org/en/africacan/fostering-resilience-how-mobile-money-transformed-crisis-response-cameroon
  • World Bank Group. (2021, February). Crisis Roadmap for Microfinance Institutions: COVID-19 and Beyond. Retrieved May 6, 2025, from https://documents1.worldbank.org/curated/en/099063023144027409/pdf/P17435407c24b101b094750b143609cca49.pdf (This is also listed as CGAP, 2021b in some contexts, as CGAP is housed at the World Bank. Using the World Bank Document link for clarity here).
  • World Bank. (n.d.-b). World Bank Group's Operational Response to COVID-19 (coronavirus) - Projects List. Retrieved May 6, 2025, from https://www.worldbank.org/en/about/what-we-do/brief/world-bank-group-operational-response-covid-19-coronavirus-projects-list
  • Yunus, M. (2007). Banker to the Poor: Micro-lending and the Battle Against World Poverty. PublicAffairs.

Hari Srinivas - hsrinivas@gdrc.org
 1. Digital Transformation  2. Responsible Finance  3. Risk Management  4. Impact Investment  5. Legal Environment  6. COVID-19 Pandemic
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