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The pendulum of public perception is swinging against microfinance. That leaves the thoughtful observer, wary of extreme claims in any direction, with a puzzle. Is microfinance a bane or a boon or in between? This paper reviews the triumphs and troubles of the microfinance industry. It then sets forth a frame for assessing the impact of microfinance, one that helps put the recent challenges in perspective. And it offers some thoughts, in light of these difficulties, about key tasks going forward. It concludes that microcredit stimulates small-scale business activity, but that the best available evidence fails to show it reducing poverty. Its ability to empower people, especially women, is also ambiguous. Still, there is no question that all people need financial services. The main achievement of the microfinance movement has been the founding of businesses and businesslike non-profits that are delivering these services to millions of people on a sustainable basis.

Armageddon or Adolescence? Making Sense of Microfinance’s Recent Travails