Iii Inter-american Forum on Microenterprise

There are different ways of studying the development of microfinance organizations. Most of the time, people will adopt one of them based on what is their true objective. In some cases, this will mean focussing on the social impact ; in others, it will mean focussing on the financial and/or operational management ; in others still, it will mainly be related to the study of the complementarity aspects existing between the services provided – being financial or not – the institutionalization potential of the organization. In this paper, this won’t be the case. Indeed, in order to favor the debate, we have decided to deal with the future of the microfinance field, not so much by emphasizing such or such type of organization, but much more through a presentation of the corporate governance issues that constraint the options that the various types of organizations have when they deal with their own development.