This paper presents an analytical framework for understanding what drives innovations in rural microfinance both from the point of view of microfinance institutions and their rural producer clients. Three typical strategies of innovation towards greater viability and accessibility that are used by microfinance institutions are analyzed. A compendium of case studies provides an overview of the frequency of adoption of existing innovations by various types of microfinance institutions. Finally, an important innovation in microfinance, group lending, is analyzed both theoretically and empirically.
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Calkins et al. (2004) studied this question.
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