Contents -- Abstract -- Acknowledgments -- 1. Introduction -- 2. Microfinance Penetration -- Non-uniform Development of Microfinance Across Countries -- Microfinance is Too Small to Threaten the Mainstream -- 3. Is Microfinance Different to the Mainstream? -- Differences Related to Scale, Style, and Subsidy -- What Prevents Microfinance from Expanding to Full Potential? -- 4. Impact -- Microfinance Impact: Alleviation More than Escape -- More Developed Mainstream Financial Systems are Associated with Less Poverty -- Poverty Gap Data Highlights the Need for Deeper Mainstream Finance in Africa -- 5. Protecting the Vulnerable -- Predatory Lending-The Liberal's Usury -- Combating Prejudice and Discrimination -- 6. Concluding Remarks -- APPENDIXES -- A Microfinance Penetration -- B MFI Scale and Profitability -- C Poverty Rates and Financial Depth -- D Predatory Lending -- LIST OF TABLES -- 1a MFI Penetration Rates-Top Countries -- 1b Borrowing Clients at "Alternative Financial Institutions" -- A1 Explaining MFI Penetration (Total Population) -- A2 Explaining MFI Penetration (Poor Population) -- B1 Sustainability, Size, and Focus -- B2 Return on Assets, Size, and Focus -- C1 Poverty and Financial Depth -- C2 Poverty and Financial Depth (Alternative Samples) -- C3 Poverty and Financial Depth (Additional Variables) -- LIST OF FIGURES -- 1a MFI Penetration -- 1b Credit Penetration by "Alternative Financial Institutions" -- 2 MFI Penetration of Total and Poor Population -- 3 Penetration by Region (Clients) -- 4 Penetration by Region (Assets) -- 5 MFI Penetration and the Poverty Headcount -- 6 National Poverty Gaps Plotted Against the Size of Mainstream Finance.