The microfinance movement has experienced economic transition over more than four decades across the world. In the 1990s several microfinance institutions were forced to change their institutional structures to face competition from for-profit organisations. Most studies focus on the relations between the institutional structures and the performance of these MFIs. However, there is little focus on the relations between the institutional framework and the benefits to the clients. This article aims at understanding how clients in the slums of Mumbai have fared.
