The Summer 2008 issue of the Stanford Social Innovation Review has an interesting article entitled "Reimagining Microfinance" where they argue that microfinance should be viewed as a platform, not as a product. One of the critical factors in this transformation is the creation of holistic performance standards and a certification program that add transparency to this market.

If microfinance is going to live up to its billing as a double bottom line business--that is, a business that charts both financial and social returns--MFIs must develop and agree upon robust measures of and standards for their social impacts. Social performance standards will also redound to MFIs' first bottom line by assuring that clients and their businesses are healthy in every sense of the term. Moreover, regularly measuring client progress will help MFIs focus innovation on lagging groups and regions.

The article argues convincingly for the creation of a certification program for microfinance institutions (MFIs) based on the following four categories:

• Telescope or a Microscope: How do you focus on a problem? (August 18, 2010)