Here I wish to engage in an ongoing debate on defining microfinance. Particpate, anyone who wish! It is easier to follow the discussion if we number our different definitions.
My initial definition is this
(1) Microfinance is financial services targeted towards poor people. Microfinance can be subsidized or unsubsidized.
The advatages of this definition is that it is broad, but at the same time distinguishes microfinance from ordinary financial services.