In 1997, CGAP estimated that the loan portfolios handled by all MFIs would grow to $90 billion by 2015. 1 It turns out that the loan portfolios of just of the MFIs reporting to the MIX Market was $102 billion in 2016. 2 Similarly the number of clients was anticipated to grow from 13 million in 1997 to 100 million by 2005. 3 By 2005, the actual number of clients reached was 113 million and 132 million clients in 2016. 4 The large majority of MFIs (80) operate profitably. 5 There have been more than 12 IPOs in microfinance. 6 MFIs attract $80 billion in investments. At the same time, the microfinance sector has maintained its focus on the poor, reflected in a “median average loan balance well below 30% of GNI per head.” 7