The Challenge of Combining Scientific Rigor and Operational Relevance in Microfinance Impact Studies: Lessons from a Study in Partnership with a Madagascan Rural Finance Institution

Because of its longevity, outreach, the range of financial products offered and the innovative features of these products, the CECAM network ( “Caisses d’epargne et de credit mutuels de Madagascar”) stands as a reference in terms of rural and agricultural microfinance. The authors of this paper conducted an impact study of the network in several stages between 2003 and 2007. The design of the study was intended as a partnership with the CECAM, with the goal of improving the prospects of appropriation by the network (relevance and operational scope of the results, transfer of tools). In that regard, the study aims to achieve a synthesis between several strands often considered as antagonistic in the current literature on impact studies. The paper positions the methodology followed with respect to these different strands and presents a selection of empirical and operational results.