This document discusses women's economic participation through microfinance and strategies to retain female clients under for-profit models of microfinance. It finds that while microfinance transformations aim to induce growth, they often lead to fewer female clients. Key lessons are to clarify the vision for transformation regarding women, demonstrate a profitable and scalable women-led model, and invest in products and services beyond credit to promote women's empowerment and financial inclusion long-term. Maintaining a focus on sustainability, affordability, research on women's needs, and governance structures committed to women can help institutions better cater to and retain female clients through transformation.