Microfinance has evolved from NGOs focused on alleviating poverty to for-profit organizations seeking scale and returns. As the industry has grown, local players have emerged addressing specific community needs, and some large MFIs have gone public. Going forward, MFIs will increasingly focus on savings products alongside credit as clients graduate, and regulations may change to accommodate this shift. Banks are expected to enter the microfinance space to expand reach and moderate rates, while some large MFIs may transform into microbanks leveraging technology to redefine rural banking.