The Synergy of Microfinance underlines the significance of innovative financial and risk management tools and non-financial complementary services by microfinance institutions in poverty alleviation. It undertakes a nuanced analysis of financial instruments microcredit, microsavings, microinsurance, microleasing and payment systems for money transfer and non-financial services such as social intermediation, livelihood promotion and access to broader market place. Given the diminished expectations on microcredit impact, the book highlights results from randomized control trial (RCT)-based studies around the world. It argues that exclusive access to microcredit alone may not suffice in alleviating poverty on a mass scale and could pose a financial risk for poor households or households that over-borrow. There is also a discussion on the Andhra Pradesh microfinance crisis of 2010 and the developments that took place in its aftermath. Tables of Contents: Prologue Acknowledgements Introduction On Poverty: Who Are the Poor? Why Poverty Persists?Borrowing and Saving: A Critique How Small Loans Can Make a Big Difference: The Birth of Microcredit and Its Evolution into Microfinance and Beyond Microcredit: Anatomy of an Instrument that Revolutionized Lending Microsavings: Voluntary Savings for the Poor Microinsurance Micro leasing: Improving Access to Tools and Technology Remittances, Payment Systems and Microfinance Complementary Non-financial Services Critiquing Microfinance The Synergy Bibliography Index.