We construct a theoretical framework that describes the social worth of a
micro®nance organization in terms of the depth, worth to users, cost to users, breadth, length, and
scope of its output. We then analyze evidence of depth of outreach for ®ve micro®nance
organizations in Bolivia. Most of the poor households reached by the micro®nance organizations
were near the poverty lineÐthey were the richest of the poor. Group lenders had more depth of
outreach than individual lenders. The urban poorest were more likely to be borrowers, but rural
borrowers were more likely to be among the poorest. Ó 2000 Elsevier Science Ltd. All rights
reserved.