Microfinance has been hugely successful. So much so, that its ’commercialisation’ is raising concerns among its supporters, especially Muhammad Yunus, and its sceptics. For anyone interested in microfinance, Tim Harford, who was there at the beginning of the ‘movement’ wrote a compelling state-of-the-nation piece in last Saturday’s FT Weekend magazine. It captures the movement’s challenges - not least transparency, cross subsidy, the ethics of astronomical lending rates and, last but not least, the battle for the soul of the movement. It’s a must read for those interested in transparency’s impact on markets, in industry’s at tipping points and international development.