This paper considers the key change agents and challenges that the authors see shaping the microfinance industry through the next ten years. The authors consider in depth the impact on the industry of four main drivers of change: competition, technology, commercial entry, and policy and regulatory environment. They also identify the key challenges facing suppliers of financial services to the poor, including political risk. Predictions are made about the future of the microfinance industry with an analysis of current trends, judgments about the effects of the four change agents, and the thoughts of many other microfinance leaders. The paper encompasses the global microfinance industry, and highlights regional variations.