The UN Capital Development Fund (UNCDF), the UN’s investment arm, works towards enhancing access by poor and low-income people and micro and small enterprises to a broad range of affordable financial services with a focus on the Least Developed Countries (LDCs). UNCDF inclusive finance programmes are designed to address gaps in the enabling environment, such as audit and rating services (meso level) and policy, legal, and regulatory constraints (macro level) that prevent a financial sector from being inclusive. At the microlevel, UNCDF uses its flexible investment mandate to fund retail microfinance institutions (MFIs) and financial service providers (FSPs) through grants, loans or guarantees. In 2012, UNCDF supported 93 MFIs/FSPs which delivered financial services to 4 million active clients (66% female) in 27 LDCs.