The Microfinance Programme Impact Assessment (PIA) is a component of the United Nations Capital Development Fund (UNCDF) Independent Impact Assessment (IIA) which seeks to assess whether UNCDF has effectively implemented its new policies and whether its projects and programmes, under the main programming areas – local governance and microfinance have had the desired impact on the individuals, households, communities and institutions targeted.

The independently conducted impact assessments also provide UNCDF with an opportunity to assess the relevance and effectiveness of the organisation’s operational policies in supporting its overall goal of poverty reduction. The assessments were requested by UNCDF Executive Board in its decision 99/22.