Given the findings , certain caveats of this study are notable . First , we conducted the study in the unique setting of Matlab , Bangladesh , so findings may not be more widely generalizable . Still , unlike many non - population - based randomized controlled trials , our probability - based sample allowed for inferences to a defined population . Second , the analysis was based on cross - sectional , observational data , which limited our ability to make causal inferences . To improve our ability to make causal inferences , we established a clearer temporal ordering between treatment and outcomes by including a lifetime measure of microfinance participation and outcomes measured at interview , in the prior week , or in the prior year . We also leveraged pre - program and exogenous characteristics to model the propensity for participation in microfinance . These characteristics included circumstances in childhood ( religious affiliation , maternal schooling , economic standing , natal - home location ) , at marriage ( age in years , own schooling , partner 's schooling ) , and exogenous location of residence ( inside / outside embankment ; fixed neighborhood cluster ) . Empirically , we achieved balance in observed pre - program characteristics across groups and found no evidence of bias due to unobserved endogeneity .