Microfinance in some key markets has been facing head winds in the last three years. Many microfinance instiutions (MFIs) that were supposed to be on a strong growth trajectory have fallen short of the expectations and they are now struggling to reach scale. At the same time smaller institutions – tier 2 and tier 3 MFIs – sometimes have more resilience to shocks than expected, and are capable of closer relationships with clients – if not massive scale. Is there a continued role for these smaller MFIs – or indeed is the inexorable trend towards consolidation among a smaller number of larger players? This is an Oxford-style debate (held during European Microfinance Week 2018) on these issues, on the motion "This House Believes there's No Room Left for the 'Little Guy'". Two speakers take the Affirmative side, and two the Negative – arguing for the continued relevance of smaller institutions. and the winning team is presented with a trophy by a panel of adjudicators at the end of the debate.