MicroFinance Network (MFN) is a network of 25 members serving over 100 million clients in 23 different countries, as of November 2015. MFN members, whether commercial banks, financial institutions or NGOs, share the common belief that an MFI can serve more clients by establishing a sustainable and profitable institution. MFN members also believe that an MFI can achieve both financial and social goals by establishing innovative business models. MicroFinance Network was founded in April 1993 by participants at a meeting hosted by BancoSol in Bolivia, which looked at the process of transforming the NGO, PRODEM, to BancoSol. At the end of the conference, 16 participants agreed that the dialogue had been beneficial and should continue – thus created the MicroFinance Network.