Banyan Global conducted a mid-term evaluation of the United Nations Capital Development Fund’s (UNCDF) MicroStart program in Yemen. The evaluation appraised the institutional capacities of UNCDF’s three implementing partners and reviewed the performance of the international technical service provider. In addition, our experts assessed the impact of this support on the local technical service providers, as well as on the performance of the microfinance institution’s partners. Banyan Global provided recommendations to inform future UNCDF interventions in Yemen’s microfinance sector.