This report is based on a qualitative follow-up study to the quantitative impact evaluation study conducted in 2012 to assess the impacts of the formalization campaign on Formalisation, business outcomes, socio-economic outcomes and credit taking behaviour. The present study complements the initial quantitative study by assessing whether the high rate of formalization among the target group clients has had further effects on relevant business and socio-economic indicators2. The initial study found the puzzling result that the large extent of formalization that followed the campaign was accompanied only with small effects on business and socio-economic outcomes. In addition, the present study investigates whether Evangelical Social Action Forum's (ESAF) formalization activities represent a business case that improves the MFIs performance.