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Since the recent trend of commercialization, microfinance is increasingly being connected to international capital markets. The most connected microfinance institutions (MFIs) even present capital structures resembling to those of commercial financial institutions (Bogan, 2008). However, according to Reille & Forster (2008) the vast majority of international investments in microfinance come from social investors claiming to have a double motivation for their investment; one financial and another social. À fundamental aspect of MFIs receiving these funds comes then to mind: corporate governance. This paper investigates corporate governance issues linked with the evolution of MFIs’ financing structure in the context of commercialization. Based on agency and transaction costs theories, we develop the “governance properties” of MFIs funding sources and draw some insights on the link between financing choices and governance of MFIs. As a result, we argue that increased awareness and caution about microfinance’s growing connection with international capital markets is crucial, especially in these times of crisis; and we highlight the important potential for development of savings as a stable and long term financing source for MFIs. JEL Classification – G21, G30, G32, L2, L3, O16, O17.