Microfinance in Africa

A couple of weeks ago, I attended a presentation by Chris Brookfield, Investment Director at Unitus, at TiE Oregon's monthly meeting.  Much of the presentation highlighted Unitus' unique approach as a for-profit microfinance lending institution, and its various successes in Latin America, India, and other parts of Asia.  The part I found most intriguing was when Chris was asked about barriers in other parts of the world, and he mentioned how microfinance has been tried in the poorest parts of Africa and has failed.  The reasons for failure are typical, as one would assume the likely culprits of corruption, and inadequate infrastructure.  Additionally there is a lack of historical commercial endeavors in many countries of the world.  

Prior to the event, I had thought that microfinance seemed a highly adaptable model, that had the potential to help people all over the world to earn higher wages by taking initiative.  Now I am not so sure.  I keep coming back to Chris' comment about Africa, and wonder what could work there if not microfinance.  I have yet to form any concrete ideas, but I am continuing to work through some ideas.  

How do you feel about microfinance in countries that lack infrastructure?  Do you think there is another way to provide funds and encourage economic development, thereby increasing the quality of life in countries in Central Africa for the long-term?