Most scientists today believe that microfinance is an effective means of alleviate poverty and financial exclusion. It plays an important role in improving the living conditions of rural populations; by providing them with productive resources through the provision of credit, savings, tontine and insurance services. The recognized importance of microfinance institutions has led to the creation of a multitude of microfinance institutions. This situation raises the problem of competition that the latter engage in, especially when the government decides to intervene in the sector with the creation of microfinance institutions with the «microcredit for the poorest» program. The methodology used consisted of collecting data from 265 MFI clients in the town of Parakou in Benin. Multiple regression was used to analyze the results. According to the results, individual factors (client satisfaction, client trust in the institution, and social networks) better explained client loyalty than factors relating to the quality of IMF service delivery. Likewise, the viability of the IMF is determined more by economic factors (resources necessary to meet the various charges, provisions for doubtful debts, volume of activities and collection capacity) than by social factors (physical proximity and the cultural proximity of the institution to their clients). And finally, customer loyalty explains the viability of the IMF.