The main purpose of this paper was to investigate the change in productivity of Senegalese microfinance institutions (MFIs) during the period from 2009 to 2013. With a balanced panel dataset of 80 observations from the 16 largest MFIs existing in Senegal, we have attempted to highlight the dynamics of microfinance productivity, using the Malmquist productivity index. The results show an average productivity improvement of 1.5% over the period, which is the lowest increase in productivity reported to date. This increase in productivity is mainly due to technological changes, with the change in technical efficiency generally declining in this post-reform period. The decomposition of technical efficiency shows that inefficiency of scale is the main cause of decline in technical efficiency during this period.