This paper examines risk strategies adopted by MFIs in Cameroon Much research on risk and especially after the financial crisis of 2007 has been based on mainstream financial institutions and ignored the contribution of risk on MFIs activities and in our societies. This study is based on 15 in depth interviews with 7 managers and 8 lending officers, we identified four main areas of risk concerns for MFIs in Cameroon; reputational, death of a borrower, credit and institutional size risks. Our results show that risk is an elusive concept for which we cannot understand or measure the effect on an organisation. So as to help minimise these effects, we propose MFIs to take the for-profit status in order to attract investors who are willing to invest within MFIs, therefore minimising the effect of risks on MFIs.