With more than one-fifth of Bangladesh's population living in extreme poverty, surmounting it still remains a substantial predicament for development practitioners. To combat this issue, BRAC initiated the multifaceted Challenging the Frontiers of Poverty Reduction programme with a grant-based approach, reinforcing its efficacy with background services such as health and social development. Using propensity score matching, this paper analyses a three-round panel dataset (2002–2005–2008) to evaluate the impacts of the programme. We find that Challenging the Frontiers of Poverty Reduction is successfully able to increase the per-capita income, the productive asset bases and the overall food security of its participants in the long run.