Cloves, Indonesia. Photo by Herwin Gunadi, 2016 CGAP Photo Contest Photo by Herwin Gunadi, 2016 CGAP Photo Contest

Donors and Investors

Over the past few decades, public funding for financial inclusion has helped to build an industry that now attracts private funding, both international and local. By 2019, funder commitments to financial inclusion had reached a historic high of $52 billion.

Yet, today many funders have begun to reorganize their work in relation to the United Nations Sustainable Development Goals (SDGs) and to articulate ways in which they can better leverage the private sector. Because many funders face competing pressures both in terms of capacity and the funding to deliver on the SDGs, there is an increasing risk of loss of focus on and visibility of financial inclusion and that the deep technical expertise required to build inclusive financial systems will be diluted. On the other hand, this is an opportunity to harness financial inclusion as an enabler of other development goals and to work across different sectors to achieve outcomes that address the needs of a variety of stakeholders. 

Understanding how the financial inclusion sector is evolving is challenging for donors and investors alike. What role can they play in an increasingly complex landscape? What market needs should they be focusing on? How should they go about it?

Through its research, CGAP aims to support and influence donors and investors navigating through these trends, adapting their practices to be more responsive to market needs and contributing to responsible market development for poor people.

Latest Research


Fintech and Financial Inclusion: A Funders' Guide to Greater Impact

This practical guide, based on two years of global research, describes how development funders can identify promising fintechs and maximize the impact of their support.
Slide Deck

Development Funders and Inclusive Fintechs: Analyzing One Decade of Funding Flows

Are development funders providing catalytic support that helps build inclusive fintech markets? This slide deck analyzes a decade of funding flows into the fintech sector.

Funding Explorer: Interactive Data for 2019 CGAP Funder Survey

The Funding Explorer is a set of highly interactive analytical dashboards. This tool uses data from the CGAP Funder Survey complemented by publicly available contextual indicators

Latest Blogs


Africa Is Top Recipient of Financial Inclusion Funding

For the first time since CGAP began its funder survey, Sub-Saharan Africa in 2019 received more financial inclusion funding than any other region, with $7.6 billion in commitments. But new pressures on development budgets could impact the region.

Investing in Half the Sky: Funders and Women’s Financial Inclusion

To better understand how funders are approaching women’s financial inclusion, CGAP took a fresh look at its 2019 Funder Survey data and conducted a supplemental survey of 30 funders in August 2020.

How Are Funders Looking to Add Value in Digital Financial Inclusion?

The latest CGAP Funder Survey shows that less than half of development funding for digital financial inclusion goes to digital financial services (DFS) providers. Much of the funding instead goes toward building a DFS ecosystem.