Climate has moved to the centre of the inclusive finance conversation (top trend and second future priority). AI is both a useful tool and a major threat. Capital and concessional funding is more scarce and less predictable. Inclusion is getting harder, in a fragmented and more-and-more complex sector. It is resilience (not access or inclusion) is increasingly the byword for success and the primary goal of the sector. Respondents foresee innovation, but are sceptical that institutions, regulation and capital are keeping pace. Respondents want financial inclusion to become more adaptive and outcome- oriented — while remaining uncertain about who will finance that transition and whether the hardest-to-reach will benefit from it. What does this mean? Some initial takeaways… 2.1. A sector adapting on several fronts at once In a sentence... The financial inclusion sector is moving from an era defined by access, growth and donor-supported expansion into an era defined by resilience, adaptation, commercial pressure and harder choices about who gets served and how. Changing capital flows pose a growing challenge but is not limited to public funds. Private capital interest is shifting towards other sectors, while sustainability frameworks are being increasingly diluted. Fund manager Lots of interconnectedness here. We’re seeing capital flows changing — mostly shrinking — which is putting FSPs under pressure to prioritise financial performance, and ultimately it’s the hardest-to-reach that get left behind. Europe-based Investor Menu Menu Close Close 1. Introduction, context & respondents 1.1. Welcome to the Financial Inclusion Compass 2026 1.1. Welcome to the Financial Inclusion Compass 2026 2. Results 2.1. A sector adapting on several fronts at once: what respondents told us 2.1. A sector adapting on several fronts at once: what respondents told us Five themes Introducing five broad themes from the responses Introducing five broad themes from the responses Analysis & implication 4.1. Difficult choices ahead 4.1. Difficult choices ahead 1.2. A listening exercise, not a census 1.2. A listening exercise, not a census 1.3. A diverse field of voices 1.3. A diverse field of voices 2.2. Shared concerns, different exposure 2.2. Shared concerns, different exposure 2.3. Where you sit shapes what you see 2.3. Where you sit shapes what you see From access to resilience From Access to Resilience Adapting to the new normal Adapting to the new normal Promise without guardrails Promise without guardrails Who pays for inclusion? Who pays for inclusion? Navigating a fragmented and complex landscape Navigating a fragmented and complex landscape 4.2. What does it all mean? 4.2. What does it all mean? 4.3. Five questions that will shape the next phase of financial inclusion 4.3. Five questions that will shape the next phase of financial inclusion 4.4. About the Compass 4.4. About the Compass