Who pays for inclusion? 4 Financial inclusion has always depended on a delicate balance between commercial capital and public support. This year, respondents suggest that balance is shifting. The survey reveals growing concern over the withdrawal of donor funding, the reduction of development assistance, and increasing uncertainty around the future role of governments and DFIs. Indeed, the funding landscape is the number one long-term concern of respondents overall. Moreover, private capital is unlikely to fill these gaps on its own, particularly in underserved markets and for higher-risk client segments. Many respondents describe a sector facing difficult choices. They see pressure for financial sustainability and commercial returns as both necessary and potentially damaging. 3. Five themes This will vary by geography. In South Asia, local and commercial capital will be key, whereas in Africa this is much less likely. Philanthropic capital will need to de-risk other lenders — including DFIs, commercial investors and ultimately local capital — to crowd them in. Director, TA provider in South Asia