There is concern that institutions may increasingly concentrate on clients, products and markets that are easier to serve, while more vulnerable populations receive less attention. Very few respondents argue for a return to traditional donor dependency. Instead, they consistently suggest that future funding models must be: The dominant mood is realism rather than pessimism . Respondents accept that the funding landscape is changing, perhaps permanently. The question is therefore no longer how to mobilise more capital, but how to no longer ensure that the capital available continues to support inclusion rather than just profitability? Introducing five broad themes from the responses In a sentence... The future of financial inclusion will depend not only on how much capital is available, but on what that capital expects in return . More diversified More catalytic Better aligned between public and private actors Focused on financing inclusion where markets alone cannot As public and donor funding becomes more volatile, social and impact investors are becoming the primary backbone for early-stage social enterprises. But genuinely bridging the gap requires blended-finance models in which philanthropic capital de-risks investment and attracts commercial players into last-mile agriculture. Jaewon Lee, CEO of FSP in South East Asia Blended finance structures have never been more relevant. In a context of heightened uncertainty and rising risk perception, they play a critical catalytic role, crowding in private capital by absorbing risk and enabling investments that would otherwise not materialise. Yet, paradoxically, the pool of providers of catalytic, patient capital is shrinking. Impact investor based in Europe 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