ACKNOWLEDGMENTS This report would not have been possible without the insights graciously provided by experts in positions representing financial services, technology, public sector, private sector, non-profit, and academic institutions. The following individuals volunteered their time to help us better understand the potential benefits, opportunities, and challenges of digital financial services in their countries. A Ms. Ayesha Baig, The First MicroFinanceBank Ltd., Pakistan Mr. Eduardo Abreu, Zuum, Brazil Bolaji Balogun, Chapel Hill Denham, Nigeria Ms. Toyin Adeniji, Bank of Industry, Nigeria Ms. Purti Bansal, Jio Payments Bank, India Mr. Andualem Admassie, Ethio Telecom, Ethiopia Mr. Prabhat Barnwal, Michigan State University, Ms. Uzma Afzal, Lahore School of Economics, Pakistan United States Ms. Smita Aggarwal, Omidyar Network, India Mr. Ali Basharat, Pakistan Microfinance Network, Pakistan Ms. Luciana Aguiar, UNDP, Brazil Mr. Desta Bayisa, MOSS ICT, Ethiopia Syed Mohsin Ahmed, Pakistan Microfinance Dr. Bei Duoguang, Renmin University, Center for Network, Pakistan Microfinance Initiatives & Networks, China Mr. Noor Ahmed, State Bank of Pakistan, Pakistan Ms. Adriana de Bellis, Oi, Brazil Mr. Niyi Ajao, Nigeria Inter-Bank Settlement Ms. Camille Bemerguy, Fundación Capital, Brazil System, Nigeria Dr. Laveesh Bhandari, Indicus Centre for Financial Mr. Abraham Ajeta, Federal Cooperative Agency, Ethiopia Inclusion, India Ms. Temitope Akin-Fadeyi, Central Bank of Mr. Shoukat Sohail Bizinjo, State Bank of Nigeria, Nigeria Pakistan, Pakistan Dr. Vikram Akula, VAYA Financial Services, India Mr. Ernesto Brodersohn, National Commission for the Mr. Adolfo Albo, BBVA Bancomer, Mexico Retirement Savings System (CONSAR), Mexico Mr. Hashim Ali, Economic Policy Analysis Unit, Ethiopia Mr. Scott Brown, VisionFund International Mr. Mauricio de Almeida Prado, Plano CDE, Brazil Mr. Carlos Porfirio Budar, Bankaool, Mexico Mr. Thiago Alvarez, GuiaBolso, Brazil C Mr. Muhammad Amin, State Bank of Pakistan, Pakistan Ms. Bindu Ananth, IFMR Trust, India Mr. Yerom Castro, Gentera, Mexico Mr. Yoseph Aseffa, ILO/UNCDF (retired), Ethiopia Mr. Adrian Kemmer Cernev, EAESP-FGV and Center Mr. Imdad Aslam, Karandaaz, Pakistan for Microfinance and Financial Inclusion Studies at FGV (GVcemif), Brazil B Mr. David Cervantes Arenillas, BBVA Bancomer, Mexico Mr. Chen Chao, Ministry of Commerce, China Mr. Marcos Bader, Bradesco, Brazil Mr. Nasir Iqbal Choudhary, Zong CM Pak, Pakistan Mr. Bai Chengyu, China Association of Dr. Daryl Collins, Bankable Frontier Associates Microfinance, China Mr. Rommel Conde, MasterCard, Mexico