The Retail Finance Distribution (ReFinD) initiative supports research that improves the delivery and distribution of digital financial services (DFS) in low- and middle-income countries. Grants are awarded through competitive calls for proposals to researchers, institutions, and commercial actors working in this space.

Grant Categories

ReFinD offers sub-grants in five categories:

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Research Focus

Markets for digital financial services (DFS), particularly mobile money and agent banking, are expanding rapidly across low- and middle-income countries (LMICs). This growth is driven by digitization initiatives that are reshaping financial ecosystems. At the core of these ecosystems are retail distribution and vendor networks, which play a crucial role in facilitating the conversion of money between physical cash and digital currency.