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 between physical cash and digital currency. These networks also serve as essential onboarding channels for a broader set of digital financial tools and services.