The study explains the success of DFS in Kenya and presents challenges and opportunities for the development of DFS in the seven other countries where the study took place: Benin, Cameroon, Mozambique, Nigeria, Senegal, Uganda and Zambia. The study is based on the methodology of the UNCDF programme MM4P (Mobile Money for the Poor), for understanding the potential for markets in digital financial services. A key objective was to analyse whether the EIB (and other investors) could find opportunities linked to the development of DFS through a debt and/or equity investment in Mobile Banking Platforms. However, market participants needing funds at a scale viable for EIB turned out to be rare. The study findings are publicly available for you to download below.