The inclusive finance community is proud to have attracted private capital over the last decade. However, most funding is used to finance loans and minimal investment is made to understand the underlying causes of market failure and to address constraints that inhibit development of markets to benefit the poor. As the primary donor consortium for inclusive finance, CGAP set out to develop new guidelines for funders to support greater inclusion for the poor. Alan Gibson was instrumental in CGAP’s decision to promote the market systems approach and continued to influence and support CGAP until his death. While many funders appear to support the approach, there has been limited progress and the current political economy of aid does not support good practice. For more funders to understand and adopt this approach we need to demonstrate and document success; use language that resonates with non-experts; and support capacity building of donor agency staff.

Burjorjee, D. and Scola, B. (2015) New Funder Guidelines: Market Systems Approach to Financial Inclusion, CGAP <https://www.cgap.org/research/publication/new-funder-guidelines-market-systems-approach-financial-inclusion> [accessed 28 January 2020].

El-Zoghbi, M., Lauer, K. and Scola, B. (2011) Cross-Border Funding of Microfinance, CGAP <http://www.cgap.org/research/publication/cross-border-funding-microfinance> [accessed 20 January 2020].

FSD Africa (2015) Towards Impact-Oriented Measurement Systems for the FSD Network [pdf] <https://beamexchange.org/uploads/filer_public/57/61/57610253-d9e1-439c-86eb-487c11c12afa/measurement-fsd.pdf> [accessed 20 January 2020].

Gibson, A. (2016) FSD Kenya: Ten Years of a Market Systems Approach in the Kenyan Finance Market [online], FSD Kenya <http://fsdkenya.org/publication/fsd-kenya-ten-years-of-a-market-systems-approach-in-the-kenyan-finance-market/> [accessed 20 January 2020].

Gibson, A. (2017) ‘Market facilitation is the way ahead, but it needs to do more’, 27 March [blog], CGAP <https://www.cgap.org/blog/market-facilitation-way-ahead-it-needs-do-more> [accessed 28 January 2020].

Ledgerwood, J. (2017) ‘The art of market facilitation: learning from the financial sector deepening network’ [online] <https://www.fsdafrica.org/publication/the-art-of-market-facilitation-learning-from-the-financial-sector-deepening-network/> [accessed 21 January 2020].

Nègre, A. (2017) Market Facilitation to Advance Financial Inclusion [online], CGAP <http://www.cgap.org/research/publication/market-facilitation-advance-financial-inclusion> [accessed 21 January 2020].

O’Planick, K. (2015) ‘Shifting to market system facilitation approaches’, 1 October [blog], CGAP <https://www.cgap.org/blog/shifting-market-system-facilitation-approaches> [accessed 28 January 2020].

Spaven, P. and Broens Nielsen, K. (2017) Measuring Market Development [online], CGAP <http://www.cgap.org/research/publication/measuring-market-development> [accessed 20 January 2020].

Tomilova, O. and Dashi, E. (2017) Key Trends in International Funding for Financial Inclusion in 2016 [online], CGAP <http://www.cgap.org/research/publication/key-trends-international-funding-financial-inclusion-2016> [accessed 20 January 2020].

Tsuji, K. (2015) ‘Do we need a financial inclusion paradigm shift?’, 16 September [blog], CGAP <https://www.cgap.org/blog/do-we-need-financial-inclusion-paradigm-shift> [accessed 28 January 2020].

von Stauffenberg, D. and Rozas, D. (2011) Role Reversal Revisited: Are Public Development Institutions Still Crowding out Private Investment in Microfinance? [pdf], MicroRate <http://www.microrate.com/media/downloads/2012/10/MicroRate-Role-Reversal-Revisited.pdf> [accessed 20 January 2020].

World Bank (2011) ‘Global Financial Inclusion (Global Findex) Database 2011’ [online] <https://microdata.worldbank.org/index.php/catalog/1097/study-description> [accessed 20 January 2020].

Burjorjee, D. and Scola, B. (2015) New Funder Guidelines: Market Systems Approach to Financial Inclusion, CGAP <https://www.cgap.org/research/publication/new-funder-guidelines-market-systems-approach-financial-inclusion> [accessed 28 January 2020].

El-Zoghbi, M., Lauer, K. and Scola, B. (2011) Cross-Border Funding of Microfinance, CGAP <http://www.cgap.org/research/publication/cross-border-funding-microfinance> [accessed 20 January 2020].

FSD Africa (2015) Towards Impact-Oriented Measurement Systems for the FSD Network [pdf] <https://beamexchange.org/uploads/filer_public/57/61/57610253-d9e1-439c-86eb-487c11c12afa/measurement-fsd.pdf> [accessed 20 January 2020].

Gibson, A. (2016) FSD Kenya: Ten Years of a Market Systems Approach in the Kenyan Finance Market [online], FSD Kenya <http://fsdkenya.org/publication/fsd-kenya-ten-years-of-a-market-systems-approach-in-the-kenyan-finance-market/> [accessed 20 January 2020].

Gibson, A. (2017) ‘Market facilitation is the way ahead, but it needs to do more’, 27 March [blog], CGAP <https://www.cgap.org/blog/market-facilitation-way-ahead-it-needs-do-more> [accessed 28 January 2020].

Ledgerwood, J. (2017) ‘The art of market facilitation: learning from the financial sector deepening network’ [online] <https://www.fsdafrica.org/publication/the-art-of-market-facilitation-learning-from-the-financial-sector-deepening-network/> [accessed 21 January 2020].

Nègre, A. (2017) Market Facilitation to Advance Financial Inclusion [online], CGAP <http://www.cgap.org/research/publication/market-facilitation-advance-financial-inclusion> [accessed 21 January 2020].

O’Planick, K. (2015) ‘Shifting to market system facilitation approaches’, 1 October [blog], CGAP <https://www.cgap.org/blog/shifting-market-system-facilitation-approaches> [accessed 28 January 2020].

Spaven, P. and Broens Nielsen, K. (2017) Measuring Market Development [online], CGAP <http://www.cgap.org/research/publication/measuring-market-development> [accessed 20 January 2020].

Tomilova, O. and Dashi, E. (2017) Key Trends in International Funding for Financial Inclusion in 2016 [online], CGAP <http://www.cgap.org/research/publication/key-trends-international-funding-financial-inclusion-2016> [accessed 20 January 2020].

Tsuji, K. (2015) ‘Do we need a financial inclusion paradigm shift?’, 16 September [blog], CGAP <https://www.cgap.org/blog/do-we-need-financial-inclusion-paradigm-shift> [accessed 28 January 2020].

von Stauffenberg, D. and Rozas, D. (2011) Role Reversal Revisited: Are Public Development Institutions Still Crowding out Private Investment in Microfinance? [pdf], MicroRate <http://www.microrate.com/media/downloads/2012/10/MicroRate-Role-Reversal-Revisited.pdf> [accessed 20 January 2020].

World Bank (2011) ‘Global Financial Inclusion (Global Findex) Database 2011’ [online] <https://microdata.worldbank.org/index.php/catalog/1097/study-description> [accessed 20 January 2020].

Burjorjee, D. and Scola, B. (2015) New Funder Guidelines: Market Systems Approach to Financial Inclusion, CGAP <https://www.cgap.org/research/publication/new-funder-guidelines-market-systems-approach-financial-inclusion> [accessed 28 January 2020].

El-Zoghbi, M., Lauer, K. and Scola, B. (2011) Cross-Border Funding of Microfinance, CGAP <http://www.cgap.org/research/publication/cross-border-funding-microfinance> [accessed 20 January 2020].

FSD Africa (2015) Towards Impact-Oriented Measurement Systems for the FSD Network [pdf] <https://beamexchange.org/uploads/filer_public/57/61/57610253-d9e1-439c-86eb-487c11c12afa/measurement-fsd.pdf> [accessed 20 January 2020].

Gibson, A. (2016) FSD Kenya: Ten Years of a Market Systems Approach in the Kenyan Finance Market [online], FSD Kenya <http://fsdkenya.org/publication/fsd-kenya-ten-years-of-a-market-systems-approach-in-the-kenyan-finance-market/> [accessed 20 January 2020].

Gibson, A. (2017) ‘Market facilitation is the way ahead, but it needs to do more’, 27 March [blog], CGAP <https://www.cgap.org/blog/market-facilitation-way-ahead-it-needs-do-more> [accessed 28 January 2020].

Ledgerwood, J. (2017) ‘The art of market facilitation: learning from the financial sector deepening network’ [online] <https://www.fsdafrica.org/publication/the-art-of-market-facilitation-learning-from-the-financial-sector-deepening-network/> [accessed 21 January 2020].

Nègre, A. (2017) Market Facilitation to Advance Financial Inclusion [online], CGAP <http://www.cgap.org/research/publication/market-facilitation-advance-financial-inclusion> [accessed 21 January 2020].

O’Planick, K. (2015) ‘Shifting to market system facilitation approaches’, 1 October [blog], CGAP <https://www.cgap.org/blog/shifting-market-system-facilitation-approaches> [accessed 28 January 2020].

Spaven, P. and Broens Nielsen, K. (2017) Measuring Market Development [online], CGAP <http://www.cgap.org/research/publication/measuring-market-development> [accessed 20 January 2020].

Tomilova, O. and Dashi, E. (2017) Key Trends in International Funding for Financial Inclusion in 2016 [online], CGAP <http://www.cgap.org/research/publication/key-trends-international-funding-financial-inclusion-2016> [accessed 20 January 2020].

Tsuji, K. (2015) ‘Do we need a financial inclusion paradigm shift?’, 16 September [blog], CGAP <https://www.cgap.org/blog/do-we-need-financial-inclusion-paradigm-shift> [accessed 28 January 2020].

von Stauffenberg, D. and Rozas, D. (2011) Role Reversal Revisited: Are Public Development Institutions Still Crowding out Private Investment in Microfinance? [pdf], MicroRate <http://www.microrate.com/media/downloads/2012/10/MicroRate-Role-Reversal-Revisited.pdf> [accessed 20 January 2020].

World Bank (2011) ‘Global Financial Inclusion (Global Findex) Database 2011’ [online] <https://microdata.worldbank.org/index.php/catalog/1097/study-description> [accessed 20 January 2020].