This special report explores how competition shapes the growth, inclusiveness, and innovation of digital financial services (DFS) in emerging markets.

Drawing on global case studies and insights from AFI’s Competition Knowledge Exchange (CKX), it examines structural, regulatory, and strategic barriers that limit market entry, and highlights policy approaches that promote openness, interoperability, and fair competition. The report supports regulators in fostering dynamic, consumer-centric DFS ecosystems that advance financial inclusion.