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We combine expertise in frontier market innovation with the capital to scale it.

As active investors, our market role keeps us deeply in the know—helping us make sense of the private sector and deliver research that matters.

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/Featured research
Micro and Small Enterprises (MSEs) Onboarding Programs for Online Selling: Insights & Best Practices

Micro and Small Enterprises (MSEs) Onboarding Programs for Online Selling: Insights & Best Practices

Micro and Small Enterprises (MSEs) need more than just digital tools to succeed online. Effective onboarding programs combine business skills training, tailored support for different platforms, and ongoing assistance. Despite these efforts, many programs are hard to find, often exclude women-led businesses, and there’s no unified national database for MSEs.
July 25, 2025
DFS Lab (Team)
Beyond the City Limits: Platform livelihood in Rural Indonesia

Beyond the City Limits: Platform livelihood in Rural Indonesia

In collaboration with RISE Indonesia and sponsored by the Bill & Melinda Gates Foundation, we present detailed data on the rising platform economy in rural Indonesia.
December 8, 2023
Leila Haroon
/All research
Micro and Small Enterprises (MSEs) Onboarding Programs for Online Selling: Insights & Best Practices

Micro and Small Enterprises (MSEs) Onboarding Programs for Online Selling: Insights & Best Practices

Micro and Small Enterprises (MSEs) need more than just digital tools to succeed online. Effective onboarding programs combine business skills training, tailored support for different platforms, and ongoing assistance. Despite these efforts, many programs are hard to find, often exclude women-led businesses, and there’s no unified national database for MSEs.
July 25, 2025
DFS Lab (Team)
/
Gates Indonesia
Surveys
Indonesia
2025
Gates Foundation
No items found.
No items found.
Beyond the City Limits: Platform livelihood in Rural Indonesia

Beyond the City Limits: Platform livelihood in Rural Indonesia

In collaboration with RISE Indonesia and sponsored by the Bill & Melinda Gates Foundation, we present detailed data on the rising platform economy in rural Indonesia.
December 8, 2023
Leila Haroon
/
Gates Indonesia
Indonesia
2023
Gates Foundation
No items found.
No items found.
Rural Sellers Report in Indonesia

Rural Sellers Report in Indonesia

This publication highlights initial findings from our study of rural platform participants in social commerce, ecommerce, digital agriculture and digital fisheries marketplaces in Indonesia.
November 17, 2023
DFS LAB
/
Gates Indonesia
Indonesia
2023
No items found.
No items found.
Livelihoods Pathways Report

Livelihoods Pathways Report

The Pathways through Platform Livelihoods report in Indonesia highlights a broader set of models of the platform economy which encompasses not just the gig economy via digital platforms but trading and selling but...
November 17, 2023
Chernay Johnson
/
Gates Indonesia
Indonesia
2023
No items found.
No items found.
Opportunities to expand financial inclusion within Indonesia's Platform Economy

Opportunities to expand financial inclusion within Indonesia's Platform Economy

This landscape report highlights our initial research efforts in Indonesia across different platform models and their potential to expand financial inclusion.
November 17, 2023
DFS LAB
/
Gates Indonesia
Indonesia
2023
No items found.
No items found.
Indonesia Literature Review

Indonesia Literature Review

The Contribution of Platform Livelihoods to an Inclusive Digital Economy in Indonesia: Literature Review and Stakeholder Consultations.
November 17, 2023
Chernay Johnson
/
Gates Indonesia
Merchant Payments
2023
Gates Foundation
No items found.
No items found.
Who is ‘The African Consumer’?

Who is ‘The African Consumer’?

In Fortune at the middle of the pyramid, we argue, among other things, that the most significant opportunity for African B2C startups lies with consumers who earn between $4 — $8 per day.
November 15, 2023
DFS Lab (Team)
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Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
Trains, Trust, and Card Networks(Invested Infrastructure Part 1)

Trains, Trust, and Card Networks(Invested Infrastructure Part 1)

This is Sufficient Balance One — a five-part content series about the opportunities in African Fintech. Brought to you by DFS Lab and The Subtext.
November 15, 2023
Stephen Deng
/
Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
The B-Side of African Tech

The B-Side of African Tech

The tech scene in Africa is rapidly evolving, with record-setting valuations and increased capital inflows into the continent's ecosystems, especially in Nigeria's fintech sector.
November 15, 2023
Stephen Deng
/
Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
The Frontier Blindspot

The Frontier Blindspot

“This disconnect between the conditions that drove the growth of the digital economies in high income countries and on-the-ground reality in frontier markets creates what we call the Frontier Blindspot.
November 15, 2023
Stephen Deng
/
Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
Physical Ubiquity Redux

Physical Ubiquity Redux

This post discusses the concept of "Physical Ubiquity," where physical distribution becomes accessible, creating new markets.
November 15, 2023
DFS LAB
/
Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
Physical Ubiquity

Physical Ubiquity

African startups find themselves in a paradox of being both overhyped and underhyped, navigating challenging markets with vast opportunities.
November 15, 2023
Stephen Deng
/
Sufficient Balance
PISP
2023
No items found.
No items found.
Quality Capital

Quality Capital

The African venture capital market appears to be at a stage reminiscent of Southeast Asia's situation five or six years ago before it experienced rapid growth.
November 15, 2023
Stephen Deng
/
Sufficient Balance
PISP
2023
No items found.
No items found.
Fortune at the middle of the pyramid

Fortune at the middle of the pyramid

This post is a deep dive into two areas we think are often deeply misunderstood — market size and consumer purchasing power in Africa.
November 15, 2023
Jake Kendall
/
Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
Lights, Loans, and Beyond (Invested Infrastructure Pt. 2)

Lights, Loans, and Beyond (Invested Infrastructure Pt. 2)

This post explores the transformative power of mobile money and its influence on fintech innovations in African markets.
November 15, 2023
Stephen Deng
/
Sufficient Balance
PISP
2023
No items found.
No items found.
A lay of the land

A lay of the land

This is the first chapter of a five-part content series on African Fintech, presented by DFS Lab and The Subtext.
November 15, 2023
Stephen Deng
/
Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
The hard limits of retail digitalization in Africa

The hard limits of retail digitalization in Africa

This paper explores the ability to use Natural Language Processing to create conversational interfaces for digital products and services used by low-income people.
October 15, 2023
Chernay Johnson
/
Sufficient Balance
PISP
2023
DFS Lab
No items found.
No items found.
Build Cyborgs not Androids in Africa

Build Cyborgs not Androids in Africa

This paper takes a critical look at the potential for digital platforms to be partners in expanding financial inclusion in Africa.
October 15, 2023
Jake Kendall
/
Sufficient Balance
Merchant Payments
2023
DFS Lab
No items found.
No items found.

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