<p>Financial inclusion has risen steadily in development circles over the last 10 years to become a key policy objective for donors and governments. In Africa, more than 600 active financial sector projects are currently being carried out by a variety of donors. The increasing amount of public capital coming into the sector suggests the need for a better understanding of what works to promote financial inclusion on the ground, and how to coordinate donor efforts to achieve sustainable results. This paper looks first at the history of financial inclusion efforts that led to the rise of the M4P approach. The second section outlines lessons from FSD Kenya’s experience on the ground, while the third suggests how M4P can be applied in weak and strong markets. We conclude with some considerations for donors who may want to launch similar M4P financial inclusion programmes in Africa.</p>