How we work

Cardano Development companies address the most pressing risks to developing economies.


Operational in 60+ countries

The scale and density of our network and the strength of our partner relationships in every financial market means we can be faster and more responsive to the needs of our clients.

Countries of operation

Theory of Change

Cardano Development (CD) is an incubator of innovative business concepts that deliver disruptive and inclusive financial services in developing countries. CD has developed a Theory of Change (ToC) to inform CD’s decision-making process and to enhance its communication, transparency and accountability towards internal and external stakeholders in relation to the mission.

The ToC explains how CD’s innovation work contributes to the ‘pathways of change’ that lead to the intended impacts within our target financial markets. The ToC refers to the CD’s current activities as well as future possible developments.

The ODI has produced a literature review to establish a stylised description of ‘typical’ underdeveloped financial systems and their gaps and deficits in supporting inclusive and stable economic growth and how CD’s interventions will contribute to tackling these gaps and deficits (market failures).

Read our Theory of change here