This report seeks to understand what the impact of digital credit has been on its users, and the opportunity areas for stakeholders to shape the market. Based on qualitative research with end-users in Kenya, Nigeria and India, expert interviews with providers and domain experts, and a review of available literature, this report focuses on several key areas. To understand the impact of digital credit, this report focuses on the drivers of the cost of digital credit, the funding sources that providers use, the repayment structures on offer for consumers, the data used for decision-making, and the gender gap in digital credit uptake. This report then looks both at opportunity areas for protecting consumers from the downsides of digital credit, and opportunity areas for encouraging and shaping beneficial and transformative digital credit.