Inclusive digital innovations are IT-enabled innovations with the potential to promote inclusive socioeconomic development for the poor and underserved inhabitants of developing countries. This paper inquires about the extent to which this worthy objective has actually been achieved. Specifically, the paper focuses on M-Shwari, the Kenyan mobile savings and credit service. Although members of the development community and other stakeholders might hope M-Shwari to serve poor, rural, and financially underserved Kenyans, the research findings show that M-Shwari primarily reaches wealthier urban inhabitants who are already financially served. These results call for greater scholarly attention to excluded groups when evaluating the impacts of digital innovations in developing countries.