Citi’s analysis of the readiness scores yielded four distinct clusters measuring stages of readiness based on aforementioned pillars and indicators. The four stages are: incipient, emerging, in-transition and materially ready.  Incipient: Countries in this stage are characterized by a lack of affordable (and basic) infrastructure and expensive / limited financial services. Countries in this stage include Vietnam, Greece, Kenya, Mexico and so on.  Emerging: There is basic regulation and infrastructure exists in these countries, but they often have a large informal economy underpinned and perpetuated by people’s love of cash.  In-Transition: Digital money is starting to make its presence felt in these countries, often in the form of government disbursements. But In-Transition countries still require significant investment in e-commerce initiatives, or the relaxation of regulations to encourage private enterprise.  Materially Ready: People in this group of countries are familiar with digital solutions, and live in a regulatory environment that encourages digital innovation. Citi Money Index not only ranks the countries in its financial readiness, it also identifies the bottlenecks that affect each countries readiness score, with a view to provide a roadmap to becoming digitally ready over time. Figure 153 shows how each country could move from one stage to the next.