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In an evolving development landscape, the urgency for Development Finance Institutions (DFIs) to innovate, adapt and deliver is intensifying. In this context, four discussions – focusing on DFIs’ additionality and ability to mobilise to private finance, their risk policies, and their development impacts – have become pivotal. They frame the dominant discourse around DFIs’ identity, purpose and priorities, and have captured the international community’s focus. This paper argues that the advantages and drawbacks of this discourse need greater consideration. Positively, it ensures constant emphasis on the continuous refinement of key operational areas and upholds important discussions on the principles and challenges inherent to the DFI mandate. However, by focusing so intently on these four debates, the discourse overshadows the need to explore fresh meanings and avenues and so limits adaptability. It risks too great an emphasis being placed on optimising existing operations rather than re-evaluating foundational objectives and mandates. While providing a structured, well-established framework for operations, it falls short in suggesting alternative worthwhile pathways for the future. Consequently, DFIs find themselves enmeshed in debates and discussions that impede their flexibility, creativity and explorative capabilities, as well as such possibilities as enhanced coordination in collective action. Essentially, this tunnel vision confines strategic perspectives and has become an impediment. To navigate these challenges, this paper adopts a qualitative approach – an unusual but much needed approach in the study of DFIs. Rather than accepting the structure of the prevailing discourse, it seeks to highlight its limiting effect on the strategic thinking of DFIs and suggests that DFIs should reflect more on their core purpose, essence and direction. To support this process, the paper proposes a ‘strategic compass’ which highlights four cardinal directions: aiding the SDG transition, championing trailblazers in business and finance, fostering a holistic business and finance ecosystem, and embracing digital and environmental transitions. To serve both emerging and in particular challenging ‘frontier’ nations effectively, DFIs must re-envision their overarching aims and strategies. They need to be prepared to be pioneers, to foster collaboration over competition, and gain more robust support for change from their political stakeholders. Complacency or delay, which risk relevance, are not options.