The use of cash and voucher assistance (CVA), particularly in humanitarian and complex crises, is now an established practice, affording dignity and agency to affected communities, alongside programmatic flexibility. In 2023, an eighth of all Christian Aid’s project funding went towards CVA, rising to over a fifth of our humanitarian response funding. Christian Aid is committed to a locally led, partnership-based approach, and these CVA initiatives are all delivered with partner organisations. Drawing on their experiences in a wide range of countries and contexts, it is clear that international aid systems should start distinguishing between localising institutional CVA – which focuses on equipping local actors to work within international CVA systems – and enabling CVA as part of locally led response – which focuses on equipping international aid systems to support and strengthen endogenous responses. Both approaches have value, but they are distinct from one another, and should be recognised as such. Affected communities are always the first responders to any crisis, through spontaneous mutual aid initiatives. They are also the last responders, continuing to work towards longterm recovery and development years after international agencies have completed their programmes. Our full discussion paper argues that we should see locally led response as a specialty and subset of localisation in its own right, affording it a specific space within the international aid system, with different tools, approaches and processes. This flips the focus of the debate, asking how the international system can adapt to and fund locally led action, instead of how local actors can adapt to the international system. Some of these adaptations involve new risks, but we argue that these risks can be mitigated, just as existing risks are, and they should not be viewed as deal breakers.