COVID-19 FinDev Weekly Update | 09 - 15 Jul 2020
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- A special edition e-MFP survey of the microfinance sector highlights key concerns of clients, providers, funders, and others. Among other things, providers worry that the move away from the high-touch model of delivering microfinance services may make it difficult to preserve their social mission and protect clients. Respondents also saw the current crisis as an opportunity to "re-think the direction the sector has been going, and how it can adapt to work better for more people".
- Financial services offered by platforms can play an important role in meeting gig workers’ needs. According to a CGAP blog, gig workers need stronger safety nets; many platforms are offering financial assistance, temporary sick leave, and training for workers to switch to high-demand activities.
- The State Bank of Pakistan continues to encourage contactless banking and has extended until December the temporary suspension of biometric verification and the removal of daily transaction limits on certain types of digital payments.
- In India, “the value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high last month as people feared to handle banknotes amid the pandemic.”
- Most women-led SMEs in the region are at risk of permanent closure due to the pandemic, according to a survey by ImpactHER covering 30 African countries.
- CICO (cash-in and cash-out) agents in Kenya and in Uganda report that their income from commissions has declined by more than 40 percent since the onset of the pandemic.
- 37 percent of Kenyans were unable to pay their rent in May, according to a government survey.
For more on Africa, check out the latest Portail FinDev Weekly Update in French.
Latin America and the Caribbean
The articles and knowledge resources referenced in this section are in Spanish.
- A new bill in Chile aims to regulate exchange rates in the credit card payment system to encourage use and expand access for customers and lower transaction cost for businesses.
- Peru seeks to speed up transition to a cashless economy and is now promoting the use of contactless payment on buses.
For more on LAC, check out the latest Portal FinDev Weekly Update in Spanish.
- Mastercard has deployed Mastercard Cross-Border Services to enable faster remittances without back-end charges in the MENA region, in response to COVID-19.
- In Jordan, FINCA Microfinance is implementing a new business model shifting to centralization and digitalization, as a way to ease operations amid the pandemic.
For more on the Arab world and resources in Arabic, check out the latest FinDev Weekly Update in Arabic.
For a complete list of publications and to learn how you can share your research with us, visit FinDev's Publications page.
The COVID-19 Financial Inclusion Compass
This publication shares results from a survey assessing various challenges facing different stakeholder groups in financial inclusion.
Myanmar Microfinance Money Management: Coping With the COVID Crisis
This Advisory Note estimates the magnitude of the liquidity shortfall for the largest microfinance institutions resulting from the complete six-week shutdown in April-May 2020.
Out of Time: COVID-19 Aftershocks
This publications offers findings from a rapid assessment in 24 countries across Latin America, Sub-Saharan Africa, and Asia confirming alarming predictions of increased child hunger, violence, and poverty due to the economic impact of COVID-19.
Coping With COVID-19 – A Demand-Side View from Uganda
This study assesses the awareness of low- and middle-income segments in Uganda about COVID-19 and their use of digital financial services during this time.
Impact of the COVID-19 Pandemic on CICO Agents- Kenya Report
This report highlights the impact of COVID-19 on cash-in and cash-out agents in Kenya and offers recommendations to policymakers and digital financial service providers.
Impact of the COVID-19 Pandemic on CICO Agents- Uganda Report
This report explores the impact of COVID-19 on cash-in and cash-out agents in Uganda highlighting the strategies agents adopted to stay afloat during the pandemic.
Blogs & Opinion
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Microfinance Sector Responses
For the latest news on the impact of coronavirus on financial inclusion, visit our News listing pages.
For the latest events - hosted by organizations worldwide - exploring the impact of coronavirus on financial inclusion, visit our Events listing page.