COVID-19 FinDev Weekly Update | 23 - 29 Jul 2020
FinDev Gateway has created this COVID-19 weekly update with the latest and most relevant knowledge resources for financial inclusion as they become available. Sign up to receive FinDev's weekly update each Friday with a summary of the main issues covered during the week.
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- Enabling rapid account opening. Last week, we shared a white paper which focused on regulatory tools that governments can use to enable rapid account openings. A new CGAP COVID-19 Briefing explains how government and nongovernmental actors can enable rapid account opening while ensuring compliance with anti-money laundering and counter-financing of terrorism (AML/CFT) rules.
- More survey insights on MFIs. ADA, Inpulse, and the Grameen Crédit Agricole Foundation say that the size of MFIs determines their ability to cope with the effects of the global pandemic. Based on their survey of 110 partner MFIs around the world, only 2 percent of large MFIs report having insufficient liquidity, compared to an average of 29 percent of small MFIs. Similarly, the CGAP Global Pulse Survey of Microfinance Institutions has been monitoring the liquidity situation of MFIs globally. An upcoming webinar will discuss the implications of the findings. In a recent post, CFI’s Mayada El-Zoghbi offers key takeaways from e-MFPs latest Compass, while cautioning about the selection bias of voluntary surveys.
- Beyond selection bias in research, in this blog post, authors of Dalberg Advisors remind us about the importance of applying strong ethical principles while conducting research during COVID-19, especially when addressing sensitive issues, such as domestic violence and mental health.
- The global pandemic is having a disproportionate impact on women in rural and agricultural livelihoods. A CGAP blog identifies four key areas funders should prioritize; capturing data on women to better understand their experiences is at the top of the priority list. FinEquity, a global community to advance women's financial inclusion, tracks various initiatives that focus on collecting sex-disaggregated data.
- The Reserve Bank of India has not yet decided whether to extend the moratorium on loan repayments past the 31 Aug deadline, as banks disagree with the business sector.
- Collection efficiency improved in June for MFIs in India after a significant drop in April and May due to the lockdown and loan repayment moratorium.
- In July, remittances to Bangladesh hit an all-time high, possibly indicating that the situation abroad is slowly returning to normal and migrants are being paid again, or that migrants are sending money back home in preparation for returning.
- One-third of Philippine businesses had used up all their cash and savings by 15 May, while another one-third expected to run out in the next one to three months, according to a survey by the Asian Development Bank (ADB) on the impact of COVID-19.
Some of the articles and knowledge resources referenced in this section are in French.
- Togo launched a zero-rate digital credit program called Yolim to support Togolese farmers affected by COVID-19. Farmers will receive digital vouchers to buy fertilizers or rent tractors.
- The financial services group Absa launched Zambia’s first contactless payment card to facilitate cashless payments.
- FINCA Uganda launched a new campaign called “Tomorrow is Here,” offering new products and online options for clients affected by the COVID-19 pandemic.
- The African Development Bank approved over $41 million in grants for Djibouti to mitigate the impact of COVID-19 on the country.
- In Nigeria, the National Insurance Commission (NAICOM) launched the "NAICOM Academy" to provide training about post-COVID-19 insurance across West Africa.
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.
- The National Bank of Peru, Banco de la Nación, reached 2.1 million mobile banking users in June 2020, an increase of 24 percent from one year ago.
- In Argentina, the Central Bank aims to expand electronic transfers through QR payments, setting maximum commissions and allowing small businesses to accept electronic payments at no cost.
- The Central Bank of Ecuador is designing a new methodology to fix interest rates under the new Law of Humanitarian Support, after banks and the microfinance sector argued that a reduction in these rates would be harmful to the health of the financial system.
For more on LAC, check out the latest Portal FinDev Weekly Update in Spanish.
- The SANAD fund for MSME extended a $15 million loan to Banque du Caire so that the bank can continue to lend to MSMEs, farmers and MFIs in Egypt.
- The COVID-19 crisis and resulting job losses are adding to the challenges for women looking to enter the job market in Saudi Arabia, threatening recent gains in gender equality.
- In Sudan, COVID-19 restrictions, conflict, and rising staple food prices are leaving almost a quarter of the population hungry.
For more on the Arab world and resources in Arabic, check out the latest FinDev Weekly Update in Arabic.
New Data Sources
View our complete Data Tracker listing most important sources and trackers by the level of their relevance to the sector.
Foreign Workers' Remittances
This data portal reports the transfers of money sent abroad by immigrants settled in Italy by means of payment institutions or other authorized intermediaries without using bank accounts.
COVID-19 Policy Response (CPR) Portal
The portal systematically captures policy responses through population restrictions, social protection, trade, health, fiscal, and monetary measures and examines different types of institutional collaboration governments have used to manage the pandemic.
Coping-Response-Recovery From COVID-19
This data source focuses on the low and middle-income segments with uncertain and irregular incomes and the impact of COVID-19 on their digital lives, and government responses.
Impacts of COVID-19
This resource provides data on low-income families who self-identified as below-poverty line (BPL) to help policymakers make timely, informed decisions about meeting the needs of BLP families during the ongoing crisis.
For a complete list of publications and to learn how you can share your research with us, visit FinDev's Publications page.
Rapid Account Opening in a Pandemic
This Briefing provides guidance for those designing and deploying social assistance payments to help them work with financial sector regulators and implement social assistance payments that facilitate rapid, remote account opening.
COVID-19: Boon and Bane for Digital Payments and Financial Inclusion
This brief compares the approaches taken by authorities in different countries, examining the different drivers for supporting the fintech industry during the pandemic.
The COVID-19 Impact on Philippine Business: Key Findings From the Enterprise Survey
This report draws on a survey of Philippine businesses to provide initial facts and ideas to help the government develop evidence-based policies to support enterprises hurt by the coronavirus disease pandemic.
The Impact of COVID-19 on LMI Segment in Indonesia
This is the first of two publications highlighting the insights from MSC study to understand the economic and health impact of COVID-19 on low and medium income Indonesians.
Addressing the Impact of COVID-19 on the Low and Middle Income Segments in Indonesia
This study aims to understand the economic and health impact of COVID-19 on low and middle-income segments, and provides recommendations for policymakers to improve them.
Blogs & Opinion
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Impact on Clients
Impact on the Microfinance Sector
Financial Service Provider Operations
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.