The program aims to increase income, improve livelihoods in rural areas and achieve financial inclusion for female breadwinners.
The awards support innovative COVID-19 response and recovery efforts related to savings groups, in the areas of women’s livelihoods, voice and leadership, violence against women, digital savings groups and more.
Indonesia: Logiq Partners With Comviva to Offer Digital Wallet and Payment Services to Millions of Mobile Users
Logiq also recently partnered with Yabx, a fintech venture of Comviva to offer credit-based financial services such as cash advance for merchants and "buy now, pay later" options for consumers.
The government previously allocated NGN 2.3 trillion (USD 6 billion) to pandemic relief efforts, including microfinance and other programs.
The Recovery and Advancement of Informal Sector Employment project will help about 175,000 poor urban youths and low-income microentrepreneurs enhance employability and productivity.
The National Cash Transfer Company piloted the Door to Door Payment method as a response to the new challenging context and a preventive measure for coronavirus-related risks.
Li told Reuters in an interview that in “traditional finance” investing in SMEs was rarely worthwhile for global institutions as the due diligence was difficult, risks were high and funding amounts small.
The loan aims to help the bank increase lending for climate-friendly projects and to smaller businesses, especially those owned by women.
The government views the accelerated transition to a digital society and economy as vital to economic recovery following the COVID-19 pandemic.