According to the Asian Development Bank, the financial fallout from the ongoing coronavirus epidemic could potentially shrink Bangladesh's gross domestic product by as much as 1.1 percent or $3.02 billion.
50 nations promised cash to fight Covid-19, but few, like India and Bangladesh, are doing it right. India’s trinity of Jan Dhan, Aadhaar, and mobile communications — or JAM — can work wonders if it is used extensively to reform citizen–state engagement.
In this worldwide 'lockdown' situation enforced for preventing COVID-19, expatriate Bangladeshis are relying on online-to-wallet money transfer service to send remittance to their loved ones back home.
COVID-19 has brought to the forefront the potential for microinsurance in the Bangladesh market, where over 30 percent live below the national poverty line and insurance penetration is extremely low.
Sri Lanka-based fintech Genie has partnered with Bank of Ceylon to act as the financial acquirer and digitize payments through its mobile wallet solution.
The unprecedented crisis triggered by the coronavirus pandemic has severely dented Sri Lanka’s economy, causing a steep fall in the earnings from tourism, remittances and outflow of foreign investment, the nation’s central bank has said.
IFC’s $50 Million In Support to Commercial Bank of Ceylon to Boost Finance for Small Businesses in Sri Lanka Amid COVID-19
The funding will be used to expand lending to small and medium-sized enterprises, with over a third dedicated to businesses owned by women.