The government’s decision to stop issuing permits to migrant workers will have significant consequences for the country, where economic activities are driven by remittances, experts say.
Governments and startups on the continent are implementing measures to shift a greater volume of payment transactions toward mobile money and away from cash. It’s an option facilitated by the boom in fintech that’s occurred in Africa over the last decade.
SEEP reminds the financial inclusion community about the Minimum Economic Recovery Standards, a guide for practitioners on improving economic assistance for disaster recovery and can also provide some guidance on what to do in the context of COVID-19.
IFC Increases COVID-19 Support to $8 Billion to Sustain Private Sector Companies and Livelihoods in Developing Countries
The bulk of the IFC financing will go to client financial institutions to enable them to continue to offer trade financing, working-capital support and medium-term financing to private companies struggling with disruptions in supply chains.
Funds donated by the Citi Foundation will provide protective equipment for frontline health workers, equip diagnostic laboratories, improve surveillance and data collection, establish and maintain intensive care units and take other critical steps to scale up the urgent public health response to the pandemic around the world.
FINCA Pakistan is one of the first financial institutions to implement a Work From Home (WFH) plan to ensure the safety of its employees and their well-being while re-assessing the Business Continuity Plan (BCP) to ensure its patrons have access to financial services during the pandemic.