Friday
September 17
2021

COVID Has Spurred a Digital Cash Revolution in Developing Countries

By Annalisa Merelli

Covid-19 hit poor countries dramatically.

At least 31 million more people are in extreme poverty as a result if the pandemic, bringing the global total to about 700 million. The impact on women and children, who have missed school days and sometimes their chance of literacy, has been especially dire, according to the yearly assessment of global development published today by the Bill & Melinda Gates Foundation.

But it was expected to be a lot worse. Alongside the setbacks, the past year has also seen low- and middle-income countries safeguard much of the progress they’ve made in various development areas. And digital technology has been particularly helpful in preventing more from sliding into poverty.

Photo courtesy of rupixen.com.

Source: Quartz Africa (link opens in a new window)

Categories
Coronavirus, Finance, Technology
Tags
coronavirus, digital banking, LMICs, pandemics, poverty alleviation, technology