Friday
June 26
2020

Viewpoint: The Importance of Digital Microfinance for Emerging Markets in a COVID-19 World

By Andrée Simon

The coronavirus pandemic has transformed how we go about life and business in unprecedented ways. The world’s low-income individuals, who are largely based in areas just beginning to enter the worst of the pandemic, are disproportionately affected. Oxfam warns that more than half a billion people could be pushed into poverty as a result of COVID-19’s economic impact. Most microfinance clients work in the informal sector and have little savings to fall back on in times of need – to meet daily food demands or to find ways to support themselves and their families.

Photo courtesy of Priscilla Du Preez.

 

Source: Global Banking & Finance Review (link opens in a new window)

Categories
Coronavirus, Finance
Tags
coronavirus, digital finance, digitization, emerging markets, financial health, fintech, LMICs, microfinance, mobile services