As the world continues to face economic turmoil resulting from the COVID-19, communities in Zambia are turning to informal savings groups to cushion the impact of the pandemic.

Central banks in Africa are responding to COVID-19 by investing in practical solutions that bring disadvantaged groups into formal financial services, accelerating their ability to recover and build resilience against future crises.

IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

TerraPay and Visa have today announced a strategic partnership that aims to develop and deliver payment solutions to drive financial inclusion and cashless transactions for domestic payments in Kenya and global remittances to Kenya.

The National Fund for Inclusive Finance is putting in place mechanisms to support its partnering microfinance institutions amidst the COVID-19 crisis. 

Guidelines intended to provide guidance on how to overcome the current crisis, generally make financial services business more resilient and to sustain/grow in the new reality. 

A new report by the Bank of Ghana (BoG) has indicated banks have been able to withstand the COVID-19 pandemic.

In effort to safeguard employees and clients, the Association of Microfinance Institutions in Rwanda (AMIR) instituted various measures to raise awareness about the virus and control its spread in the industry.

Public financial institution, the French Development Agency disbursed a concessional loan of N$235 million loan to finance the growth of NamPost’s microfinance business, specifically targeting NamPost’s microfinance activities aimed at pensioners.

MTN today said the spread of Covid-19 epidemic has accelerated the adoption of mobile financial services in Africa.