The household survey will also capture remittance risks to the rural economy until the pandemic is contained.

Banks continue to dominate the microfinance sector accounting for 41 percent of the loan share of the industry.

Credo will use the funds to on-lend primarily as working capital for people living in rural areas, with the aim of lessening the impacts COVID-19 has had on food production and the country’s agricultural sector.

In a rare instance of COVID-19 helping a country’ s economy, Pakistan saw a significant uptick in remittances from nationals working overseas in July.

Singapore residents are increasingly adopting digital payments due to the COVID-19 pandemic, according to a GlobalData report.

Bangladesh's financial sector will have to adopt new technologies and services in the post-COVID-19 period for the lenders to move their operations online and address the recent challenges faced by the industry.

Asia Pacific, which accounts for a third of the global migrant workforce, is likely to face remittance losses of $31.4-54.3 billion due to the coronavirus pandemic, the Asian Development Bank (ADB) said in a report.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.

Nepali missions abroad are verifying applicants’ status before recommending their names to the government to provide them airfare from Migrant Workers Welfare Fund.