Insights from remittance service providers on the impact of COVID-19 on migrants and remittances

Risks and policy responses

A roundup of the most relevant coronavirus-related news, resources and events from the past week

With many Cambodians out of work, COVID-19 is also throwing another problem into sharp relief: that of precariously high microfinance debt.

Small Industries Development Bank of India  has extended the repayment period of loans to non-banking finance companies and microfinance institutions to one year from the 90-day period earlier.

BlueOrchard, Developing World Markets, Incofin, Microvest, Oikocredit, responsAbility, Triodos IM, Triple Jump and Symbiotics have signed a Memorandum of Understanding for coordination in response to COVID-19.

The partnership aims to address key issues facing the industry, including business continuity, lack of funding, and brand awareness.

Oriente will use the money to boost its growth in existing markets and further new developments in places like Vietnam. 

TechSprint initiative will support the regulatory and supervisory responses against the COVID-19 pandemic.

Mastercard this week expanded its worldwide commitment to financial inclusion, pledging to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025.