COVID-19 FinDev Weekly Update #1
A roundup of the most relevant coronavirus-related news, resources and events from the past week, carefully curated by FinDev editors for the microfinance and financial inclusion community.
Minimum Economic Recovery Standards (MERS) Guidance in Response to COVID-19
SEEP reminds the financial inclusion community about the Minimum Economic Recovery Standards, a guide for practitioners on improving economic assistance for disaster recovery and can also provide some guidance on what to do in the context of COVID-19.
Africa Turns to Mobile Payments as a Tool to Curb COVID-19
Governments and startups on the continent are implementing measures to shift a greater volume of payment transactions toward mobile money and away from cash. It’s an option facilitated by the boom in fintech that’s occurred in Africa over the last decade.
Nepal’s Remittance-Dependent Economy Braces for Upheaval Amid COVID-19 Pandemic
The government’s decision to stop issuing permits to migrant workers will have significant consequences for the country, where economic activities are driven by remittances, experts say.
COVID-19: How Does Microfinance Weather the Coming Storm?
If the microfinance sector is going to survive the pandemic, we need to treat COVID-19 as the fundamental threat to the industry that it likely is.
COVID-19: Indian Oil Customers Can Now Use Paytm to Pay for LPG Cylinders and at Petrol Pumps
Paytm, India’s largest digital payments and financial services company has entered into a strategic partnership with Indian Oil Corporation Limited to enable digital transactions across its fueling stations as well as LPG cylinder delivery ecosystem.
Nigeria: CBN Unveils Palliative Measures to Cushion Impact of Coronavirus on Economy
The measures include a moratorium of one year on all principal repayments as well as interest rate reduction on all applicable CBN intervention facilities from nine to five percent per annum for one year effective 1 March, 2020.
Exploring the Impact of COVID-19 on Livelihoods in Africa – The Effect on Remittances
This webinar explores the impact of COVID-19 on foreign migrants and remittance senders in Africa as well as potential responses from governments, development partners and the private sector.
Bank of Ghana Issues Directive to All Financial Institutions to Take Steps to Prevent the Spread of COVID-19
The BoG will continue to assess the possible impact of the pandemic on the domestic economy and is taking the necessary steps to mitigate its impact, to ensure financial and economic stability.