From 
the European Microfinance Platform (e-MFP): e-MFP has launched the third e-MFP survey of financial inclusion trends, but as a special edition focused solely on the challenges and priorities facing the sector as a result of the COVID-19 public health and economic crisis. Several months into this global crisis, with its critical threat to vulnerable populations, financial inclusion providers and the entire ecosystem that supports them, the scale of the challenges ahead is becoming increasingly clear, and stakeholders can think not just about the immediate effects, but their priorities in the medium term as the sector recovers from this and puts in place measures to
Search Results for: covid
MICROCAPITAL BRIEF: US International Development Finance Corporation (DFC) Approves $4b “Rapid Response Liquidity Facility” for Microfinance, Other Ongoing Projects Impacted by COVID-19
The government-backed US International Development Finance Corporation (DFC) recently allocated USD 4 billion to a “Rapid Response Liquidity Facility,” through which it will provide additional funding to in-process DFC projects that have been impacted by COVID-19. This financing will go to a range of current DFC clients, including microfinance institutions (MFIs) that are struggling to collect retail loan repayments, infrastructure projects experiencing delays, and hospitality businesses that have experienced “precipitous revenue losses.” The intent is
MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Lending $94m to Mitigate Effects of COVID-19 on 29k Micro-, Small Enterprises (MSEs) in Ecuador
The Inter-American Development Bank (IDB), whose membership comprises 48 nations, recently loaned USD 93.8 million to Ecuador to on-lend as working capital to micro- and small enterprises (MSEs) in the country in an effort to sustain employment amidst the COVID-19 pandemic. The funds are intended to reach approximately 29,000 MSEs, some via savings and credit cooperatives that will enjoy guarantees from
MICROCAPITAL BRIEF: Garanti BBVA of Turkey Borrows $699m from EBRD, IFC, Commercial Banks with Elements for Renewable Energy, MSMEs, COVID-19 Relief
Garanti BBVA, a Turkish subsidiary of Spain’s Banco Bilbao Vizcaya Argentaria (BBVA), recently entered loan agreements with the UK-based European Bank for Reconstruction and Development (EBRD), the World Bank Group’s International Finance Corporation (IFC), and a syndicate of unidentified commercial banks. The sizes of the first two loans
MICROCAPITAL BRIEF: 40 Funders Commit $75m via World Economic Forum COVID Response Alliance for Social Entrepreneurs
The World Economic Forum, a Switzerland-based nonprofit, recently convened the COVID Response Alliance for Social Entrepreneurs, through which 40 organizations are aligning their efforts to reduce the economic and other impacts of the COVID-19 pandemic. These 40 organizations support 15,000 entrepreneurs who have served a total of 1.5 billion customers in 190 countries by “protecting livelihoods; mitigating millions of tonnes of carbon dioxide; improving access to health, sanitation, education and energy; [and having] driven social inclusion movements for the disabled, homeless or those with refugee status.”
The alliance members have committed a total of USD 75 million in response to the pandemic. In addition, they are working together to assess needs; increase recovery funding; coordinate legal, technological and
MICROCAPITAL BRIEF: Center for the Advancement of Social Entrepreneurship (CASE) Offers Covidcap.com Database of $1t in Cash Relief for Small Businesses Impacted by COVID-19
The US-based Center for the Advancement of Social Entrepreneurship (CASE) recently created a database of funding sources for small businesses needing assistance because of the COVID-19 pandemic. These listings include 550 funding sources in 62 countries offering a total of approximately USD 1 trillion. This funding takes the form of loans and grants and is available to
SPECIAL REPORT: COVID-19: Communicate – Learn – Act, by Christian Ruehmer of Q-Lana
COVID-19 
is having significant effects on our personal and professional lives. We have heard a lot of suggestions of how financial institutions can handle this critical situation. Summarizing the information of the past days and weeks, we see three key steps, “communication,” “learning” and “acting,” which can be applied among four target groups: “staff,” “clients,” “investors” and “regulators.” We keep our findings short and focused:
Staff:
Communicate: Staff members work from home or provides essential services under stress. Understand their worries. Show empathy for their problems. Communicate regularly through multiple channels. Encourage collaboration.
Learn: Is communication technology working? What are the personal challenges? How can staff stay motivated? Can you maintain
MICROCAPITAL BRIEF: Reserve Bank of India Moves to Increase Liquidity for MSMEs, Farmers Impacted by COVID-19 via MFIs, NBFCs
In response to the COVID-19 pandemic, the Reserve Bank of India (RBI), India’s central banking authority, recently moved to increase the supply of credit to farmers and micro-, small and medium-sized enterprises (MSMEs) via microfinance institutions (MFIs) and non-banking finance companies (NBFCs). These steps include
MICROCAPITAL BRIEF: In Response to COVID-19, Western Union Transitions to Home Delivery of Money Transfers in Jordan
The Western Union Company, a US-based financial services and communications firm, recently announced that the company’s agents will deliver money transfers directly to customers’ homes in Jordan. Each delivery is to occur within
MICROCAPITAL BRIEF: BBVA Microfinance Foundation (BBVAMF) Offers Repayment Flexibility, New Loans to Clients in 5 Countries in Latin America, Caribbean in Response to COVID-19 Pandemic
The nonprofit BBVA Microfinance Foundation, which was launched by the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) in 2007, recently responded to the COVID-19 pandemic by offering clients of its six microfinance institutions (MFIs) grace periods of two to four months on outstanding loans, rescheduling of outstanding loans and additional funding. They can also access
MICROFINANCE PAPER WRAP-UP: “Guidance Note, Business Continuity: Attention Points for Business Continuity for MFIs in View of the COVID-19 Outbreak,” published by ADA
By Hans Hekkenberg et al, published by ADA (Appui au Développement Autonome), March 2020, 20 pages, available at http://www.ada-microfinance.org/download/6423/guidance-note-bc-march2020.pdf
This document lists areas of concern for microfinance institutions (MFIs) regarding their crisis management related to the COVID-19 pandemic. Its objective is to
MICROCAPITAL BRIEF: CFI at Accion, e-MFP, SPTF Launch COVID-19 Discussion Forum for Financial Inclusion Actors
Financial inclusion practitioners, investors and others in the sector are invited to visit
MICROCAPITAL BRIEF: Board for Small Scale Industries, Mastercard Foundation Announce $15m Emergency Fund for MSMEs in Ghana Affected by COVID-19
The Canada-based Mastercard Foundation and Ghana’s National Board for Small Scale Industries (NBSSI), a unit of that country’s Ministry of Trade and Industry, recently agreed to respond to the COVID-19 pandemic with a “Recovery and Resilience Program for MSMEs.” The program will provide micro-, small and medium-sized enterprises (MSMEs) with
MICROCAPITAL BRIEF: To Help Distribute $4b in COVID-19 Aid, RCBC Rolling Out 2k “ATM Go” POS Devices to Cooperatives, Microfinance Institutions, Rural Banks in the Philippines
The Rizal Commercial Banking Corporation (RCBC) of the Philippines recently partnered with organizations representing over 1,500 financial services providers (FSPs) to give their member FSPs access to RCBC’s ATM Go point-of-service devices to help distribute cash government aid intended to minimize the effects of the COVID-19 pandemic. ATM Go devices are portable, mobile-enabled machines that offer many of the services of traditional automated teller machines (ATMs), such as cash withdrawals, balance inquiries, and transfers of funds to pay bills or buy mobile airtime. RCBC has put 1,250 of the devices in service over the past two years, including to deliver government-to-person
MICROCAPITAL BRIEF: Microfinance Providers Report Wide Range of COVID-19 Effects via Grameen Crédit Agricole Foundation Survey
From March 11 to March 19, the Grameen Crédit Agricole Foundation, whose head office is in Luxembourg, collected observations from 56 microfinance institutions (MFIs) regarding the effects of COVID-19. Markets are closed, putting traders out of work; and group borrowers’ meetings are canceled. While these are replaced in some instances with door-to-door transactions, other MFIs are reducing in-person transactions to minimize virus transmission. Remittance inflows are down. Tourism enterprises are being asked to return deposits for canceled
MICROCAPITAL BRIEF: IFC Boosts COVID-19 Response to $8b for Working Capital, Risk-sharing, Trade Finance, “Real Sector” Finance Worldwide; Including $294m Deployed to Target SMEs in Vietnam
The World Bank Group’s International Finance Corporation (IFC) recently increased to USD 8 billion its financial commitment to counter the effects of COVID-19. David Malpass, President of the World Bank Group, said, “It’s essential that we shorten the time to recovery.” He added, “Support operations are already underway, and the expanding funding tools…will help sustain economies, companies and jobs.”
The funding package is divided into four categories, with USD 2 billion allocated each to: (1) cash for
MICROCAPITAL BRIEF: To Reduce Spread of COVID-19 in Kenya, Safaricom Suspends Fees for Smaller M-Pesa Mobile Money Transactions, Boosts Maximum Balance, Opens Toll-free Call Center to Answer Coronavirus Questions
At the urging of Kenyan President Uhuru Kenyatta, the mobile network operator Safaricom has loosened the terms for Kenyans using its M-Pesa mobile money product for at least the next 90 days. This is intended “to reduce the risk of spreading the [COVID-19] virus through the physical handling of cash.” Customers will pay nothing to send amounts of up to KES 1,000 (USD 9.40). In addition, the Central Bank of Kenya is allowing for a daily M-Pesa transaction limit of
SPECIAL REPORT: Leveraging Financial Inclusion to Get Food Security Back on the Increase #EMW2023
Global food security had been increasing before the COVID-19 pandemic and the invasion of Ukraine by Russia. People with low incomes were becoming more able to access – both in terms of cost and distance – a range of foods such as grains and fresh produce on a year-round basis. However, during the first year of COVID-19, 47 million women fell into extreme poverty, reducing their – and their children’s – access to