The coronavirus (COVID-19) crisis is first and foremost a public health crisis, but it is also threatening many people’s financial security. This is especially true for low-income families in developing countries. As reports of distress pour in from individuals, small business and the financial institutions that serve them, it is clear that the financial inclusion community has a vital role to play in supporting financial services ecosystems as part of the global response to the pandemic.
In this blog series, CGAP shares information about the pandemic’s impact on financial services providers, their agents and their customers to inform responses within the financial inclusion community. Special emphasis will be placed on the crisis unfolding in the microfinance industry, which threatens to upend a critical source of credit for millions of small businesses during and after the pandemic.