person creating facial masks for protection from covid-19 Photo for CGAP by Tony Karumba via Communication for Development Ltd.

Funder alignment

Responding to the COVID-19 crisis effectively will require a coordinated approach among key stakeholder groups — donors, governments, development finance institutions, and private investors — to put the interests of low-income customers at the center of decision-making. CGAP has worked with development finance institutions and other stakeholders since the start of the pandemic, coordinating information on institutions’ perspectives and convening technical discussions on possible ways forward. The resources below summarize the main findings to date.

Microfinance institution responses

CGAP’s consultations with nearly 100 microfinance stakeholders revealed that COVID-19 caught many institutions unprepared, especially those that had not digitized their core operations to facilitate contactless client interactions and payments. In response, CGAP developed a crisis management roadmap for microfinance institutions and a report on debt restructuring that blends the perspectives of institutional creditors and debtors. Resources will be added on the digitization of microfinance, which has taken on increased urgency in the wake of the pandemic.