Microfinance institutions and borrowers in East Africa during the COVID-19 Pandemic
The COVID-19 pandemic has so far spared Africa in terms of reported cases and casualties, yet the lockdowns in place have significantly hurt African economies.
awamo, a digital, mobile banking platform, and credit bureau, specially designed for MFIs, has analyzed real-time transaction data of rural and semi-urban microfinance institutions from the beginning of the lockdowns. The data shows that there has been a decrease in business activity as much as 96%. But that is only a part of the story...
Large sections of the population are neglected. Fortunately, technological solutions are available to reach the affected population directly in a timely and efficient matter, while at the same time making the use of funds transparent.
Contributed by Benedikt Kramer, CEO | awamo GmbH. Email: firstname.lastname@example.org