In the news: Covid-19 and financial inclusion

At a time when many are feeling isolated and excluded, financial inclusion is as important as ever
by Bethan Rees

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“The dawn of the new decade has seen the world gripped by an unprecedented health crisis, with a pandemic never experienced before in our lifetimes affecting countless individuals, families and communities,” writes Joanne Dewar, CEO of payments processing company Global Processing Services, in an article for Nasdaq. The global economy is said to have contracted by 12% in Q1 alone, reports Dewar.

Dewar asks: “How does the Covid-19 pandemic pave the way for greater financial inclusion?” She notes that there are 1.7 billion unbanked adults globally, with a large proportion coming from the Asia-Pacific region. In Myanmar, 74% of the population don’t have access to financial services and in Indonesia, the figure stands at 66%, she reports.

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Published: 01 May 2020
Categories:
  • Fintech
Tags:
  • Egypt
  • Africa
  • India
  • financial inclusion
  • Covid-19

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