CFI will investigate the range of policy responses to COVID-19 and the impact of those policies on low-income customers.

Announcement

As part of our <a href="https://www.accion.org/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses" target="_blank" rel="noopener noreferrer">partnership with the Mastercard Center for Inclusive Growth</a> and with additional support from <a href="https://www.giz.de/en/html/index.html" target="_blank" rel="noopener noreferrer">Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH</a>, the Center for Financial Inclusion (CFI) is launching a research initiative to study policy responses to the COVID-19 pandemic and their impact on the inclusive finance sector. CFI, an independent think tank housed at Accion, aims to provide stakeholders with a better understanding of the policies intended to mitigate the impact of COVID-19 and validate how those policies are impacting low-income customers and the financial services providers that serve them.

The COVID-19 pandemic took the world by surprise in early 2020. In the first half of the year, what began as a health crisis quickly extended far beyond its initial reach to include devastating impacts on the global economy. Policymakers are rapidly responding to the emerging crisis, leveraging instruments ranging from fiscal and monetary policies to exchange rates policies. International bodies, such as the IMF and World Bank, are scaling their support to governments for both their technical assistance and financing needs. The response has been swift and far reaching in an attempt to contain and mitigate the crisis.

Many organizations are tracking policy responses, but few are providing analysis of these policies and their impact on low-income customers. CFI’s research aims to fill that gap. Unpacking how these macro-level responses may or may not impact the lives of low-income customers will be important to understanding the effectiveness of these policies. Additionally, many measures which may appear effective in the short-term, such as a moratorium on loan repayments, may have long-term ripple effects on the inclusive finance sector that must be understood.

CFI will analyze data collected on policy responses by international bodies and engage in direct consultation with in-country stakeholders to assess the impact of policies, both in the short-term and long-term, on low-income customers and the financial providers that serve them. Research will be released in a series of papers, accompanied by a series of virtual discussions. The <a href="https://centerforfinancialinclusion.org/preserving-liquidity-policymaker-responses-to-covid-19-and-the-impact-on-low-income-customers/" target="_blank" rel="noopener noreferrer">first paper</a>, released on August 5, 2020, addresses the topic of liquidity.

This new effort is a component of our partnership with the Mastercard Center for Inclusive Growth to increase the financial health and resilience of individuals and businesses, with a refocused effort to support our understanding of the COVID-19 pandemic on low-income populations. Additional support was provided by GIZ, a federal enterprise that supports the German government in the field of international cooperation for sustainable development, as part of a new partnership with CFI.

&nbsp;

CFI Launches Research Initiative on Policy Responses to COVID-19

The <a href="https://content.centerforfinancialinclusion.org/" target="_blank" rel="noopener noreferrer">Center for Financial Inclusion</a> (CFI), an independent think tank housed at Accion, launched the Smart Campaign over a decade ago to advance consumer protection for low-income customers. Over the span of the program, CFI played a catalytic role in advancing knowledge of consumer protection by conducting research, establishing the Client Protection Principles, and rolling out a certification program under which 135 institutions attained Smart Certification, expanding protection for more than 62 million clients globally. Building on this success, CFI will transfer the wealth of implementation resources created by the Smart Campaign to trusted industry partners, enabling CFI to continue playing a catalytic role focused on the risks to low-income customers in the rapidly changing inclusive finance landscape.

CFI and our partners are proud of what the Smart Campaign has achieved over the past ten years by bringing heightened attention to consumer protection and creating a common language for the inclusive finance community. In order for CFI to focus on identifying, understanding, and catalyzing the conversation on an evolving range of critical topics, CFI will shift ownership of the Smart Campaign implementation resources to <a href="https://sptf.info/" target="_blank" rel="noopener noreferrer">SPTF</a> and <a href="https://cerise-spm.org/en/" target="_blank" rel="noopener noreferrer">CERISE</a> and sunset the Smart Campaign brand. These partners were instrumental in the creation of many of these resources, and their focus on implementation and direct engagement with financial service providers (FSPs) make them well-suited to the ongoing management of these resources. With this handoff, CFI will remain focused on consumer protection through its research on emerging risks in the increasingly complex inclusive finance landscape, such as risks concerning data privacy, algorithmic decision-making, and sup-tech solutions.

Longtime partners to the Smart Campaign, SPTF and CERISE, will become the stewards of the Campaign’s community of experts, implementation tools, and Client Protection Standards. The Smart Campaign’s standards have always been fully integrated in the SPTF’s <a href="https://sptf.info/universal-standards-for-spm/start-here" target="_blank" rel="noopener noreferrer">Universal Standards for Social Performance Management</a> (USSPM), and SPTF will maintain and update the consumer protection portion of the Universal Standards in the future.

Providers and others will continue to be able to access the Smart Campaign tools through SPTF’s Resource Center and will access implementation support through the SPTF-managed Responsible Inclusive Finance Facilities. The active consumer protection assessors and trainers that the Smart Campaign accredited over the years will also move into the larger community of social performance management experts managed by SPTF and CERISE, creating increased efficiency.

CFI will also gradually retire the Smart Certification brand. New Smart Certification seals will continue to be awarded until April 30, 2021. All four-year certifications will be valid for the full length of the accreditation and CFI will continue to display a list of <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/certified-organizations">certified FSPs</a>. We believe that a global client protection recognition scheme remains an important tool to incentivize and recognize FSPs that are committed to consumer protection and are collaborating closely with the Smart Campaign’s highly experienced <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign" target="_blank" rel="noopener noreferrer">Certification Bodies</a> to provide continuity in the market beyond April 2021. The licensed Certification Bodies are well positioned to continue offering products under their own branding that recognize FSPs for their consumer protection performance at the global level.

CFI remains committed to consumer protection as a core part of our mission and will continue to work with the industry to produce new research and maintain the Client Protection Principles and Guidance. We will also work closely with our partners, SPTF and CERISE, along with the Certification Bodies and others to translate CFI’s research into practical tools for FSPs. CFI is grateful to all those who have supported the Smart Campaign over the years - donors, investors, FSPs, regulators, consultants, and other partner organizations - and looks forward to ongoing partnership as we collectively work to improve consumer protection for low-income customers.

CFI Celebrates Smart Campaign’s Advancement of Consumer Protection, Announces Plans to Transition Resources to Industry Partners

Ezra Mannix

Mayada El-Zoghbi

The Spanish multinational FSP features CFI's Managing Director in its Responsible Banking content section.

News

EL-Zoghbi discusses how COVID-19’s economic shocks are affecting incomes, and elaborates on the population segments most vulnerable to pandemic-induced shocks.

She also describes why financial inclusion alone is not enough, and how financial inclusion – especially when paired with digitization – can help distribute support from humanitarian and governmental organizations to the base of the pyramid.

Furthermore, El-Zoghbi mentions the Microfinance Coalition’s calls to action aimed at awareness-raising among <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-investors/" target="_blank" rel="noopener noreferrer">investors</a>, <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-donors/" target="_blank" rel="noopener noreferrer">donors</a> and <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-policymakers/" target="_blank" rel="noopener noreferrer">policymakers</a>.

Lastly, she predicts that insurance products will see higher demand, and notes that the crisis requires collective action that goes beyond market-oriented solutions.

El-Zoghbi is a member of the Advisory Council of BBVA's <a href="https://www.bbvaedufin.com/en/" target="_blank" rel="noopener noreferrer">Center for Financial Education and Capability</a>.

Read the full article <a href="https://www.bbva.com/en/how-to-strengthen-the-finances-of-the-vulnerable-population-against-the-crisis/" target="_blank" rel="noopener noreferrer">here</a>.

&nbsp;

BBVA Interviews Mayada El-Zoghbi on Financial Inclusion in the Pandemic Era

The article highlights how certain groups could be left vulnerable by a widespread COVID-induced switch to digital-only payments. 

The elderly, young people, the homeless and casual workers are just some of the groups that might have a difficult time participating in the economy, the article notes. Some do not have the skills to use digital payments, do not have access to the internet, do not have a credit history or a fixed address:

<em>A dependence on cash can be linked to the digital divide that exists in both rich and poor countries, said Mayada El-Zoghbi, managing director for the Center for Financial Inclusion (CFI), an independent U.S. think tank.</em>

<em>“A move to a cashless society will not benefit all groups equally. The groups that are most likely to be excluded will be women, rural communities, and the elderly,” she said.</em>

Read the full article <a href="https://www.reuters.com/article/us-health-coronavirus-banks-britain-trfn-idUSKBN23X0XE" target="_blank" rel="noopener noreferrer">here</a>.

&nbsp;

Reuters Quotes Mayada El-Zoghbi on Going Cashless During the Pandemic

The <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/fiec">Financial Inclusion Equity Council (FIEC)</a> has, for over a decade, brought together leading managers of equity investments in microfinance and financial inclusion in developing countries.  Our members have made equity investments of over $5 billion in institutions focused on under-served or un-served clients with the goal of improving livelihoods and opportunity.

Microfinance institutions (MFIs) and the clients they serve are currently facing severe economic challenges as a result of COVID-19. Many clients face uncertain incomes in the best of times and perhaps now more than ever, will need to rely on the vital role MFIs play in providing reliable access to savings, emergency loans and grants, health information and loans to restart businesses as lockdowns are lifted.

To ensure they can continue meeting their clients’ needs, MFIs will need the full support of the investor community and FIEC members stand ready to continue their support of this critical industry. Debt investors have begun to come together to <a href="https://www.covid-finclusion.org/investors">coordinate their responses</a> to COVID-19, particularly focused on near-term issues of liquidity and repayments. FIEC members support these timely efforts to address the immediate challenges. Meanwhile, FIEC members are <a href="https://www.covid-finclusion.org/post/preparing-for-insolvency-and-recapitalization-everybody-in-the-pool">preparing for the recapitalization</a> of MFIs that may face significant erosion of equity as they preserve their capacity to support their clients.

FIEC members commit to working with the entire investor community to achieve maximum cooperation among stakeholders and conserve resources. We will engage with the community to draw on previous experience to anticipate and resolve hurdles before they can impede a timely resolution. Further, FIEC members are committed to making financial instruments and structures available to help optimize financial outcomes while accommodating the diverse circumstances of creditors, shareholders, and other funders. Most importantly, we pledge to preserve our focus on social impact and commitment to patient capital.

The COVID-19 crisis presents an unprecedented challenge to the financial inclusion sector and the clients it serves. FIEC members resolve to work constructively and collaboratively with all members of the inclusive finance ecosystem to ensure the future viability and vitality of this critically important industry.

Financial Inclusion Equity Council (FIEC) Responds to COVID-19

<p>The Center for Financial Inclusion (CFI) is an independent think tank housed at Accion that works to better serve, protect and empower clients. CFI learns, tests and shares insights; promotes concrete solutions; and advocates for inclusive, responsible finance that helps individuals. We collaborate with stakeholders globally to achieve our goal of enabling 3 billion people who are left out of – or poorly served by – the financial sector to improve their lives.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>


<p>MIX is the leading global data resource for socially responsible investors and businesses focused on inclusive finance. MIX’s catalytic data initiatives encourage the growth of inclusive markets and support informed thinking on the future of financial services. MIX convenes stakeholders to build common data standards that create transparency and develops strategic insight from complex data to help sectors flourish. Founded in 2002, MIX has served as a trusted data partner for socially responsible investors who move USD 10 billion annually. Learn more at www.themix.org.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>


Bringing together deep data expertise and thought leadership in financial services will yield crucial insights in service of broader development goals.

Press Release

WASHINGTON, May 26, 2020 – MIX and the Center for Financial Inclusion at Accion (CFI), two mission-driven organizations advancing financial services for the poor, announced they are joining forces to strengthen their collective capacity to deliver data-driven insights to the industry. Effective June 1, 2020, MIX will become a unit within CFI.

The strategic integration brings MIX’s unique data expertise together with CFI’s thought leadership and convening power to advance and guide efforts to improve the lives of the 3 billion financially underserved people globally. Together, the CFI and MIX teams will conduct data-driven research that supports the decision-making of key stakeholders, including financial service providers, investors, donors, regulators and policymakers.

“MIX’s team is adept at building trusted data networks and spurring the adoption of common data standards that enable meaningful analysis. This combination will strengthen the Center for Financial Inclusion’s existing capabilities to surface insights and scale our learnings for impact,” said Mayada El-Zoghbi, Managing Director of CFI, who will lead the combined team. “Deepening the Center for Financial Inclusion’s capacity in data analytics will enhance our role as an advocate for improved outcomes across a rapidly changing financial services landscape.”

CFI, an independent think tank housed at global nonprofit Accion, works to better serve, protect and empower clients. CFI learns, tests and shares insights; promotes concrete solutions; and advocates for inclusive, responsible finance that helps the bottom of the pyramid. CFI uses its research and convening power to advocate for end clients with the goal of ensuring that inclusive financial services lead to improved outcomes for the poor. MIX is a global data resource for socially responsible investors and businesses focused on inclusive finance. The global nonprofit develops catalytic data initiatives that help unlock capital for financial service providers, including early-stage fintechs and agricultural enterprises, and supports informed thinking on the financial services ecosystem.

“Bringing MIX’s data expertise together with CFI’s applied research and advocacy capabilities allows us to demonstrate the value of mission-driven consolidation,” said Camilla Nestor, CEO of MIX. “As a single team, it will be possible to develop a robust knowledge base on the growing diversity of financial service providers, the direction of the sector, and the opportunities or risks that may emerge.” Following the integration, Nestor will shift from an operational to a governance role, joining the CFI Advisory Council to support the integrated team’s ongoing success.

MIX’s team of directors and analysts will continue to build on current partnerships both during and after this transition, and will continue its long track record of providing value to its partners as a trusted steward of data for the sector. By joining forces, MIX and CFI look forward to developing independent and data-driven analysis, insight, and knowledge for inclusive finance. Funding for the combination and integrated strategy has been provided by Visa Foundation and MetLife Foundation.

MIX would like to express appreciation to Goodwin for providing pro bono legal services.

###
Please direct media inquiries to:
Lauren Braniff, CFI - lbraniff@accion.org
Nikhil Gehani, MIX - ngehani@themix.org


MIX and CFI Announce Strategic Integration to Drive Industry Knowledge for Inclusive Finance

Listen

CFI's Managing Director was interviewed for more than 30 minutes on her background, CFI's evolving role in financial inclusion, COVID-19's impact on CFI's agenda and more. 

On each episode of Peter Renton's long-running show, the Lending and Fintech Podcast, a different leader in fintech and finance is interviewed in depth. On episode 245, Mayada touches on the following topics:
<ul>
 	<li>Her background in inclusive finance</li>
 	<li>The work that she did on the Global Findex database</li>
 	<li>Why she decided to take the job to be the head of CFI</li>
 	<li>The mission of CFI today</li>
 	<li>Why improving financial inclusion is about far more than technology</li>
 	<li>The geographies they focus on and the types of demographics</li>
 	<li>The relationship between CFI and Accion</li>
 	<li>How COVID-19 has impacted the agenda for CFI</li>
 	<li>The silver lining that could come out of this crisis</li>
 	<li>How it will affect the gender gap</li>
 	<li>What more fintech companies should be doing today in this area</li>
 	<li>The priorities that CFI is focused on beyond the current crisis</li>
</ul>
Listen below, or visit this episode's podcast <a href="https://www.lendacademy.com/podcast-245-mayada-el-zoghbi-of-cfi/">page</a>. Lend Academy's podcasts are available on iTunes and Stitcher.

Lend Academy Podcast features Mayada El-Zoghbi

Mayada El-Zoghbi outlines changes to CFI's agenda to focus on COVID-19's impact on clients and financial inclusion stakeholder responses. 

In this letter, CFI's Managing Director outlines changes to CFI's agenda to focus on COVID-19's impact on clients and financial inclusion stakeholder responses. 

While many of us have been trying to carry on with our work as normal, there is nothing ‘normal’ about the current situation. Like other organizations, CFI is rethinking its priorities in both the short and long term.

COVID-19 has upended life around the world, but it is likely going to have much longer and deeper ripple effects on the lives of the BOP and on the institutions that serve them. In light of this, CFI has made important changes to its work program, thanks to the generosity and flexibility of our donors who have been co-collaborators and thought partners in our collective response to the pandemic.
<h2>Customer Research and Customer Capability</h2>
Over the past several years, CFI has prioritized research on financial health and had plans to extend this work to micro and small enterprises in 10 developing countries. We were one week away from launching data collection in Nigeria, followed by nine other countries, with support from the Mastercard Center for Inclusive Growth. But the rapid roll out of shelter in place policies and lockdowns throughout the world has meant a need to rethink our research agenda. For the past several weeks, we have been mobilizing to <a href="https://www.centerforfinancialinclusion.org/understanding-covid19s-impact-on-financial-health-of-msmes">reshape our research approach</a> and our methodology to embark on phone-based panel surveys in at least five countries to answer the following questions for micro-and small enterprises:
<ul>
 	<li><strong>New Reality</strong>: How were things before COVID? How are things now?</li>
 	<li><strong>Exits</strong>: Which firms are exiting the market? What are the basic characteristics of those firms?</li>
 	<li><strong>Survivors</strong>: How are they keeping the doors open? How long can they survive?</li>
 	<li><strong>Financial Tools</strong>: Are owners on the “rails”? Can they be reached through formal channels now?</li>
 	<li><strong>Household Impact</strong>: Are owners making ends meet? Are they food secure?</li>
</ul>
We will make both the data and our analysis of the data publicly available and we hope this can be used by policymakers, financial service providers, investors and donors to guide their respective responses.

In addition to focusing on micro and small enterprise data, we are also looking to deploy research and a new customer capability tool with a broader base of customers, including gig workers and those who are formally employed. With the support of MetLife Foundation, CFI is developing an app, called FinVenture, that is built on global evidence on behavioral research and uses nudges, rewards and games to improve customer decision making and capability. We are in discussions with multiple stakeholders from microfinance networks to social media and e-commerce platforms to test the use of the app to support financial health during the COVID-19 related responses.
<h2>Consumer Protection Under COVID-19</h2>
Over the past several months, CFI has been rethinking its consumer protection work and assessing the future of the Smart Campaign in light of evolving risks in the digital age. The emergence of new players, like MNOs, fintechs and digital platforms, raise new questions about consumer protection as well as the means by which we influence behavior change. In light of that, CFI is considering whether a campaign-style approach, fueled by the incentive of certification, is still effective and relevant in today’s context. While CFI will continue to assess our overall consumer protection approach, including the future of the Smart Campaign, COVID-19 is requiring that we immediately prioritize the emerging risks linked to the COVID-19 response.
<blockquote>COVID-19 is requiring that we prioritize emerging consumer protection risks linked to the COVID-19 response.</blockquote>
We are seeing an increase in fraud and an escalated and expedited use of digital payment channels to get cash out to the BOP as part of the COVID-19 responses. For these and many other reasons, we are shifting our consumer protection agenda to better understand and document emerging consumer protection risks. We also aim to support donors, governments and humanitarian organizations to build in sound consumer protections in their cash transfer and other financial services used for the COVID-19 response.
<h2>Supporting Investors and Policymakers</h2>
Critical to the COVID-19 response is the role of investors and policymakers who have within their means the tools that will make or break the impact of the pandemic on the institutions that serve the BOP.  How should investors respond during this pandemic? We know <a href="https://www.covid-finclusion.org/post/how-long-can-microfinance-institutions-last-the-liquidity-crunch-an-analysis-of-the-data">liquidity</a> is a major concern now and should be the main priority. But what happens next? What should DFIs prioritize? How should equity investors respond?

CFI, along with many of our industry partners, have been in discussions about developing coordinated tools and responses for the investor community. CFI, SPTF and e-MFP launched a discussion platform, <a href="https://www.covid-finclusion.org/forum">covid-finclusion.org</a>, to reflect on what we know from past crises and to develop updated guidance for investors and providers relevant for today’s situation. CFI, MIX and CGAP are in discussions about reducing the data collection burden on MFIs, and putting in place more streamlined tools that can help investors get the right information they need from their investees without unduly adding to the operational strains of the pandemic.

As home to the Financial Inclusion Equity Council (FIEC), CFI is also facilitating and engaging with the equity investors and coordinating with other investor constituencies to ensure that there is a structured and coherent investor response. Among other things, FIEC members are embarking on shared principles linked to COVID-19. Additionally, we plan on launching dedicated research that will help equity investors address longer-term restructuring, merger and insolvency issues that may arise from the fall-out of the pandemic.

On the policy front, we are seeing COVID-19 responses spanning fiscal stimulus (cash transfers, funds to MSMEs, health care spending, etc.) as well as important monetary policies, such as liquidity measures, to support the banking sector and deferment in the application of Basel III rules. Which of these measures are most critical for the BOP and the institutions that serve them, and how should regulators and policymakers think about prioritizing short-term benefits without undermining longer-term impact on the BOP? CFI will be launching a policy initiative that aims to support the evidence and impact analysis of different policy responses.
<h2>Delaying Formal Launch of CFI’s New Strategy Launch</h2>
In light of the immediate COVID-19 measures, CFI will be delaying the formal launch of its new strategy, which I referred to in this <a href="https://www.centerforfinancialinclusion.org/new-decade-new-focus-areas-cfis-role-in-an-evolving-space">blog post</a> that was featured in our last <a href="https://us5.campaign-archive.com/?u=394352ae963270aef6c51680d&amp;id=9e6112223c">newsletter</a>. In addition to our consumer protection work, we had identified several pro-poor research streams including women’s financial inclusion, financial services to support resilience and livelihood adaptation to climate change, and data opportunities and risks. We will continue to push all of these agendas but will begin with the COVID-19 related aspects of this work. For example, we are starting our work on data opportunities and risks focusing on how the COVID-19 pandemic is resulting in a wave of responses that may have long-term ramifications for data privacy and data rights.
<blockquote>We will continue to push our gender, climate change and data agendas, but will begin with the COVID-19 related aspects of this work.</blockquote>
As the pandemic stabilizes and we return to a modicum of normalcy, we hope to organize a formal strategy launch at a later date to share more details about our plans with the wider community.

Inclusive finance is undeniably more important today than ever. It is heartening to see the amount of collaboration that is taking place across the industry to ensure that the BOP does not bear the brunt of this pandemic. CFI is proud to be working with all of our partners and stands ready to do our part.

Best,

Mayada El-Zoghbi
Managing Director

&nbsp;

Letter from the Managing Director: CFI Responds to COVID-19

CFI launches multi-country data collection effort to assess the financial health of MSMEs and inform responses to COVID-19.

As part of our <a href="https://www.accion.org/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses">partnership</a> with the Mastercard Center for Inclusive Growth, the Center for Financial Inclusion at Accion (CFI) is embarking on an ambitious research program to collect data on micro, small, and medium enterprise (MSME) performance and resilience during the COVID-19 pandemic. CFI’s research will provide financial inclusion stakeholders the insights they need to develop policy, products, and services to support MSMEs across the globe.

Countrywide lockdowns in response to COVID-19 are slowing economies globally, and the impact is likely to be devastating for MSMEs in emerging markets. However, without data, it will be impossible to understand the extent to which COVID-19 has impacted the livelihoods of MSME operators in emerging markets and how they are coping in response. In turn, this will make it more difficult for governments, the donor community, and private institutions to craft effective responses to the crisis. CFI’s research aims to fill the data gap to ensure these stakeholders have visibility on MSMEs in order to address their needs.

The centerpiece of this program will be a longitudinal phone survey of clients at Accion partner institutions in Latin America, sub-Saharan Africa, and Asia, conducted every other month over the course of twelve months.

Broadly, the survey aims to answer the following research questions:
<ul>
 	<li>How has business performance and practice changed since COVID-19 began?</li>
 	<li>Which MSMEs are shuttering operations and why?</li>
 	<li>What strategies are operational businesses using to cope with COVID-19?</li>
 	<li>What financial services are MSMEs using? Can financial assistance be quickly delivered through these channels?</li>
 	<li>How are changes in MSME owners’ livelihoods impacting household well-being?</li>
</ul>
CFI’s survey will collect details of business operations, business practices, and household well-being. The longitudinal methodology will allow CFI to see how these indicators change over time with the aim of providing critical data on the pace of MSME deterioration and recovery in each market.

CFI expects to provide insights into the types of behaviors and products that correlate with better resilience during this shock. Those insights can be used to develop, test, and scale interventions that promote success factors—business practices or use of financial services—amongst struggling MSMEs.

Data collection is set to begin in early May in Lagos, Nigeria with preliminary results published in June.

This new effort is a component of our partnership with the <a href="https://www.mastercardcenter.org/">Mastercard Center for Inclusive Growth</a> to increase the financial health and resilience of individuals and businesses, with a refocused effort to support our understanding of and responses to COVID-19 on MSMEs and vulnerable populations.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

Understanding COVID-19’s Impact on Financial Health of MSMEs

A leading Colombian news outlet featured a photo of the CFI Managing Director speaking at FOROMIC, an annual conference on microfinance and entrepreneurship in the Latin American and Caribbean region. The Global Microscope 2019 was formally unveiled at the conference. 

The <a href="https://www.elespectador.com/economia/colombia-lidera-entorno-para-la-inclusion-financiera-regional-articulo-888988">article</a> (in Spanish) notes that Colombia -- along with Peru, Uruguay and Mexico -- lead the <a href="https://centerforfinancialinclusion.org/global-microscope-2019/">Global Microscope 2019</a> rankings this year. Supported by CFI and the Bill &amp; Melinda Gates Foundation, an updated Microscope is published every year by the <a href="https://www.eiu.com/n/">Economist Intelligence Unit</a>. It assesses the enabling regulatory environment for financial inclusion in 55 countries worldwide.

<a href="https://events.iadb.org/calendar/event/20252?lang=en">FOROMIC</a> is hosted annually by the Inter-American Development Bank (IDB).

In El Espectador: CFI, Mayada El-Zoghbi Mentioned in Microscope Coverage

Latest from CFI

News & Events

Latest from CFI

Stay informed. Subscribe to our newsletter.