CGAP’s Elizabeth McGuinness argues that for households and families to recover from the effects of the ongoing COVID-19 pandemic, responses by policy makers and funders must consider which financial products can contribute to the resilience of which groups and under what conditions.
For example, she writes, for those with micro-insurance, governments and industry can make it easier and safer for them to access the benefits.
For those with savings, the government can ensure that microfinance institutions remain open for them to withdraw savings.
For groups without savings or insurance, access to remittances and government-to-person payments would be crucial.
Financial services build resilience in face of crises like COVID-19CGAP