How Financial Inclusion Can Help Vulnerable Communities Cope With COVID-19
Updated: Oct 7, 2020
The world has gone into quarantine due to the virus known as COVID-19. Cases have been reported in at least 188 countries, and they have gone into varying states of lockdown in the hopes of containing the virus. With this, the streets have cleared, people have gone to work inside their homes, friends and lovers can’t see each other, and citizens are recommended to only go out for essentials. This type of situation is worrying and inconvenient, but it is still liveable.
The same cannot be said for those living in poverty. Low-income people don’t have the opportunity to work from their homes, because some people don’t even have jobs due to shutdowns on non-essential work. Every day is a fight for survival — a struggle to feed their families, to hold on to their homes, and to avoid contracting the virus at all costs. And with the lockdown, it’s hard to find new means to earn money.
An immediate and effective response is needed to help vulnerable communities during this difficult time, and financial and digital inclusion are some solutions that can alleviate the issue at hand.
The governments of countries all over the world have stepped up to help the vulnerable get through the crisis at hand. Aside from being given food packages, some communities are recipients of financial assistance. This is where digital financial inclusion comes into the picture because by having digital access to formal financial services, people no longer have to line up and handle cash that may carry the virus. People no longer have to go out and expose themselves to the virus because, with mobile banking technologies, money can be transferred remotely, electronically, and swiftly.
Donation drives are also done remotely, and people can donate to organizations using mobile money. Through the power of mobile banking, money can be easily distributed to those in need.
However, low-income people and the elderly are less likely to be financially and digitally literate. This poses a problem because it will be harder for them to receive cash assistance. Which is why financial inclusion is important. Financial institutions should help educate people on financial matters, and make sure they have access to financial services and the latest trends in banking technology. This can be made possible by BanqIn (A Product of Bank-Genie), as it’s an instant all-in-one banking platform that enables microfinance institutions, credit unions, rural or thrift banks to empower the lives of those who remain unbanked.
With BanqIn, these institutions can bring the bank to the people through digital banking technology, and make sure that they can open a bank account, deposit and withdraw, transfer funds, and even take out a loan. These are important digital banking services that vulnerable communities should have access to be able to cope with the lockdown and its repercussions.
With BanqIn, nobody gets left behind.
An instant all-in-one financial inclusion platform for microfinance institutions, credit unions, rural and thrift banks to reach the billions around the world who remain unbanked. BanqIn (A Product of Bank-Genie) is committed to empowering financial institutions with the most cost-efficient, accessible, and comprehensive banking platform. BanqIn reduces risks, increases productivity, and extends reach to meaningfully serve and unlock the financial opportunities for its customers.
Bank-Genie Pte. Ltd. is a Singapore-based company incorporated in 2016. For banks and financial institutions who are driving towards digital transformation, Bank-Genie is a future-focused technology partner that helps enrichen the banking experience.
Bank-Genie has a proven record across markets of Asia and Africa with its Interceptive Banking Technology. Bank-Genie Pte Ltd is funded by SBI Ven Capital Pte Ltd and FMO, the Dutch Development Bank.