(Con't from above) Clients + COVID
The preliminary findings emerging from the data are stark. While severity of impact varies considerably from country to country, the majority of clients surveyed find themselves in a vulnerable or highly vulnerable state.
Though large numbers of clients report using savings as a coping mechanism, the length of the crisis means that many have exhausted their reserves and are now borrowing, selling assets, consuming farm seeds and animals, and other coping strategies.
As a result, food insecurity has increased, and women and the poor are the hardest hit. As economies begin to restart, some sectors and businesses appear better poised for recovery than others. Overall, the portrait that emerges shows a need for recapitalization coupled with strategies to mitigate vulnerability and build resilience.
Earlier this month, SPTF launched a series of invitation-only workshops and roundtables with financial service providers and investors who have been collecting data on COVID-19’s impact on clients. The first two workshops, which so far have taken place in English and Spanish, focused on working with financial service providers to look at the data that has come in so far, its implications, and how institutions are and can respond.
The next two workshops to be held in November will focus on the investor response to the crisis. The first session will be an opportunity for investors to learn from the data and each other. The second will take the form of a roundtable discussion generating dialogue among investors and financial service providers.
Over the course of the coming months, we hope to broaden the engagement of our membership around this topic with the goal of defining a path that puts all stakeholders on the path to a sustainable recovery. If you are interested in participating in dialogue, data collection, or peer learning on this topic, please let us know of your interest.
Explore Global COVID Insights with a Visual Dashboard
60 Decibles--in partnership with SPTF and FINCA International--is using the COVID19 Client Interview Tool to collect client data and generate actionable insights for its partners in the field. During July and August 2020, 60 Decibles spoke to over 2,000 clients from 10 FSPs across 8 countries throughout Africa and Asia. Their live dashboard presents the resulting insights for use by the entire industry.
Check it out!