TOOL TO RESPOND TO COVID-19: FINANCIAL SECTOR MUST USE FINANCIAL INCLUSION.
Author | Nisar, Ahsan |
Byline: AHSAN NISAR
Coronavirus is going to present unique challenges to the A!nancial sector. Hundreds of millions of people are facing restricted movement and with them, commerce will and is already slowing. The -nancial sector needs to do two things: get money to the people who need it as fast as they can, and keep as much money in their hands as possible. Getting money to people quickly is critical. To the degree that government and private institutions are able, they should keep lending and processing stimulus payouts. Banks and agent networks need to maintain liquidity throughout their networks so households can cash out when they need to, and more importantly, they need to continue to promote digital transfers and payments across ecosystems to lessen the need for physical cash.
The impact of the COVID-19 outbreak on the global economy will only become fully known in the coming months, as government responses to curtail the spread of the virus feed through into the global economy. However, based on past events related to health, the economy or the environment, we do know that lowincome households are among those most adversely auected by economic shocks, whatever their cause. It's also important that we reduce demands on low-income households' cash by delaying and/or reducing repayments and fees. This will ensure that the cash these households have available can focus on smoothing consumption and supporting health care costs in the near term and not servicing debt. In this connection, State Bank of Pakistan (SBP) has instructed banks to waive all charges on fund transfers through online banking channels such as Inter Bank Fund Transfer (IBFT) and SBP's Real Time Gross Settlement System for customers. Financial service providers (FSPs) are on the frontlines of serving clients will need support from governments, development finance institutions, investors, and donors.
In times of crisis, it is especially important for FSPs to remember their societal value and role, and not to lose focus on the clients and communities they serve. The real strength of A!financial services...
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