MEFMI Conducts a Webinar on Leveraging Digital Financial Services to Respond to COVID-19

The COVID-19 pandemic has posed serious health and economic challenges. Authorities have responded to the pandemic by instituting a raft of measures, generally referred to as the great lock-down, which have restricted mobility and engagement in economic activity worldwide.

Although the overall economic and financial impact of the great lock-down is still unfolding, it is clear economies have to start planning for economic recovery in the post-lock-down period.  This should be done by putting in place measures to stimulate economic activity, albeit, under circumstances characterised by limited social interaction. In this context, the promotion of digital financial services is an important part of the policy response.

As part of efforts to support member countries, MEFMI hosted a webinar on Digital Financial Services and COVID-19 on 10 July 2020. The objective of the webinar was to raise awareness among policy makers and regulators on how digitalisation of the financial sector can alleviate the impact of COVID-19 and help in the post-lock down economic recovery. The Webinar targeted middle level officials and senior to top executives in economic policy making and financial sector regulatory institutions in MEFMI member countries.  It attracted a total of 111 participants drawn from all MEFMI member countries except Burundi.

The webinar enhanced participants’ knowledge about how digital financial services are being used to alleviate the impact of COVID-19 on businesses, individuals and vulnerable groups in society. Examples were given from across the world, on how digital financial services have allowed financial institutions to continue offering services in the wake of lock-downs. The webinar also highlighted how the right policy environment can support digital transformation to drive inclusive finance and spur economic recovery in the post-lock-down period. MEFMI expects member countries to create, in their respective jurisdictions, a well regulated environment where digital financial services can thrive.

 Prepared by Noel Mahombera