Maintain financial inclusion in the
face of Covid-19
FOR IMMEDIATE RELEASE: maintain financial inclusion in the face of Covid-19Covid-19: Enabling social distancing, decashing and financial inclusion while accelerating retail payments.
In the framework of the 2020 Fintech challenge, Ecobank launched a specific call for solutions to the Covid-19 new pain point, addressing social distancing and the financial impact.
When humans develop breathing problems due to COVID-19, the main challenge of an economy of physical and social distancing is to provide enterprises and individuals a maximal volume of oxygen (VO2) in their financial transactions while protecting everyone's health.
The challenge is specifically strategic in Africa for two reasons. First, COVID-19 will have macroeconomic effects constituting many risks for the growth of countries as well as the survival of companies. Secondly the virus will have effects on the local economy with micro-economic consequences.
Public and private initiatives must plan to respond to health concerns but also support businesses, preserve employment and maintain consumption, ensuring access to food and nutrition for the most vulnerable populations.
Covid-19 represents a huge challenge for banks but also gives the opportunity to accelerate decashing and increasing the volume of online payments.
WinstantPay, eMoney-Solutions, and AfriKYC propose to Ecobank an inclusive solution that will remain relevant for future pandemics, disasters or conflicts: VO2Tech the first inclusivewallet that doesn't even require a mobile phone, therefore includes all consumers regardless of their budget. VO2tech switch connects to multiple wallets, merchants and ecommerce platforms through the use of physical or digital TrustedKeys.
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