- COVID-19 has reversed the fortunes of many economies around the world.
- IMF revised its 2020 global economic growth forecast to -4.9% on account of foreseen economic disruptions around the world.
- Economic disruptions are expected to affect the tourism and travel industry, manufacturing output, trade activities as well as dampen demand for goods in general.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
The 2015 Finscope Report indicates that financial inclusion is significantly skewed towards urban areas at 70.3% of adults financially included, compared to rural areas that experience lower levels of financial inclusion at 50.2%.