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Low-income farmers are vulnerable to extreme weather conditions.

The world’s entrepreneurs face a $5 trillion financing gap.

Climate change affects the poorest households most.

We focus on global challenges

How we work

Victoria White

Brian Kuwik

lulalend

<h2>A digitally native fintech in South Africa moves staff fully online</h2>
<p>Even digital-based companies need to take quick steps to move their businesses online and maintain operations seamlessly, as our partner Lulalend found. The fintech startup in South Africa provides working capital for small and medium-sized businesses. Early on, Lulalend’s managing group prioritized the safety of their employees. Though they’re a digital-based company, most staff worked from the Lulalend office until the pandemic hit. Because South Africa is experiencing some issues with the electricity supply, Lulalend supplied its now-remote employees with USP battery backups to their employees in case of power outages at home.</p>
<p>CTO &amp; Co-Founder Neil Welman has focused on maintaining staff morale during this challenging time. Lulalend implemented measures to engage staff, encouraging them to communicate with others virtually every day and share interests from outside of work with the team. Neil reminds staff to keep in touch with each other daily, “Even if there’s nothing to communicate, still communicate.” The team is still holding monthly staff meetings and staff social hours by video. Full-time remote work is a big adjustment for many and small interventions can help to keep staff engaged and raise morale.</p>
<p>This crisis presents an acute challenge for the entrepreneurs that Lulalend serves. The fintech company proactively reached out to all of its clients early on in the crisis. “We got the message across to our clients that we are taking this seriously and looking at ways to support them through this,” said Neil. Lulalend is addressing client concerns on a case-by-case basis, restructuring loans and extending payment terms as needed. Lulalend also set up a Facebook page for their clients to connect to other struggling business owners and share their experiences. While the ongoing liquidity issues will cause great challenges for both Lulalend and their clients in South Africa, these proactive measures and existing digital capacity will help them to provide relief for businesses in crisis.</p>


annapurna

<h2>A high-touch model adjusts to a no-touch reality in India&#8217;s lockdown</h2>
<p>Annapurna Finance is a microfinance institution in India with a high-touch model requiring in-person visits for administering loans to clients — now on pause due to India’s country-wide lockdown. Cultural norms in India have made fully digitizing operations difficult. Before the lockdown went into effect, Dibyajyoti Pattanaik, Executive Director at Annapurna Finance, and the operations team quickly devised a plan so that business operations could continue despite the restrictions. Annapurna acted swiftly in anticipation of the lockdown, setting up infrastructure within employees’ homes to allow them to continue critical operations remotely.</p>
<p>Knowing that communication would be crucial during this situation, staff reached out to their clients using Annapurna Finance’s existing telecommunications abilities. They used the capacity of their call center to reach out to clients proactively and ask what they need. Many of their more than 1.6 million clients have requested emergency loans to help them overcome the dire liquidity strains they are facing. Non-essential companies in India are facing a huge cash crunch and will need time to restart their businesses, even after the 21-day lockdown is lifted. <span lang="EN-US" xml:lang="EN-US" data-contrast="auto">Annapurna has carefully segmented their clients to understand the sector risk for both essential and non-essential businesses in India. </span>While Annapurna waits to resume their in-person lending services, they have designed and released educational videos to help businesses through this challenging time.</p>
<h2>Working together to find solutions</h2>
<p>We know that the foreseeable future will present great challenges for people and small businesses everywhere. Now is the time for us to act to provide relief to those that we know will struggle the most. Experiences vary across cultures and countries, but by sharing what we’re learning as we all adapt to a new reality, we can help each other help the vulnerable populations that we serve.</p>
<p>Accion is working with our partners around the globe to adapt and respond to this challenge and <a href="/responding-to-the-pandemic-guidance-for-financial-service-providers">offer solutions that help people stay resilient</a> during this difficult time. We’ll continue to share more content around our COVID-19 response <a href="/covid19">here</a>.</p>


Sharing lessons learned, challenges, and mitigation strategies to guide financial service providers through unprecedented challenges

Article

Many uncertainties surround the COVID-19 pandemic, but one thing is clear: this crisis affects all people, no matter their nationality, race, age, gender, or socioeconomic status. We want to help our partners prepare and adapt to disruptions in their communities so they can continue to serve the people who need help the most. ​One way we’re doing that is connecting with our colleagues from different countries, business models, and levels of digital capacity to learn from the ways they’re navigating this crisis. This week, <a href="https://www.accion.org/webinar-leadership-in-the-time-of-covid-19">we convened partners from across the globe</a> to hear their experiences, challenges, and recommendations in a webinar. Kurt Koenigsfest, CEO of <a href="https://www.bancosol.com.bo/" target="_blank" rel="noopener noreferrer">BancoSol</a> in Bolivia, Neil Welman, CTO &amp; Co-Founder of <a href="https://www.lulalend.co.za/" target="_blank" rel="noopener noreferrer">Lulalend</a> in South Africa, and Dibyajyoti Pattanaik, Executive Director of <a href="https://annapurnafinance.in/" target="_blank" rel="noopener noreferrer">Annapurna Finance</a> in India, joined us to share how they’re adapting in this uncertain time.
<h2>A commercial bank is bridging the digital divide in Bolivia</h2>
When Bolivia enacted a country-wide lockdown to stave off the spread of the new coronavirus, it mandated three types of businesses to remain in operation: grocery stores, pharmacies, and banks. BancoSol, a 30-year-old commercial bank with a microfinance focus, needed to take swift action to empower branch workers and continue serving clients safely. BancoSol’s business model relies on daily human interaction at brick-and-mortar branches. To continue their service during the pandemic, BancoSol’s crisis committee is prioritizing the safety of front office staff by taking proper sanitization, social distancing, and protective measures within their open branches.

Before the virus outbreak began, BancoSol had digital banking options in place, but most clients had not fully adopted them. Now, about half of their transactions are digital, but the rest are still in person. BancoSol CEO Kurt Koenigsfest expects the percentage of digital transactions to continuously rise during and after the pandemic.

When the bank launched its network of ATMs throughout Bolivia ten years ago, employees found that they needed to take each client to ATMs to teach them how to use the machine. Today, the vast majority of BancoSol’s clients already have smartphones and are generally more prepared to adapt to new digital services. Younger clients in urban areas have adopted BancoSol’s banking apps quickly, but older clients in rural areas often find digital services more challenging. To bridge the digital divide for these clients, BancoSol has quickly increased phone-based support for clients that need help setting up digital accounts. They’re even meeting clients where they already are — virtually — by providing online tutorials through social media platforms for those who are online but uncomfortable with digital financial services.

How three financial service leaders are adapting to COVID-19

Accion’s partners in China, Grassland Finance Limited and CD Finance, share lessons learned for financial service providers

As the global coronavirus pandemic threatens the livelihoods of millions around the world, our mission to give people the financial tools they need is more urgent than ever. The populations we serve are particularly vulnerable right now, without access to affordable healthcare, savings, or loans to stay solvent in a crisis. As the whole world faces this challenge, we have an opportunity to learn from each other and improve how we offer inclusive financial services to those who need them. We’re committed to sharing the knowledge we have to help our global community remain resilient.

While we aggregate and <a href="https://www.accion.org/responding-to-the-pandemic-guidance-for-financial-service-providers">share resources</a> across the globe, we’ve been working closely with two of our partners in China, <a href="http://grassfin.com/#/" target="_blank" rel="noopener noreferrer">Grassland Finance Limited</a> and <a href="https://www.cdfinance.com.cn/en/index" target="_blank" rel="noopener noreferrer">CD Finance</a>, and learning from their experience. Before the coronavirus pandemic spread across the globe, it hit China, devastating some areas and creating challenges for small businesses everywhere. After a two-month nationwide lockdown to contain the virus, businesses have reopened across China. Though China is very unique in many aspects, as other nations are facing this same contagion, we can learn from China’s experience.

We recently hosted a webinar for our partners with Ms. Hooi Koon Seah, COO of Grassland Finance Limited, and Mr. Dongwen Liu, CEO of CD Finance, and they shared their top lessons learned from navigating this crisis:
<h2>Protect the wellbeing of staff and clients</h2>
Above all else, prioritize the safety of employees and clients. By taking the virus seriously and taking immediate action, organizations can protect both their business and their clients. Institutions must comply with all official quarantine requirements and health protocols to protect employees and customers. Grassland and CD Finance adjusted their budgets as needed to increase the number of protective masks and cleaning supplies available to staff in regions that were hit harder by the virus. “Most of all, we want our staff to know that they belong and that the company holds their wellbeing as the highest priority,” said Ms. Seah.
<h2>Communication is critical</h2>
While in-person contact is restricted, maintaining a close connection with employees through other communication channels ensures that they feel secure and supported. Good communication channels should be in place for both employees and clients to stay connected while working remotely. In China, the top digital communication platforms were already widely adopted and became critical for both employees and clients to stay in touch. Our partners in China found that using these existing platforms helped them stay connected to clients. Mr. Liu notes, “It’s really important for our clients to recover their business in the coming days. What we can do is to have a close connection with them and ask what kind of support we can give to them and help them to recover their abilities gradually.”
<h2>Develop and execute emergency plans immediately</h2>
Companies need to identify possible worst-case situations and determine how they will respond. Now is the time for the financial services industry to take this crisis seriously and make every effort to support their staff and clients. The crisis moves fast, and its effects are far-reaching. By being prepared in advance and unafraid to act quickly and boldly, financial service providers can help their customers stay afloat through an unprecedented challenge.
<h2>Evaluate risk by sector and develop segment-specific response plans</h2>
Due to dramatically reduced cash flow during and after the lockdown, overdue loan payments increased greatly. Grassland learned in an impact assessment conducted with support from Accion that the crisis hit certain sectors harder than others and required a differentiated strategy for each. Depending on the sector and market, Grassland Finance prolonged the payment period, granted additional loans, or deferred loan repayments.

The agricultural sector faced unique challenges during the lockdown, which occurred during the planting season. Farmers faced challenges in securing the agricultural inputs they needed, like fertilizers. CD Finance was able to disburse $5 million USD in loans for farmers to buy fertilizers through a partnership with an agricultural inputs company.
<h2>Focus on building digital capacity</h2>
As this crisis unfolded, China had several factors working in its favor for business to continue. Digital payment and e-commerce platforms like WeChat Pay and Alipay are widely adopted, reducing the need for cash. With good infrastructure in place, including electricity, telecommunications networks, and internet access, many employees were already equipped to work remotely.

During the national lockdown, loan officers were unable to visit clients, and clients were unable to visit banks. Mobile communications and digital payment options were critical. Educating customers about digital payment platforms reduces dependence on cash. CD Finance relied on their existing digital platform to manage payments. Based on previous loan history and credit assessments, they were able to make quick determinations on whether or not to offer credit and loan extensions through this digital channel.

Every market will face unique difficulties and China has some aspects that enable it to act faster and more effectively than other countries. Yet, these insights can help as financial service providers guide their clients through this hard time. As we continue to face daunting challenges, know that there will be a time for recovery. “Although the disaster remains a serious challenge for both financial institutions and small businesses, we should stay remain optimistic. We believe that things are slowly getting better in China, and it will be in the rest of the world as well. This can be an opportunity where we show our worth and commitment to our mission,” says Ms. Seah. We know that Accion’s mission is more urgent than ever, and we will continue to share as many resources as we can to help underserved populations to endure the pandemic.

<a href="https://www.accion.org/responding-to-the-pandemic-guidance-for-financial-service-providers"><em>View</em><em> Accion's recommendations for financial service providers on protecting customers, employees, and business operations during the COVID-19 pandemic.</em></a>

&nbsp;

Five crucial insights from China for facing the pandemic

Webinar

[embed]https://vimeo.com/403402346[/embed]
<p class="paragraph"><span class="normaltextrun">Like many of you, we have been closely following COVID-19’s rapid spread around the world. Now more than ever, Accion remains focused on empowering underserved individuals in the U.S. and around the world, and we are aware that those populations are acutely vulnerable to the impact of this global pandemic. Because of this, we are highlighting Accion partners from different regions of the world to share how they are ​supporting their clients, staff, and business operations as the pandemic crisis unfolds. </span></p>
<p class="paragraph"><span class="normaltextrun">During this session you will hear from:</span><span class="eop"> </span></p>

<ul>
 	<li class="paragraph"><span class="normaltextrun">Kurt Koenigsfest, CEO of <a href="https://www.bancosol.com.bo/">BancoSol SA</a>., Bolivia</span><span class="eop"> </span></li>
 	<li class="paragraph"><span class="normaltextrun">Neil Welman, CTO &amp; Co-Founder of <a href="https://www.lulalend.co.za/">Lulalend</a>, South Africa</span><span class="eop"> </span></li>
 	<li class="paragraph"><span class="normaltextrun">Dibyajyoti Pattanaik, Executive Director of <a href="https://annapurnafinance.in/">Annapurna Finance</a>, India</span><span class="eop"> </span></li>
</ul>
<p class="paragraph"><span class="normaltextrun">Watch this webinar for key learnings from our partners, as well as Accion’s recommendations to financial service providers during this unprecedented time. </span><span class="eop"> </span></p>

Webinar: Leadership in the time of COVID-19

Recommendations for financial service providers on protecting customers, employees, and business operations during the COVID-19 pandemic

Toolkits and Guides

Accion is closely assessing how the COVID-19 pandemic is affecting the financial inclusion industry and we are continually looking at ways we can help financial service providers prepare and adapt for disruptions that will occur in the markets and communities in which they work. The virus continues to spread to all corners of the globe and the financial inclusion industry needs to act promptly.

We have developed <a href="http://content.accion.org/wp-content/uploads/2020/03/COVID-19-Briefing-1.pdf">the attached briefing note</a> to share our findings on how COVID-19 is impacting the financial inclusion industry, and to provide recommendations and guidance for senior leaders of financial service providers to protect their customers, employees, and business operations. The findings included in this document and resulting recommendations were based on interviews with our partners to understand how they are addressing this unprecedented global pandemic.

Responding to the pandemic: Guidance for financial service providers

Vikas Raj

As the global pandemic disrupts life and business, innovative fintech can help the most vulnerable to persevere

<a href="https://www.forbes.com/sites/vikasraj/2020/03/13/coronavirus-will-be-even-worse-for-low-income-people-and-businesses-but-fintechs-can-help/#13418bee2116"><em>This article originally appeared on Forbes</em></a>.

As the world reacts to the novel coronavirus — now officially a pandemic according to the World Health Organization — many countries are beginning to suggest ways to help the citizens hurt by the virus. Quantitative easing to bolster the stock market, tax breaks and extensions for the sick, and stimulus for industries affected by the crisis are all on the table, from across the political spectrum. But coronavirus isn't just an issue for people who are infected and those hurt by stock market declines. With many offices shut down, tourism grinding to a halt, and yes, even the NBA on indefinite suspension, we are beginning to see how spurts of economic inactivity are particularly difficult for the economically vulnerable and may have long-lasting effects.

Around the world, financially insecure people are fundamentally more susceptible to financial shocks like coronavirus, and the current crisis is bringing the challenges this population faces into stark relief. Lower-income and underserved individuals are less likely to have access to quality, affordable health insurance that would help them get better quickly. Their livelihoods are particularly vulnerable to business interruptions. Small businesses, with their thin capital bases and difficulty borrowing, are especially affected by shifts in supply and demand in the economy. Even here in the U.S., nearly half of people do not have $500 in savings. And a mind-boggling number of people do not have paid sick leave to enable their own recovery or care for loved ones. The financially excluded, many of whom live on the fine line between stability and poverty, are facing a terrifying next several months.
<h2>Innovative, inclusive fintech is crucial for weathering this pandemic</h2>
At times like this, it is good to know there are fintech startups around the world that are part of the solution. Companies like <a href="https://digit.co/">Digit</a> and <a href="https://even.com/">Even</a> are helping Americans to save their money more effectively and deal with working capital imbalances. Companies like <a href="http://www.bimamobile.com/">Bima</a> globally and our portfolio company <a href="https://toffeeinsurance.com/">Toffee</a> in India are helping people access critical insurance for the first time. Companies in our portfolio like <a href="https://www.lidya.co/us/en/home/">Lidya</a> in Nigeria and <a href="https://www.firstcircle.ph/">First Circle</a> in the Philippines are ensuring small businesses have access to the short-term financing they need to weather tough times.

Many of these companies are themselves early in their journeys and are susceptible to the global shocks of this pandemic. At this point, <a href="https://www.accion.org/coronavirus-response-recommendations-for-the-accion-venture-lab-portfolio">we are counseling them</a> to stay the course but to be extra cautious, and most importantly, remember the people they work with—their employees and their customers. Our portfolio companies’ customers are going to be facing severe challenges, and we are working with our companies to ensure they are able to serve as allies and sources of support during these unstable times. Tweaks to product design, like repayment schedules for loans, can truly help consumers during this period of volatility. Those changes can also be helpful in building long-term customer loyalty and driving lifetime value. From a team perspective, we are encouraging our companies to minimize or avoid travel, get set up for a long period of remote work, and keep a close pulse on team morale during this time of stress.

From a business perspective, disruption is inevitable. Early-stage fintech for inclusion startups in emerging markets that have less than 18 months of runway (and that is most of them) should start planning now for higher burn rates and longer fundraise cycles. Cash burn will go up as revenues come down and, in many cases, expenses go up. This may be particularly acute for lending startups that could face higher write-offs and higher costs of capital as institutional investors move out of emerging markets. Companies that are in the process of raising capital should push to close rounds as quickly as possible. Companies seeking to raise money in the next 12 months should start thinking about managing burn to extend runway.

We have a challenging several weeks, and likely months, ahead of us, but inclusive fintech startups are still doing the important work of making sure the most vulnerable among us continue to have the access to services they need through this crisis. Regulators and governments would be well-served to remember the importance of innovators in financial inclusion and other critical areas and ensure they are able to continue their work. For example, we would like to see more liquidity facilities set up by development banks to support early-stage startup innovators. These innovators are crucial for supporting the people and small businesses that are most vulnerable during this perilous time, and they deserve support in turn.

Coronavirus will be even worse for low-income people and businesses, but fintechs can help

Priya Punatar

Moving the financial health conversation toward action and business impact in emerging markets 

<em><a href="https://www.linkedin.com/in/johnwon/" target="_blank" rel="noopener noreferrer">John Won</a> contributed to this article.</em>

When people are financially healthy, they can manage their day-to-day expenses and be more resilient to shocks, like the global pandemic we’re facing now. Of course, financial health does not exist in a vacuum — a person’s financial health is inextricably linked to their physical health, the local economy, education, employment, equity, and freedom. But a person’s access, knowledge, and use of financial services also plays a role. That’s why responsible financial service providers must take financial health into account in their products and services. Beyond the social imperative, financially healthy customers are likely better customers. Even so, the industry has been not been able to provide clear direction on how to influence the financial health of customers in emerging markets.

We organized a workshop a few months ago centered around the experiences of providers who are thinking about the financial health of their customers. We convened more than 30 financial service providers, designers, consultants, and researchers to discuss how we can make the existing body of financial health research more actionable and relevant, particularly in emerging markets.
<h2>Circling up around provider perspectives</h2>
During one panel, U.S.-based providers shared how they operate in a market where access to financial services is high and where financial health has become an industry mantra. Panelists discussed how fintech trends in microcredit, earned-wage access, and gig-economy jobs have become popular. While these trends offer more credit choices to U.S. customers, they come with questions and concerns for people’s long-term financial health. There are fewer innovations in the retirement, insurance, and emergency savings space, partly because of the upfront cost of providing such products.

<img class="alignnone wp-image-20792 size-full" src="http://content.accion.org/wp-content/uploads/2020/04/Accion-fin-health-event.png" alt="Accion financial health event" width="849" height="477" />

In a second panel, providers focused on emerging markets discussed how many low-income people are seeing a dizzying pace of change, from economic shifts like rising income levels to disruptions in livelihoods due to climate change and gig work. There’s a massive need for businesses focused on financial health. A <a href="https://www.weforum.org/agenda/2019/07/pay-as-you-go-africas-solar-energy/" target="_blank" rel="noopener noreferrer">pay-as-you-go solar</a> provider shared how they’re often the first financial service provider a rural, low-income customer engages within, so they feel that they have an enormous responsibility to instill positive financial habits. A global provider shared how a regulatory change meant they could no longer operate in a country they once served, leaving small merchants cut off from a service they’d come to rely upon. Panelists discussed how regulation and policy can play a powerful role in advancing financial health or stymying innovation. And in markets where serving customers that have been left out can be much more challenging and expensive, the business case of offering customer-centric financial services, much less promoting financial health, is much harder to prove out for for-profit providers.
<h2>From insights to action</h2>
At the end of the day, we worked in small groups to develop actionable and realistic solutions to broader questions that many providers have when they think about financial health. These included, “How do we redefine the value of financial health within business models and design for customer growth?” and “How can we develop products that result in less financially stressed and more resilient customers?” One team suggested that by encouraging businesses to consider long-term measures, such as customer lifetime value, rather than short-term measures, such as sales, this would generate an incentive to develop measurements focused on financial health. Another team took a more macro-approach suggesting the development of an industry challenge to identify and reward a champion that could help to develop a documented business case for a financial health-focused company.

We closed out by asking attendees to reflect on the day and any commitments they’re inspired to take forward. Several attendees expressed intent to better apply or integrate measurement and tracking of financial health metrics. Other attendees noted they would initiate more research activities, conduct a public-facing discussion, integrate financial health into the business model, and make improvements to product design. All attendees agreed that financial inclusion should be measured by more than number of accounts and dormancy rates, we should be working towards our true goal — improving people’s lives.

<img class="wp-image-20791 alignleft" src="http://content.accion.org/wp-content/uploads/2020/04/Accion-fin-health-event-postcard.png" alt="Lessons learned from Accion financial health event" width="450" height="333" />

After a full day of engaging with providers, practitioners, and thought leaders in financial inclusion, we saw progress in making financial health better understood and more actionable for emerging market providers. Lines of communication opened among practitioners who had never collaborated before, and we saw a surge of interest in sharing learnings between the U.S. market and emerging markets. While there is <a href="https://s3.amazonaws.com/cfsi-innovation-files-2018/wp-content/uploads/2018/04/27001545/Making-the-Business-Case-for-Financial-Health-2018.02.28-2.pdf" target="_blank" rel="noopener noreferrer">early evidence of a business case for financial health</a>, the day underscored the importance of continued studies to measure and track customer outcomes and better understand the linkages between financially healthy customers and business outcomes.

We look forward to continuing to contribute to this conversation. As we continue to focus on how inclusive finance can build resilience, the Accion Global Advisory Solutions team will share learnings from the experience of our many partners and show how providers can use data, design, and an understanding of behavior to implement financial health principles into their organizational culture and product design. As we face the tremendous financial health impact of the COVID-19 outbreak and its economic fallout, this work will be critical to help the most vulnerable customers build a more secure future.

How can we get businesses to focus on financial health in emerging markets?

Emma Morse

As the effects of the COVID-19 pandemic continue to worsen, the financial inclusion industry must take swift action 

The humanitarian and economic toll of the COVID-19 pandemic presents unprecedented challenges for leaders in all industries. Businesses are grappling with how to respond to a situation that is constantly changing. While everyone will feel the impacts of the pandemic, low-income communities and microbusinesses are especially vulnerable to the business interruptions likely to result from COVID-19. They are less likely to have adequate savings, insurance, or credit that can help them to weather this downturn. Given the speed at which the virus has spread, a passive response is not an option. Financial service providers, particularly those serving low-income individuals and underserved micro, small, and medium enterprises (MSMEs), need to act now to ensure that individuals and communities are supported.
<h2>A myriad of challenges for businesses</h2>
For small and growing businesses, the impact of COVID-19 cannot be understated. As economic growth comes to a near standstill and prices for basic supplies increase, MSMEs are facing severe financial hardships. Those that depend on global supply chains can’t purchase new inventory. Businesses in industries deemed “non-essential” — such as travel, restaurants, schools, salons, and garment production — have been forced to close. MSMEs that provide essential products, like agricultural goods and sanitation supplies, have been less impacted.

Building strong bonds between clients and relationship officers has been a mainstay of the financial inclusion industry. The inability to hold physical meetings during this time, especially for group lending clients who are used to transacting in cash and interacting directly with staff, will make receiving or paying back credit challenging. Even where digital channels are in place, these are not always widely accepted or understood.

Financial service providers are feeling significant pressure on their loan portfolios as disrupted supply chains and drops in business lead to a lack of demand for credit and ability to repay — especially where digital channels are not available. This affects the portfolio quality of financial institutions worldwide, making it difficult to deal with reduced revenues, stagnant costs, and delayed funding. Many governments and regulators have not yet reached consensus on what policies they will use to provide support to the sector while others have moved ahead with repayment holidays and tax breaks. It’s still too early to tell what approach will be the most impactful in reducing economic losses.
<h2>An action plan for financial service providers</h2>
With all these challenges to consider, it can be difficult for leaders of financial service providers to determine how to respond and what initiatives to prioritize. To support these efforts, we created a plan that explains what actions leaders should be taking now across four key priorities: clients, staff, business continuity, and financial readiness. These recommendations draw on the experience of financial service providers globally, acknowledging that differences exist in economic, political, and social structures, as well as digital penetration, across regions.

As a first step in the immediate response, institutions should set up a senior, cross-functional COVID-19 task force team to create a plan that considers the entire organizational footprint with a view of all stakeholders.
<h2>Supporting clients: identify acutely impacted segments and build trust in digital channels</h2>
Financial service providers need to continue to serve clients in ways that support their wellbeing, families, and businesses during this trying time. Given that some clients may be disproportionately affected, institutions should develop different response and support plans specific to the segmentation of their existing clients’ businesses and take a customer-centric approach that focuses on maintaining trust with clients. As much as possible, institutions should encourage clients to use digital channels that reduce their dependence on cash. In China, the <a href="/five-crucial-insights-from-china-for-facing-the-pandemic">robust digital ecosystem</a> enabled repayments to continue while the country was in lockdown and allowed loan disbursements to restart quickly after the outbreak’s peak. However, in-person transactions may be difficult to avoid for some regions and segments. In-branch assistance should prioritize elderly or at-risk clients to ensure that they feel safe and their needs are met. In cases where digital channels are limited, some institutions have granted grace periods to minimize in-person transactions.
<h2>Enabling staff: Build morale and enable remote work</h2>
To support staff who may feel uncomfortable coming into work or who are experiencing declining morale due to uncertainty, institutions must demonstrate their commitment to staff safety and security. Institutions should take measures to ensure that staff salaries will continue to be paid and revisit any performance targets that exist considering travel and in-person meeting limitations. Where possible, institutions should enable staff to work remotely by offering secure access through tools such as VPN, data plans, and laptops.
<h2>Continuing business operations: Test disaster plans and support digital channels</h2>
To best support business operations in this uncertain environment, companies should go through the exercise of testing their operations for possible worst-case situations and determine action plans for these scenarios. These should be based on a range of expectations for the progression of the pandemic, government response, and supply and demand shifts. To ensure business continuity, institutions should ensure that all digital channels are operational and continually test the ability of channels to handle increasing volumes of transactions as in-person transactions switch to digital.
<h2>Building financial readiness: Recalibrate risk limits</h2>
Finally, as financial institution performance will be affected across all dimensions— including, interest and fee revenue, loan losses, and operational expenses — institutions should conserve cash and recalibrate risk limits to focus on loan disbursement to known geographies and client segments.

This crisis is likely to reinforce significant shifts in customer routines and expectations, both in terms of digital savviness and expectations for proactive communication. Business operations continuity and financial readiness will continue to be critical to the future capacity of institutions to weather crises as the risks of pandemics, geopolitical tensions, and climate change escalate.

For more guidance, see the toolkit: <a href="/responding-to-the-pandemic-guidance-for-financial-service-providers">Responding to the COVID-19 pandemic</a> and view a recording of our webinar: <a href="/webinar-leadership-in-the-time-of-covid-19">Leadership in the time of COVID-19: Guidance for FSPs</a>.

If your company is experiencing challenges related to the COVID-19 global pandemic and needs personalized support from our team of experienced advisors and investors, please <a href="mailto:GLASSupport@accion.org">contact us</a> to determine how we can support your COVID-19 response efforts.

We must act now to prepare for challenges arising from COVID-19

Michael Schlein

As we continue to face the COVID-19 pandemic, I wanted to share with you my latest communication with the Accion team. While we're all working hard at Accion to take the next steps necessary to continue to help low-income businesses and families around the world, we know we couldn't do this work without your support.

<hr />

Dear all,

I hope you and your families are staying safe during these extraordinarily challenging times. Less than one month ago, our Board of Directors reviewed our exciting, ambitious plans for the year. But now, we, and the rest of the world, are adjusting to wildly changed circumstances and, unfortunately, the situation will become more challenging before it gets better. The dust is far from settled.

Our offices worldwide remain closed until further notice, at least for another month, and they will only reopen when local public health authorities say it is safe. As we adjust to working from home, I’ve asked all our managers to be flexible when staff may need some extra time to tend to personal matters. Many of you have become stay-at-home schoolteachers or taken on new responsibilities as caregivers, and that may feel like a second full-time job on its own. I hope we can all be considerate of one another as we sort this through.

Across Accion, our teams are assessing how the crisis is affecting our partners and the people we serve – and how we can best help. We know that disasters have the greatest impact on the most vulnerable – particularly in low-income areas with weak healthcare infrastructure and modest living conditions. Resilience for the most vulnerable is critical, and the financial tools we help provide can make a meaningful difference.

With Accion’s global insight and expertise in fintech and digital transformation, we are well-positioned to help our partners get through these extraordinary times. We are systematically working with every one of our partners to ensure they are protecting their people, sharing best practices, assessing short and long-term risks, building contingency plans, and reforecasting revenues, costs, and cash flows. And, in early conversations, our donors have indicated their flexibility to redirect their grant funding where it makes sense. In the weeks to come, we will share much of this with you in a series of internal webinars. Further, where possible, we will share this publicly to benefit the broader financial inclusion community. Though we may need to adjust some of our projects, we believe, in the longer run, this crisis may actually accelerate adoption of fintech models, digital financial services, and the digital transformation of financial service providers.

Accion remains a strong, healthy organization and our Board, our donors and co-investors have strongly reaffirmed their commitment to our work. We’re fortunate to have the resources needed to maintain our department budgets as we work to support our partners and their clients in responding to these new circumstances.

Our work is more urgent than ever.

Thank you for all that you do. I am honored to work with you.

Stay safe.

Best,

Michael

My note to Accion staff: Next steps to help vulnerable families and businesses

Ashley Lewis

Accion Venture Lab invests in Khazna — its first impact investment in Egypt

Until now, we've never invested in any Egyptian companies at Accion Venture Lab, but we've been watching for promising fintechs. After all, there's a real opportunity to make a difference in the country. Only one-third of Egyptian adults have bank accounts, according to the World Bank's Global Findex. That means the majority of Egyptians have to pay every bill in cash and turn to family and friends for emergency funds or when they need a loan. Without cards and savings accounts, people are left living paycheck-to-paycheck, and managing life expenses is a struggle. But there's hope that technology can change that since millions of underserved Egyptians are already actively using smartphone. By developing an easy-to-use mobile app, we believe our first investment in Egypt, <a href="https://khazna.app/">Khazna</a>, can bring accessible credit and savings product to financially excluded Egyptians.

Khazna is a fintech company developing a holistic, app-based banking solution, including savings, loans, insurance, and access to a pre-paid card, for the underserved. Khazna is looking to provide an affordable alternative to credit while helping Egyptians save and manage their longer-term financing needs. Its first product is an earned salary cash advance, which works through an employer partnership model. Today, the company partners with small, medium, and large enterprises to reach their employees and provide an alternative short-term loan for these individuals.

Venture Lab is excited to support the Khazna team at this early stage and to have them as our first investment in Egypt. While we see a tremendous opportunity in the financial inclusion space in Egypt, we were particularly interested in investing in Khazna for the following reasons:

<strong>Large, unaddressed, and digitally native population ripe for digital financial services:</strong> We believe that early-stage fintech businesses are primed to address Egypt’s financial inclusion challenges. In addition to being one of the most populous countries in the region, it's also one of the youngest countries in Africa, with an average age of 24 years old. The World Bank estimates that just 10-15 percent of Egyptians have bank accounts, which is one of the lowest penetration rates in the world. At the same time, Egypt has one of the most digitally native and active consumer bases across Africa. This creates a unique opportunity because the population has access to smartphones and the internet, and has experience using digital platforms, such as Careem, Swivl, Halan, and Uber. Given these market dynamics, we believe that Egypt is a prime environment for digital financial services.

<strong>“New asset lending” as an alternative to traditional consumer loans:</strong> Credit penetration rates in Egypt are strikingly low with just 6 percent of adults having borrowed from a formal institution. Khazna enables low- and middle-income customers with little to no credit history to access funds to help manage day-to-day needs and emergency expenses. Customers’ paychecks don't always cover everything they need, so having access to credit via income streaming for bills, family expenses, and medical emergencies allows them to avoid taking out expensive debt, going into collections, and paying late fees. It also gives them greater financial flexibility. Khazna credit products are more affordable than informal lenders and target underserved customers. Khazna focuses its solution on employers that work with lower and middle income workers to help these populations gain access to services. Additionally, the tier-based fee model allows borrowers to select loan amounts according to what they can afford, and pricing is communicated clearly upfront.

<strong>Leveraging business partnerships to de-risk lending operations and reach scale: </strong>Khazna is targeting both business and end consumers with its products, starting with businesses first. While selling to businesses can be a long process, Khazna is leveraging strong partnerships to deploy their solution into one large enterprise to access their employee population. We’ve heard in several of our markets that employees often demand an advance on their salary , and employers don't want to provide it themselves, which makes this issue a pain-point for both employers and employees. This is a critical need for those employees who are trying to manage financial shocks but are unable to access formal credit. While many startups, including in Venture Lab’s portfolio, have struggled to sell into employer channels, we believe that the Khazna team has a unique ability to connect with decision-makers within established businesses. We believe by leveraging the employer channel, Khazna will be able to de-risk their lending portfolio, develop relationships with customers, and reach scale more quickly.

As is the case for all of our seed investments, Khazna is early in its journey. However, as investors in the company and advocates for a more financially inclusive world, we couldn’t be more excited to support Khazna's growth and ensure that more Egyptians gain access to the critical financial services so they can manage their financial needs and improve their lives.

A new way to help people living paycheck-to-paycheck in Egypt

Tahira Dosani

<p id="95ec" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph=""><a class="bd cm hj hk hl hm" href="https://www.accion.org/how-we-work/invest/accion-venture-lab" target="_blank" rel="noopener nofollow noreferrer">Accion Venture Lab</a> invests in and supports early-stage startups in the inclusive fintech space. We back founders who have a vision to improve the access, quality, and affordability of financial services for the large market of underserved individuals and small businesses who don’t have the financial tools they need to improve their lives.</p>
<p id="4774" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">The work we do is even more important in times of global crisis, fear, and uncertainty as it is often those underserved groups who are disproportionately affected.</p>
<p id="6e56" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">Here is the email we just sent to our portfolio companies on how we are addressing the situation and with some thoughts on how they can approach it.</p>
<p id="4ef3" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">Dear Founders and CEOs —</p>
<p id="105e" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">I wanted to take a minute to let you know how Accion is currently managing the unfolding coronavirus situation and to share some thoughts on how we can help you think about navigating our new and uncertain reality. As a leader, you have to think both about your <strong class="gx hn">people</strong> and about your <strong class="gx hn">business</strong> in the midst of this evolving situation.</p>
<p id="1303" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">At Accion, we have been closely monitoring the news about the growing numbers of COVID-19 cases around the world. Our first concern is for the safety and well-being of our staff, those we work with, and those we aim to serve. We are working carefully to protect the safety and well-being of these individuals, act responsibly to prevent the further spread of the virus, and minimize disruption to our mission-driven activities that support vulnerable people around the world who are likely to be deeply affected by this crisis. We are consulting regularly with the guidance from the WHO, CDC, and local public health officials, and we anchor our decisions on their guidance.</p>
<p id="841d" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">In terms of specific actions, we have:</p>

<ul class="">
 	<li id="e245" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi ho hp hq" data-selectable-paragraph="">Formed an internal quick response team of our senior leadership to monitor and assess the situation, keep our staff informed, and determine appropriate action.</li>
 	<li id="31e4" class="gv gw bw ap gx b gy hr ha hs hc ht he hu hg hv hi ho hp hq" data-selectable-paragraph="">Clearly communicated to our staff that their health and well-being is paramount and empowered them to make the decisions that are best for them, their families, and their communities.</li>
 	<li id="e2a2" class="gv gw bw ap gx b gy hr ha hs hc ht he hu hg hv hi ho hp hq" data-selectable-paragraph="">Restricted all non-critical travel for our staff.</li>
 	<li id="39cb" class="gv gw bw ap gx b gy hr ha hs hc ht he hu hg hv hi ho hp hq" data-selectable-paragraph="">Ensured that all staff are equipped and ready to work remotely, and as of today, are encouraging all global staff to work from home to minimize risk and spread of the virus.</li>
 	<li id="f4ed" class="gv gw bw ap gx b gy hr ha hs hc ht he hu hg hv hi ho hp hq" data-selectable-paragraph="">Put in place a policy to ensure that all guests to our offices have not recently been to the CDC’s restricted countries nor exhibit symptoms including fever, cough shortness of breath or other flu-like symptoms.</li>
 	<li id="b872" class="gv gw bw ap gx b gy hr ha hs hc ht he hu hg hv hi ho hp hq" data-selectable-paragraph="">Postponed or canceled public and industry gatherings hosted by Accion.</li>
</ul>
<p id="9595" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">On the people front:</p>
<p id="08bb" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">We believe that <strong class="gx hn">your first priority needs to be on the health and safety of your people</strong> — both physical and psychological.</p>

<ul class="">
 	<li id="3b48" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi ho hp hq" data-selectable-paragraph=""><strong class="gx hn">Minimize or avoid travel</strong>: we know that our portfolio operates around the globe and the situation on the ground varies in each country. That said, we strongly recommend that you avoid travel, particularly international travel, starting immediately. Given the evolving situation, travel bans, quarantine requirements, and travel disruptions, unless it is absolutely critical, we believe that traveling right now is likely to be more disruptive than productive for you and your teams.</li>
 	<li id="452f" class="gv gw bw ap gx b gy hr ha hs hc ht he hu hg hv hi ho hp hq" data-selectable-paragraph=""><strong class="gx hn">Get set up and ready for remote work: </strong>it is likely that things will get worse before they get better, and it is possible that many organizations will need to implement a work from home policy at some point to protect staff from potential exposure while commuting and in the office. As such, we suggest that you take a day to test having non-field staff work from home. This will allow you to understand what infrastructure and processes you may need to put in place to ensure that remote work is successful. This may mean purchasing new tech or equipment, setting up tools for collaboration remotely, and helping staff maintain productive remote work environments. At the bottom of this email are some resources on how to most effectively work remotely.</li>
 	<li id="baba" class="gv gw bw ap gx b gy hr ha hs hc ht he hu hg hv hi ho hp hq" data-selectable-paragraph=""><strong class="gx hn">Keep a pulse on team sentiment and concerns: </strong>this can be a stressful time for many, and people will respond differently to that stress. People’s individual risk levels and those of their families, as well as their individual situations involving things like child and family care can mean varying levels of sensitivity and concern about the situation. It’s important to know how people are feeling and to be supportive of them and their concerns during this time. Be flexible in your approach to individual team members, and work to provide staff with flexibility and resources to make the decisions that are right for them.</li>
</ul>
<p id="f37e" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">On the business side:</p>
<p id="3a1f" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">Some level of <strong class="gx hn">business disruption is likely inevitable</strong>. You are all working with underserved individuals and small businesses in your markets and these populations are likely the most vulnerable to the impact of a global pandemic. Lower-income and underserved individuals are less likely to have access to quality, affordable health care and paid leave to care for sick family members; their livelihoods are particularly vulnerable to the business interruptions likely to result from COVID-19; and they are less likely to have adequate savings, insurance, or credit that can help them weather economic downturns. Small businesses often cannot operate with remote workforces and are particularly vulnerable to shifts in supply and demand in the economy. Their revenues and their costs are likely to be adversely impacted. Moreover, the capital markets are in flux and we expect a tightening of availability of both debt and equity globally.</p>
<p id="1b9f" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">This will have meaningful implications on your revenues, your costs, your PAR/NPL/default rates, your claims ratios, your cash flows, and your runway.</p>
<p id="0145" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">Given the broad range of businesses and business models in our portfolio, each of you will need to think about the implications on your business, your customers, your supply chains, etc. We do have a few specific thoughts and recommendations:</p>
<p id="8a55" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph=""><strong class="gx hn">Build a reforecast:</strong> it’s imperative that you start to think about how this is likely to affect key revenue and cost drivers. We suggest that you start making some assumptions about how it’s most likely to affect your business.</p>
<p id="2f61" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph=""><strong class="gx hn">Actively manage your runway: </strong>make sure you know when you’ll be out of cash. Run some scenarios on this calculation and think about what happens if revenue slows down or costs increase meaningfully. It’s worth thinking through a contingency plan if you need to manage your burn rate. Delay major spending increases and actively think about implications of new hiring right now. If you are in the middle of fundraising right now, do everything you can to get it closed as soon as possible. If you have a fundraise planned for later this year, it makes sense to project that it will take a bit longer than it might have otherwise. Also consider raising more than you may think you need right now.</p>
<p id="af5d" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph=""><strong class="gx hn">Work flexibly with your customers:</strong> your customers are going to be going through a number of challenges over the coming weeks and months. It’s important to ensure that they see you as an ally and a source of support. Exploring flexible repayment schedules, etc., can make a huge difference in a time like this and can be instrumental in building long-term customer loyalty and driving lifetime value.</p>
<p id="9867" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph=""><strong class="gx hn">Carefully manage offline customer touchpoints:</strong> many of you rely on touch as well as tech. You may need to rethink how these are managed. This environment may be one that enables you to shift certain current touchpoints to digital ones, to minimize risk to your staff and your customers.</p>
<p id="60fb" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph=""><strong class="gx hn">Maintain focus on impact: </strong>consumer protection is incredibly important in a time like this. Consider what you can do to minimize negative impact on lives and livelihoods of your customers. Would it make sense to eliminate late fees during this period? To be more flexible in reporting to credit bureaus? To allow longer grace periods? While there may be some short-term costs of this, it will set you up well for the long-term.</p>
<p id="6658" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph=""><strong class="gx hn">Ensure clear and updated communication with your board and investors: </strong>this is a topic we expect to be raised at upcoming board meetings. Continue to be open and transparent with your investors and let us know how we can be helpful.</p>
<p id="936b" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">We are here to support you. Our entire team is available by email/WhatsApp at any time. We’re happy to schedule a call to talk more specifically about the implications on your people and business and to work with you to think about what you can do.</p>
<p id="ef79" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">Your business and the impact you have on the customers you are serving remains incredibly important. Stay safe and healthy, and let us know how we can help.</p>
<p id="84a3" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">Best,
Tahira</p>
<p id="b0a6" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq" data-selectable-paragraph="">Additional resources on remote work:</p>

<ul>
 	<li id="cef4" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq"><a class="bd cm hj hk hl hm" href="https://www.shellypalmer.com/2020/03/desk-jockey-badass-remote-worker-easy-steps/" target="_blank" rel="noopener nofollow noreferrer">https://www.shellypalmer.com/2020/03/desk-jockey-badass-remote-worker-easy-steps/</a></li>
 	<li id="4139" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq"><a class="bd cm hj hk hl hm" href="https://www.upwork.com/blog/2018/02/complete-guide-asynchronous-communication-remote-teams/" target="_blank" rel="noopener nofollow noreferrer">https://www.upwork.com/blog/2018/02/complete-guide-asynchronous-communication-remote-teams/</a></li>
 	<li id="2404" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq"><a class="bd cm hj hk hl hm" href="https://learn.g2.com/remote-work-policy" target="_blank" rel="noopener nofollow noreferrer">https://learn.g2.com/remote-work-policy</a></li>
 	<li id="6b8c" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq"><a class="bd cm hj hk hl hm" href="https://auth0.com/blog/21-tips-for-remote-working/" target="_blank" rel="noopener nofollow noreferrer">https://auth0.com/blog/21-tips-for-remote-working/</a></li>
 	<li id="f31b" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq"><a class="bd cm hj hk hl hm" href="https://www.gallup.com/workplace/283985/working-remotely-effective-gallup-research-says-yes.aspx" target="_blank" rel="noopener nofollow noreferrer">https://www.gallup.com/workplace/283985/working-remotely-effective-gallup-research-says-yes.aspx</a></li>
 	<li id="cd93" class="gv gw bw ap gx b gy gz ha hb hc hd he hf hg hh hi eq"><a class="bd cm hj hk hl hm" href="https://haacked.com/archive/2020/03/03/how-to-work-from-home/" target="_blank" rel="noopener nofollow noreferrer">https://haacked.com/archive/2020/03/03/how-to-work-from-home/</a></li>
</ul>

Coronavirus response recommendations for the Accion Venture Lab portfolio

I wanted to share a quick update with you on what we at Accion are doing to protect our staff and continue our work during the COVID-19 pandemic. We have restricted all non-critical travel, as well as ensured that everyone is equipped and ready to work remotely. As well, we are encouraging all staff worldwide to work from home to minimize risk and spread of the virus. We also put in place a policy to ensure that all guests to our offices have not recently been to the CDC’s restricted countries nor exhibit symptoms including fever, cough, shortness of breath, or other flu-like symptoms.

Accion is a mission-driven organization focused on empowering underserved individuals in the U.S. and around the world, and we are aware that those populations are acutely vulnerable to the impact of a global pandemic. They are less likely to have access to quality, affordable health care and paid leave to care for sick family members. Their microbusinesses – and therefore their livelihoods – are particularly vulnerable to the business interruptions likely to result from COVID-19; and they are less likely to have adequate savings, insurance, or credit that can help them weather economic downturns.

As we assess how COVID-19 affects our partners, we are looking at ways we can help them prepare and adapt for disruptions that may occur in the communities where they work. All of us at Accion remain focused on achieving our mission of a financially inclusive world while ensuring the safety and security of our staff and our partners in this challenging time.

Responding to COVID-19: Focused on our mission and the safety of our staff

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