Published on Monday, August 10, 2020

Spain | Financial inclusion and COVID-19

As with other health crises throughout history, the world will change in many ways as a result of the COVID-19 pandemic. One of these transformations will be in the way people relate to their finances.

Key points

  • Key points:
  • Financial inclusion contributes to improved household welfare, increased business productivity and fostered economic growth.
  • The measures taken to fight COVID-19 have given digital financial inclusion a significant boost thanks to a wider range of financial services being used remotely, also helping to improve decision-making.
  • Digital financial inclusion prevents people from coming into physical contact with others in branches and handling cash, therefore from being exposed to the disease.
  • The use of digital financial services is a way of stopping the informal economy, which, in addition to requiring physical contact between people, is a drain on public funds, which are already exhausted by the fight against the pandemic.
  • For everyone to benefit from these advances, we need to devote resources to supporting those who are less savvy about digital technologies, such as the elderly and SMEs, especially with regard to cybersecurity.

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