2020 was a unique year with so many challenges for everyone within the financial inclusion sector. With businesses shuttered, economies shuddering and a lethal virus showing no signs of going away any time soon, the households and businesses of the financially excluded are still under incredible pressures.
In the past, the European Microfinance Award 2020 on ‘Encouraging Effective & Inclusive Savings’ has generated an astonishing wealth of information and insight. Despite the enormous challenges that financial services providers are facing right now, a record number of them from all over the world took part in this year’s Award process. Why? Because in the face of extreme pressures on households and business, saving has never mattered more than it does today. This paper from e-MFP not only captures why savings matter so much to vulnerable populations, but also profiles the ten Award semi-finalists and how their diverse and fascinating initiatives actually encourage effective and inclusive savings – and the factors for their success