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[chapeau]Since the beginning of the crisis linked to the Covid-19 pandemic, SIDI has maintained an ongoing dialogue with international microfinance players. As part of this commitment, we have recently committed to a set of key principles developed collectively to help MFIs and their customers cope with the effects of the crisis.[/chapeau]
SIDI is a member of a think tank, made up of microfinance players, which met in April 2020, at the initiative of the Grameen Crédit Agricole Foundation, to discuss the situation and define a joint commitment to guide the response to the health and economic crisis. This could spell trouble for many MFIs and their customers, leaving vulnerable populations in desperate straits. The challenge was therefore to jointly find solutions to limit the effects of the crisis as much as possible, while continuing to strengthen financial inclusion for vulnerable populations. A list of key principles to be respected between investors has been drawn up to protect both MFIs and their customers, and guarantee continued access to financing under the best possible conditions.
By signing this agreement, SIDI undertakes to respect this non-exhaustive list of principles(full document here):
- Information transparency and sharing
- Adapting and aligning intervention principles to overcome the effects of the crisis
- The implementation of shared and equitable solutions between lenders
- Coordinated provision of technical assistance and resources to help MFIs deal effectively with the crisis
In the current context, it is essential to forge operational alliances between microfinance players in order to best support those MFIs that will be hardest hit by the crisis. SIDI is thus preparing to adapt and soften the profile of its relationships with its partner organizations, according to its capacities and in a coordinated manner.
Discover the press release
To consult the complete list of key principles for dealing with the Covid-19 crisis, click here.