Apr 21, 2020

The COVID pandemic is causing incredible pressures on households the world over. But the frontline in protecting one’s family from financial shocks is always savings - a safety net against the twin perils of collapsing income and increased expenses. Formal savings - and the act of saving - helps save livelihoods: it helps families plan for long-term future expenses, it helps reduce dependence on expensive credit, it provides safety and security (especially for women), it helps households pay quickly for critical care where free public health care is not available. Saving is about many things. But right now in these challenging times, savings is about resilience.

The European Microfinance Award 2020 on ‘Encouraging Effective & Inclusive Savings’ has become even more relevant over these recent weeks. How can financial institutions ensure clients’ deposits are safe? How can they ensure clients can access them in times of dire need without threatening the viability of the institution? How can poor households re-purpose long-term savings for short-term emergencies, and how can financial institutions that those savings meet clients’ real needs in this crisis context? Round 1 of the EMA 2020 has been extended to 5th May. But the topic of the Award is even more important now than at launch. We look forward to hearing how financial institutions around the world are using their savings initiatives to respond to this public health and economic crisis, helping their clients ensure the resilience of their families and businesses, when they need it the most.

The deadline to apply for the € 100,000 prize (applications in EN, FR or SP) is 5th May at 23:59 CEST.

APPLY HERE

 

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