Village Savings and Loan Associations (VSLA) , Savings Groups, and Cooperatives of all kinds will be critical in coping with the long-term effects and economic slow down projected to occur in the aftermath of the Covid-19 pandemic
The Covid-19 Pandemic has highlighted the importance of digital platforms: For communication of reliable crisis updates, keeping connected with family and friends and for financially transacting at a distance. Learn how VSLA.online is helping savings groups throughout the crisis.
- Groups are able to meet in smaller units, eliminating the need to meet physically all at once in order to hold a meeting
- NGOs can relay the most up to date information on Covid-19 via VSLA.online via SMS through the VSLA.online platform
- Reduction in the need of field agents to physically visit groups
The World Bank has projected that Sub-Saharan Africa will go into its first recession in 25 years: with economic growth projected to decline from 2 .4% in 2019 to between -2.1 to -5.1%.
hiveonline’s digital solutions: VSLA.online and myCoop.online can help farmers, cooperatives, savings groups, and micro-entrepreneurs weather the economic downturn.
- Builds local livelihoods and community-based production as international export markets slow
- The hiveonline platform allows for easy incorporation of e-money and mobile money transaction in lines with national legislation, reducing reliance on cash
- Promotion of financial resilience through savings, access to finance, and farming inputs