A look back at 2020

Like small businesses across the globe, ConsumerCentriX felt firsthand the challenges of the pandemic in our work.  The very nature of how we go about our business suddenly changed. As consultants, we have spent years addressing financial inclusion in emerging markets by working closely with local partners the world over – largely in person. By the end of March, it was clear that traveling would no longer be a possibility for us for the foreseeable future.

Instead, we had to find new ways to stay connected to our partners in different markets. We retained local teams in Nigeria, Uganda, and Rwanda to ensure that projects stayed on schedule and developed new relationships with additional external partners.

It will come as no surprise that like many, we traded meetings in bank boardrooms for meetings on computer screens. And while there is no true replacement for an in-person meeting, we realized that many of our established relationships could be maintained through regular video conferencing. For example, in 2019, we convened a group of high-level regulators at the Bellagio Center in Italy to discuss strategies for accelerating digital financial inclusion. Bonds were cemented and the group was committed to continue to work together. We anticipated re-convening the group in three additional in-person sessions over 2020-2021; however, in light of the pandemic, we took the group virtual. Each month, the group reconvenes on Zoom and discusses topics ranging from recent regulatory changes to improve banking laws to strategizing on how to leverage technologies such as QR codes for improved customer transactions.

The pandemic not only forced us to change the way we communicate with partners and external stakeholders but also allowed us to innovate when it came to interacting directly with entrepreneurs. When lockdowns began in Rwanda and Uganda back in March, we recognized the challenges that all entrepreneurs in these two countries faced in finding a centralized place to get information. As a result, we created two digital platforms, the SME Response Clinic and the COVID-19 Business Info Hub.  Both sites provide regular updates on new policies, products and financial advice with the intention of helping entrepreneurs not only survive the pandemic but thrive in the time ahead.

Lastly, we also changed the way we interact with other stakeholders working in the financial inclusion space. We were excited to release a publication recently on the business case for providing non-financial services to women-owned SMEs at two highly visible virtual events – a Financial Alliance for Women Event in October and the SME Finance Forum in November.  While we would have love to spoken in person with stakeholders about the publication, we were deeply gratified by conversations and enthusiasm communicated via virtual panels and chat messages.

While many things changed for us in 2020, our commitment to creating a more equitable world through inclusive finance has not wavered. If anything, our work has become more important than ever as the pandemic exacerbated economic disparities across markets.  We hope to have made a lasting impact through the projects we wrapped up this year and to continue to make meaningful impact through new projects we engage in over the months and years to come.