The intensity of the COVID-19 shock has clearly varied among MSMEs. On a more positive note, the COVID-19 crisis has accelerated the digitalization of many MSMEs and fostered their participation in digital ecosystems and marketplaces. In response to the emergency, governments have quickly introduced a wide range of policy and regulatory measures to financially support local MSMEs. A few countries have effectively leveraged digital technology and public data sharing to better serve MSMEs through various financing schemes. Private market participants, including traditional lenders and FinTech/BigTech firms, have played a leading role in assisting MSMEs throughout the crisis.
This report was produced by the International Finance Corporation (IFC) and the SME Finance Forum for the G20 Global Partnership for Financial Inclusion under the Italian Presidency of the G20. It was authored by a team led by Ghada Teima (IFC) and Matthew Gamser (SME Finance Forum), and comprised of Martin Hommes, Jade Christian Hachem, and Caroline Andrea Miranda (IFC).