## Financial Access COVID-19 Policy Tracker (Last Update: August 3, 2020)

## Source details

**Canonical URL:** [Financial Access COVID-19 Policy Tracker (Last Update: August 3, 2020)](https://www.imf.org/-/media/files/topics/covid/2020-fas-covid-19-policy-response-tracker-smes-and-mobile-money-080320.xlsx)

## Other formats

- [Markdown version](/-/media/files/topics/covid/2020-fas-covid-19-policy-response-tracker-smes-and-mobile-money-080320.xlsx.md)
- [Structured JSON version](/-/media/files/topics/covid/2020-fas-covid-19-policy-response-tracker-smes-and-mobile-money-080320.xlsx.json)

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### Objective & scope
- Objective: The Financial Access Survey (FAS) collects annual data on access to and use of financial services, including digital finance and SME finance. This COVID-19 policy response tracker documents policies taken by policymakers across the world, mainly focusing on two areas:
  - Steps taken to facilitate SMEs lending, to counteract the economic distress caused by the pandemic;
  - Measures to facilitate a move away from cash to mobile money transactions by lowering the usage costs.
- Sources: Information is taken from publicly available sources, inputs from other departments of the IMF, and feedback received from country authorities. The tracker is a living document updated on a regular basis. This version was updated on July 30, 2020; last update header states August 3, 2020.
- Maintained by: Statistics Department of the IMF. Contact: stafas@imf.org.

### Key definitions (as per FAS guidelines)
- Mobile money: financial service offered to clients by a mobile network operator or an entity partnering with mobile network operators, independent of the traditional banking network. Services that use mobile phones merely as another channel for traditional banking products are not considered mobile money. A bank account is not required; only a basic mobile phone is required.
- Mobile and internet banking: facility enabling customers of a financial institution to execute financial transactions (deposits, account transfers, bill payments, online shopping) electronically via the internet using a mobile phone or another electronic device.

### Mobile money — representative policy measures and findings
- Fee reductions and waivers:
  - Bangladesh (Central Bank): P2P monthly transaction limit for buying medicine and other essentials increased to BDT 200,000 from BDT 75,000; these transactions will not incur merchant charges. No charges on cash-outs up to BDT 1,000. Export oriented manufacturing industry workers receiving salary support pay a charge of BDT 4 per BDT 1,000 cash-outs.
  - Cameroon (MTN): Suspended fees on money transfers up to XOF 20,000 between MTN mobile money accounts (suspension limited to 3 transactions per day, per account) effective 20 March 2020.
  - Kenya (Central Bank): No charges on mobile money transactions up to KES 1,000; transaction limit increased to KES 150,000; monthly limit eliminated; daily limit increased to KES 300,000; mobile wallet limit increased to KES 300,000; all charges on transfers between mobile money wallets and bank accounts eliminated. Measures apply from midnight March 16, 2020 until December 31, 2020.
  - Mozambique (Central Bank): No transaction fees up to a daily limit of MZN 1,000 for three months from 10 April 2020; wallet limit increased from MZN 25,000 to MZN 50,000; daily transaction limit increased from MZN 125,000 to MZN 250,000; annual limit on tier 1 wallet users increased to MZN 400,000. Measures extended by three months on July 9, 2020.
- Increased transaction and balance limits:
  - Botswana (Central Bank): Maximum single transaction from BWP 5,000 to BWP 10,000; maximum daily transaction from BWP 10,000 to BWP 15,000; maximum monthly aggregate from BWP 20,000 to BWP 30,000.
  - Myanmar (Central Bank): ATM withdrawal including cardless withdrawal per day increased from MMK 1 million to MMK 3 million; daily, monthly, and maximum account balance limits increased for Mobile Financial Service Providers.
- Flexible KYC onboarding:
  - Ghana (Central Bank): Know your customer (KYC) regulations eased effective 20 March 2020 for an initial period of three months; accompanied by fee waivers and increased transaction and wallet limits. MTN Ghana extended fee waivers and revised limits to September 30, 2020.
  - Liberia (Central Bank): Charges for money transfers and merchant transactions suspended by mobile money operators for one month starting March 24, 2020; daily and aggregate monthly transaction limits increased for three months; fees reinstated starting July 1, 2020 by Lonestar Cell MTN and Orange Liberia.

### SMEs — representative policy measures and findings
- Direct financial support and guarantees:
  - Albania (Government): 8.7 billion Albanian Leke (ALL) of financial support for employees (wages) in micro and small enterprises. Sovereign guarantees: 11 billion ALL for loans for payments of wages and another 15 billion ALL to guarantee working capital loans (up to 50% of the loans). Tax installment relief for certain taxpayers with turnover thresholds specified (up to 14 million ALL and above 14 million ALL) for varying periods in 2020.
  - Argentina (Central Bank, Government): Financing to MSMEs at maximum annual interest rate of 24% benefits from reduced reserve requirements; Argentine Guarantee Fund (FoGar) made available 30,000 million pesos to guarantee MSME working capital loans for up to 120 billion pesos (100% guarantee for micro and small companies and self-employed; 25% for some medium-sized companies).
  - Australia (Central Bank, Government): Temporary cash flow support up to AUD 100,000 for eligible small and medium-sized businesses and not-for-profits; instant asset write-off threshold increased from AUD 30,000 to AUD 150,000; Coronavirus SME Guarantee Scheme to guarantee 50 percent of new loans issued by eligible lenders to SMEs; Reserve Bank of Australia term funding facility of at least AUD 90 billion for three-year funding access at 25 basis points.
- Subsidized lending, grants, and moratoria:
  - Armenia (Government): Subsidized 2-3 year loans, direct subsidies to SMEs to maintain employees, grants to entrepreneurs, and lump-sum transfers to vulnerable groups.
  - Austria (Government): Hardship fund of EUR 2 billion; EUR 15 billion Corona assistance fund; EUR 12 billion for Corona short-time work model; government assumed 100 percent liability for emergency loans enabling working capital loans up to EUR 500,000 with Republic's guarantee covering 90% of the loan amount; debt moratorium for 3 months with no default interest.
- Other measures:
  - Brazil (Government): Public banks expanding credit lines focused on working capital (credit lines add up to over 4 percent of GDP); government to back about 1 percent of GDP in credit lines to SMEs and micro-businesses to cover payroll, working capital, and investment. Largest banks agreed to consider 60-day extensions for maturing debt liabilities for individuals and SMEs.

### Other digital financial services — representative measures
- Fee waivers and limits adjustments:
  - Albania (Central Bank): Commissions on non-paper based credit transfers in Albanian Leke (ALL) and fees charged to participants in AIPS and AECH systems removed effective 10 April 2020.
  - Brunei Darussalam (Monetary Authority): Online local interbank transfer fees and charges waived for six months.
  - Egypt (Central Bank): Circular dated 20 March 2020 included: allow electronic customer identification for onboarding with branch KYC completion within 3 months (effective till end of June 2020); waive all commissions and fees related to deposits, transfers, and ATM withdrawals and creation of virtual card numbers for 6 months; waive merchant fees for QR payment transactions for 6 months; increase monthly transaction limits for mobile money wallets to EGP 200,000 for merchants and EGP 100,000 for individuals; increase daily transaction limits to EGP 40,000 for merchants and EGP 30,000 for individuals; increase maximum electronic money units per service provider to EGP 500 million.
- Process simplification and digital promotion:
  - Argentina (Central Bank): PSPs to allow customers to send and receive money transfers between bank accounts and PSP payment accounts using the Uniform Virtual Code as customers' ID whenever possible (March 28, 2020).
  - Colombia (Government): Regulatory guidelines to promote digital channels for financial services including distribution of pension and government cash-transfer program delivery; elimination of VAT charges for mobile services (up to USD 18); continuity of internet services for clients even if late on payments; low-cost plans for vulnerable populations with basic free internet services.

### Data structure & coverage notes
- Worksheets included in the dataset:
  - "Read Me (As of July 30, 2020)" — descriptive objectives, contact, and key definitions.
  - "Mobile money" — columns include: S.No.; Jurisdiction; Institution; Measures; Reduced transaction fees; Increased balance & transaction limits; Flexible KYC onboarding; Source. Sample row count: 1001 rows; columnCount: 29.
  - "SMEs" — columns include: S.No.; Jurisdiction; Institution; Policy measures taken; Debt Moratorium; Loan Guarantees; Financial Assistance; Lower Interest Rates; Tax Relief; Source. Sample row count: 1083 rows; columnCount: 28.
  - "Other digital financial service" — columns include: S.No.; Jurisdiction; Institution; Measures; Reduced transaction fees; Increased balance & transaction limits; Flexible KYC onboarding; Simplified transaction processes; Source. Sample row count: 1005 rows; columnCount: 26.
  - "Annex Table >>>" — empty in sample.
- The tracker focuses primarily on mobile money and SMEs, with an additional tab for other digital financial services. The information may not be exhaustive and reflects policies captured up to the stated update.

### Contact and maintenance
- Maintained by: Statistics Department, IMF.
- Contact email: stafas@imf.org.

*Dataset: Financial Access COVID-19 Policy Tracker (as provided in the dataset file 2020-fas-covid-19-policy-response-tracker-smes-and-mobile-money-080320.xlsx).*

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_Source: https://www.imf.org/-/media/files/topics/covid/2020-fas-covid-19-policy-response-tracker-smes-and-mobile-money-080320.xlsx_