This week LenddoEFL was invited by Oxfam Pilipinas to join a panel for the official launch of their Disaster Risk Financing study. The study is part of the B Ready initiative.
The B Ready project was launched in 2019 and is the first line of defence for communities in disaster preparedness.
Located in the Pacific Ocean typhoon belt, the Philippines is hit by up to 20 typhoons each year. While we have no control over these disasters we can help to both protect and prepare people and communities. Each and every one of us can be part of the solutions.
The B Ready project has two pillars, digital weather forecasting and modelling for early warning, and digital financial technology to allow financial resources to reach those most in need.
During the webinar, Oxfam explained the importance of credit-risk sharing for communities in disaster-prone areas, particularly those normally excluded from the financial ecosystem.
Both governments and NGOs are supporting micro-finance institutions and financial service providers that provide loans to these communities by guaranteeing a portion of their loan portfolio. This helps to build the appetite for institutions to lend to these communities.
The FinTech sector is another stakeholder that can provide solutions for communities looking for ways to access credit and prove credit-worthiness.
LenddoEFL APAC Sales Director Judith Dumapay explained how alternative data can be used to provide an indication of credit-worthiness for those with no or limited access to traditional financial data. Anyone who is online or carries a cell phone shares information whenever they interact with the device. This information can be analysed to understand who they are and their creditworthiness.
Watch the clip of LenddoEFL’s participation below:
Oxfam states that they have greatly relied on the power of collaboration to achieve their goals. LenddoEFL is proud to have partnered with Oxfam several times over the years to support the important work they do in the Philippines and around the world.
You can view the whole video on Facebook here: https://www.facebook.com/OxfamPilipinas/videos/536358581093393/
Photo by Louie Martinez on Unsplash