They have underpinned the rapid scaling up of support to vulnerable groups, by extending the reach of available social safety nets and providing new ways for mutual support within families and communities. In a few short months, COVID-19 has dramatically accelerated digitalization, achieving what we thought would take decades.
In Kenya, banks have enhanced the use of digital channels during the pandemic, to minimize the health risk and support stay-at-home protocols. Before the pandemic, about 90 percent of bank transactions were conducted outside branches. Since the onset of the pandemic, this has accelerated to over 94 percent of transactions.