Microfinance for social and financial inclusion in Europe

ended

The European Microfinance Network is pleased to present its 2022 approach entitled ‘Microfinance for social and financial inclusion in Europe’. This proposal seeks to address the persistent inequalities made worse by the emergence of the recent pandemic, by enhancing the work of the financial providers whose mission is to contribute to the social and economic inclusion of the most disadvantaged strata of society, and the overall reduction of poverty. The experience gained over the years in a growing number of EU Member States shows that the constant development of self-employment with the support of microcredit tools enables people to become creators of wealth, to work against poverty and social fractures, while simultaneously preparing the new economy and contributing to the achievement of Sustainable Development Goals, especially SDGs 4,8 and 10. The effects of the Covid-19 pandemic have been particularly harsh on independent workers and micro-enterprises, as they saw their activity being suspended by governmental order. Currently, 7.6% of the working population in Europe is self-employed, which means that supporting them will contribute significantly to the attainment of more employment and social integration. Financial Intermediaries, such as MFIs, have helped to keep them afloat so far, yet economic lives need to reboot. The pandemic accelerated the digital transformation of some of the micro-businesses and laid open the gaps and the importance of it to build the economy of today. The proposal EMN is submitting addresses around 6 Work Packages a series of actions that as an EU-level network, we see as crucial to drive ahead the development of microfinance practitioners, as financial intermediaries and partners of the entrepreneurs for the year 2022.