Disaster Risk Reduction Program

Disaster preparedness and response is exceptionally important in the context of financial inclusion. Countries with higher concentrations of poverty, weak infrastructure, poor public services are more at risk. Experience has shown that financial institutions serving at-risk populations are as vulnerable as their clients to these disasters and crises. While the initial humanitarian and emergency response to crisis is crucial, there is a growing recognition of the value of disaster risk reduction (DRR) strategies in preparing for and thus reducing economic losses associated with disasters.

What does the DRR Program hope to achieve?

The goal of the DRR Program is to improve the resiliency of financial service providers serving vulnerable populations as well as the communities they serve. The program aims to create awareness of the need for disaster preparedness in financial services markets and to build a general consensus among key stakeholders around effective disaster risk reduction practices. As a result, the program will strengthen the capacities of financial service providers and their clients to anticipate, cope, and recover from the negative impacts of disasters.

How will the DRR program work?

• Convene highly visible multi stakeholder forums representing a cross section of public and private sector organizations to raise awareness around the need for disaster preparedness in financial markets serving the poor.
• Document existing good practices, programs and organizationsworking at the local level to promote resiliency and mitigate disaster related systemic risks for FSPs and their clients.
• Facilitate national dialogues around a DRR framework  for analyzing and preparing for disaster related risks to financial service markets. This process encourages coordination between FSPs, humanitarian organizations, private sector (MNOs, payment providers) and government.
• Develop  a tool  for  assessing FSP resilience  and ability  to work with humanitarian organizations in times of crisis to spur greater coordination and potential partnerships between humanitarian organizations and FSPs.