The global response to the economic fallout of the COVID-19 pandemic highlighted the critical role of financial services in supporting vulnerable populations. Five years after this unprecedented crisis, questions arise about whether sufficient measures are in place to ensure no one is left behind during future crises. The pandemic disproportionately affected low-income workers, especially those in informal economies, who faced immediate job losses and lacked safety nets. Governments worldwide turned to digital payment systems to provide relief, reaching millions like Bébé Agbodoglo, a palm liquor seller in Togo, who received timely financial support through mobile money. This experience underscores the importance of inclusive finance in building resilience for individuals and small businesses.

In the wake of the pandemic, it became evident that financial services—such as savings, insurance, and digital payments—played a pivotal role in determining whether households could weather the crisis or succumb to hardship. For many low-income workers, the economic shock was both immediate and devastating. Without adequate safety nets, these individuals had little recourse when they fell ill or lost their jobs. However, innovative solutions emerged, such as Togo’s NOVISSI social protection program, which provided monthly transfers to informal workers via mobile money. This support proved crucial for families like Bébé's, enabling them to meet basic needs during the crisis.

Research indicates that countries with robust payment ecosystems were better equipped to respond rapidly to the pandemic. Chile, India, and Thailand, for example, leveraged digital ID systems to swiftly identify eligible citizens and disburse funds directly into their accounts. Additionally, social protection systems served as catalysts for resilience by delivering cash transfers that prevented negative coping strategies like selling assets or taking on high-interest debt. These transfers also introduced recipients to financial tools like savings, credit, and insurance, fostering long-term benefits such as investments in education and business growth.

Closing gender gaps in financial services remains a priority. In many developing countries, women predominantly work informally, making them highly vulnerable to market disruptions. Policymakers must expand access to tailored financial services, integrate gender-responsive social protection programs, and ensure women's inclusion in economic recovery efforts. Strengthening consumer protection is equally important, especially as financial scams surged during the pandemic. Robust measures are needed to prevent fraud and promote responsible lending.

As we reflect on the lessons learned from the pandemic, it is clear that financial inclusion must play a central role in preparing for future crises. Despite progress, 1.4 billion people still lack basic accounts, and 345 million micro-enterprises remain informal, leaving them exposed to financial shocks. The next crisis is inevitable, and we cannot afford to wait. Ensuring universal access to financial services is essential for building resilience and preventing further economic devastation.