to comprehend financial services role in minimizing risks associated with the

To comprehend financial services role in minimizing

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to comprehend financial services’ role in minimizing risks associated with the gig economy while maximizing on benefits. COCID-19 has brought to the attention the significance of loans, insurance products and savings products, which aim to stabilize the gig workers’ livelihoods and cushion them from economic shock. For protection purposes, many gig platforms operating in Kenya ensure that they collect accurate workers and even clients’ information and perform safety training. The pandemic has also initiated or implemented measures to promote social distancing as per health regulations. On the contrary, the lead-time for preparation takes up to six weeks, which is long for gig workers to face the challenges of the gig economy. The foundation has exposed the weaknesses of most gig platforms, which arise to the lack of support funds. An alternative to this deadlock would include structured government loans to donors or workers whose recovery would come from future gigs. The funds can go through financial institutions or gig platforms. The current global pandemic has highlighted significant money lessons. Continued collaboration and investment will play a critical role in enhancing growth drivers and eliminating barriers in the gig economy. Although various stakeholders, platforms and the government can initiate efforts to cushion gig workers during crises, it is the responsibility of gig workers to develop sustainability habits such as savings and acquiring insurance products.
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