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Event

Advancing the financial inclusion of people on the move and host communities

Start:
24 May 2022 2:00 pm
End:
24 May 2022 3:00 pm

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On 24 May 2022 from 8:00 am – 9:00 am EST (1400-1500 CEST), ECDPM’s Pamella Ahairwe will take part in the Peer Exchange Group on Private Sector Engagement under the IOM-UNDP Global Programme on Making Migration work for sustainable development (Phase III) on the topic ‘Advancing the financial inclusion of people on the move and host communities’.

The event is organised within the framework of the Global Programme on “Making Migration Work for Sustainable Development” funded by the Swiss Agency for Development and Cooperation and implemented jointly by IOM and UNDP and will be co-led by the Ministry of Foreign Affairs and Human Mobility of Ecuador.

This second Peer Exchange Group on Private Sector Engagement focuses on sharing experiences on promoting supply-side interventions with financial institutions to foster the financial inclusion of immigrants, other people on the move and host communities, based on the clear demand demonstrated for inclusive access to such services. Immigrants frequently experience challenges accessing financial services in their countries of destination. This is also the case in Ecuador, which has experienced a high influx of Venezuelans in recent years. A 2020 survey with Venezuelan people on the move showed that only 18 per cent of respondents had accessed a financial product or service, these mostly being savings accounts, with little use of other products such as insurance services, credit cards, and remittance transfers and loans. At the same time, expanding the offer of digital financial products and services for vulnerable populations, including people on the move, is a central objective of the National Strategy for Financial Inclusion (2020-2024). In this context, private sector engagement may take the form of supply-side interventions, that is interventions that ‘encourage financial service providers to increase the availability of affordable, usable and accessible financial services for this population group’ (Ahairwe & Bisong, 2022, p. 9). This may include capacity building for financial institutions, and supporting financial institutions to design financial products that fit the needs of people on the move, among others.

This Peer Exchange Group seeks to showcase successes and adaptable good practices within the Global Programme, building on the example from Ecuador, and to identify adaptable good practices that help overcome challenges that people on the move face in financial inclusion. The event is open to all stakeholders (local and national governments, private sector, UN agencies, civil society, etc.).

Objectives

Built on an interactive format and encouraging active exchanges between participants from different Programme countries, the event serves the following objectives:

1. Share knowledge and good practices on supply-side interventions with financial institutions.
2. Suggest context-adaptable engagement models on financial inclusion for people on the move based on the experiences of different organisations and subject matter experts.
3. Identify key success factors and common challenges to promote the financial inclusion of people on the move through supply-side interventions with financial institutions.

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