On 24 September, an AFI webinar explored the financial inclusion barriers faced by people with disabilities (PWDs), forcibly displaced people (FDPs), and older persons, as well as policy solutions to overcome them.

“Barriers to formal financial services manifest differently across these groups,” said AFI Head of Policy Analysis and Guidance, Robin Newnham. “For people with disabilities, stigma often pushes them toward alternative services such as predatory lenders offering quick loans at exorbitant interest rates. FDPs are often reluctant to disclose their legal status for fear of discrimination or being reported to the authorities, while for older people, barriers include technological complexity and low digital literacy.”

During the session, a visually impaired Filipino woman, a Somalia refugee living in Malaysia, and an older person from Uganda shared their lived experiences of financial exclusion. Tay Su Yuen, Assistant Livelihoods and Economic Inclusion Officer from UNHCR, also shared insights on the barriers refugees in Malaysia continue to face. Solutions to these real-world challenges were then explored by a panel featuring Sally Abdelkader of Central Bank of Egypt, Alison Thornburn of Barrier-Free Finance Initiative, Joana Da Silva of UNHCR, and Fred Bwire of Uganda Reach the Aged Association.

“Regarding the challenges that still need to be addressed for vulnerable groups, I would highlight financial literacy, consumer protection, and safeguarding from fraud,” said Ms Abdelkader. “As much as technology is enabling the financial inclusion of people with disabilities, the elderly or forcibly displaced people, fraudsters are becoming more technology savvy as well. A lot of work still needs to be done on this front.”

In her concluding remarks, Ms Abdelkader highlighted that FDPs remain among the most challenging groups to serve due to KYC and due diligence requirements, and that while simplified due diligence has been an important enabler for vulnerable groups, regulators must regularly reassess the balance between access and risk.

Since the AFI network adopted the Kigali Statement for Accelerating Financial Inclusion for Disadvantaged Groups in 2019, AFI has published a number of policy guidance materials in this area, including an FDP Policy Framework and Special Report on PWDs.

The webinar is available to watch below.