AFI members explore how to financially include forcibly displaced persons at European Microfinance Week

With the numbers of people being forced to flee their homes at record levels, AFI organized a panel discussion at European Microfinance Week 2024, exploring how innovative financial inclusion policies and regulations can support this vulnerable population.

Two AFI members, the Palestine Monetary Authority (PMA), and the Superintendency of Banks of the Dominican Republic (SB) shared insight from projects to financially include forcibly displaced persons (FDPs).

Mohanad Salous, Chief of PMA’s Financial Inclusion Division, shared learnings from a project to advance women’s financial inclusion and digitization, while Inés Páez, SB’s Head of Financial Innovation and Inclusion, shared feedback from SB’s initiatives to financially include refugees and migrants.

“When it comes to policy and regulation for FDP financial inclusion, we need an innovative approach to partnerships, notably with humanitarian agencies,” said Mariam Zahari, AFI Policy Specialist, who chaired the panel. “An example is data collection, as central banks may not have the required methodology or know the right questions to ask when it comes to FDP’s needs.”

“Equally, we can ensure that forcibly displaced persons don’t fall into the digital divide by specifically including them in national fintech or financial literacy strategies, that traditionally have not considered these groups.”

The panel session also featured input from Barnaby Willits-King, Research and Policy Director of the Mobile for Humanitarian Innovation team at GSMA, and independent consultant, Edward Fraser.