USAID/World Council of Credit Unions (WOCCU) Launches Initiative to Boost Financial Inclusion for Venezuelan Migrants and Refugees in Peru and Ecuador
During its semiannual meetings in Lima, Peru, and Quito, Ecuador, the USAID/World Council of Credit Unions (WOCCU) Economic Inclusion Project (EIP) unveiled a new initiative aimed at enhancing financial inclusion for Venezuelan migrants and refugees. In Peru, the EIP collaborated with the Ministry of Economy and Finance and the National Superintendence of Migration to establish the Consultative Committee of Financial Inclusion for Migrants and Refugees. This committee brings together key stakeholders from organizations such as the Superintendency of Banking, Insurance and AFP, the Ministry of Justice and Human Rights, and the United Nations’ High Commission for Refugees (UNHCR) to develop regulatory proposals and strategies promoting access to financial services and economic opportunities.
Oscar Guzmán, Chief of Party for EIP, highlighted the initial findings of the EIP’s Study of the Integration of Migrants and Refugees, underscoring the positive impact of initiatives like professional degree validation, business development programs, and financial education on economic integration. The meetings also emphasized the importance of public-private sector collaboration in advancing initiatives supporting formal financial services, job placement, and microenterprise support crucial for migrant integration.
In Ecuador, the EIP similarly convened partners and allies at its semiannual meeting in Quito, presenting study results demonstrating increased opportunities and income generation among participants. Federico Augusti of UNHCR Ecuador stressed the need for evidence-based initiatives to inform effective policies that enhance job opportunities for vulnerable communities.
María Paulina Vega of Ecuador’s Financial Policy and Regulation Board and Anh Hua from USAID Ecuador encouraged continued collaboration to foster socioeconomic integration, highlighting entrepreneurship, employability, financial inclusion, and gender-based violence prevention as key areas for concerted effort.
Both gatherings reaffirmed the commitment to promoting the integration of migrants and refugees into local communities through sustained partnership and coordinated action among stakeholders and allies.
