{"id":11397,"date":"2025-10-20T11:31:36","date_gmt":"2025-10-20T11:31:36","guid":{"rendered":"https:\/\/www.unhcr.org\/blogs\/?p=11397"},"modified":"2025-10-20T11:31:42","modified_gmt":"2025-10-20T11:31:42","slug":"bridging-policy-solutions-highlights-from-excom-side-event","status":"publish","type":"post","link":"https:\/\/www.unhcr.org\/blogs\/bridging-policy-solutions-highlights-from-excom-side-event\/","title":{"rendered":"Self-reliance and financial inclusion: Bridging policy and private sector solutions \u2013 highlights from UNHCR ExCom Side Event"},"content":{"rendered":"\n

By Joana Da Silva Afonso, UNHCR Financial Inclusion Officer, and Micol Pistelli<\/a>, UNHCR Senior Financial Inclusion Officer<\/p>\n\n\n\n

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Speakers at the Side Event on Self-Reliance and Inclusion. From left to right: Ricardo Garcia Tafur (IFC), Rooh Savar (Welcome Place), Alejandro Davalos (Ecuador\u2019s Vice-Minister for Human Mobility), Elizabeth Eyster (UNHCR), Julienne Oyler (Inkomoko), and Tamsin Scurfield (Refugee Finance). \u00a9<\/strong> UNHCR\/Antoine Tardy<\/figcaption><\/figure>\n\n\n\n

What does it take to turn financial inclusion from a policy promise into a lived reality for refugees?<\/strong> This was the central question explored at a dynamic Side Event during UNHCR\u2019s 76th Executive Committee session. Organized by UNHCR\u2019s Sustainable Responses Service (SRS), the event brought together governments, financial institutions, development organizations, and refugee entrepreneurs to discuss one shared goal: making financial services truly accessible to those forced to flee.<\/p>\n\n\n\n

Self-reliance lies at the heart of UNHCR\u2019s mission, and expanding access to financial services is a key step toward it. The event showcased how policy, innovation, and partnerships are shaping the landscape of financial inclusion for refugees across diverse contexts.<\/p>\n\n\n\n

Turning laws into access<\/strong><\/p>\n\n\n\n

Passing inclusive laws is the beginning, but implementation is what determines whether refugees can open accounts, access credit, and fully participate in the economy. Elizabeth Eyster<\/strong>, head of UNHCR<\/strong>\u2019s SRS, shared preliminary findings from a first-of-its-kind legal review<\/a> conducted by UNHCR in partnership with global law firm DLA Piper<\/strong>. The study examines regulatory frameworks affecting refugees\u2019 and asylum seekers\u2019 access to financial services in more than 80 countries.<\/p>\n\n\n\n

Eyster noted that an initial review of 50 jurisdictions showed both progress and persistent gaps. Many countries have enabling environments, yet ensuring awareness, enforcement, and institutional capacity remains essential. Building infrastructure, training financial actors, and empowering refugees themselves \u2013 sometimes requiring a whole-of-system transformation \u2013 are necessary to ensure that legal and policy reforms translate into real opportunities for refugees and host communities.<\/p>\n\n\n\n

Building infrastructure, training financial actors, and empowering refugees are necessary to ensure that legal and policy reforms translate into real opportunities.<\/p><\/blockquote><\/figure>\n\n\n\n

Shifting perceptions: Refugees as economic actors<\/strong><\/p>\n\n\n\n

Alejandro Davalos<\/strong>, Ecuador\u2019s Vice-Minister for<\/strong> Human Mobility<\/strong>, highlighted how Ecuador modified its financial regulations to guarantee recognized refugees and asylum seekers the right to access financial and mobile services on an equal basis with nationals. He emphasized that the inclusion of foreign nationals, including refugees, <\/em>\u201ccan boost labour supply, broaden the tax base and inject new skills into the workforce.\u201d Financial inclusion, he added, fosters socio-economic integration, promotes social cohesion, and benefits host communities.<\/p>\n\n\n\n

A recurring theme was the need to shift perceptions. Refugees are not only vulnerable \u2013 they are innovators, entrepreneurs, and contributors to local economies. Rooh Savar<\/strong>, a refugee entrepreneur from Iran living in France since 2009 and founder of Welcome Account<\/strong><\/a> (formerly known as Welcome Place), a neobank for newcomers, shared how his experience inspired him. \u201cRefugees often don\u2019t fit in the boxes of traditional banking,\u201d he said, explaining that his fintech aims to change that, though he noted that real progress requires systemic change, not just new products.<\/p>\n\n\n\n

The inclusion of foreign nationals, including refugees, can boost labour supply, broaden the tax base and inject new skills into the workforce.<\/p><\/blockquote><\/figure>\n\n\n\n

Similarly, Ricardo Garcia Tafur <\/strong>from the IFC\u2013UNHCR Joint Initiative<\/strong><\/a> highlighted that financial institutions must move beyond risk perceptions and stereotypes to see refugees as viable clients and markets. As he noted, \u201cvulnerable does not mean unbankable.\u201d Unlocking this potential requires data, market assessments, and a clear business case. In fact, overlooking refugees represents a missed opportunity for both social impact and growth.<\/p>\n\n\n\n

Another point of consensus among panellists was the relevance of implementation: even where laws exist, they must be known and applied. Financial institutions, frontline staff, and regulators need training and incentives to implement inclusive policies. Refugees, too, must know their rights and the services available to them. Infrastructure is equally vital in meeting needs \u2013 whether through institutional capacity to issue digital refugee identity cards that meet Know Your Customer (KYC) requirements, or through digital networks that ensure reliable connectivity in remote refugee-hosting areas.<\/p>\n\n\n\n

Building the infrastructure for inclusion<\/strong><\/p>\n\n\n\n

Despite ongoing challenges, some institutions are proving that inclusion is possible and a sustainable business. Opportunity International<\/strong><\/a> \u2013 a global microfinance network \u2013 is one such example. Tamsin Scurfield<\/strong>, head of Refugee Finance, described how Opportunity International UK has partnered with two local financial service providers in Uganda since 2018, extending over 8,000 loans and opening 27,000 bank accounts for refugees.<\/p>\n\n\n\n

Opportunity International helped its partners mitigate risk by investing in infrastructure, building staff capacity, expanding digital services, and providing financial literacy for refugees.<\/p>\n\n\n\n

She acknowledged the importance of Uganda\u2019s enabling environment<\/a> and also highlighted the value of hiring refugees as staff and adopting a gradual approach to risk. Opportunity International\u2019s partners started providing group lending and expanded to individual loans as risk profiles became clear and their clients\u2019 businesses grew over time.<\/p>\n\n\n\n

Vulnerable does not mean unbankable. In fact, overlooking refugees represents a missed opportunity for both social impact and growth.<\/p><\/blockquote><\/figure>\n\n\n\n

Empowering refugees through skills and agency<\/strong><\/p>\n\n\n\n

Julienne Oyler<\/strong>, CEO of Inkomoko<\/strong><\/a>, presented a different but equally successful approach for advancing financial inclusion. Operating in both enabling environments (such as Rwanda, Kenya, and Ethiopia) and challenging contexts (like South Sudan and Chad), Inkomoko focuses on building agency alongside access.<\/p>\n\n\n\n

\u201cWe invest in people who have solutions,\u201d Oyler said. \u201cWe give them the tools to succeed and the belief that they can succeed.\u201d Inkomoko provides training and tailored financing tools, combining business skills with credit and Islamic finance. Established in 2012 and serving refugees in Rwanda since 2016, the NGO is now the largest lender to refugees in Africa. Central to its approach is capacity-building as a form of de-risking, ensuring clients are equipped to manage financial services.<\/p>\n\n\n\n

Partnering for impact: from policy to practice<\/strong><\/p>\n\n\n\n

No single actor can drive inclusion alone. Panellists emphasized the importance of partnerships among governments, financial institutions, humanitarian agencies, and refugee-led organizations. Ecuador\u2019s leadership in the Quito Process and the development of the Regional Strategy for Socioeconomic Integration (ERISE)<\/a> show how regional cooperation can create shared tools and indicators to measure progress and align collective efforts.<\/p>\n\n\n\n

However, moving from policy to practice remains a critical challenge.It is frequently underestimated how regulatory frameworks \u2013 particularly those governing documentation rights, access to financial services, and KYC compliance \u2013 can either enable or block inclusion. Yet financial inclusion for refugees and displaced populations is not solely a legal issue; it is a multi-dimensional challenge that requires laws guaranteeing access, institutions willing and equipped to apply them, infrastructure and capacity to deliver services, and refugees with the knowledge and tools to use financial services confidently.<\/p>\n\n\n\n

Underlying all these elements is the need for a shift in narrative\u2014one that recognizes refugees as economic actors who contribute to their host communities. As this ExCom discussion highlighted, the pieces are coming together, but the puzzle is not yet complete. What will it take for financial inclusion to become a reality for all refugees? The answer lies in collective action, bold partnerships<\/a>, and a shift from policy to practice.<\/p>\n\n\n\n

What will it take for financial inclusion to become a reality for all refugees? The answer lies in collective action, bold partnerships, and a shift from policy to practice.<\/p><\/blockquote><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Photos from the UNHCR 76th ExCom Side Event on Self-Reliance and Financial Inclusion<\/p>\n\n\n\n

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\u00a9<\/strong> UNHCR\/Antoine Tardy<\/figcaption><\/figure>\n\n\n\n
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\u00a9<\/strong> UNHCR\/Antoine Tardy<\/figcaption><\/figure>\n\n\n\n
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\u00a9<\/strong> UNHCR\/Antoine Tardy<\/figcaption><\/figure>\n\n\n\n
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\u00a9<\/strong> UNHCR\/Antoine Tardy<\/figcaption><\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"

What does it take to turn financial inclusion from a policy promise into a lived reality for refugees? At a Side Event during UNHCR\u2019s 76th Executive Committee session, governments, financial institutions, and refugee entrepreneurs explored how to make financial services truly accessible to those forced to flee. <\/p>\n","protected":false},"author":385,"featured_media":11405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[557,7,505,585],"tags":[],"class_list":["post-11397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-partnerships","category-digital-inclusion","category-financial-inclusion","category-public-private-partnerships"],"_links":{"self":[{"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/posts\/11397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/users\/385"}],"replies":[{"embeddable":true,"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/comments?post=11397"}],"version-history":[{"count":16,"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/posts\/11397\/revisions"}],"predecessor-version":[{"id":11439,"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/posts\/11397\/revisions\/11439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/media\/11405"}],"wp:attachment":[{"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/media?parent=11397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/categories?post=11397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.unhcr.org\/blogs\/wp-json\/wp\/v2\/tags?post=11397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}