Speakers highlighted the role of financial inclusion in responding to global crisis of forced displacement and building resilience at the 2019 AFI Global Policy Forum (GPF) in Kigali, Rwanda. Technology can accelerate the financial inclusion of forcibly displaced persons (FDPs), such as the use of biometrics, linking them to the platform economy.

Early in the session, the audience was invited to take part in a live poll that asked them to vote on why financial inclusion was important to forcibly displaced youth. From the answers provided, 28 percent chose a link to livelihoods, while a further 26 percent said it was access to cash transfers and remittances. The link to the formal economy at 22 percent ranked third in the poll.

Among the panelists was German Federal Ministry of Economic Cooperation and Development (BMZ) Deputy Head of Division Natascha Beinker, who spoke about the ways in which her Ministry could further achieve its goals in helping FDPs become financially included.

“We can continue what we do and share the learning and good examples so that others can realize the importance of the issue of financial inclusion of FDPs,” she said.

AFI Deputy Executive Director Norbert Mumba, who raised the issue of potential ramifications from excluding FDPs in formal financial services.

“It is critical for the policymakers to develop policies that can include them in the financial systems, which enables them to participate in the economic activities,” he said.

Olivier Kayumba, the Permanent Secretary for Rwanda’s Ministry in Charge of Emergency Management (MINEMA), also highlighted the financial benefits of including disadvantaged groups.

“As policymakers, we need to take a risk and allow these people to access financial services, which will not only be responding to their needs but also will contribute to enhance the economy through their participation to the economic activities,” he said.

Representing the private sector was MasterCard’s Vice President of Global Public Policy, Christopher Harrall, who spoke of the ability of his firm to reach those currently left behind as well as the value of cooperating with partners like AFI.

“We strive to do more than just provide transfer mechanisms, but actually create additional opportunities through technology,” he said. “The opportunities to engage with the regulatory community around the world is very valuable to us and we hope to

According UNHCR, more than 70 million people were forcibly displaced in 2018 with no sign that this figure will lessen soon. Despite their numbers, their temporary status and limited formal identification means that countries often struggle to incorporate them into formal banking.

Despite this, AFI members and other key stakeholders have taken important steps to financially include forcibly displaced persons (FDPs).

Since 2017, AFI has been a key implementing partner of the Global Partnership for Financial Inclusion (GPFI) in its work on the financial inclusion of FDPs and shared the regulatory perspective of non-G20 countries through a High-Level Forum. In addition, the network published a special report on the financial inclusion of FDPs, contributed to a GPFI policy paper on the financial inclusion of FDPs as well as the “Road Map for the Sustainable and Responsible Financial Inclusion of FDPs”.

During the 2019 GPF, AFI member institutions unanimously voted to endorse the Kigali Statement a call to renew commitments and agree on specific actions to accelerate financial inclusion of disadvantaged groups,  including women, youth, older people, disabled and forcibly displaced persons and ensure  hat by implementing sustainable financial inclusion policies, no one is left behind,” 

Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) supports AFI’s workstream on FDPs.