IFC UNHCR Joint Initiative - Financial Inclusion of Refugees and Migrants in Brazil

Financial Inclusion of Refugees and Migrants in Brazil

Financial Inclusion of Refugees and Migrants in Brazil

Gap Assessment

This presentation, delivered by the International Finance Corporation (IFC) at a roundtable with key stakeholders, explored financial opportunities for Brazil’s 1.5 million forcibly displaced persons (FDPs), many of whom are young women with higher education levels than the national average. Despite these attributes, a significant share of financial transactions occurs outside the formal system, underscoring considerable untapped potential. The IFC study highlighted a qualified, concentrated, and stable FDP market with substantial financial needs, including demand for savings, credit, and digital services. Although the majority of FDPs are already banked, their financial requirements remain largely unmet due to internal and external barriers. The presentation emphasized opportunities for financial institutions to expand digital transactions, offer personal loans and credit cards, and prioritize business loans to support entrepreneurial activities. Additionally, it identified refugee and migrant women as a strategic market segment for financial inclusion. Recommendations included conducting internal diagnostics to identify existing customers and barriers, leveraging existing platforms and innovative digital technologies to define business models, and implementing targeted market entry strategies with clear communication and performance indicators. IFC also stressed the role of remittance services as a gateway to establish banking relationships. By adopting tailored solutions and fostering deeper engagement with the FDP community, financial institutions can effectively facilitate economic integration and unlock the market’s potential.

Access the gap assessment