This presentation, delivered by the International Finance Corporation (IFC) at a roundtable with key stakeholders, explored the financial needs of Venezuelan refugees and migrants in Peru and the potential for local financial institutions to address these challenges. With 1.3 million Venezuelan migrants in the country, primarily concentrated in Lima, the study emphasized that this is a qualified, stable, and concentrated market. 

Refugees and migrants exhibit strong digital engagement and prior experience with financial products, though barriers such as limited access to formal employment and inadequate documentation hinder their inclusion in the financial system. The market already offers relevant financial products but fails to fully capture the existing demand due to internal and external barriers. To overcome these, the presentation identified opportunities to introduce tailored remittance services, savings accounts, and credit products for both personal and business purposes.

Additionally, it was highlighted that extending access to existing products is a critical first step. The satisfaction of refugees and migrants' financial needs represents a strategic opportunity for financial institutions. Recommendations included the use of digital platforms and alternative credit scoring systems to tackle challenges like credit history verification. The IFC also stressed the importance of collaboration between financial institutions and the government to simplify documentation processes and reduce institutional biases. By advancing on these lines of action and leveraging the latent potential in the migrant market, financial institutions could unlock significant growth opportunities.