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96% of Venezuelan refugees lack access to financial services

World Council conducted market study in Colombia with Banca de las Oportunidades

MADISON, WI (June 17, 2019) — 96% of Venezuelan nationals who fled to Colombia to escape violence and economic collapse have no access to formal financial services—despite nearly half saying they crossed the border more than a year ago.

The new data comes from a market survey conducted in the Venezuelan border region of Colombia by the World Council of Credit Unions and Banca de las Oportunidades—a program of the Colombian national government aimed at promoting financial inclusion.

65% of the Venezuelan refugees surveyed reported a monthly income of less than 150,000 pesos—the equivalent of about US $46. More than three-quarters of the respondents said their top financial priority is opening a savings accounts, while another 20% said they needed access to credit. Nearly half said that saving to start their own business was a top priority.

Since 2016, the World Council has brought financial services to over 262,000 rural Colombians living on the Venezuelan border through a project funded by the Banca program. That project will end in August, but Banca is planning to continue its financial inclusion work along the border to address the needs of the refugees.

“Our Financial Inclusion Project Along the Border with Venezuela was a major success. We surpassed our original goal of bringing financial services to 210,000 people nine months early and will finish the project having reached 50,000 more than we had hoped,” said Oscar Guzman, World Council’s project director in Colombia. “Now the question is—how do we reach these people from Venezuela? We are working with Banca de las Oportunidades to figure out a solution.”

The study also showed the need for a government-funded program. While 80% of Colombian financial institutions reported a demand for service from Venezuelans, only 12% said they are currently serving the refugee population.

World Council and Banca presented their findings in June to several governmental agencies, financial institutions and international organizations—including the UNHCR, the United Nations Refugee Agency.


About World Council of Credit Unions

World Council of Credit Unions is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Contacts

Greg Neumann
E-mail: gneumann@woccu.org
Phone: +1 608-395-2048

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