Financial Inclusion for Migrants and Refugees: Insights From Credit Unions

Migration is on the rise: there were 281 million migrants globally in 2020 (World Migration Report 2024). During these turbulent times, the numbers will only continue to increase. As WOCCU’s programs worldwide – from Peru to Ecuador to Ukraine – have increased financial inclusion for migrants and refugees, a question to ask is - what roles can credit unions play in the integration of migrants and refugees? 

This research looked at four countries to understand the range of approaches credit unions are taking to support migrants. All five case studies found a commitment from credit unions to support migrants and refugees in improving their access to financial services. Moreover, there are numerous ways in which credit unions are responding to increasing migration, highlighting important practices for other credit unions globally. Many factors influence migrants’ financial health, but financial inclusion and access to appropriate financial services and products was a common thread in the cases that were examined.