QUITO, Ecuador—The World Council of Credit Unions is reporting Venezuelan refugees and migrants living in Ecuador now have a greater ability to achieve their financial goals through savings, access to digital services and new products, such as microinsurance, thanks to a collaborative effort by a number of organizations.
Those organizations include Ecuador’s Board of Financial Policy and Regulation (JPRF), Superintendence of Popular and Solidarity Economy (SEPS) and the USAID/World Council of Credit Unions’ (WOCCU) Economic Inclusion Project, WOCCU said.
The World Council reported that those entities promoted the new Basic Account regulations during an event titled, "Generating Financial Inclusion - Closing Gaps,” presented in conjunction with the Ecuadorian Integration Network of Credit Unions (Icored).
The Steps Taken
WOCCU reported that some 180 representatives from 71 financial institutions, civil society organizations, government agencies, international organizations and academic institutions learned how the updated regulation ensures a more inclusive financial system by:
- Removing limits on the number of basic accounts customers can open and operate
- Improving service channels
- Providing greater flexibility on the forms of ID Venezuelan migrants and refugees can use to open accounts, allowing them to even use expired passports from their country of origin.
Digital Manual Shared
In addition to announcing the details of the new regulation, WOCCU reported that organizers also shared a digital manual featuring all the types of identity documents that can now be used to open a basic account in Ecuador.
"Financial inclusion does not only mean opening a savings account; it also means accessing other financial services and products. We believe that this modification of the regulations will allow more people from vulnerable groups to do that," said Margarita Hernández, Superintendent of Popular and Solidarity Economy.
The new Basic Account regulations provide a crucial opportunity to promote financial inclusion and facilitate equitable access to formal financial services for nearly half a million Venezuelans in Ecuador.
About the Project
The Economic Inclusion Project prioritizes the socioeconomic integration of migrants, refugees and local populations to improve living conditions for them and their families in a sustainable manner, positively impacting the harmonious development of society and the economic development of Peru, Ecuador and greater Latin America.
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