Globally, the number of forced displacements is increasing due to climate change and environmental degradation, armed conflict, and political, economic and food crises, among other factors. As the numbers rise and situations become more protracted, the need to move from pure humanitarian assistance to long-term sustainable development is even more evident.

Access to finance, has emerged as a critical challenge facing refugees. Key barriers they face include: (i) stringent Know Your Customer (KYC) regulations, (ii) lack of collateral and traditional credit history due to inability to transfer credit information across borders, (iii) most refugee-hosting areas are in remote locations which financial institutions associate with high operational and transaction costs and (iv) the high level of informality. These challenges were exacerbated by the effects of COVID-19 which resulted in underemployment, decreasing disposable income and remittances. The COVID crisis has also negatively impacted the fiscal space of host countries and international agencies as their donors grappled with the health and economic impact of the crisis in their own countries.

Stakeholders such as standard setting bodies, development partners and private sector players have started exploring alternative pathways for refugees’ financial inclusion. The International Committee on Credit Reporting (ICCR), the only recognized standard setting body for credit reporting, produced a knowledge piece on cross border information sharing and constituted a working group to promote the implementation of recommendations identified in the paper. Key DFIs such as UNCHR and IFC have been engaged in several access to finance initiatives. Some of the key initiatives include the IFC Ukraine Digital Data Corridor and the East and Horn of Africa Access to Finance projects which are aimed to assisting refugees to get access to financial services in host countries. The private sector is also increasingly playing a critical role as a solutions provider for refugee-hosting areas by offering services, creating jobs, and facilitating growth.

Against this background, the World Bank Group, and the ICCR, will be hosting a half-day conference to discuss the:

1. role of DFIs in promoting financial inclusion of refugees.
2. challenges and constraints that the private sector face in serving the refugees.
3. IFC Digital Data Corridor for Ukrainian Refugees project and explore opportunities of scaling and replicating across other regions.

INTRODUCTION

Jean Pesme, Director FCI, World Bank & ICCR Chair

 OPENING REMARKS

Soukeyna Kane, Director, FCV Group, World Bank Group

OPENING PRESENTATION – CROSS BORDER CREDIT REPORTING

Michael Ritter, Bundesbank and Chair of Cross Border Information Sharing Working Group, ICCR

PANEL 1: DIGITAL DATA CORRIDOR FOR UKRAINIAN REFUGEES

1.       Fabrizio Fraboni, Principal Financial Sector Specialist, IFC

2.       Arsen Makarchuk, Bank of Ukraine

3.       Mariusz Cholewa, President ACCIS & Group CEO BIK

4.       Lilliana Pozzo, Head of Financial Institutions for Latin America, IFC (Moderator)

PANEL 2: ROLE OF DEVELOPMENT AND HUMANITARIAN AGENCIES IN PROMOTING INCLUSION OF REFUGEES

1.       Jade Elena Garza Ndiaye, Senior Operations Officer, FCV Group, World Bank Group

2.       Micol Pistelli, Senior Financial Inclusion Coordinator, UNHCR

3.       Jonah Kaplan, Senior Program Manager, Consumer Reporting Markets, CFPB & ICCR Member (Moderator)

PANEL 3: PRIVATE SECTOR VIEW TO FORCED DISPLACEMENT: IS THERE A BUSINESS CASE, CHALLENGES AND CONSTRAINTS

1.       Misha Esipov, Co-Founder & CEO, Nova Credit

2.       Seth Marks, Regional Head, Central, Southern & Eastern Europe, Creditinfo Group

3.       Tineyi Mawocha, Chief Program Officer & Regional Director, Africa, Opportunity International

4.       Robert Milewski, Head of Consumer Credit Risk at Citibank (Poland)

5.       Oscar Romero, VP: Risks at Banco de Las Microfinanzas – Bancamia SA

6.       Luba Shara, Senior Operations Officer, FCS, IFC (Moderator)

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