Ecuador boosts financial inclusion for refugees and migrants, bank access hits 48%

Ecuador is making significant strides in expanding formal financial system access for refugees and migrants, with bank account ownership among this population jumping from 11% in 2022 to 48% by 2025. This data, presented at a dialogue in Quito, highlights a substantial improvement in financial inclusion for people on the move.

The progress is attributed to a combination of regulatory reforms and strong collaboration between public institutions, international organizations like UNHCR, and the financial sector. These efforts aim to dismantle the traditional barriers that previously hindered refugees and migrants from opening bank accounts. Specialists emphasize that having a bank account is a crucial first step toward accessing a wider range of financial services and participating more fully in the formal economy.

Key regulatory changes now permit the opening of basic and savings accounts using a variety of identification documents. Beyond standard passports or Ecuadorian IDs, individuals can now use visas or, in specific cases for Venezuelan nationals, other designated documents. These measures are designed to accommodate individuals who previously struggled to meet stringent banking requirements.

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Financial inclusion is not solely an economic policy. It is a policy for human development, social cohesion, and above all, dignity.

Gustavo Camacho Dávila, president of Ecuador's Monetary Policy and Regulation Board, announced that a national public policy for financial inclusion is under development. This policy explicitly recognizes refugees and migrants as a priority group. "Financial inclusion is not solely an economic policy. It is a policy for human development, social cohesion, and above all, dignity," Camacho stated during his address.

Federico Agusti, UNHCR's representative in Ecuador, noted that bank accounts empower refugees and migrants by enabling formal income receipt, facilitating savings, and providing access to credit. This, in turn, helps them build a financial history and engage more securely in the national economy. UNHCR reports that Ecuador currently hosts 636,981 individuals displaced by conflict or persecution. The organization views financial system access as a vital tool for fostering economic autonomy, social integration, and sustainable livelihoods. Preliminary data also indicates positive trends in credit access among entrepreneurs supported by UNHCR, with 81% reporting progress.

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Having a bank account allows for receiving income formally, saving, accessing credit, and building a financial history. These elements favor more secure participation within the national economy.