The Financial Inclusion Strategies for Forcibly Displaced People

Abstract

Forcibly displaced persons are an issue that many countries are grappling with in the 21st century. People leave their countries for a variety of reasons; some flee because of war or a hostile environment. These people end up settling in other countries that are perceived to be at peace, or those who flee because of harsh economic conditions go to places where they perceive economic growth compared to where they came from. In this context, it is important for all countries to adopt inclusive policies if financial inclusion is to be achieved. This study examines the strategies that financial institutions should adopt to achieve financial inclusion. Forcibly displaced people face financial challenges and limited access to formal financial services. The study used a systematic literature review to identify some of the factors that contribute to the inadequate financial inclusion of refugees, including their financial instability and the tendency for remittances to be primarily associated with the informal financial sector. The relationship between refugee remittances and financial inclusion remains unclear, highlighting the need for further research in this area. The study also recommended areas for improvement to ensure that everyone in the country is financially included.