Washington, DC – Village Capital, in partnership with the Impact-Linked Finance Fund (ILFF) launched their latest report highlighting tech solutions promoting financial inclusion for migrants.
Named Catalyzing Financial Inclusion: Gender-Inclusive Fintech Solutions for Migrants, the report takes a closer look at the need for and availability of financial products and services of migrant populations throughout their journey, digging into the core challenges facing migrant populations in Sub-Saharan Africa, the Middle East, North Africa, and South and Southeast Asia, and how these impact women migrants on a greater level.
“Entrepreneurs are answering the call to solve some of the world’s toughest problems,” shared Alicia Sornson, Manager, Programs and Partnerships – MENA, Village Capital. “We see innovative solutions in the financial inclusion space that are helping to close the gap of access to financial services for some of the world’s most vulnerable populations. As we gathered insights on the obstacles migrants face, we also identified women migrants as a vulnerable group that tends to be more excluded in financial services – revealing a need to create more equitable systems.”
“Migrants, and especially migrant women, have not been fully recognized by the private sector as a distinct customer group. Fintech and social enterprises can play a critical role in this regard: They provide market-based solutions to underserved communities, such as financial products for migrant women and their families. Through technologies, they can make sure that products are accessible, affordable, fast and transparent.” – Patricia Barandun, Head of Thematic Section Migration and Forced Displacement, Swiss Agency for Development and Cooperation (SDC).
The report comes at a time when the world faces the highest levels of forced migration ever recorded. A global trends report released by UNHCR – the UN Refugee Agency reveals that the number of people forcibly displaced globally exceeds 100 million. While many solutions are actively working to improve the ability of migrants to access formal financial services, a lot more needs to be done.
The report Catalyzing Financial Inclusion: Gender-Inclusive Fintech Solutions for Migrants has been made possible through the support of the Swiss Agency for Development and Cooperation (SDC) and the Austrian Development Agency (ADA) as part of the initiative “Impact-Linked Fund for Gender-Inclusive Fintech.
Learn more by downloading the report here
For more information, contact Eva Waweru at: eva.waweru@vilcap.com
About Village Capital
Village Capital helps entrepreneurs bring big ideas from vision to scale. Our mission is to reinvent the system to back the entrepreneurs of the future. Our vision is a future where business creates equity and long- term prosperity. Since 2009, we have supported more than 1,400 early-stage entrepreneurs in over 90 countries through our investment readiness programs. Learn more at vilcap.com and follow @villagecapital
About the Swiss Agency for Development and Cooperation (SDC)
The Swiss Agency for Development and Cooperation (SDC) is the agency for international cooperation of the Federal Department of Foreign Affairs (FDFA). The SDC is responsible for the overall coordination with other federal authorities of development cooperation and cooperation with Eastern Europe as well as for humanitarian aid delivered by the Swiss Confederation. Learn more at https://www.eda.admin.ch/deza/en/home/sdc/portrait.html.
About the Impact-Linked Finance Fund (ILFF)
The Impact-Linked Finance Fund (ILFF) provides finance to high-impact enterprises and directly rewards these for positive outcomes generated through their business activities. It was established by Roots of Impact and iGravity in order to pool their know-how and activities for implementing scalable Impact-Linked Funds.
About the Austrian Development Agency (ADA)
Combating poverty, ensuring peace and preserving the environment: These are the three major concerns of the Austrian Development Agency (ADA), the operational unit of AustrianDevelopment Cooperation. ADA currently funds projects and programs with a total volume of more than 640 million euros to improve living conditions in developing countries. Together with the Federal Ministry for European and International Affairs, partner countries, public institutions, civil society organizations and businesses, ADA seeks to ensure that sustainable development works to the benefit of all people in Africa, Asia, Southeast and Eastern Europe.
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Company Name: Village Capital
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City: Kolkata
State: West Bengal
Country: India
Website: https://vilcap.com/