BOSTON—The findings from a new report, Insights from Credit Unions on Financial Inclusion for Migrants and Refugees, were shared during a panel discussion as part of the 2024 World Credit Union Conference here.
Published in June, the report looks at the role credit unions play in supporting migrants and refugees in four countries: Brazil, Ecuador, Poland and the United States.
In the case of Ecuador, USAID/WOCCU Economic Inclusion Project (EIP) Chief of Party Oscar Guzman discussed the work Jardin Azuayo, a credit union with nearly 800,000 members, is doing to provide products and services to Venezuelan migrants and refugees.
“It’s not just about credit or savings. It’s about cards, remittances and financial education. It’s also about hybrid services, like providing channels that can bring those services closer to the population," said Guzman.
Work Being Done by U.S. CU
Two U.S. credit unions that are providing programs geared to migrant and refugee populations are featured in the report, including Metro CU in Chelsea, Mass.
Charlene Bauer, SVP-outreach, advocacy and chief development officer for Metro Credit Union, said many of its 18 branches serve large migrant populations.
“Fourteen of those 18 branch managers are immigrants, either first or second generation,” said Bauer. “We want our branches to be representative of the communities they serve.”
According to the World Council, Metro Credit Union works with migrants by showing them how to use debit cards, how to sign into online banking, and provides a robust financial wellness program, as well as a range of other services.
Other CUs in Study
Other credit unions studied for their work with migrant and refugee populations included Sicredi (Brazil), Patelco (Dublin, Calif.) and Kasa Stefczyka (Poland).
For more info: full report or the executive summary online.