Market Analysis

The Economic Opportunity for Financial Inclusion of Forcibly Displaced People by the Financial Sector in Brazil

May 14, 2024

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The study provides the necessary inputs for the financial sector to elaborate or improve institutional strategies that recognize the economic opportunity related to the financial inclusion of the forcibly displaced people (FDP) in Brazil. Realistic business cases illustrate the additional market potential and strategic opportunities for Financial Service Providers (FSPs). Contrary to misconceptions that inhibit FDP economic and financial integration in Brazil, FDP have potential to become promising customers for Financial Service Providers.

The analysis and insights were based on a comprehensive market assessment on the current demand and supply of financial and non-financial services for FDP in Brazil. On the demand, an online survey, in-depth interviews, and focus groups resulted from more than 1,100 migrants and refugees from different nationalities (including Venezuela, Haiti and Bolivia) captured data on the socioeconomic profiles of the FDP population in Brazil, as well as their needs and constraints for access to financial and non-financial services.

On the supply side, desk research was conducted, and interviews were held with representatives from 16 Brazilian FSPs, including: large private banks, mid-sized private financial institutions, fintech and digital banks, Microfinance Institutions (MFIs), public financial institutions, and state development agencies. Additional interviews were conducted with international and local organizations that support the FDP population in Brazil.

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