Expanding Migrants’ Access to Financial Services

After Russia’s 2022 invasion of Ukraine, the National Association of Cooperative Savings and Credit Unions (NACSCU) in Poland (led by President Rafal Matusiak) mobilized 18 affiliated credit unions to support the financial needs of Ukrainian refugees. Their services allowed Ukrainians to open accounts even if they lacked the necessary identification and enabled refugees to receive cash transfers from the United Nations and NGOs. NACSCU also established a foundation –Via Stella– to assist with remittances to Ukraine. After NACSCU’s success, the World Council of Credit Unions (WOCCU) was inspired to survey its own membership to explore how financial institutions can serve migrants. Five case studies were compiled: Patelco Credit Union in California, Metro Credit Union in Massachusetts, Sicredi in Brazil, and Jardín in Ecuador. The cases revealed the importance of savings, credit, and payment services for refugees, and how cooperation with local governments and NGOs can break down barriers to financial inclusion. Their efforts pushed credit unions to see migrants as a business opportunity rather than a charitable cause. The WOCCU efforts represents a promising development in making financial services more inclusive of migrants.