Migrants, refugees and asylum seekers face different barriers to accessing the formal financial system in Mexico, revealed the ‘Financial Culture Report: Inclusion and Remittances in Northeast Mexico’.
Despite the limitations, “there are areas of opportunity in the financial ecosystem to guarantee effective access to banking services for these people, said the document published this Thursday.
Despite the experiences of rejection that migrants and refugees face when trying to access banking services, the study revealed a mostly positive perception of the Mexican financial system and that nearly 60% of those surveyed rated it as “good or excellent.”
According to the study, designed by the Business School and the School of Social Sciences and Government of the Tecnológico de Monterrey, in collaboration with the United Nations High Commissioner for Refugees (UNHCR), “6 out of 10 were rejected in banks because their immigration documents were not recognized as valid,” despite the fact that Mexican legislation allows opening accounts with them.
The report stressed that inclusion does not depend only on the interest of people in mobility, “but on the openness and adaptation of institutional mechanisms.”
“Financial inclusion is not only an economic issue, but a right that determines the possibility of integrating, working and building a dignified life in the host country,” explained Kathia Ramos Garza, professor-researcher at the Tec de Monterrey Business School and co-author of the report.
Mexico has seen an increase in asylum applications in recent years: more than eighty thousand at the end of 2024, according to the Mexican Commission for Refugee Assistance (COMAR) and the UN Refugee Agency (UNHCR).
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Among the findings of the study, it was noted that 65% correspond to refugees, 50% are women, the average age is 36 years and the countries of greatest origin are Honduras (29%), Haiti (20%), Venezuela (19%) and Cuba (15%).
According to the report, 51% of migrants, people in mobility, asylum seekers and refugees do not have a bank account in Mexico; and 79% point to the use of cash as the main way to make payments.
On the other hand, remittances were identified as an economic pillar for families and communities of origin, “but their potential for development is limited by financial exclusion: much of the money is sent through informal channels, which implies higher costs and risks,” the study indicated.
The report highlights the need for the “banking sector to adapt its processes to valid immigration documents”, such as the Visitor Card for Humanitarian Reasons, to reduce inequalities, strengthen the economic autonomy of people on the move and maximize the positive impact of remittances.
In addition to analyzing various aspects related to the financial culture of this segment of the population to understand their financial practices – such as savings habits, the payment methods they use and their level of access to financial products – what the report allows is to identify gaps and design more effective strategies for their economic and social integration.
With information from EFE.
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