In the run up to the High Level Officials Meeting (HLOM) in December 2025, this Global Compact on Refugees (GCR) blog series provides ICVA members with the opportunity to reflect on the Global Refugee Forum (GRF) events, focus attention on commitments made by a variety of stakeholders, and strengthen transparency on progress on the implementation of the GCR since its affirmation in 2018. NGO members will provide perspective on pledge implementation and highlight where further action is needed. The blogs reflect on gaps, opportunities and suggested areas of course correction. This work builds on the joint blog series with InterAction from 2024.
Building Resilience Through Financial Inclusion: The Journey of Refugees, Asylum Seekers and Migrants in Colombia
In 2019, World Vision Colombia made a bold commitment at the Global Refugee Forum (GRF): to promote the financial inclusion of refugees, asylum seekers and migrants seeking to rebuild their lives in Colombian communities. At the heart of this pledge was a simple but powerful idea—migrants, refugees and asylum seekers who are financially empowered are more likely to achieve long-term stability and contribute positively to the societies that host them. Today, several years into the initiative, the results tell a story of resilience, community building, social cohesion and the transformative power of access to finance.
What Has Been the Impact of the Pledge?
The pledge catalysed a structured and community-based approach to financial inclusion. More than 1,100 individuals—mostly women—were directly supported through financial education programmes. Another 2,000 people benefited indirectly, including children and other family members. These programmes have been critical in helping refugees, asylum seekers and migrants as well as vulnerable people in host communities understand basic financial principles like budgeting, saving, debt management, and making informed financial decisions.
Crucially, this progress was made possible because of the humanitarian assistance provided at the onset of displacement. Upon arrival in Colombia, refugees, asylum seekers and migrants received cash assistance for a few months that helped them meet their basic needs during a time of extreme vulnerability. This initial support created the stability necessary for refugees, migrants and asylum seekers to begin engaging in more sustainable economic activities. Only after their most pressing needs were met were they able to join savings groups, begin repaying loans, and pursue entrepreneurial ventures. This progression illustrates the critical link between emergency aid and sustainable solutions for the long-term through financial inclusion.
Moreover, over 260 people joined community-based savings groups, a proven model for promoting financial inclusion among those excluded from formal banking. These groups not only fostered saving habits but also became avenues for accessing small loans, enabling participants to launch or grow their businesses. World Vision also supported 33 entrepreneurs, providing them with tailored business development training and distributing over $93 million Colombian Pesos (over 22,000 USD) in seed capital. These funds helped purchase key tools and equipment—from food carts to beauty salon furniture—empowering participants to achieve independence and generate sustainable livelihoods.
What Does This Progress Look Like?
Progress can be seen in both quantitative outcomes and qualitative transformations. In practice, participants have reported increased income, improved access to essential services, (especially for children that could buy school materials and go to the local health centres) and greater financial autonomy. Many have used their savings or loans to set up microenterprises—from nail salons to food stalls—that now support their families and even employ others. On a human level, participants have shared stories of renewed confidence, reduced stress, and hope for a better future. The cash transfer support embedded in the savings group model has proven to be vital in combating the isolation that refugees, asylum seekers and migrants feel upon arrival in a new country. This sense of belonging and mutual trust is key to long-term integration.
What Are Good Practices Worth Highlighting?
Several practices stand out as key to the success of this pledge:
- Cash transfers as Entry Points: Providing cash transfers for life saving assistance to refugees, asylum seekers and migrants on arrival to Colombia gave them the opportunity to access financial services and improve their digital and financial literacy.
- Savings Groups for social capital: By integrating refugees, asylum seekers and migrants with vulnerable host population, the groups foster community cohesion while building financial capacity.
- Tailored Financial Education: The program condensed complex content into four engaging sessions, increasing participation without sacrificing quality.
- Leveraging Existing Skills: Many participants drew on prior experience in beauty, food service, or crafts to build businesses rooted in their own strengths.
- Emphasis on Women’s Empowerment: With women comprising over 80% of direct participants, the project has significantly contributed to gender equality and women’s economic empowerment.
Where Do Challenges Remain?
Despite Colombia’s progressive policy of granting migrants Temporary Protection Status (TPS), which allows access to financial services, its application remains inconsistent. Many migrants report being turned away by banks and other institutions unfamiliar with or unwilling to accept their documentation. This systemic loophole undermines the very rights that the policy seeks to uphold. Additionally, only 4% of programme participants reported having access to formal employment. While self-employment is an important tool, the lack of stable jobs signals deeper structural challenges that need long-term, multisectoral engagement.
Are Certain Actors Falling Short?
Yes—financial institutions are still lagging. Although government policies are in place to support access to the migrant population, front-line bank personnel and internal systems have not fully adapted to these regulatory changes. This results in migrants being routinely denied services they are legally entitled to. Increased training, system updates, and monitoring are urgently needed. At the same time, more consistent government support at local levels is necessary. In some areas, coordination with authorities was strong, enabling smoother service delivery. In others, weak engagement created bottlenecks in implementation.
How Can Stakeholders Better Support This Work?
To move from pilot to scale, stronger collaboration is essential. UN agencies can support by amplifying good practices and pushing for regional replication, especially in countries like Peru, Ecuador, and Chile, where refugees, asylum seekers and migrants face similar barriers. Governments must ensure that policy implementation is monitored and enforced consistently across the country. They also need to increase funding for job creation programmes that complement self-employment initiatives.
NGOs like World Vision must continue to innovate, evaluate, and adapt programmes based on lived experiences of participants. They can also convene dialogues between banks, regulators, and communities to close the gap between policy and practice. Financial institutions must step up—not only to comply with regulations, but to recognise the long-term economic opportunity that financial inclusion represents.
NGOs proactive participation in multi-stakeholder and whole-of society efforts – such as the upcoming HLOM – is also crucial to ensure sustained support for innovation. Continued engagement ensures that stakeholders meet their commitments, share best practices and lessons learnt, and can make their voices heard, ultimately improving the impact of collective action.
A Model for the Region
As World Vision looks to expand this model across Latin America, the lessons from Colombia are clear: resilience is not built through charity, but through inclusion. When refugees, asylum seekers and migrants are seen not just as recipients of aid but as agents of change, entire communities thrive. The GRF pledge is more than a policy—it is a lifeline for thousands of families seeking dignity, stability, and a future. With continued support, innovation, and accountability, this vision can become a regional reality.
