Bancamía reaffirms commitment to support refugees

On June 25, 2020, Bancamía, a Colombian social development bank that is an entity of the BBVA Microfinance Foundation, participated in a webinar hosted by the Tent Partnership for Refugees and the UN’s Global Compact Colombia. During the webinar Óscar Romero, Vice President of Risk at Bancamía reaffirmed the bank’s commitment to addressing the Venezuelan refugee crisis in Colombia. 

In recent months, as refugees around the world face the Covid-19 pandemic, Bancamía has provided savings and credit products to over 3,800 displaced Venezuelans. With additional funding from the United States Agency for the International Development (USAID) and a new agreement from the International Finance Corporation (IFC), Bancamia will be able to scale its programs to reach more Venezuelans with financial inclusion programs and entrepreneurship training. 

Gideon Maltz, Executive Director of Tent, noted, “…The efforts of Bancamía have been indispensable, since very few Venezuelans in Colombia have access to financial services. Other financial institutions should follow Bancamía’s example, and find ways to expand and adapt their products and services to serve this population.” 

Bancamía’s announcement received widespread coverage in Spain, Mexico, the US, and Colombia, among other countries, and in publications including El Diario and Semana’s affiliate Proyecto Migracion Venezuela.