The Challenge

Colombia hosts nearly 3 million Venezuelan migrants, the largest displaced population globally by mid-2024.¹ Most of them plan to stay long-term, underscoring the need for durable integration policies. Despite near-universal access to financial services among Colombians (reported at around 95 percent), Venezuelan migrants face persistent obstacles to formal financial inclusion. This exclusion stems from two intertwined challenges. First are institutional barriers, including stringent documentation requirements, complex regularization processes, and financial products that are poorly suited to migrants’ situations. Second are behavioral barriers, where mistrust of institutions, fear of rejection, and self-exclusion prevent migrants from seeking services even when eligible.²

The Diagnosis

To better understand barriers to financial inclusion, IPA Colombia and researchers conducted a large-scale diagnostic comparing Venezuelan migrants and Colombians. The study focused on two populations: Colombian citizens registered in the government’s social protection registry (Sisbén) and Venezuelan migrants regularized through the Temporary Protection Permit (PPT).

The research was implemented in two stages during 2024. Between April and May, 5,999 migrants and 519 Colombians were surveyed via WhatsApp. A follow-up telephone survey between June and July included 2,214 migrants and 201 Colombians. The sampling design ensured representativeness by gender, age, reported discrimination, and financial product ownership.

The results show a paradox of financial access. Migration often meant losing financial products previously held in Venezuela—such as savings accounts, credit, or insurance. Twenty-four percent of migrants who had at least one financial product in Venezuela reported having none in Colombia. Losses were particularly high among women, young people, and the economically active.

At the same time, many migrants became new users of financial services in Colombia. Digital wallets emerged as the most common entry point. Their use grew by 24 percentage points after migration, and for 35 percent of migrants, wallets were their first financial product in Colombia. Wallet ownership also increased the likelihood of opening a savings account, highlighting wallets as a gateway to broader financial inclusion.

However, use remains limited despite access. Cash is still the dominant means of payment. Migrants rely on cash 17 percent more than Colombians and use digital wallets 8 percent less. This underuse reflects barriers beyond access.

The diagnostic points to self-exclusion as a main behavioral challenge. Among migrants without financial products, 41 percent believed banks would not serve them, 36 percent felt they did not need products, and 33 percent reported not feeling safe using them. These attitudes are not explained by differences in financial knowledge or risk preferences—both migrants and Colombians display similarly low levels of financial literacy—but by perceptions of exclusion, often reinforced by experiences of discrimination.

The Evaluation

The research team embedded a randomized evaluation within the diagnostic survey to test whether correcting misperceptions about Colombians’ attitudes toward migrants would influence migrants’ willingness to use financial services. The study was carried out in 13 major Colombian cities with a representative sample of Venezuelan migrants.

Migrants were randomly assigned to one of two groups:

• Perception-data group: Participants were asked whether they believed Colombians would agree that children of Venezuelan migrants born in Colombia should have the right to citizenship—a proxy for perceived social acceptance. After responding, they were shown both their own answer and accurate national data on Colombians’ actual attitudes toward migrants.
• Comparison group: Participants answered the same question but were shown only their own response, without additional data.

The evaluation showed that many migrants felt less welcome in Colombia than Colombians actually reported. When migrants were given accurate information about these attitudes, their confidence in approaching banks and using financial services increased. This finding highlights a simple but powerful insight: feeling accepted can make a real difference in how migrants plan for their future and participate in the economy.

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