Absa ED advocates flexible KYC enabled policies for IDP inclusion in Africa

The Executive Director, Absa Bancassurance of Absa Bank in Kenya, Julia Shisia has advocated for policies that enable flexible Know Your Customer (KYC) processes for the inclusion of displaced persons in Africa.

She stated this at the African Roundtable of the United Nations High Commissioner for Refugees (UNHCR) tagged Private Sector Solutions to Internally Displaced Persons, held in Lagos.

Julia solicited for the extension of mobile coverage and digital financial education to underserved regions to bridge the accessibility gap.

This was just as he noted the importance of multi-stakeholder collaboration for scalable, climate-resilient financial inclusion strategies is key.

The ED emohasized reinforcement of the role of financial institutions in supporting recovery and resilience through inclusive and adaptable financial systems that empower IDPs to rebuild livelihoods.

“Advocating for policies that enable flexible KYC processes to include displaced persons.

“Extending mobile coverage and digital financial education to underserved regions to bridge the accessibility gap.

“the importance of multi-stakeholder collaboration for scalable, climate-resilient financial inclusion strategies is key.

“Reinforce the role of financial institutions in supporting recovery and resilience through inclusive and adaptable financial systems that empower IDPs to rebuild livelihoods.” She said.

While touching on the Insights from Bank’s Initiatives, Julia harped on Banks’ use of mobile banking solutions to reach underserved populations, including IDPs, with products like digital wallets, savings accounts, and insurance.

The ED said banks insurance companies partnered with telecommunications companies, NGOs and governments to enable cash-based interventions for displaced communities.

She noted that there was introduction of microinsurance and savings schemes for vulnerable populations, including parametric insurance for climate shocks.