Presenting the Refugee Financial Inclusion Initiative are Banorte and UNHCR

With the goal of attaining financial inclusion for refugees in Mexico, Banorte unveiled its Enlace Digital (Digital Link) program in collaboration with the United Nations Refugee Agency (UNHCR). During the UNHCR Executive Committee meeting in Geneva, Switzerland, the plan was deliberated, and the bank reaffirmed its endeavors to facilitate the integration of refugees into the official economy.

“Through this alliance with UNHCR, Banorte becomes a pioneer in national banking by offering Enlace Digital, an easily accessible product for refugees, which allows them to integrate economically and socially in Mexico,” stated in a news statement Carlos Hank González, Chairman of the Board, Grupo Financiero Banorte.

Enlace Digital streamlines the procedure by enabling migrants to open bank accounts without physically visiting a bank office. Completing an online form and using the Banorte Móvil app to activate the account are the two steps in the account setup process. Users that sign up for this service receive a digital card that may be used for ATM withdrawals, online purchases, and other financial activities. Customers can also purchase a physical card at selected convenience stores or arrange to have one sent to their house.

More than 5,900 refugees, mostly from Venezuela, Honduras, Colombia, El Salvador, Cuba, and Guatemala, created Enlace Digital accounts as of September 2024; of them, 49% are millennials. These accounts manage monthly salaries and wages of MX$65 million (US$3.4 million) on average.

Carlos Hank claims that Banorte has pledged to keep up its assistance for the economic integration of refugees into the nation, especially in light of the record number of refugee applications coming into Mexico.