How We’re Supporting Financial Inclusion for Refugees
Genesis Block was founded with the mission of unlocking economic freedom and financial inclusion for everyone, including those overlooked by financial institutions. There are lots of exciting things happening at our HQ right now, but, with June 20th marking World Refugee Day, we wanted to share a bit about a refugee-focused initiative we’re proud to be part of.
Why We Care
We’re particularly enthusiastic about this initiative for two main reasons:
First, refugee and immigrant communities are comprised of strong, resilient people with experiences and insights we value. As a start-up, we’re excited to learn from and support people who have built lives from scratch in new and difficult situations. We don’t believe it’s coincidental that immigrants account for roughly 25% of entrepreneurs and inventors in the U.S. There’s something about the often-harrowing experiences of forging a new life in an unfamiliar place that builds entrepreneurial muscle. We want to connect with and support people who exemplify that kind of strength.
As a start-up, we’re excited to learn from and support people who have built lives from scratch in new and difficult situations.
Second, our bread and butter is blockchain technology and decentralized finance (DeFi). Our team is intimately familiar with the potential of these technologies to promote financial inclusion and financial wellness for people on the margins of the traditional financial system. One of the promises of blockchain and DeFi is that people can gain access to transparent, low-cost financial services without the need for banks or middlemen. This is a game changer for people who have been forced to leave their countries, often without access to identity documents, credit histories or bank accounts.
One of the promises of blockchain and DeFi is that people can gain access to transparent, low-cost financial services without the need for banks or middlemen.
Partnering With Lifting Hands International
Six months ago we began a partnership with Lifting Hands International (LHI), a Guidestar platinum-rated nonprofit, for an initiative aimed at meeting the financial needs of refugees and immigrants near our headquarters in Salt Lake City, UT. It’s pretty tough to imagine what it would be like to be forced to leave your home country, endure years of displacement and try to start a new life in a place with cultural, linguistic and economic barriers.
Our goal is to help provide financial tools and services to support refugees in their resettlement journeys. We’re thrilled to be working with LHI on this goal.
We don’t pretend to have the solutions to financial challenges faced by refugees. In fact, we know the best solutions will come from refugees themselves. That’s why we’re starting our efforts by listening.
Together with the experts at LHI, we’ve designed a study to learn about the financial experiences and priorities of refugees in our area. The study combines survey data with individual interviews and focus groups to help us understand the key financial issues refugees and immigrants face. We plan to use what we learn from the study to make our product and distribution strategies more inclusive and partner with refugee organizations to support financial wellness programs. Once we complete this pilot effort, we hope to expand our reach to other underserved communities in the U.S. and abroad.
We also recognize that providing access to banking and investment services is only one part of the solution to the problems of financial access for newcomers. The most effective strategies for supporting long-term financial wellness for refugees involve not only providing financial products to help them build assets and credit, but also providing culturally-appropriate financial education and financial coaching, while also addressing the structural causes of inequality. To that end, we look forward to working closely with organizations like Lifting Hands International and financial service providers on initiatives that place refugees and immigrants at the heart of the financial ecosystem, not at the margins. There are many outstanding organizations working on this effort, and we look forward to learning more and providing support.
What’s Next
Our goal in all of this is to remove barriers to prosperity so individuals, families, and communities can create their own solutions and thrive.
As our work progresses, we look forward to sharing more about what we learn from refugee communities and how those lessons are shaping both our product and our outlook on life.
In the meantime, we hope you join us in observing World Refugee Day by learning more about the extraordinary stories of refugees. Here and here are good places to start.
We look forward to learning from and collaborating with NGOs, businesses, researchers and investors who care about the same things we do. If that’s you, we’d love to talk — feel free to reach out to me.
