The scale of the global refugee crisis is staggering. Around the world, 68.5 million people have been forcibly displaced. Of this number, 40 million are internally displaced, while 25.4 million have become refugees. Though South Sudan, Afghanistan and Syria account for 57% of refugees worldwide, no jurisdiction is immune from the repercussions of this situation. As conflict and disaster rip through certain regions, neighbouring countries – and continents – often bear the brunt of the human tragedy as people are forced to flee across borders. Humanitarian agencies are being overwhelmed by this challenge.
Fresh thinking is needed, and the private sector – and financial services providers in particular – have a pivotal role to play. From creating identity documents to delivering tailored business training, there is a huge opportunity for private enterprises to engage with refugees. But before this can happen, private sector leaders must reimagine what a refugee actually is: lazy stereotypes abound. Refugees are far from idle and aid-dependent. They are diverse, and many come from middle-class backgrounds or have extensive sector or industry expertise from their home countries.
