The sixth report on the financial inclusion of migrants in Italy shows that 75 percent of immigrants now have a bank account and that progress has been made in this respect over the years.
Some 74.8 percent of migrants in Italy have a bank account according to the 2017 report from the National Observatory on the financial inclusion of migrants. This is a mark of progress in the inclusion of 'new citizens', but several challenges still remain, including the informal nature of immigrants' financial conduct, says the report.
Migrants take financial opportunities
Between 2015 and 2016, the number of cards with an IBAN number in the possession of non-Italian residents grew by 38 percent with an annual growth rate of 27 percent in the period 2011-2016.
However, the study warns that these results must not be read as a point of arrival in a process that is now finished. Remittances grew by 3 percent in 2016, except for China; further, constant growth in overall volume has been accompanied by a gradual contraction in the average cost from 7.3 percent in September 2009 to 5.7 percent in January 2018, close to the 5 percent target set by the G8 and G20. Informality is an important aspect of immigrants' financial conduct, linked to relationships of trust within their communities.
Protocol of understanding for information
A protocol of understanding has been signed between the Italian Banking Association ABI, the labor and welfare ministry and organizations dealing with immigrants with the aim of further promoting the financial inclusion of migrants and beneficiaries of international protection. The protocol commits parties to cooperate in the drafting and dissemination of the second edition of the brochure "Welcome to the Bank" providing basic information on the banking products and services that best meet their specific needs.