SETTLEMENT
Oumarou feels anxious. He wants to get a credit card, secure financing for a car, and familiarize with Canada’s financial system and credit products.
Situation:
Opens account for local and overseas transactions.
Applies for first Canadian credit card to build credit
Saves for a downpayment; finances a car requiring bi-weekly repayments.
Barriers:
Lack of Canadian credit histor, and no recognition of international income or credit history.
High cost of living in Canada.
Limited knowledge of Canadian financial markets.
Opportunities for financial institutions:
Offer secured credit cards or low-limit, income-based credit to help temporary workers establish credit.
Work with international financial institutions to offer discounted wire transfers so newcomers can support family members abroad.