Promoting financial inclusion and financial literacy for displaced Venezuelan and Colombian migrants in Colombia

Last registered on June 24, 2024

Pre-Trial

Trial Information

General Information

Title
Promoting financial inclusion and financial literacy for displaced Venezuelan and Colombian migrants in Colombia
RCT ID
AEARCTR-0013779
Initial registration date
June 06, 2024

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
June 24, 2024, 12:18 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

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Primary Investigator

Affiliation
Pontificia Universidad Catolica de Chile

Other Primary Investigator(s)

Additional Trial Information

Status
In development
Start date
2024-05-01
End date
2024-12-31
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We propose a randomized control trial of financial inclusion interventions with 1,500 displaced Venezuelan migrants and Colombian returnees who participate in the ADN Dignidad cash transfer program in Colombia. ADN Dignidad beneficiaries receiving transfers through banking accounts or mobile money will be randomly assigned to receive monetary incentives to save or financial literacy. The objectives of the intervention are to strengthen the long-term sustainability of improved livelihoods and economic conditions derived from the temporary cash transfers and to enhance the social and economic integration of this vulnerable population in host communities. Treatment effects will be measured through a purpose-specific survey collected 1 to 3 months following program completion. The results of this evaluation will inform the scale up of financial inclusion as a complementary intervention for vulnerable displaced populations receiving cash transfers.
External Link(s)

Registration Citation

Citation
Celhay, Pablo. 2024. "Promoting financial inclusion and financial literacy for displaced Venezuelan and Colombian migrants in Colombia ." AEA RCT Registry. June 24. https://doi.org/10.1257/rct.13779-1.0
Experimental Details

Interventions

Intervention(s)
The evaluation will be based on a three-armed RCT. The intervention will offer access to formal bank accounts and/or mobile banking to all ADN Dignidad beneficiaries. Among those that agree to open an account with Davivienda, two treatment arms will be randomized. The first treatment arm is monetary incentives to save with their newly opened account. The second treatment arm is training in financial literacy. Both treatment arms will be allocated randomly to a sample of ADN Dignidad participants who took up the offer of opening a savings account with Davivienda. The experiment will be embedded in ADN Dignidad’s ongoing enrollment process for participant cohorts enrolled in the first months of 2024 (January-April, or until the evaluation sample is completed). New participants will be screened for interest in opening a Davivienda account. Interested participants will in turn be randomly assigned to one of the two treatment arms or a control group. Random assignment will be at the individual level. We will collect an endline survey 1 to 3 months after the intervention ends (September through November 2024) to measure short-run effects. The survey will be conducted through computer-assisted telephone interviews, and we will reserve a 15% sub-sample for in-person tracking of households that are not reached by phone.
Intervention Start Date
2024-05-01
Intervention End Date
2024-12-31

Primary Outcomes

Primary Outcomes (end points)
Several key outcomes of interest will be investigated, including shock resilience (e.g., coping strategies for food security, assets and businesses, dependence on child labor, intra-household conflict and gender-based violence), development of social networks, social cohesion and/or social inclusion (e.g., number of trusted individuals, membership in local community organizations, formalization of legal status, perceived insecurity and discrimination), financial inclusion (e.g., likelihood of obtaining a savings account, amount of savings, engagement in formal financial activities), productive investments (e.g., investments in micro-enterprises, acquisition of business tools, probability of starting or growing a business), labor market participation (e.g., probability of employment, number of hours working), wages and income.

Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
The evaluation will be based on a three-armed RCT. The intervention will offer access to formal bank accounts and/or mobile banking to all ADN Dignidad beneficiaries. Among those that agree to open an account with Davivienda, two treatment arms will be randomized. The first treatment arm is monetary incentives to save with their newly opened account. The second treatment arm is training in financial literacy. Both treatment arms will be allocated randomly to a sample of ADN Dignidad participants who took up the offer of opening a savings account with Davivienda. The experiment will be embedded in ADN Dignidad’s ongoing enrollment process for participant cohorts enrolled in the first months of 2024 (January-April, or until the evaluation sample is completed). New participants will be screened for interest in opening a Davivienda account. Interested participants will in turn be randomly assigned to one of the two treatment arms or a control group. Random assignment will be at the individual level. We will collect an endline survey 1 to 3 months after the intervention ends (September through November 2024) to measure short-run effects. The survey will be conducted through computer-assisted telephone interviews, and we will reserve a 15% sub-sample for in-person tracking of households that are not reached by phone.
Experimental Design Details
Not available
Randomization Method
We use a simple randomization using Stata software
Randomization Unit
individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
1,500 individuals
Sample size: planned number of observations
1,500
Sample size (or number of clusters) by treatment arms
500 individuals by treatment arm
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
IRB

Institutional Review Boards (IRBs)

IRB Name
Pontificia Universidad Católica de Chile
IRB Approval Date
2023-09-04
IRB Approval Number
220513006