Making Cents International
Rural youth in developing countries make up a large and vulnerable group. Globally, three quarters of the poor live in rural areas, and about one-half of this population is young people. This young and growing population confronts a number of challenges, including poor quality of education, lack of basic infrastructure, lack of access to or control of sufficient land for farming, and, for girls in particular, more traditional cultural norms, which severely hinder their ability to build sustainable livelihoods. In addition, accessing the financial services they need to support economic opportunities is more challenging than in urban areas, due to physical distances, the lack of financial products appropriate to rural youth circumstances, limited knowledge and experience with financial services, and poor protection measures. These challenges feed perceptions from rural youth that financial services are not accessible to them, and from providers that rural youth are not bankable.
Making Cents International
With funding from the International Fund for Agricultural Development (IFAD) and in partnership with Silatech, Making Cents International implemented the IFAD Rural Youth Economic Empowerment Program (RYEEP), a three-year grant seeking to increase employment and self-employment of young people aged 15-35 in the Near East and North Africa (NENA) countries of Egypt, Yemen, Morocco and Tunisia. The program provided capacity-building and technical assistance to local institutions to pilot models delivering youth-inclusive financial services (YFS) and non-financial services to rural youth and to the enterprises that employ them. By the program's end, RYEEP pilot projects delivered savings or credit services to 20,543 rural youth and non-financial services to 14,252 rural youth.
Save the Children, New America Foundation
Financial inclusion and youth development practitioners are constantly challenged to scale the lessons from their work through policy change. This often involves an interplay between local, regional and national government, and is not necessarily straightforward or unidirectional. This session will explore how youth financial inclusion/education initiatives in Vietnam, India, and the US used project results to effect policy change at various levels of government. The session is designed to provide practitioners with a better understanding of how to translate project learnings into effective advocacy through an understanding of the often complex, opportunistic, and multilayered nature of the policy change process.
Consultative Group to Assist the Poor (CGAP), Financial Services Innovation (CFSI), Bankable Frontier Associates, Entrepreneurial Finance Lab (EFL Global)
Three trends in technology are revolutionizing finance and in particular our ability to include youth in the formal financial sector. They are: Mobility – or the ability to remain connected wherever we are; Ubiquity – where we all have access to high powered tools (software) and Big Data – where number crunching programs enable analysis at an unprecedented scale. Learn from representatives of leading financial inclusion programs on how they are using these three trends to lower costs, improve analytical ability, and raise funds from new areas – all to promote access to finance for youth in the US and overseas.
National Microfinance Bank-Tanzania, Women's World Banking
Who should be responsible for ensuring the financial inclusion of youth in the long term? Is it the private sector, public sector, or a combination of both? In this session, Women’s World Banking, the National Microfinance Bank in Tanzania and Xac Bank Mongolia will share their perspectives and experiences in developing robust, double bottom line youth savings and financial capability programs where banks have also collaborated closely with their governments in order to further advance the financial inclusion agenda. Come learn about their approaches, see what aspects of these models are replicable, and share your own perspectives!
Al Majmoua, Chemonics International, Making Cents International
Providing credit for youth is difficult in most contexts due to their relatively smaller amount of experience and access to markets. However, in many operating environments, additional challenges of rurality, conflict, and migration are also present, making the sustainable provision of credit and savings services more difficult still. Hear three youth-inclusive financial service providers discuss the techniques they’ve used to successfully serve youth in the challenging environments of Yemen, Lebanon and Afghanistan.
Youth everywhere face challenges as they transition into adulthood, and for youth in developing countries, these challenges can be even more intense. Access to financial services can help them smooth this transition and yet youth are often excluded from financial services, either by policy or prejudice. As youth mature and become heads of their households, they will need access to and a working knowledge of financial services to enable them to be productive members of their societies.
Center for Technology Innovation at Brookings
Evaluating progress toward adoption of affordable formal financial services matters because financial inclusion is a key ingredient in promoting household well-being and broader economic development.1 The first annual FDIP report and scorecard, published in August 2015, addressed fundamental questions regarding ways to advance inclusive finance, including 1) Do country commitments make a difference in progress toward financial inclusion? 2) To what extent do mobile and other digital technologies advance financial inclusion? and 3) What legal, policy, and regulatory approaches promote financial inclusion?
Chemonics International and Making Cents International
Expanding access to finance is a challenging endeavor. Add in conflict and the obstacles can seem insurmountable. Join Making Cents International and Chemonics International on a deep dive into two programs that are currently addressing those obstacles by focusing on mobile technologies, new opportunities for youth and women, and strong local partnerships. Arelis Gomez, Chief of Party of the USAID Colombia Rural Finance Initiative, and Omaid Deqati Rahimi, Banking Capacity Team Lead of the USAID Financial Access for Investing in the Development of Afghanistan will share their respective program’s methodologies, best practices, and lessons learned for youth inclusive financial services programming when conflict and uncertainty loom.
Making Cents International and Chemonics International
Jul 19, 2016 (09:00am to 10:00am)