Are Youth-Inclusive Financial Services in MENA a Driver of Financial inclusion?
In a mid-March Youth Financial Inclusion Workshop for the Middle East/North Africa (MENA) region, organized by Silatech and CGAP, participants debated how to respond to staggeringly low financial inclusion among youth ages 15-24, a population that hold financial accounts at less than half the rate of the developing economy average. Discussion centered on the value of efforts to expand and target youth access. Tim Nourse, of Making Cents International, shared the emerging recommendations that respond to the debate:
1. Start with savings.
2. Remove legal impediments to access.
3. Increase competition.
4. Build the business case.
5. Provide financial institutions with the right approaches.
6. Improve financial literacy.
For much more detail, read Tim’s full blog post on the Center for Financial Inclusion blog.