REPORT: “Savings for Tomorrow” in Morocco-Learning Report 3, Oct 2016

Making Cents International
Resource Type: 
Publication Date: 
Sep, 2016

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.

As equally important as these quantitative outputs, was the knowledge generated by the five pilots. A major focus of the program was to capture and disseminate this learning to help IFAD and financial service practitioners develop more effective and scalable programs for rural youth. The program, which built upon proven and successful methods, advanced learning around five research

• Adapting and Developing Effective Financial Products for Rural Youth

• Determining the Appropriate Level and Delivery System for Supportive Non-Financial Services

• Using Technology to Lower Costs and Provide Youth with Alternative Forms of Finance

• Linking Products or Institutions to Facilitate Movement from Informal to Formal Structures

• Designing Innovative Approaches for Scaling Products in Rural Environments

Through RYEEP, Morocco's Al Barid Bank (Al Barid or ABB) deepened rural outreach for its youth savings product, Tawfir al Ghad or “Savings for Tomorrow”, which it had launched nationally with Silatech support in June 2014, through increased promotion and the use of mobile branches. ABB also began to link its rural Tawfir al Ghad (abbreviated TAG in this report) account holders interested in self-employment to microcredit services through introductions to microfinance institutions (MFIs). In addition to the provision of financial services, ABB used market research to develop customized financial literacy training and outreach models to reach rural youth.

Financial Inclusion
Sub-Saharan Africa
Financial Capability
Financial Literacy/Education