This paper is part of the Child and Youth Finance International Landscape Series. Each paper in the Landscape Series looks back on the developments of recent years and looks forward to the future. This paper focuses on financial inclusion for children and youth.
A Working Future and a new era of collaboration - Taking cross-sector partnerships beyond philanthropy
Plan International's A Working Future youth economic empowerment programme has proven that partnerships between the development and corporate sectors can successfully address social issues and generate commercial value. This kind of cross-sector collaboration with its potential to effectively address social issues while creating value for both society and business will play a key role in achieving the Sustainable Development Goals.
Making Cents and RTI International are pleased to announce an in-person and webinar event on January 11, 2017 that will bring together financial inclusion and youth experts to discuss the key issues related to scaling rural and youth-inclusive financial services. The panel will highlight digital and practical innovations that have the potential to financially include rural populations and especially youth, but also the challenges of applying them to this hard-to-reach group. Panelists will draw from discussions at the recent USAID-sponsored Financial Inclusion Forum, results from a 6-part rural youth learning series developed by Making Cents and IFAD, promising practices from USAID’s K-YES project in Kenya, and other initiatives focusing on rural youth financial service provision.
The challenge of youth unemployment continues to garner headlines. Recently, the New York Times described the demographic challenge as, “The World Has a Problem: Too Many Young People.” These headlines have galvanized interest in youth and led governments and donors to re-focus their efforts on employing this growing population. Youth-inclusive financial efforts have expanded as well, aimed at providing youth with the credit and savings services necessary to facilitate their “earning and learning.”
Financial inclusion seeks to increase the number of individuals who are able to access formal financial services, with a focus on providing access to marginalized populations such as youth or women. According to the World Bank, almost 40 percent of the adults in the world do not use formal financial services, such as licensed commercial and development banks, savings and loan companies, and deposit-taking entities. The majority of the individuals who do not access these services come from poor households.
The Annual Conference on Financial Education promotes the effective delivery of consumer financial products, services and education by hosting a national event for professionals providing these services. The Conference is a showcase for financial education success stories, offering attendees proven strategies, tips and techniques to achieve intended outcomes, funding goals and program sustainability. Each year the conference is attended by 200 professionals representing credit unions, banks, K-12 education, higher education, social services, debt management, government, military and other industries.
With 1.8 billion people between the ages of 15 and 29, the world is home to more young people today than ever before. Close to 87 per cent of them live in developing countries. Young people make up approximately one quarter of humanity, but in many countries, especially in South Asia and Africa, one in three people is a young person. Demographic trends and projections make it clear that the proportion of young people in the global population is declining and it is predicted to fall below 20 per cent by 2075. The next few decades, therefore, are an unprecedented window of opportunity for the world, and developing countries in particular, to reap the promise of this ‘demographic dividend’.
Join your peers in a race to develop a prototype for a new mobile application to advance financial capability in this practical, results-driven workshop. Using personas and user journeys created by and with youth, each group will be supplied with a toolkit and guided by a Human Centered Design expert to develop a mobile financial inclusion prototype during the session. Through this process, participants will be introduced to the tools they need to use rapid prototyping techniques in their own work and become familiar with some of the most promising approaches for financial inclusion.
The International Fund for Agricultural Development
Young women and men in rural areas of the Republic of Moldova are making good use of advantageous credit lines and other benefits offered by an IFADsupported project. Nineteen-year-old Anastasia Gilca is one of more than 700 women who have taken out a loan. She now runs her own profitable 3-hectare blackberry plantation. Following advice from her mother, Gilca started her business two years ago. When she heard about the youth entrepreneurship scheme run by the Rural Financial Services and Agribusiness Development Project, she signed up for training in business development, financial management and accounting.
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 service (YFS) and non-financial service 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.