MEDA Blog - Stories from the Field

Financial Inclusion for Young Women – Voices from YouLead Nigeria



Mark Akpan Program Manager Financial Inclusion
Financial Decisions by Gender
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To mark International Women’s Day 2017, MEDA is highlighting important issues and voices around women’s economic empowerment and gender equality in the area of economic development. This is the second in our “Be Bold for Change” blog series celebrating the power of women entrepreneurs and their partners around the world.

How do you effectively reach a majority of people to discuss financial inclusion in Nigeria? Mark Akpan, Program Manager Financial Inclusion

Radio is the main source of news and information in Cross Rivers State, Nigeria. During my January 2017 visit to the YouLead project, implemented with Cuso International, Mark Akpan and I had the opportunity to visit Hit FM Cross River State to talk about Access to Finance for youth. We shared our understanding and approach towards addressing gender inequalities in this sector.

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A Business Plan Competition for Young Entrepreneurs – YouLead’s Youth Entrepreneurship Business Support Plan

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Fishery Start-Up: Ellah Friday in front of his two earthen ponds
Lilian Wayas of Obudu, stands in front of her two plots of land. Her start-up business is called ‘LilyBest Casava’

MEDA is currently partnering with Cuso International in Nigeria on the Youth Leadership, Entrepreneurship, Access and Development (YouLead) project. The Youth Entrepreneurship Business Support Plan (YEBSP) is one of the many activities aimed at improving access to finance for young entrepreneurs. The YEBSP has been designed and administered as a business plan competition for youth, between the ages of 18-35, who have completed or are currently enrolled in YouLead’s entrepreneurship training program. The YEBSP is meant to kick-start youth-led businesses in the natural resources sector with funds ranging from 100,000 to 300,000 naira (approximately CAD$400 -$1200).

The first and pilot phase of the YEBSP was launched in April 2016 and the results were recently announced on August 9, 2016 [1], after a long process of selection and verification.

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Another development buzz word: Apiculture

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Often in developing countries, rural women and youth have unequal access to and control over critical resources and inputs that are required to start-up and maintain a business, such as land, savings, information sources, training, etc. As such, identifying low-cost income generating activities for women and youth has been a hallmark of MEDA’s economic development projects.

In Nigeria, MEDA is currently partnering with Cuso International to improve financial inclusion for youth in Cross River State (CRS). The project is titled Youth Leadership, Entrepreneurship, Access and Development (YouLead) and it has just released its first phase of funding to winning applicants of its Youth Entrepreneurship Business Support Plan (YEBSP) competition. (1)

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What can we learn from Project Evaluations? MEDA Shares Results of Impact Evaluation

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From 2008 to 2014, MEDA implemented the YouthInvest project in Morocco and Egypt.  During that time, we reached over 63,000 youth with financial and non-financial services, and built the capacity of our partner staff to provide skills training and financial products to youth.

But this is not the whole story.

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MEDA's Evolving Approach to Youth Financial Inclusion

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On Friday January 22, MEDA is very pleased to be participating in the International Forum, hosted by WUSC and CECI. The theme of the forum is ‘Inclusive Economies, Inclusive Societies: Collaborative Action for Youth and Women.’ We will be presenting a case study on our approach to financial inclusion for youth. This blog gives a preview of what we will be discussing at the event. Hope to see you there!

What is financial inclusion and why is it important?

Financial inclusion means having access to a range of suitable, affordable services, including savings (formal and informal), loans and financial education. Access to youth-appropriate savings and loan products helps young people plan for their future. Youth-friendly financial services can lead to many positive outcomes, including heightened ability to manage money, build assets and improved opportunities for entrepreneurship. And yet, less than 5% of youth (ages 15-24) worldwide are currently being reached by financial services.

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Access and Marginalization: An Overview of Lessons Learned from the YouthSave Webinar

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On October 9th, 2015 USAID’s Microlinks platform, in association with The MasterCard Foundation and Save the Children, hosted a discussion and webinar titled, “Pathways to Development: Evidence from YouthSave.” The purpose of the event was to bring together researchers and practitioners to share their experiences and insight gained on youth savings, spurred by the completion of the 5-year YouthSave project.

YouthSave, "A Report of the YouthSave Consortium: YouthSave 2010-2015," (Oct 2015): pg 8.

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The Role of Parents and Families in Youth Financial Inclusion

The United Nations Population Fund reports that there are 1.8 billion young people between the ages of 10 and 24, with 89 percent of them residing in less-developed countries (2014). With appropriate knowledge and tools, youth can be financially empowered to access economic opportunities in a sustainable manner. Although they represent a large potential market, the integration of youth into the formal financial system is still a relatively new concept in many countries. In order to address these operational issues and explore innovations in this area, the SEEP Network’s Youth and Financial Services Working Group commissioned and wrote four Promising Practices Briefs. The topics of the briefs were selected during a series of consultations held with Working Group members in January 2015.
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Incentives, Subsidies, and Complementary Services to Promote Youth Financial Inclusion

This blog originally appeared on The SEEP Network Blogg, co-authored by Jennifer Denomy and Rebecca Hession.

The United Nations Population Fund reports that there are 1.8 billion young people between the ages of 10 and 24, with 89 percent of them residing in the world’s least developed countries (2014). With appropriate knowledge and tools, youth can be financially empowered to access a range of economic opportunities over the course of their lives. Although they represent a large potential market, the integration of youth into the formal financial system is still a relatively new concept in many countries. In order to address these operational issues and explore innovations in this area, the SEEP Network’s Youth and Financial Services Working Group commissioned and wrote four Promising Practices Briefs. The topics of the briefs were selected during a series of consultations held with Working Group members in January 2015.

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Usage and Dormancy of Youth Accounts

This blog originally appeared on The SEEP Network Blog, co-authored by Jennifer Denomy and Rebecca Hession.

The United Nations Population Fund reports that there are 1.8 billion young people between the ages of 10 and 24, with 89 percent of them residing in less-developed countries (2014). With appropriate knowledge and tools, youth can be financially empowered to access economic opportunities in a sustainable manner. Although they represent a large potential market, the integration of youth into the formal financial system is still a relatively new concept in many countries. In order to address these operational issues and explore innovations in this area, the SEEP Network’s Youth and Financial Services Working Group commissioned and wrote four Promising Practices Briefs. The topics of the briefs were selected during a series of consultations held with Working Group members in January 2015.

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Assessing Youth Financial Needs in Cross River State

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MEDA is partnering with Cuso International to improve financial inclusion for youth in Nigeria. The project titled Youth Leadership, Entrepreneurship, Access and Development (YouLead) works with young women and men in Cross River State, Nigeria.Following MEDA's detailed institutional assessment of financial sector in Cross River State, five financial inclusion partners were selected for capacity building support. Subsequently, an assessment of Youth Financial Needs was undertaken in May-June 2015. This blog documents the key findings of this assessment.

Why was the assessment needed?

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Looking Back At YouthInvest: Lowering Barriers and Increasing Uptake

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 Lowering Barriers and Increasing Uptake 

In the past few blogs, we have taken you through the journey that we took when developing youth-friendly financial products and services in Morocco, looking at the importance of supporting frontline MFI staff and making the business case for MFIs to offer youth financial products. But have we really accomplished anything? Are more youth accessing financial services?

Let’s begin this final blog entry on our YouthInvest Praxis Series by looking at the strategies that were deployed to facilitate access to and improve usage of our partners’ financial products and services. It was YouthInvest’s philosophy that access to financial services should never be a solitary offering, but should be paired with the appropriate training. This was one of the cornerstones of our approach, where we worked to ensure that clients were not only able to access products appropriate to their needs, but also understood the products and services they were availing.

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Effective Integration of Financial Services into Economic Opportunities Programming for Youth

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How can financial services be effectively integrated into economic opportunities programming for youth?

The SEEP Network’s Youth and Financial Services Working Group, facilitated by MEDA, recently completed a series of learning documents which highlight promising practices in youth financial services, illustrated by examples from multiple projects and stakeholders. In a series of member consultations, four topics were identified as areas of particular interest:

Integrating youth financial services into economic opportunities programmingUnderstanding usage and dormancy of youth savings accountsUsing incentives, subsidies and complementary services to promote youth financial inclusionUnderstanding the role of parents and families in youth financial inclusion

A learning document was created to explore each topic, with full publications available here: http://www.meda.org/publications/seep-youth-and-financial-services-working-group We will profile each in a blog entry over the coming weeks, starting with today’s topic: integrating financial services for youth into economic opportunities programming.

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One Workplace At A Time

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An Overview of MEDA's Occupational Safety and Health (OSH) Intervention for Working Youth in Ethiopia

A little under one-third of Ethiopia's population is currently living in extreme poverty[1]. In many of these cases, households withdraw their children from school and put them to work in order to supplement the family income. While the government of Ethiopia has made great effort to element the worst forms of child labor, enforcement of laws and consistent prosecution of violators has not yet reached an ideal level.

To address this gap, MEDA's E-FACE project implements various livelihood strengthening interventions that tackle the issue of child exploitation due to reduced livelihood. E-FACE targets households at-risk of or engaged in the worst forms of child labor in the Ethiopian textile and agriculture sectors, as well as young workers under the age of 18[2].

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Looking Ahead: The Future of Economic Strengthening

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This blog series was sent courtesy of Microlinks, part of the Feed the Future Knowledge-Driven Agricultural Development project. Its contents were produced under United States Agency for International Development (USAID) Cooperative Agreement No. AID-OAA-LA-13-00001. The contents are the responsibility of FHI 360 and its partner, the International Rescue Committee, and do not necessarily reflect the views of USAID or the United States GovernmentPromising Practices

In 2008, the U.S. Agency for International Development (USAID) defined economic strengthening (ES) as "[t]he portfolio of strategies and interventions that supply, protect, and/or grow physical, natural, financial, human, and social assets aimed at improving vulnerable households cope [sic] with the exogenous shocks they face and improve their economic resilience to future shocks." That is a tall order; however, we are seeing an increasing demand for holistic programming to respond to the needs of orphans and vulnerable children (OVC). A growing body of evidence points to risky behavior by orphans and vulnerable children seeking to meet immediate livelihood needs, such as accepting "gifts" from older males in return for sexual favors and migration.

Here, we can begin to understand what the problem is. We know there is a call for an innovative "portfolio of strategies and interventions" aimed at improving vulnerable households' ability to cope with shocks, but what are they? What evidence is there to prove that ES models and approaches even work? Well, the jury is still out; however, we will explore a few areas that have seen promising practices for OVC and where these ES trends may take programming in the future.

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To Partner or Not to Partner When Implementing Youth Financial Programs

Forging the right partnerships between Financial Service Providers (FSPs), Youth Serving Organizations (YSOs), and other key stakeholders, such as schools and local government, can be a key factor to successfully and sustainably serving youth clients.However, partnerships are not always the answer.This blog explores whether or not to partner, as well as the nature of partnerships themselves, and is targeted to FSPs and YSOs, which deliver youth savings programs.

By Nicki Post and Ryan Newton (Women's World Banking)

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Looking Back and Leaning Forward

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MEDA's Youth team are learning from their past work and applying it to MEDA's new youth projects. Director of Youth Economic Opportunities, Jennifer Denomy, and senior project manager, Farah Chandani, presented at MEDA's annual convention, held Nov 6-9 in Winnipeg, MB.

The term "youth" can encompass many different ages depending on who's defining it, though MEDA typically works with those 15-24 years old. Youth are also labelled the "demographic dividend" – so many are coming of age simultaneously and with this increase of youth entering the workforce, access to employment becomes a problem.

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Why Include Life Skills in Youth Programming?

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Empowering Youth: Building Skills For Life for Youth in Ethiopa

Building Skills for Life is a training program tailored for young workers (ages 14 -17) in Ethiopia. It is one aspect of a multi-pronged approach to supporting youth in the E-FACE project (Ethiopians Fighting Against Child Exploitation).

The program is based on MEDA's previous experiences with providing life skills and financial literacy training for youth in Morocco and Egypt through the YouthInvest project. The training encourages young people to understand themselves, to develop decision-making capacity, and improve their communication skills – in order to develop the required business skills to become entrepreneurs. It is designed to empower youth and to help them create further opportunities for their lives. In Ethiopia, the training is focussed on young weavers in the textile industry; hence a practical aspect that provides technical training and know-how on weaving techniques is also included. The diagram below illustrates the six core areas covered by the 100-hour training program.

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Welcome to our blog

YEO Reach

The MEDA Youth Economic Opportunities (YEO) team is pleased to be launching our blog, where we will be sharing our experiences working with young people around the world and our thoughts on current issues in youth development.

What do we do?

For over a decade, MEDA has been developing targeted solutions that support youth in accessing appropriate financial services, securing safe and meaningful employment and becoming entrepreneurs. These youth experience reduced vulnerability, increased economic activity, and enhanced hope for their future.We combine our expertise in technologies, value chains, agribusiness, financial services and gender to bring catalytic assistance to our clients - those marginalized youth populations in poor and fragile states.

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