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Jan
18

MEDA's Evolving Approach to Youth Financial Inclusion

Al Amana client traditional shoemaker
ARDI Client Carpenter

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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Sep
15

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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Sep
01

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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Jul
27

Improving Workplaces and Working Conditions for Young Employees

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This blog is a follow-up to one posted on 13 January 2015 titled “One Workplace At A Time” by Shaunet Lewinson featuring the E-FACE project.


The Ethiopians Fighting Against Child Exploitation (E-FACE) implements various livelihood strengthening interventions that tackle the issue of child exploitation due to reduced livelihoods. 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. One E-FACE intervention focuses on improving workspaces and working conditions for young workers using a three-component system that places young workers rights and safety at the forefront, while creating a participatory environment for both the young employees and their employers to get involved in the development of a safe workplace. The diagram below provides an overview of the 3 components (also referenced in previous blog).

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Jul
22

Can MEDA’s Approach Reduce Child, Early and Forced Marriage?

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There are nearly 70 million child brides worldwide and if current trends continue, 142 million more will join them in the coming decade.1 Married adolescent girls are among the most vulnerable groups in society. They face numerous risks, including early pregnancy, higher maternal mortality and heightened risk of domestic violence and sexually transmitted disease. Their future potential and that of their community and nation, are cut short.

Early and forced marriage usually marks the end of a girl’s education, diminishing her long-term opportunities and sentencing her and her children to lifelong hardships. Often isolated to the domestic sphere, married girls may be able to engage in income generating activity, but will have no control over their income, no awareness of market systems, and no buffer for weathering economic shocks.

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May
05

Youth Savings Association: Not Just About Developing A Savings Culture

VSAY Group in Addis
VSAY Group in Addis 1

Research1 has shown that benefits from savings groups can go beyond asset building and savings for youth, and provide working youth with their own solidarity groups in which they find peer support and social security. They can also expose youth members to other financial service concepts, such as borrowing, banking, and income generating activities, which are taught through orientations and workshops. This blog seeks to further strengthen existing research on youth savings by showcasing MEDA's project titled Ethiopians Fighting Against Child Exploitation (E-FACE).

Village Savings Associations for Youth (VSAYs) are one aspect of a multi-pronged approach to supporting Ethiopian youth in the E-FACE project. MEDA's youth team recently undertook a visit to Addis Ababa to explore savings behavior among youth, including changes in their livelihoods, behaviors and working environment as a result of their participation in savings groups. Field observations, interviews and focus group discussions with VSAY members and their parents revealed a number of important changes.

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Apr
20

Praxis Series - Entry 2: Don’t forget the loan officers!

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Although youth between the ages of 18 - 30 often represent between 15 - 30% of total active clients in MFI portfolios, they are often labeled as undesirable and risky and many more youth applicants are turned away by Microfinance institutions (MFIs). MEDA's financial institution partners in Morocco, Attadamoune Microfinance and INMAA, wanted their staff to better engage with youth clients as they saw youth as a segment with great market potential. These innovative MFIs – with MEDA support - developed a training program to train frontline staff better address the financial needs of young clients. MEDA documented the efficacy of this training and explored any stated youth client interaction change amongst loan officers (LOs) and MFI staff in our recent Loan Officer Case Study.

The sessions within the training helped LOs and staff identify new techniques for prospecting potential youth clients and provided fundamental training on financial education (only 34% of LOs had been exposed to financial education sessions previously). The LOs added that due to the training, they would be able to improve their communication with youth, aid in increasing the share of youth in their respective portfolios, be able to better cater to youth clients, and provide them the basic information on budgeting, debt management, savings and financial negotiation (all sessions covered in financial education training).

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Feb
19

MEDA Expert Spotlight: Adam Bramm and Nicki Post

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Perceptions & Solutions for Women and Youth in Entrepreneurship

MEDA's Youth Economic Opportunities team is proud to be spotlighting two of our very own MEDA experts who particpated in a Global Entrepreneurship Week (GEW) discussion hosted by Chemonics.  Adam Bramm, Senior Consultant / Project Manager of Women's Economic Opportunities and Nicki Post, Senior Consultant / Project Manager of Youth Economic Opportunities participated in the event and provided insightful dialogue to further the agenda for women, youth and entrepreneurship. 

This article was developed by Christy Sisko, Manager of Chemonics' Economic Growth and Trade practice. The original article can be accessed here. 

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