MEDA Blog - Stories from the Field

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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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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Praxis Series - Entry 1: Financial Capability at Work in Morocco

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Youth unemployment in countries like Morocco rank as one of the largest development obstacles. Demographic challenges, gender barriers, and education/skill mismatch are among some of the problems that youth face searching for economic opportunities. To exacerbate these challenges, Moroccan youth have limited access to financial services that can help address their unique needs. According to the World Bank, only 12.3% of youth aged 15-24 in the MENA (Middle East and North Africa) region have a formal bank account, the lowest rate in the world.[1] In this context, access to appropriate financial services has the potential to lead to many positive outcomes for youth, including a heightened capacity to manage money and build assets, as well as increased opportunities for entrepreneurship, employment and future education.YouthInvest (2008-2014) a six-year, five million dollar initiative in which MEDA partnered with leading microfinance institutions (MFIs) and Non-governmental Organizations (NGOs) with the generous support of The MasterCard Foundation; to develop innovative financial and non-financial products and services tailored to the needs of economically active youth in Morocco and Egypt.

In Morocco, young people constitute 30% of Morocco's population and one tenth of the region's total youth population[1]. This youth segment serves as a platform for opportunity and has proven through the Arab Spring that they are ripe for growth and are an important source of entrepreneurship, development and innovation. Yet in many MENA (Middle East and North Africa) countries including Morocco, these energies are not harnessed or cultivated to create active contributors to a dynamic economy. According to the New America Foundation's research on the Effectiveness of Youth Financial Education, results have emerged on the necessity of effective training programs:

 

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Saving(s) the Future!

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Savings has been lauded as one of the strongest levers of financial inclusion. Grounding itself in this scholarship, from the outset of the project, YouthInvest has made savings one of the pillars of its financial inclusion strategy in Morocco.

YouthInvest has encouraged youth to save by providing them with training on financial education as well as enabling them to access a low-minimum balance savings account made possible through a partnership with Al Barid Bank in Morocco. (The YouthInvest team managed to decrease the minimum deposit amount from 100 MAD to 5 MAD by negotiating with the banking institution).

While the savings component was incorporated into most aspects of YouthInvest's programming in Morocco, two particular initiatives made education on savings behaviour their tenants:

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Why access to financial services can open doors for young entrepreneurs

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I was invited to speak briefly at Chemonics last week on what I thought was an important component to support youth enterprise development. As one of MEDA's core areas of experience, I decided to talk about providing access to appropriate financial services for youth. Here's why I think this is one crucial component to enable youth enterprise development...

Global youth dominate the ranks of the unemployed. Demographic challenges, gender barriers, education or skill mismatch, and unsafe or poorly paid work are among the many difficulties that youth face in the search for economic opportunities. This is something we saw clearly illustrated in the Arab Spring. Compounding these challenges, entrepreneurial youth typically have limited access to financial services that meet their business development needs – this can be because their loan requests are often small and too costly for Microfinance Institutions (MFIs) to administer.

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