In August 2017, MEDA and Cuso International finalized another successful cycle of the Youth Entrepreneurship Business Support Plan (YEBSP) as part of the YouLead (Youth Leadership, Entrepreneurship, Access and Development) project. YouLead’s overall goal is to enhance sustainable economic prosperity for 7,000 young people who reside in 18 Local Government Areas situated in Nigeria’s Cross River State. The YEBSP grants are just one of the many activities designed to achieve this goal.
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. 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. 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: