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Youth & Financial Inclusion

The National Multi-Stakeholder Workshop On Youth Financial Inclusion

November 7, 2018 – Hotel Africana, Kampala.

The Initiative for Youth Empowerment and Transformation (IYET) in partnership with the National Youth Council (NYC), co-hosted a Multi-Stakeholder Workshop on Youth Financial Inclusion on November 7, 2018. Being part of several strategic actions designed to mobilize multi-stakeholder support for youth financial inclusion, the workshop focused on generating strategies and approaches to address challenges limiting youth participation in the financial sector with a focus on youth in agriculture. Avenues to increase opportunities and capability for economic activity were also explored in the discussions. The report highlights the Outputs of the day. It gives the key issues that emerged, summarizes the takeaways recommendations as well as the next steps thereof.

Overall, the workshop aimed at contributing to improved youth financial inclusion, specifically by:

  1. Engaging stakeholders on policies, financial products and services.
  2. Creating a platform for dialogue and information sharing among various stakeholders working towards increasing youth financial inclusion.
  3. Developing practical and appropriate strategies and path ways for youth financial inclusion.

The event covered various topics relating to financial inclusion. They included: (1) Policy and Regulatory Environments; (2) Demand and supply challenges and opportunities; (3) Digital Pathways; as well as (4) Leveraging technology; all for financial inclusion.

Moderation – Dr. Ahmed Hadji

The moderator – Dr. Ahmed Hadji – welcomed the participants and called the meeting to order. He applauded the participants for coming from far and wide to attend the dialogue. This, he said, signified the much importance that they attach to the youth of Uganda in general but most importantly to the efforts of promoting financial inclusion of this population segment which is the biggest of Uganda’s population. Therefore, enrolling youth into the financial sector means rolling out the services to the wider population and hence speeding up the entire economy.

Basing on the IYET goal and objectives, Dr. Hadji gave highlighted why it was crucial that each one needed to partake in all the day’s engagement. He called on all the stakeholders present to be good ambassadors back in their respective government departments, development partner agencies and districts. This is crucial, not only to the success of IYET but to the sustainability of its achievements in the long run. He gave an overview of the day’s program and the procedure after which he then invited the Chairman IYET – Mr. Francis Kisirinya – who made introductory and welcome remarks.

Welcome Remarks

  1. Francis Kisirinya – Director Cooperate Services – UPSF and Chairperson IYET.

Starting by sharing his personal experience as an example, Mr. Kisirinya highlighted the difficulty in accessing financial services for the youth especially when it involves loans. Mr. Kisirinya had a good and long track record dealing with a particular bank (not mentioned here) with which he had been borrowing and effectively servicing his loans. Up until recently, he had borrowed up to the tune of well about Ugx 300m. However, recently, when he wanted to borrow Ugx 27m only he still had to undergo thorough scrutiny, back and forth documentation and approvals. It took 3 weeks before he could get the funds. If this is true for someone with such an impeccable reputation with the same bank, how uphill is the task for a youth with limited experience and financial capacity to access such services he decried!

He added that with only 4000 absorbed of the 700,000 youth entering the labour market annually, financial inclusion requires a concerted and sustained discourse and effort. On that note, Mr. Kisirinya reiterated the need to identify drivers and evidence gaps for youth participation in the finance sector and to explore pathways for effective and efficient access to financial services. He emphasized team work, networking and sharing of experiences and technical resources including evidence-based findings and advocacy to push the noble cause forward.

As an outcome of the dialogue, Mr. Kisirinya tasked participants to come out with practical recommendations for action. He then introduced members of IYET and declared the dialogue officially opened.

 

  1. Emannuel Ekima, Secretary Finance, National Youth Council

In his remarks, Mr. Ekima emphasized the fact that for the youth to be financially included, they need to be economically active in the first place. He commended government for the ongoing youth empowerment programmes. However, he pointed out that owing to the heterogeneous nature of the youth, i.e. schooled vs unschooled, urban vs rural and sometimes skilled and unskilled; the programmes need to be tailored to address the diversities. He raised, as an example, that under the operation wealth creation (OWC), many youths who received heifers failed to look after them for several reasons including limited logistical resources among others. He advised that any programme geared towards youth development should consider starting at the resources and knowhow that the youth have and support them towards improvement.

While Mr. Ekima was cognizant of the fact that youth prefer white color jobs to agriculture, he expressed optimism that the youth are energetic and are willing to work if agriculture is made attractive. At this point – giving an example of the Kenyan experience where government ensures that 30% of government contracts are offered to youths – he called on to government to consider some radical actions for youth inclusion in economic activity. He also called on to the bank of Uganda, commercial banks and other financial institutions to consider favourable interest rates to address the currently high rates which are prohibitive to youth inclusion. He urged all the participants to consider advocating for these concerns.

  1. Opening Ceremony and Key Note Address –

The Minister of State for Finance, Planning and Economic Development (Micro-Finance) – Hon. Kyeyune Haruna Kasolo, was scheduled to perform the official openning ceremony. However, due to an urgent call to state house he could not make it to the dialogue. This was followed by the Key Note Address delivered by Hon. Okello Bonny the member of parliament of Kole North.

Hon. Bonny thanked organizers and development partners and appreciated the cause for such efforts. As a former youth leader in the national youth council, he is one of the youth who has been advocating for similar issues while he was the youth chairperson for Kole district. Now that he is a parliamentarian and sits on the parliamentary committee on youth affairs, he pledged to sustain the voice of these and similar concerns on behalf of the youth of Uganda. He proposed pooling all youth development funds into a National Youth Bank.

He encouraged the youth not to shun starting small. It is the best way to start because even when you lose you lose small, but when you start succeeding, you have lots of experience that catapults you to bigger engagements and complex businesses.

He called on to the youth to grow a saving culture to be able to start investments. He added that they should not bank much on the entitlement mentality but take situations in their hands, address challenges and solve problems. The youth should use their right to define what they are, what they want to become. He reminded the youth to utilize their energy and inquisitiveness to work towards their dreams and goals since being a youth is just a transition. He urged them to responsibly participate in engaging stakeholders and holding government and other leaders accountable for the resources and promises they make for the development of the country

Expert presentations were made to give participants general overviews of previous, ongoing and evidences surrounding youth, their economic participation, the entire blend of socioeconomic, as well as law and policy environment to stimulate fruitful discussions. Below the report summarises the presentation and emerging issues. 

Understanding the Policy and Regulatory Environment on Youth Financial Inclusion – Ssanyu Rebecca, DRT. 

The presentation is added in the list of annexes.

It defined Youth Financial Inclusion as a process of ensuring access to appropriate financial products and services needed by vulnerable groups  (youth) at affordable cost in a fair and transparent manner by mainstream institutions (OECD). It also discussed the usage, Affordability and Quality of financial products and services. This presentation gave a common understanding of the policy environment determining how youths are targeted and participate in the financial sector. Specifically, the presentation highlighted;

  • Policy provisions affecting youth targeting in the non financial informal sector (NFIS);
  • How these provisions align with the national youth policy; and
  • To determine the gaps and how can these be bridged

The policy frame work available to include;

  • Tier 4 Microfinance Institutions and Money Lenders Act – legal basis for the operations of SACCOs; non deposit taking microfinance institutions; self help groups; and community based microfinance institutions. However it doesn’t cover mobile money/internet-based technologies
  • The Financial Institutions (Amendment) Act, 2016 – basis for Islamic banking among others
  • Micro Finance Deposit-taking Institutions Act, 2003 covers licensing, regulation and supervision of microfinance business. However it doesn’t concern itself with who accesses financial services of the prescribed institutions and as such, it is silent on youth participation.
  • The Bank of Uganda Mobile Money Guidelines, 2013, provides guidelines for mobile financial services, but does not concern itself with the characteristics (e.g. age) of users.
  • National Youth Policy 2016 – Stipulating access to resources and services by youth including finance among others. It targets all persons aged 15 to 30 years;
  • National Youth Financial Inclusion Strategy 2017-2022. creates an inclusive financial system that helps families of any social or economic status to create wealth.
  • Finally in the Strategy for Financial Literacy in Uganda, 2013, it was observed that “Youth” is one of the 5 strands that are targeted for financial literacy.

In addition, there are frameworks addressing youth financial inclusion;-

  • The Contracts Act, 2010. Provides for capacity to contract: eighteen years or above, of sound mind… although …. a person of sixteen years or above has the capacity to contract as provided under article 34 (4) and (5) of the Constitution. It should be also noted that Banks and other financial institutions including mobile money services treat accounts opening and other forms of money transacting as contracts and use this law as basis for excluding youth below 18 years.
  • It should also be noted that existing laws do not provide incentives or regulations to support inclusive financial services. This means that many formal financial institutions do not actively seek to reach hard to reach groups (such as youth), nor are they required to develop new products or adapt their minimum deposit and/or collateral requirements. To this end, IYET and partners proposed a legal/regulatory exemption amendment that allows youth aged 15-17 to open savings accounts in their own right by December 2019 (financial inclusion strategy priority action)
  1. Panelists’ Perspectives
  1. Mr. Kyateeka Francis Mondo – MoGLSD
  • Building on the working definition of financial inclusion, he summarized the concept as referring to accessing and utilizing available financial services for financial security. To this he said that cash availability dictates financial inclusiveness or exclusiveness. Therefore, he eluded, that by economically empowering the youth, government is on its way towards facilitating youth financial inclusion.
  • Citing the Youth Livelihood Programme (YLP), the Uganda Women Entrepreneurship (UWEP), the Youth Venture Capital Fund among others, Mr. Mondo encouraged youth to partake in these and more programs to be able to get financially active and then afford the services of financial institutions.
  • Secondly, he encouraged the youth to use the mobile money services more increasingly because of its user-friendliness, coverage and it is a record keeping avenue for those who would otherwise lack any records of financial dealing what so ever.
  • He reiterated government commitment to continue opening the economy to the private sector and that way the youth can get more opportunities in terms of jobs and starting their own businesses hence moving towards better financial inclusion.
  1. Mr. Fred Wasike, Post Bank Uganda Ltd
  • He shared a research finding supported by the world savings bank which targeted many stake holders including 300 youths aged 12 – 30 years. The study, which was scientifically conducted, indicated that the youth were uncomfortable when their resources are managed by other people. They wanted to directly manage their finances.
  • Before the research, they had a youth account and student account. After the study, they developed the youth save account which promotes ease of use. This has also been followed by the phone-based technologies to prompt youth to save, buy or sell goods and services.
  • However, participants noted that the phone-based techs are not as inclusive due to low literacy levels and varying internet access due to the heterogeneity of the youth and their environment.
  • Arinaitwe Francis – Youth Entreprenuer
  • He pointed out that core to financial inclusion is to embrace the diversity of the environment in which the youth dwell, especially the rural vs urban divide. For example, he said, a 24-year married youth with 5 kids in rural Uganda cannot compete favourably with the counterpart in Kampala.
  • He commented on the mobile money charges which are not progressive in nature. All along, the charges were the same for the rich and the poor youth selling small quantities of produce and receiving small monies across the medium. This negatively affects financial inclusion.
  • He expressed similar concerns for the interest rates at financial institutions calling upon partners to consider developing more youth friendly financial products.
  • He advised that since the Peer to Peer approach to mind-set changing has been successful in many community programmes, it is high time it considered for the financial sector to insure youth inclusion.
  • He wondered why a youth trust bank proposed in the 2001 version of the National Youth Policy was scraped in the 2016 version.
  1. Peter Ayesiga

About affordability and usage of the financial services, he pointed out the limitations of age by law. He expressed concerns that apart from savings, financial institutions are dragging their feet on expanding other services to youth such as access to credit and loans, and or educational services for financial literacy.

 

Youth Financial Inclusion: Opportunities, Challenges and Strategies – Joseph Nsaale Buyondo – FBMS

Financial inclusion matters not only for promoting growth, but because it helps ensure prosperity[1]. Indeed access to financial services is critical in lifting people out of poverty, in empowering women, and in helping governments deliver services to their people. He noted that financial Inclusion presented various opportunities to various players and beneficiaries including; Opportunities to Government; ffinancial institutions; and the Youth. He noted challenges faced by the Youth in accessing financial services and recommended some actions to improve the situation (See detailed Presentation).

Specifically, he recommended the following;

  • Review lending, programs methods and requirements
  • Review requirement for physical or movable collateral for youth 18-30
  • Consider youths’ integrity and the credibility of guarantors /parents.
  • Consider viable agri-business ideas instead of experience in the job
  • Scrap compulsory saving for accessing loans
  • Government programs could be managed by Fund Managers
  • Develop financial products suitable for youth 15 – 30
  • Exemption amendment that allows youth (15-17) to open savings accounts in their own right as earlier.
  • Review the education curriculum to for subjects that lead to direct employment.
  • Strengthen Public – Private sector Partnerships for the youth.
  • Engage the youth in Program and policy designs
  • Government should avail land to the youth for agricultural enterprises.
  • Government should create more flexible programs to accommodate the ever growing number of the youth e.g. Establish youth challenge Funds for funding innovative projects in agricultural value chain.
  1. Panelists’ Perspectives
  1. Gloria Asingwire – Ministry of Agriculture
  • Agriculture should not be limited to primary agriculture and cultivation perse, it should be all about the provision of goods and services along the entire value chain. Depending on individual interest and capacity, the youth can take on various projects to be economically active, partake in the financial sector and develop themselves.
  • Called on partners to promote the village agent model where farmers are linked to service providers such as processors, exporters, incubation centers, etc.
  • Advised the youth to embrace incubation centers to enable personal and product development.
  1. Allan Tusiime – Youth Entrepreneur
  • Giving his experience as an example, he advised the youth to self-examine and know what they really want, seek the knowledge and support and pursue their cause diligently. He said he was at the incubation center for one week at the Uganda Industrial Research Institute (UIRI), and the rest being history, Allan now sells fruit juice across boarder to cong.
  • He added that partners should offer the relevant information youth regarding available opportunities.
  • Make it affordable if not free to access the knowledge and skills
  • Promote mindset change at all levels and generate ideas. To this, the youth / partners should kill the idea of handouts and instead embrace and promote capacity building as a starting point for all the assistance that may be.
  • Francis Kisirinya – Private Sector Foundation of Uganda
  • Banks need to find ways of de-risking youth financial transactions, due to their high risk factor. To this, they are increasing opportunities for financial literacy e.g. know your customer, know your rights as an account holder etc.
  • PSFU are now developing financial products that focus on pay day for the youth. This prompts the youth to do a financial transaction, such as saving on that particular day or otherwise. It will be phone-based.
  1. Cyrus Osinde
  • Banks are increasingly extending banking services to outside of the banking hall to reach out to the fields where economic activities are taking place. These may be out-reaches and or the banking agents.
  • There is need for the banking sector to collaborate with NIRA to integrate information about people (bio-data), using the national identity cards, driving licenses, passports, sim cards etc.
  • This contributes to de-risking of youth transactions on one hand, but on the other, it makes it easier to evaluate the individual for suitability for particular financial products.
  • He encourage the youth to use the mobile money services and mobile banking as these can be good sources of information about their financial discipline in future when they approach financial institutions.

 

[1] Sri Mulyani Indrawati, Min. of Fin. Malaysia

  1. Banking on the move: From Informal Microfinance to Linkage Banking – Samuel Seguya Mulindwa Head Agent BankingCentenary Bank Uganda Limited

The presentation explored pathways to youth financial inclusion, opportunities and challenges. It gave institutional issues as those leaning towards poor or lack of banking infrastructure, and individual as those concerning the individual persons such as the lack of income, distance to financial service provider or lack of necessary documents among others.

Lately, various banks have developed Financial Inclusion initiatives targeting the varying categories of the population. He gave a brief look at the one for Centenary Bank. It emphasizes;

  • Availability of Agent Banking with services stretched beyond normal banking hours.
  • Field based accounts opening approach
  • Digital platform to enhance savings and remittance of funds to rural areas.
  • Linkage banking strategies, these will support banking village groups e.g. VSLAS

Benefits of agent banking to customers (Youth encouraged to embrace) include;

Cost saving, Convenience, time saving, provides opportunity to borrow and promotes a saving culture. It is also another income stream and increase patronage of existing business. Over 1,500 agents have been approved to date. Interested individuals follow the instructions to register. Dial *211# and follow the prompts. Download an APP from Google play/app store.

  1. Techno Serve: Leveraging Technology in Financial Inclusion in Agriculture

TechnoServe works with enterprising people in the developing world to build competitive farms, businesses and industries through its nonprofit model company. It works through linking people to information, capital, and markets. The company’s approaches build market actor capacity, facilitate market linkages between actors, and strengthen the business environment.

Technoserve’s approaches present various opportunities to include;

  • Agency banking – brings services closer to the people. Need for more players and wider coverage in rural areas;
  • Agribusinesses are well placed to offer credit to farmers – some offer inputs such as seeds and fertilizer, some even offer cash to open up land. Failure to respect contracts discourages such schemes; Cooperatives – if well organized, can structure access to inputs for farmers, payment can be made against produce sold. Side selling as above is a challenge;
  • VSLAs – have proven effective, accessible, simpler to utilize, easy access to credit and saving. Some FIs – PostBank, DFCU leverage VSLAs to give farmers access to credit. Issues of security & trust, wooden boxes get burnt; members steal money and
  • Mobile Money – access to safe, easy transactions. Taxes had discouraged use.

Below are some of the innovative models the company has rolled out;

  • The 4G Capital offers Kuza loans – leverage mobile money loans of $50-500. Interest 8% per month. No need for banking hall, just register. Good innovation to improve access, but more appropriate for trade-type businesses. Piloted in Kenya, partnering with our youth program.
  • The Mobipay & Fit Insights – Cooperative platform, creates a trusted record of farmer profiles, land and production data, transactions of produce, inputs channeled through the cooperative. Banks can rely on it to give loans. Can also be leveraged for insurance services. Youth & other farmers need to join coops to benefit
  • The Akorion – Ezy Agric platform access to inputs, markets & extension services. Also helps create a digital record of farmer transactions, plus a profile land (geo mapping), sil testing, insurance etc. Can be used by banks to assess farmers for loans. Helps farmers know what they need for their land so they take the right amount of credit. Easy transactions by mobile money payment.
  • For the FIs, these technologies reduce cost of client/loan assessment, monitoring and tracing. Should boost appetite for agricultural lending.

The presentation highlights more interventions in Uganda and other countries.

  1. Leveraging Technology in the financial inclusion in AgricultureDr. Rosemary Emegu Isoto – Department of Agribusiness and Natural Resource Economics, College of Agricultural and Environmental Sciences, Makerere University.

The presentation was based on the research conducted by the Department of Agribusiness and Natural Resource Economics, College of Agricultural and Environmental Sciences, Makerere University. It sought to answer 4 Key Questions. These included;

  1. What are the key financial inclusion challenges facing youth in agriculture?

We need to ask about the products and services needed by youth

  1. Where and how can fintech (technology solutions) address these constraints?

Value chain analysis for product needs of customers (e.g. savings, credit, insurance, etc)

  1. How conducive is the environment in the country for the market supply of fintech solutions

Assessment of fintech infrastructure, Are there any barriers?

  1.  What are the specific challenges that fintechs face in addressing target segments?

 The key constraints holding back financial inclusion arise from both the demand and supply side barriers. Demand side barriers include, Digital literacy; Meaningful financial awareness; knowing your customer regulatory requirements and knowing your customer infrastructure. On the supply side, barriers include; ease of entry and regulatory requirement of players among others.

 

Challenges faced by youth in accessing credit

  • The most predominant constraint was lack of information about the financial products observed by about 46% of the financial institutions.
  • Other constraints included distance to the financial institution,
  • delays in service delivery, and
  • High charges by the financial institutions among others.

Proposed solutions by Financial Institutions to Improve Access and Utilization of Financial Services by Youth (Supply-Side)

  • About 40% of the financial institutions perceived that provision of incentives to youth might increase access and utilization of financial services.
  • Other suggestions included training on financial services,
  • adoption of online transactions,
  • Utilization of ICT, and
  • Reduction of interest rate among others

 Challenges faced by youth on the demand side included;-

  • Lack of security/collateral
  • Lack of entrepreneurial skills
  • High interest rates
  • Preference of Financial institutions
  • Unpredictable weather conditions
  • Fear factor
  • Lack of infrastructure
  • Discrimination based on age and national status
  • Lack of knowledge and capacity among financial institutions
  • Lack of product differentiation and types
  • Limited branch network

Suggested solutions to address demand side challenges;

  • Delivering financial services to youth via mobile money
  • Need to provide alternative financing measures
  • Fear factor can be overcome by mind-set change programmes
  • Provision of alternative collateral requirements

 

  1. Go Big Hub – Mr. Ojijo Pascal, Founder

The presentation was based on the Go Big Hub concept. The concept finances businesses that involve contracts, bids or tenders, but without capital for execution. Individuals without collateral or banking history including youth do benefit from Go Big Hub financing mechanism.

  • The hub provides a global platform on mobile app and website, using profit sharing, block chain technology, smart contracts, to connect local contract owners to local investors.
  • There is no Collateral Contract Financing Fund, focused on financing LPOs, tenders, contract farming, and such short-term jobs by youth and women.
  • The fund was created as a solution to the challenge facing youth and women businesses in Uganda that are struggling to get tenders and LPOs.
  • Most the micro-entrepreneurs lack the capital to finance the contracts, either due to lack of security, or the lack of the mandatory “3-years-in-business” rule before they can access a loan, or both.

Go Big Hub’s risk management model has a five-pronged risk management strategy of:

  • Insuring the contract;
  • Direct disbursement of funds by gobighub.com to the suppliers, to ensure that entrepreneurs actually procure the items required;
  • Aliening of company shares, assets, bank accounts, and payment accounts, to ensure GoBigHub controls funds when contract is paid;
  • 360 degree due diligence and supervision of entire contract from issuance, through delivery, until payment; and
  • Full financing model based on paying for all costs, including incidental costs to ensure delivery.

He finally advised that the solution to Africa’s poverty, unemployment, and low productivity, lies in;

  • Connecting local entrepreneurs to local investors to access affordable capital;
  • Connecting start up entrepreneurs to successful entrepreneurs for business mentorship;
  • Private equity investment in scalable youth and women enterprises.
  1. Aisha Ali – I Profiles, Founder
  • I Profiles is children focused international NGO founded and registered in Uganda. On financial inclusion, I Profiles starts children on saving discipline to grow the saving culture early in life.
  • The saving culture grows as the child grows.
  • I Profiles has developed a programme for children entrepreneurship referred to as the “kid-prenuer” program.
  • Ms Aisha urged the youth to embrace the saving culture and they can start small. He shared a saying that goes “if your closet is more organized than your bank account, then you need to shift your attention”

The session involved table discussions that generated feedback around 2 issues; i.e. how can we practically enhance Youth financial Inclusion? And what are the creative ways that should be undertaken to leverage opportunities broadly. Following are recommendations from the round table discussions.

Practical ways to enhance Youth financial Inclusion

  • Carrying out dialogues with youth and taking their recommendations into consideration
  • Establish a youth bank to extend affordable financial services to youth
  • Extend the Youth Capital Venture fund to other banks for ease of access.
  • There should be included in the school curriculum , parental skills for children
  • There should be a deliberate policy of carrying out financial literacy among young people
  • Extend agency banking services to rural areas
  • Review of education curriculum to include financial literacy
  • Diversification of the economy
  • Government should Increase youth budget funding
  • Carry out consultations on youth financial needs
  • Carry out capacity building for youth enterprises
  • Carry out effective monitoring of youth funds to enterprises.
  • Government should offer subsidies to youth investment to enhance Financial inclusion
  • Engage youth in projects deliberately identified by government
  • Design youth friendly financial products.
  • Monitoring of grassroots financial institutions to enforce youth inclusion by government
  • Information dissemination to youth at the grassroots about availability of youth programmes.
  • Youth collateral in order to access financial services / credit should be eliminated
  • Use of the mass media to disseminate various messages on youth financial inclusion
  • Attention should be focused on out of school youth to enable them get access to finance.
  • Government should extend partnerships with all commercial banks to offer youth friendly services

 Creative ways to leverage opportunities  

  • Government should provide for 30% of all procurement towards youth investment
  • Creating platform to disseminate information about existing / available opportunities for youth
  • Youth business incubators should be decentralized to rural areas.
  • Balancing youth programming to equally benefit those who have gone through school and those who have not
  • Enabling youth access to land and equipment
  • Design / engage in exchange programmes with youth from other districts for purposes of learning.
  • Sensitizing youth on the different forms of agricultural practices
  • Conduct business, mentorship and training for young people
  • Government should streamline externalization of Labour and labour mobility nationally and internationally.
  • Government should explore use of other sectors to empower the youth e.g. Sports and recreation, theatre etc….
  • Youth should be empowered through enrollment into vocational training programmes to enable them create jobs other than seek for jobs.
  • Sensitize and train and monitoring of government extension workers on issues of youth financial inclusions especially at grass root level.
  • Government and other stakeholders should promote peer to peer training on youth programmes.

 

Below are some of the recommendations that have cut across all the presentations and discussions aiming to address both the demand and supply side limitations to youth financial inclusion.

  • Requires multi-stakeholder partnerships to solidify concerted efforts to address the challenges.
  • Finance institutions should be more creative in tailoring attractive and convenient financial products targeting the youth.
  • Government, partners and all stakeholders should encourage and promote cooperative economic models.
  • All interventions targeting youth should embrace their heterogeneity and diversity of the environments in which they dwell.
  • Financial inclusion discussions should go beyond the IYET project; it should be a lifelong discussion or conversation in various fora country wide by all.