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Innovations in Youth Financial Services Practitioner Learning Program
The Innovations in Youth Financial Services Practitioner Learning Program (PLP) is an action-learning project focused on viable models for achieving scale in youth financial services, as well as understanding critical stages that organizations must move through to achieve scale. The envisioned impact is to expand the number of youth clients served by appropriate financial services, and improve the quality and breadth of service provision to youth.
The four organizations that were selected to participate in the PLP are currently serving young people with financial services and have clear, sustainable strategies for scaling up. Together, they will form a learning network that will document and disseminate good practices and lessons learned to the microfinance sector at large.
Youth financial services represent a major challenge and opportunity for the microfinance field. Young people have a number of financial goals, from paying school fees to helping out with family expenses; some even start small enterprises of their own. Yet only three percent of youth worldwide have access to financial services.
Considering there are now over a billion people in the developing world between the ages of 12 and 24, this is a critical time to harness young people's capacity for learning and provide them with solid financial services and understanding that will help lift themselves and their families out of poverty. The Innovations in Youth Financial Services PLP was created to help financial service providers meet this growing need for products and services tailored to young people.
- Building Sustainable Business Models for Youth Financial Services (November 2011)
- Effective Marketing for Scaling Up Financial Services to Youth (November 2011)
- Reaching Scale with Financial Education for Youth (November 2011)
- Institutionalizing Youth Financial Services to Achieve Scale (November 2011)
|This initiative was made possible by the generous support of the MasterCard Foundation.|
|CRS El Salvador will be working on the "Youth for Progress" project that provides financial services for youth aged 12-24. With Enlace Financial Services SA de CV as a partner, the project will expand savings and internal lending groups, credit as well as complementary business development services to youth.|
|FINCA Uganda's youth product is called "FINCA Star Girl" and it primarily target girls aged 10-19. FINCA Star Girl utilizes a voluntary savings methodology and is offered to girls (both in and out of school) who are part of self-managed groups that also encourage increased socialization, communication and complementary activities.||
|Hatton National Bank's program is called the "Youth Development" project and incorporates a variety of youth-focused activities (such as micro-savings, micro and rural financing, financial education and entrepreneur development) to empower youth in Sri Lanka.||
|XacBank will be focusing on a wide variety of financial products that target youths aged 12-24 in a variety of different sectors. They offer savings, financial education, a web-based lending product, and student loans to help with tuition and fees.||
The contact for the Innovations in Youth Financial Services PLP is Daphne St.Surin.