Location: Online Webinar
Date: 27th of August 2019
Time: 9:30 AM – 10:30 AM EDT
Organizer: The SEEP Network
Across sub-Saharan Africa, young people account for half of the financially excluded. In Northern Africa, they represent a smaller proportion but are still disproportionately unserved or underserved. The most distinctive group are the youth still living in the parental home. Transitioning into full adulthood, they are expected to become heads of household. They are increasingly literate and much more digitally savvy than their parents. Given high levels of mobile literacy, young people in Africa offer an untapped opportunity for financial service providers. It is critical that providers innovate and change the way they target this segment to address their personal financial needs.
This webinar will present key findings from recent research in three rapidly-growing countries – Morocco, Nigeria and Senegal. It will focus on three key questions:
- What are the true financial needs of unserved young people?
- How do young people manage their money?
- What are the opportunities for financial service providers?
The research focused on young people, which includes three clusters – mid-teens (aged 15-17), youth (18-24) and young adults (25-30). It examines their experience in respect to financial inclusion, support structures and opportunities for young entrepreneurs. The main methodologies employed included a 13-week diary study, macro-quantitative analyses of publicly available data and qualitative research. It was commissioned by Scale2Save, a partnership between WSBI and Mastercard Foundation to establish the viability of small-scale savings in six African countries.
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