Lydiah kiburu

Building Women-Focused Finance

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Building Women-Focused Finance: The Global-Local ExperienceLydiah Kiburu

Equity Bank

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Building Women-Focused Finance

#bwffconf

Why Focus on the youth?

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Building Women-Focused Finance

#bwffconf

The Profile of the youth in Kenya

• Youth below 30 years account for 75% of Kenya’s population

• Those between 15-30 years make up 32% of the population

• Youth form 60% of Kenya’s labour force

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Building Women-Focused Finance

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Opportunities of banking the youth

• Youth spend money just like adults• They have dreams to improve their lives• Majority are business ideas but lack support to actualise

their dreams• The government is focusing on youth empowerment and

is creating youth targeted programs• The Youth development fund and the Uwezo Fund by

government is targeting the youth.• Government has been working with financial sector to

disburse the funds to the youth

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Building Women-Focused Finance

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Benefits of giving youth financial independence

• Social economic empowerment• Improvement in quality of life• Participation in national life• Creation of employment and wealth• Nurturing entrepreneurship culture at an early age• Reduce crime and deviant behavior

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Building Women-Focused Finance

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Why Business and Financial Education for the youth?

• Youth have remained largely unbanked especially in emerging markets

• Youth lack – the knowledge and confidence to navigate the financial system– adequate experience to manage their finances and business

management • Africa is witnessing a youth bulge, without commensurate

employment opportunities. The youth will have to focus on entrepreneurship

• Financial sector has an obligation to reach out to the youth and give them an opportunity to join the financial system

• Business and financial education will increasingly become an important element in youth banking

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Building Women-Focused Finance

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Business and financial education for the youth

The scope should be defined from a participatory research among the youth to assess the needs.

Financial education• Demystifying financial services• Managing finances

Savings, Budgeting, debt management, types of credit products

Business education• Identifying business opportunities• How to start and manage a business• Basic book keeping, costing, negotiations, stock control• Managing people and productivity• Managing risks• Insurance• Marketing and networking

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Building Women-Focused Finance

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How should BDS and FE be offered?

Options will vary with one organization/market to another. Each financial service provider must conduct a market survey and involve the youth in the design and development of business and financial education

Integrating with product design and delivery• Structured and delivered through relationship management, client visits,

regular customer forums, financial education open days, use of traditional and social media

Offering it as CSR (doing good)• Design full training modules with certification• Open it to the wider public as part of doing good to the community• Publish training support materials• Organize youth enterprise clubs for networking, mentoring and

continuous learning

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