According to the World Bank, the MENA region suffers from one of the highest rates of financial exclusion in the world. The situation in Morocco, where only 4.3% of adults have received a loan from a financial institution in 2012, is particularly dire. Youth are disproportionally affected by obstacles to finance. Thus, only a minority of them are able to access credit in order to create or develop their business, support their families and ensure a better future for themselves and their loved ones.
Over a six-year project, supported by MasterCard Foundation, MEDA designed and developed an approach to address this gap and to lead to youth financial inclusion. Working with three leading Moroccan microfinance institutions, MEDA and partners began the product development journey from market research to pilot. This webinar presented the results from market research to the design of prototypes of three credit products with a closing reflection on lessons MEDA would like to share with other practitioners in the field of financial inclusion.
This is the third installment of the Understanding Youth and their Financial Needs webinar series organized by SEEP’s Youth and Financial Services Working Group.