Accessing a loan or a savings account for a young Guinean in rural areas is not an easy task. In Guinea, 23.5% of the population has an account with an institution according to the Global Findex 2017. This situation makes the management of finances for young entrepreneurs more complex and totally dependent on cash and expensive informal solutions when they exist. These difficulties in accessing basic financial services hamper the development prospects of young Guinean entrepreneurs.

To remedy this situation and promote economic development in rural areas where traditional bank branches are almost non-existent, the INTEGRA program includes in its activities a financial inclusion component implemented by our UNCDF team in Guinea. Here is what Rachelle Foromo, a young beneficiary of the INTEGRA program trained in childcare, says: “I am very happy with the implementation of this Orange Money solution associated with a Finadev account. It allows me to avoid long queues at the agency and to save time when the payroll is available. I advise all the other beneficiaries to opt for this solution which allows you to have your money even while being in class”.

The INTEGRA program, funded by the European Union, aims to contribute to the prevention and limitation of irregular migration through a vast program of reintegration of returning migrants and economic integration for young Guineans living in rural areas. . The financial inclusion component of the program has enabled the development of financial services adapted to the needs of young people. These services consist of current and savings accounts opened free of charge in which they can have access on the one hand to their daily allowances and on the other to their capitalized savings at the end of their journey .In addition, they also have access to low loan rates from a microfinance institution FINADEV as well as financial and material guarantees. This credit offer is offered to young people who have received entrepreneurial training as part of the INTEGRA project. To meet the specific needs of young people living in areas far from the centres, the UNCDF team has set up a partnership between Orange Money and FINADEV. This partnership has made it possible to set up a “bank to wallet” solution via the Orane Money service connected to the bank accounts of young beneficiaries. This service makes it possible to link the account in the FINADEV microfinance institution with an Orange Money account accessible via a mobile phone.

First piloted in the summer of 2022, in the capital Conakry and in Mamou, with 80 young people, the service was rolled out with a user manual for trainers. The latter are equipped with a digital presentation via tablets and computers belonging to the trainers, which allows them to train young people on deposit operations (Orange Money to Finadev), withdrawal (Finadev to Orange Money) and loan repayment due. After the pilot phase, the trainers were deployed in the Kindia region then in Daboya, Komoya and Gbeyawori, Mamou and Labé before closing with the capital Conakry in September 2022. To date, more than 467 out of 683 young people sensitized use this digital services.

This “bank to wallet” service is particularly useful for these young entrepreneurs who live at a distance from the 12 FINADEV agencies in the areas concerned by the project. Many of these young people are out of school, destitute and excluded from financial services given their status. This innovation facilitates their day-to-day financial transactions as entrepreneurs, saves them time by avoiding queues at branches, and money by avoiding trips that can cost $2 to $5 each way. With their Orange money account, they can also secure their cash and reduce the risks associated with transporting cash such as road accidents, assaults and others.

The choice of the operator Orange is justified in the context of this project by its high penetration rate throughout the country, the stability of its network and the cost of transactions deemed low and affordable for young beneficiaries.

This “bank to wallet” service is one of the many such services deployed in West Africa by our UNCDF teams. The very first “ Bank to Wallet " service was implemented by our teams in Benin in partnership between the microfinance institution ALIDé and the mobile telephone operator MTN in 2018.

This solution therefore offers young beneficiaries even wider options for financial services. With this device, INTEGRA intends to reach more than 2000 young active users. The service intends to be rolled out to all FINADEV clients in the coming months.