Some 78 percent of the 200 million young people in sub-Saharan Africa live on less than US$2 a day, and 48 percent live on less than $1 a day. They are disproportionately affected by high unemployment rates, as the ‘youth bubble’ of people aged 15 to 24 rapidly eclipses private sector growth. At the same time, fewer than five percent of this population has access to financial services; and while many financial service providers express an interest in serving youth, few are equipped to do so.
How We Are Helping?
YouthStart, a UNCDF initiative established in partnership with The MasterCard Foundation, aims to increase access to financial services for low-income youth in sub-Saharan Africa, with an emphasis on savings and financial education. The programme helps to design, test and scale up sustainable services tailored to the needs of young people, while helping to create an enabling regulatory environment for young people to access the right financial and other services they need to make sound financial decisions, build a strong asset base, and create sustainable livelihoods for themselves.
To learn more about YouthStart, please download the YouthStart brochure
|Goal||To increase access to financial services for low-income youth in sub-Saharan Africa. Spur innovation and delivery of microfinance for youth in Africa.|
|Active In||Burkina-Faso, Democratic Republic of Congo, Ethiopia, Malawi, Rwanda, Senegal, Togo, Uganda.|
|Partners||UNCDF, The MasterCard Foundation.|
|Seed Funding from DFAT|| |
|Total project cost and UNCDF contribution||USD 12,000,000|