{"id":42663,"date":"2015-11-20T14:29:11","date_gmt":"2015-11-20T19:29:11","guid":{"rendered":"https:\/\/staging21.finca.org\/uncategorized-en-ca\/financing-africas-rural-youth"},"modified":"2024-11-04T02:08:08","modified_gmt":"2024-11-04T07:08:08","slug":"financing-africas-rural-youth","status":"publish","type":"post","link":"https:\/\/finca.org\/en-ca\/financing-africas-rural-youth","title":{"rendered":"Financing Africa\u2019s Rural Youth"},"content":{"rendered":"<p>Much of Sub-Saharan Africa is on the verge of a crisis. By 2035, the International Monetary Fund estimates the number of Africans joining the working age population will exceed the rest of the world combined. To fill this surge, <a href=\"http:\/\/youngafricaworks.org\/newsroom\/africas-youth-employment-challenge\" target=\"_blank\" rel=\"noopener\">11 million jobs will have to be created each year<\/a> for youth for the next decade across Africa.\u00a0<!--more--><\/p>\n<p>Over 600 million youth, under the age of 25, live in Africa, and 72 percent are currently unemployed. With over 60 percent of Africans living in rural areas, could the agricultural sector generate enough jobs to support the youth?<\/p>\n<p>At the recent <a href=\"http:\/\/youngafricaworks.org\" target=\"_blank\" rel=\"noopener\">Young Africa Works Summit<\/a>, organized by the MasterCard Foundation, attendees sought answers to this important question.<\/p>\n<p>FINCA\u2019s answer: investing in <a href=\"https:\/\/www.youtube.com\/watch?v=qVz39a-6yKU\" target=\"_blank\" rel=\"noopener\">alternate delivery channels<\/a> to help the unemployed in rural areas gain access to financial services, to build businesses and create jobs.<\/p>\n<p>FINCA\u2019s own Alejandro Jakubowicz, Deputy Regional Director of FINCA Africa, was a featured speaker on the Summit\u2019s panel on financial services, \u201cYouth Financial Services, Innovations in Youth Access to Finance and Agri-finance.\u201d Speaking on FINCA\u2019s experience in the <a href=\"https:\/\/finca.org\/locations\/africa\/dr-congo\">Democratic Republic of Congo<\/a> and how financial services can help youth entrepreneurs and farmers in the agricultural sector, Alejandro also discussed the large segments of DRC\u2019s population that were unbanked, many who lived far from bank branches.<\/p>\n<p><a href=\"https:\/\/finca.org\/wp-content\/uploads\/MCF_SouthAfrica_Young_Africa_Works_Conference_2015-small.jpg\"><img decoding=\"async\" data-src=\"https:\/\/finca.org\/wp-content\/uploads\/MCF_SouthAfrica_Young_Africa_Works_Conference_2015-small.jpg\" class=\"alignnone size-full wp-image-12393 lazyload img-fluid\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"MCF_SouthAfrica_Young_Africa_Works_Conference_2015 small\" width=\"1000\" height=\"667\" \/><noscript><img decoding=\"async\" class=\"alignnone size-full wp-image-12393 img-fluid\" src=\"https:\/\/finca.org\/wp-content\/uploads\/MCF_SouthAfrica_Young_Africa_Works_Conference_2015-small.jpg\" alt=\"MCF_SouthAfrica_Young_Africa_Works_Conference_2015 small\" width=\"1000\" height=\"667\" srcset=\"https:\/\/finca.org\/wp-content\/uploads\/MCF_SouthAfrica_Young_Africa_Works_Conference_2015-small.jpg 1000w, https:\/\/finca.org\/wp-content\/uploads\/MCF_SouthAfrica_Young_Africa_Works_Conference_2015-small-300x200.jpg 300w, https:\/\/finca.org\/wp-content\/uploads\/MCF_SouthAfrica_Young_Africa_Works_Conference_2015-small-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/noscript><\/a><\/p>\n<p>In 2012, FINCA launched agency banking in the DRC, to help reach more remote entrepreneurs, especially in rural areas. Banking agents provide financial services to FINCA\u2019s clients at retail locations with the help of a POS machine.<\/p>\n<p>\u201cAgents and other low cost delivery channels are more effective than traditional branches to develop untapped markets where young people are the majority of potential clients,\u201d Alejandro said at the event.<\/p>\n<p><a href=\"https:\/\/finca.org\/wp-content\/uploads\/POS-machine.jpg\"><img decoding=\"async\" data-src=\"https:\/\/finca.org\/wp-content\/uploads\/POS-machine.jpg\" class=\"alignnone size-full wp-image-12391 lazyload img-fluid\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"POS machine\" width=\"838\" height=\"437\" \/><noscript><img decoding=\"async\" class=\"alignnone size-full wp-image-12391 img-fluid\" src=\"https:\/\/finca.org\/wp-content\/uploads\/POS-machine.jpg\" alt=\"POS machine\" width=\"838\" height=\"437\" srcset=\"https:\/\/finca.org\/wp-content\/uploads\/POS-machine.jpg 838w, https:\/\/finca.org\/wp-content\/uploads\/POS-machine-300x156.jpg 300w, https:\/\/finca.org\/wp-content\/uploads\/POS-machine-768x400.jpg 768w\" sizes=\"(max-width: 838px) 100vw, 838px\" \/><\/noscript><\/a><\/p>\n<p>Since agency banking was launched, FINCA has utilized two methods to help youth to gain access to financial services: placing agents near schools and universities and conducting savings accounts drives geared at youth. Today, more than 20 percent of all agent transactions in the DRC comes from youth clients, thanks to these efforts.<\/p>\n<p>As more and more youth in the DRC are able to access financial services through alternative delivery channels, such as agent banking and the POS machine, the potential for young farmers and entrepreneurs in rural areas to create their own jobs and employ others in their communities becomes more a reality and less a question.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over 70% of African youth are unemployed. FINCA\u2019s solution: help the unemployed gain access to financial services, to build businesses and create jobs.<\/p>\n","protected":false},"author":392,"featured_media":10550,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[151],"tags":[15,95,28],"class_list":["post-42663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en-ca","tag-events","tag-financial-inclusion-en-ca","tag-fintech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financing Africa\u2019s Rural Youth | FINCA<\/title>\n<meta name=\"description\" content=\"Over 70% of African youth are unemployed. FINCA\u2019s solution: help the unemployed gain access to financial services, to build businesses and create jobs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finca.org\/en-ca\/wp-json\/wp\/v2\/posts\/42663\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financing Africa\u2019s Rural Youth | FINCA\" \/>\n<meta property=\"og:description\" content=\"Over 70% of African youth are unemployed. 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