Promoting women and youth financial inclusion for entrepreneurship and job creation: A comparative study of selected sub-Saharan African countries

 

Following the Alliance for Financial Inclusion framework, the project assessed women and youth financial inclusion through four lenses: access, usage, quality and welfare. Conducted by the African Center for Economic Transformation (ACET) the study identifies and evaluates the effectiveness of existing financial inclusion initiatives in achieving desired goals. It compares approaches, gauges impact, tracks progress and draws lessons for policy makers, regulators and service providers. The report reviews regulatory, policy and institutional frameworks that influence inclusion or exclusion of women and youth and assesses the nature and scope of public policy initiatives in Guinea, Sierra Leone and Zambia.

This paper gives a broad overview of the financial inclusion environment, and one that would prioritize the financial needs of women and youth. The key issues are addressed, as well as innovations, industry practices, and regulatory developments through the lens of women and youth. The paper highlights key macro issues to be factored into the overall design of the African Center for Economic Transformation (ACET) comparative study for three Sub-Saharan countries.

The study report identifies and assesses existing financial inclusion initiatives focusing on women and youth. As well, it provides insight into entrepreneurial opportunities through the lenses of access to, usage of and overall quality of financial services leading to welfare improvements among women and youth; takes stock of the process and product innovations intended broaden financial inclusion beyond traditional male clients; and assesses the scope of public policy and the regulatory environment in Zambia in terms of progress towards advancing adult women’s and youth’s access to financial services. A bibliography is included.

The study assesses the effectiveness of existing financial sector initiatives in advancing women’s and/or youth’s financial inclusion in Guinea. An analytical framework based on the Alliance for Financial Inclusion helped gauge the extent of financial inclusion using four indicators: access, usage, quality, and welfare improvements. The report describes the study methodology, presents a detailed analysis of the findings, and identifies gaps within the system in dire need of attention by regulatory agencies and the private sector. A significant number of Guinean youth do not have admissible IDs, while many women find it hard to obtain documents because of illiteracy and cultural discrimination.

Key findings are presented from a study that assesses the effectiveness of financial sector initiatives in advancing women’s and/or Youth's financial inclusion in Guinea, Sierra Leone and Zambia. In the study countries, cumbersome requirements and processes for opening an account are among the major barriers to financial inclusion. The study was undertaken by the African Center for Economic Transformation (ACET), an Accra-based economic policy institute. The synthesis report details some of the progress being made. Mobile devices are a promising enabler of financial services access for women and young adults.