New Scale2Save research on African youth
Banks that want to accelerate financial inclusion should focus on young people in Africa, understand their lives and needs better, and offer them appropriate and tailored products. These are among the key conclusions of a 45-page report by Scale2Save that looks at how younger sections of the population in three African countries manage their income, expenditure, and savings.
Scale2Save is a partnership between e-MFP member WSBI and Mastercard Foundation to establish the viability of small-scale savings. The partnership commissioned this study to understand better the needs of unserved youth in three rapidly growing countries – Morocco, Nigeria and Senegal.
Lessons from the study can help financial institutions, financial inclusion experts from NGOs, intergovernmental organisations and academia, as well as policymakers tackle the challenge of bringing new generations of savers into mainstream savings accounts.
WSBI Programme Director Ian Radcliffe said: "Products that do not grow with young people rapidly slip into dormancy. Only when financial service providers can keep up with the changing needs of younger customers will investments in serving them be made to work for all involved."