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See detailSupporting Youth in African Countries to Advance Local Economies and Community Health: The SDG Lab on Microfinance for Youth and Clean Water
Leist, Anja UL; Avidar, Ornit; Szelest, Linda et al

Report (2018)

In the sub-Saharan African countries, a large number of young adults enters the labour market each year. Scarcity of regular employment opportunities and the wish to become an entrepreneur lead many young ... [more ▼]

In the sub-Saharan African countries, a large number of young adults enters the labour market each year. Scarcity of regular employment opportunities and the wish to become an entrepreneur lead many young people to start their own business. However, young people are often not able to become regular microloan customers due to both higher risks associated with young age and lack of experience with managing finances. If microfinance products should become accessible to young people, the loans need to be accompanied by non-financial services, i.e., financial advice and mentoring. In order to advance local economies and community health, we see two distinct problems around microfinance products for young adults. First, microfinance products combined with non-financial services are not sustainable, i.e. additional external funds are needed that render these microloan products unprofitable in the long run. Second, if improvements in community water, development, and health are envisaged, then new microfinance products need to be designed to serve the purpose of supporting the SDG goals of clean water and sanitation for all. We used an existing initiative of microfinance for young entrepreneurs and applied the social innovation lab methodology to gather experts in relevant fields. The SDG lab, co-sponsored by Future Earth and Appui au Développement Autonome Microfinance Luxembourg and hosted by the University of Luxembourg, first addressed the problem of sustainability of microfinance products for young entrepreneurs. Second, the SDG lab defined actors, processes, and goals to design microfinance products for young people to support the SDG goals of clean water and sanitation for all. [less ▲]

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