Global Youth Economic Opportunities Conference
Down to Business: Ryada Microfinance's Experience of Introducing Financial Services for Youth
This article outlines Ryada Microfinance's experiences offering financial services to youth in Palestine by sharing challenges and lessons learned through their implementation of the emerging guidelines for developing and delivering youth financial products.
Abstract
In 2011, Ryada, a leading MFI in Palestine, launched a pilot start-up business loan for youth using emerging guidelines for linking youth to financial services. An assessment of its portfolio revealed that, in 2010, 40% of Ryada's clients were between the ages of 18 and 28. Understanding the importance of developing a product which both mitigates the changes of over-indebting young clients and restricts its own potential losses, Ryada worked with Making Cents International to design its pilot, using its training on sound practices, youth-friendly market research tools, product design and product testing processes. This focus note presents the story of Ryada, highlighting where it has confirmed emerging guidelines in youth-inclusive financial services and presenting new insights for MFIs seeking to work with youth.
Keywords
Youth, young people, children, savings, credit, financial product development, non-financial products, Palestine
