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Digital Financial Inclusion of Youth in developing countries

Angely Bernardo | Jul 31, 2021 | in Generation Connect Video Pitch Challenge | Digital inclusion

According to OECD (2020), almost half of the young people around the world do not have a basic bank account at a formal financial institution. There is a disparity in opportunities that youth in developing economies face in comparison to youth in developed economies. For instance, 84% of young people in high-income countries are financially included, compared with fewer than 40% in Sub-Saharan Africa (SSA), Middle East and North Africa (MENA), and Latin America and the Caribbean. The main issue is effective access to affordable Digital Financial Services and the lack of financial knowledge, skills, and awareness of financial products and services. To address these issues my idea is:

The development of a collaborative digital platform for Digital Financial Inclusion of Youth: a low bandwidth browsing platform, allowing people to access banking and finance apps using free weekly data.

How does it work?

1. In partnership with financial institutions develop low-data-consume apps that allow basic flexible services, with ow opening and maintaining costs, like:

a) Sending and receiving money.
b) Features that help young people with budgeting and basic financial literacy

2. A partnership between mobile operators and financial institutions, strengthened by ITU, provides a weekly balance of free data to access the finance apps.