New youth savings program launched in Yemen
Monday, July 2, 2012
Silatech and the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) have signed an agreement with Al-Amal Microfinance Bank (AMB) and Al-Kuraimi Islamic Microfinance Bank (KIMB) in Yemen to provide financial access to tens of thousands of young Yemenis through an innovative new youth savings program.
The main objective of the program is to allow young Yemenis between the ages 18 and 30 to build their financial assets and encourage active.
The initiative will enable young Yemenis aged 18-30 to build their financial assets by opening a youth-specific savings account at any AMB or KIMB branch across the country. Set to be available for youth by the end of summer 2012, these Youth Savings Accounts (YSAs) include features specially designed for young people, including a very low minimum opening balance, a voluntary lock-in mechanism, as well as a range of incentive mechanisms which encourage youth to open an account and to continue savingover the long term.
The YSAs will be promoted through an extensive marketing campaign stressing the benefits of savings for young people and encouraging them to save more. The programwill further partner with media outlets, educational institutions, the Yemeni Microfinance Network and other youth organizations to raiseawareness and promote savings among young people.