Guinea: financial inclusion of young entrepreneurs

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Accessing a loan or a savings account for a young Guinean in rural areas is not an easy task. In Guinea, 23.5% of the population has an account with an institution according to the Global Findex 2017. This situation makes the management of finances for young entrepreneurs more complex and totally dependent on cash and expensive informal solutions when they exist. These difficulties in accessing basic financial services hamper the development prospects of young Guinean entrepreneurs.

To remedy this situation and promote economic development in rural areas where conventional bank branches are almost non-existent, the INTEGRA program, funded by the European Union, includes in its activities a financial inclusion component implemented by a team from the United Nations Development Fund (UNCDF, United Nations Capital Development Fund) in Guinea, the administrators of this operation reported from New York on Tuesday, January 24.

The INTEGRA program, funded by the European Union, aims to contribute to the prevention and limitation of irregular migration through a vast program of reintegration of returning migrants and economic integration for young Guineans living in rural areas. . The financial inclusion component of the program has enabled the development of financial services adapted to the needs of young people. These services consist of current and savings accounts opened free of charge in which they can have access on the one hand to their daily allowances and on the other to their capitalized savings at the end of their journey.. In addition, they also have access to low loan rates from a microfinance institution FINADEV as well as financial and material guarantees. This credit offer is offered to young people who have received entrepreneurial training as part of the INTEGRA project.

To meet the specific needs of young people living in areas far from the centres, the UNCDF team has set up a partnership between Orange Money and FINADEV. This partnership has made it possible to set up a “bank to wallet” solution via the Orane Money service connected to the bank accounts of young beneficiaries. This service makes it possible to link the account in the FINADEV microfinance institution with an Orange Money account accessible via a mobile phone.

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