Digitized financial services to support 89,000 young people in three countries, including Cambodia, courtesy of Silatech
Silatech, in collaboration with Gojo & Company (Gojo), has launched a new project that offers digitized financial services to 89,600 young people in Cambodia, India and Sri Lanka to start and maintain their income-generating businesses.
The “Digital Financial Inclusion for Youth Economic Empowerment” project was launched on the sidelines of the third celebration of the International Day to Protect Education from Attack, at UNESCO Headquarters in Paris, France.
The three-year project aims to remove barriers to access to finance for young entrepreneurs, create opportunities for income generation and promote financial inclusion and growth.
Commenting on the occasion, Silatech CEO Hassan Al Mulla said, “We are very excited about this collaboration as we strongly believe in the power of digital solutions and more specifically financial solutions to combat the growing global problem of youth unemployment.
Through this partnership, Silatech hopes to accelerate the development of micro-small and medium enterprises in South and Southeast Asia. The changing world needs young people; with new skills compatible with new realities and perspectives.
Creating inclusive access to financial services helps improve the livelihoods of the most vulnerable young people and empowers young people to take charge of their future and respond independently to the needs of society.
For his part, Managing Partner of Gojo Arnaud Ventura said, “We are very pleased to initiate this partnership with Silatech to increase financial inclusion to tackle youth unemployment in South and Southeast Asia. .
Gojo, one of the fastest growing microfinance groups in the world, with its 9 inclusive financial service providers, is embracing digital technology to accelerate financial inclusion and intends to scale this strategy world in the years to come.
In Cambodia, India and Sri Lanka, many young people find it difficult to access credit facilities due to lack of proper documentation, including collateral, proof of employment and credit records often required by banks and microfinance institutions, which hampers their ability to engage in income-generating activities to support themselves. families.
This situation has been aggravated by the Covid-19 pandemic which has hit the informal economy the hardest in many developing countries, resulting in reduced incomes, job losses and financial access constraints for young people. .
To create a thriving generation of young entrepreneurs, the smart finance solution will address the financial inclusion needs of low-income youth and provide easily accessible online digital services, alternative documentation and creditworthiness, and flexible loan products designed For the young. Peninsular Qatar
- Key words: Digitized Financial Services, Youth Economic Empowerment