YBI launches inclusive financial growth programme for young entrepreneurs in Kenya, Nigeria, and Vietnam

We are pleased to announce the launch of the ‘Unlocking Opportunities for Inclusive Financial Growth’ programme, a three-year initiative funded by the Standard Chartered Foundation as part of Futuremakers by Standard Chartered. From September 2024 to August 2027, the programme will tackle persistent financial challenges faced by young entrepreneurs in Kenya, Nigeria, and Vietnam. Working with our local members, Somo in Kenya, Fate Foundation in Nigeria, and Startup Vietnam Foundation, the initiative will support 884 underserved young entrepreneurs and aims to create and sustain over 2,700 jobs.

Access to finance remains one of the biggest barriers for young entrepreneurs, particularly in low-income regions, where financial systems often exclude those without established credit histories or collateral. This financial exclusion is particularly prevalent for women, those living in rural areas, and people with disabilities. Our new programme directly addresses these challenges through tailored support and inclusive financing solutions, empowering underserved young entrepreneurs to unlock their business potential.

The programme spans three YBI member-led projects:

• Somo in Kenya will support 185 young entrepreneurs, including 90 per cent women, with alternative credit scoring, 150 microloans, and investor readiness training, aiming to create and sustain 1,242 jobs.
• Fate Foundation in Nigeria will empower 300 young entrepreneurs, including 60 per cent women and 30 people with disabilities, with financial literacy training, advisory services, and microloans for 120 selected entrepreneurs, to create and sustain 600 jobs.
• Startup Vietnam Foundation will deliver five accelerator cycles for 400 young entrepreneurs, with a focus on green skills, investment-readiness, and mentorship, culminating in Demo Days with investors and seed funding for 25 businesses with the aim to create and sustain 820 jobs.

Beyond these member-led projects, YBI will deliver activities aimed at scaling and refining financial access and inclusion strategies by harnessing insights and best practices from the programme:

• Inclusive Access to Finance Guide and Assessment: YBI will develop a guide for enterprise support organisations (ESOs) to provide targeted financial support, building pathways to access for young entrepreneurs.
• Access to Finance Community of Practice: A forum for shared learning among programme members, enabling collaboration and practical skill-building to improve financial access services.
• Research on Access to Finance: YBI will conduct extensive research, drawing insights from programme stakeholders and participants to shape effective and inclusive financial practices worldwide.

Through the ‘Unlocking Opportunities for Inclusive Financial Growth‘ programme, YBI and Standard Chartered Foundation are taking decisive steps to create a more inclusive, accessible financial ecosystem, empowering young entrepreneurs to thrive on a global scale.