Africa is considered to be the youngest region in the world with 60% of its 1.1 billion population under the age of 24 (UN, 2019). Projections suggest that the youth cohort in Sub-Saharan Africa (SSA) will continue to grow and will likely represent almost 30 percent of the world’s youth by 2050, up from 18 percent in 2020 and almost 22 percent in 2030 (UN, 2020).

Access to financial services and financial education is a key link between economic opportunities and outcomes for young people, enabling them to manage emergencies, invest in their education, or start a business. However, youth are disproportionately excluded from the formal financial system: In SSA only 37% of youth declared having an account (Global Findex, 2017).

The current economic crisis, resulting from the COVID-19 pandemic, exacerbates the vulnerability of youth and is likely to have a greater negative impact on young people’s livelihoods, which could lead to the emergence of a “lockdown generation” (ILO 2020). The advancement of financial inclusion for young population is a high policy priority especially for AFI members and private sector in this region.

The virtual event will be structured around two inter-linked sessions:

1. In the first technical session, AFI members will present policy responses to COVID-19 for young population in Africa and will share their country experiences to advance the agenda on financial inclusion within young people. 

2. In the second session, it will take place the AFI Virtual Public-Private Dialogue (PPD) Roundtable gathering AFI members, private sector partners and youth representatives to have a thoughtful discussion about practical Public-Private collaboration to effectively promote financial inclusion for young population in this region.