Financial Education & Inclusion
The World Bank Global Findex states that approximately 200 million people are unbanked in Africa.
Though there has been an impressive growth in financial inclusion on the continent driven primarily by mobile money against traditional banking, the number of unbanked and under-banked remains too high.
The main causes of financial exclusion include among others financial illiteracy, proximity to financial services, low income levels, and absence of empirical data on populations that are underserved.
At the BAYI Foundation, we’re focused on making sure technology transforms financial services in a way that works for everyone by creating new platforms, catalyzing private markets, and supporting the movement towards universal access to financial services.
The Foundation aims to strategically intervene to mitigate the barriers to financial inclusion by:
- Supporting efforts to promote financial education and literacy on the continent
- Investing in new technologies and innovative business models that promote inclusion
- Providing linkages with institutions in the developed market to support typically excluded groups such as women.
Youth Entrepreneurship & Mentorship
The BAYI Foundation believes that Africa’s youth are important factors of social and economic advancement. The development of vital projects depends on the human and social responsibility of every youth to be dependable contributors within society.
Africa has the youngest youth population in the world. According to the United Nations, the continent’s youth population will exceed 500 million by 2050. This considerable growth should present an opportunity for vibrancy and creativity across the continent.
However, the high youth employment rate dampens optimism as youth are at risk of being susceptible to criminality, illegal migration and apathy.
Considering the depressed state of the formal job market in many countries, the growth in youth entrepreneurship has become a promising vehicle to create jobs and sustainable livelihoods.
BAYI Foundation will implement its Youth Entrepreneurship & Mentorship program through the following:
- Annual Entrepreneurship Camps: The camps will bring together younger entrepreneurs (15-21) and provide the unique opportunity to learn from experienced entrepreneurs from around the world
- Youth Founders Mentorship: Direct mentorship initiatives will be organized for youth-led start ups
- BAYI Fellowship: This is an integrated program for professionals and students to gain practical experience working with small businesses in Africa.
Women’s Business Support
Gender equality is a fundamental development objective for the BAYI Foundation as we believe it is essential for everyone to participate equally in the growth and economic development of society.
Though African women tend to become entrepreneurs more frequently than men, female entrepreneurs often confine themselves to traditionally female sectors and not because of lack of skills, but rather due to social factors as well as a lack of information and access to capital.
Access to capital remains a key challenge for African women. Banks, microfinance institutions and angel investors generally do not meet the financing needs of African women entrepreneurs, and there are also limited options available for businesses that are past the microfinance stage but are not yet ready for venture capital.
The Foundation’s WBS program will focuses on the following:
- Creating forums for African women’s businesses to access basic business advisory
- Supporting capacity building for women founders
- Bridging the financing gap by supporting businesses that cannot access traditional capital.