Silatech, a Qatar-based social enterprise, has partnered with Al Barid Bank, a subsidiary of Post Morocco, to launch a Youth Savings Account (YSA), which is available to Moroccans between the ages of 18 and 25. The savings account offers an undisclosed minimum balance described as “very low,” a voluntary lock-in mechanism to limit withdrawals and matching deposits for the first 20,000 accounts opened. Other incentives to save include quarterly prize draws for those opening new accounts and annual prize draws for youth who meet certain savings milestones.
Silatech operates in Egypt, Morocco, Palestine, Syria, Tunisia and Yemen. Financial information on the institution is not available. Al Barid Bank has 1,800 branches serving approximately 4 million customers.
By Brendan Millan, Research Associate
About Silatech: Founded in 2008, Silatech is a Qatar-based social enterprise aiming to increase jobs and entrepreneurship to reduce youth unemployment in the Middle East and North Africa. Silatech operates in Egypt, Morocco, Palestine, Syria, Tunisia and Yemen. Financial information on the institution is not available.
About Al Barid Bank: Founded in 2010, Al Barid Bank is a subsidiary of Post Morocco. The bank has 1,800 branches and approximately 4 million customers. Financial information on the bank is not available.
Sources and Resources:
[1] Silatech: “Press Release: Silatech and Al Barid Bank Announce Savings Program for Moroccan Youth”, http://www.silatech.com/index.php?option=com_content&view=article&id=414:press-release-silatech-al-barid-bank-announce-savings-program-for-moroccan-youth&catid=10:news-archive&Itemid=171
MicroCapital.org story, February 28, 2012, “MICROCAPITAL BRIEF: “Mubadarati” Initiative Backed by United Nations, Silatech to Provide Microfinance to Young Palestinian Entrepreneurs”, https://www.microcapital.org/microcapital-brief-mubadarati-initiative-backed-by-united-nations-silatech-to-provide-microfinance-to-young-palestinian-entrepreneurs/
MicroCapital.org story, October 4, 2011, “MICROCAPITAL BRIEF: Focus Note Distributed at Fifth African Microcredit Conference Lauds Morocco as a ‘Microcredit Champion,’ Contrary to Past Reports Expressing Concern”, https://www.microcapital.org/microcapital-brief-focus-note-distributed-at-fifth-african-microcredit-conference-lauds-morocco-as-a-%E2%80%9Cmicrocredit-champion%E2%80%9D-contrary-to-past-reports-expressing-concern/
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