Silatech, a Qatar-based social enterprise, and Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), the development agency of the German government, have partnered with Al-Amal Microfinance Bank (AMB) and Alkuraimi Islamic Microfinance Bank (AIMB), both of Yemen, to extend financial access to Yemeni youth through a microsavings program. It is expected that by the end of August 2012, young people aged 18 to 30 will be able to open a Youth Savings Account (YSA) at any AMB or AIMB branch across the country. The YSAs aim to encourage long-term saving and have an unspecified “low” minimum opening balance and a voluntary lock-in mechanism. This initiative is intended to extend financial inclusion to vulnerable youth and builds on a previous pilot project developed by AMB and Silatech which provided 9,000 youth with access to savings accounts.
As of March 2012, AMB reported to US-based nonprofit data provider Microfinance Information Exchange (MIX) a gross loan portfolio of USD 3.1 million and approximately 20,000 active borrowers. AIMB does not report financial data on its website or to standard resources such as MIX.
By Mihaela Grindeanu, 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 Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ): Founded in 1975, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is an agency of the German government. It operates in 128 countries in an effort to promote sustainable development by providing financial advisory services and funding. For fiscal year 2010, GIZ conducted business valued at EUR 1.85 billion (USD 2.26 billion).
About Al-Amal Microfinance Bank (AMB): Al-Amal Bank was formed in 2008 with financial contributions from the Yemeni government via the Social Fund for Development (SFD), the Arab Gulf Program for United Nations Development Organizations (AGFUND) and unspecified private actors. The bank provides individual and group loans; savings services; insurance; and project, corporate and investment financing. As of March 2012, AMB reported to US-based nonprofit data provider Microfinance Information Exchange (MIX) a gross loan portfolio of USD 3.1 million and approximately 20,000 active borrowers. Data for total assets, return on assets (ROA) and return on equity (ROE) have not been reported by Al-Amal Bank.
Sources and Additional Resources:
AmeInfo.com story: “New youth savings program launched in Yemen”, http://www.ameinfo.com/youth-savings-program-launched-yemen-305340
MicroCapital.org story, November 5, 2010: “MICROCAPITAL BRIEF: GIZ to Invest $28m to Boost Small and Medium-Sized Enterprises (SMEs) in Nigeria”, https://www.microcapital.org/microcapital-brief-giz-to-invest-28m-to-boost-small-and-medium-sized-enterprises-smes-in-nigeria/
MicroCapital.org story, June 4, 2012: “MICROCAPITAL BRIEF: Qatar’s Silatech, Al Barid Bank Launch Youth Savings Account”, https://www.microcapital.org/microcapital-brief-moroccos-silatech-al-barid-bank-launch-youth-savings-account/
MicroCapital.org story, March 27, 2011: “MICROCAPITAL BRIEF: CGAP Launches Islamic Microfinance Blog Series Featuring Finalists of Global Islamic Microfinance Challenge 2010: Al Amal of Yemen, Tanzania ecoVolunteerism, Bisma of Indonesia and Tameer, CWCD of Pakistan”, https://www.microcapital.org/microcapital-brief-cgap-launches-islamic-microfinance-blog-series-featuring-finalists-of-global-islamic-microfinance-challenge-2010-al-amal-of-yemen-tanzania-ecovolunteerism-bisma-of-indonesia-and/
MicroCapital Universe Profile: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Deutsche+Gesellschaft+f%C3%BCr+Technische+Zusammenarbeit+GmbH+%28GTZ%29
MicroCapital Universe Profile: Al-Amal Microfinance Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Al+Amal+Bank
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Credit Bank, FSD Kenya Engaging SACCOs in Effort to Reduce Remittance Costs for Rural Kenyans
- MICROCAPITAL BRIEF: Araratbank of Armenia, FMO Ink $10m Risk-sharing Facility to Boost MSMEs
- MICROCAPITAL BRIEF: ABI to Leverage $69m from EIB to Boost SME, Mid-cap Financing in West Africa – Focusing on Women, Youth
- MICROCAPITAL BRIEF: Aflatoun, Fintech Robos to Collaborate on Financial Literacy in Middle East, North Africa
- MICROCAPITAL BRIEF: DreamStart Labs Adding VisionFund as Preferred Financial Service Provider in Savings Groups App DreamSave
