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By 2030, the target date for the 17 Sus-tainable Development Goals (SDGs), the youth population is projected to reach nearly 1.3 billion. This demographic transition calls for different approaches for managing resources and doing busi-ness. The financial sector has been at the forefront of empowerment through pioneering efforts such as financial inclu-sion and education as well as financing SMEs and microenterprises. Financial inclusion is positioned prominently as an enabler of major developmental goals in the SDGs, including Goals 1, 2, 3, 4, 5, 8, 9, 10, and 17. As such, it constitutes a catalyst for economic and social develop-ment. In addition to integrating individu-als into the formal financial system, it broadly fosters entrepreneurial activity, since starting and growing a business is virtually impossible without access to financial services.

In the context of our efforts to empower youth for inclusive economic growth, we focused on two major gaps. On the one hand, many individuals have the knowl-edge, talent, entrepreneurial capacity,

and creativity but lack access to finance. On the other hand, some individuals have the financial resources but lack the business skills, which remains a major hindrance. Removing these barriers is bound to unlock growth in entrepre-neurial enterprises, which – from a purely economic development perspec-tive – creates new jobs. As part of efforts to fill this gap, and to demonstrate how empowerment contributes to socioeco-nomic development, AAIB has paved the way through four main impactful tracks. These include providing financial access to vulnerable groups; conducting financial education programs, even for young age groups; empowering entre-preneurs through financing SMEs and microenterprises; as well as providing technical support through incubation.

FINANCIAL INCLUSIONMicrofinance “Sandah”

In 2018, AAIB inaugurated a new mi-crofinance company named Sandah in collaboration with the SANAD Fund for MSME to allow for the financing of mi-

croenterprises, small and medium-sized enterprises (SMEs) and entrepreneurs, as well as the general lower-income clientele. This will, in turn, contribute to financial inclusion, reduce poverty and unemployment, and enhance economic well-being. Given that the future of any nation is shaped by its youth, having Sandah finance microenterprises and SMEs will encourage and empower youth to achieve their potential, contribute to the economy, and reduce unemployment.

Developing branches for differently-abled

AAIB has broadened the definition of fi-nancial inclusion to include not only low-income groups but also any marginalized groups within society. In this, the bank made a commitment to provide access and support to customers with different abilities and started developing some of its branches to serve the differently-abled with specially constructed ramps for clients with wheelchairs as well as cus-tomized teller counters that have been lowered to accommodate these clients.

Throughout the years, the Arab African International Bank (AAIB) has been contributing to the community while fostering the economy through empowering young generations. As the ones who are capable of passing the torch to future generations, youth can be a compelling force for development. However, they need to be empowered with the resources and capacity to do so. Since banks constitute one of the primary pillars of any economy, they are ideal agents to play a pivotal role in youth empowerment as well as economic and social development.

By Dalia Noureldin, AAIB

EMPOWERMENT: THE KEY TO SUSTAINABLE GROWTH

Global Goals Yearbook 2019 87

FINANCIAL EDUCATION

Today’s children and youth represent the future client base for financial insti-tutions. In AAIB, we acknowledge that there is a lack of financial awareness, especially among younger generations. Therefore, we expanded our financial inclusion definition to include financial education.

Banker 101

AAIB hosted students from different stages to spend a day at our branches to introduce them to the banking ter-minologies and functions along with simulations of these functions. They were also provided with simple booklets to facilitate their understanding of the banking system.

Money Quotient Program

The Money Quotient Program (MQ) is a series of educational videos produced in English and Arabic to fully educate our current and potential clients about the banking sector and how it works, for example types of loans, credit cards, mutual funds, and accounts.

It was introduced on AAIB’s YouTube channel and social media platforms to maximize its reach and viewership by youth and entrepreneurs.

BUSINESS INCUBATIONAUC Venture Lab

Business incubators contribute to the chances of success for startup companies by creating a supportive environment. Our role as a financial institution is to continue empowering the entrepreneurs, guide them on their career paths, and take over the country’s thriving entre-preneurial scene. As such, in 2013, AAIB partnered with the AUC School of Busi-ness to establish the AUC Venture Lab, the leading university-based incubator in the MENA region. The V-Lab supports early-stage startups chosen through a selection process that judges aspects of

the project such as its novelty, scalability, and commercialization potential. It also considers the dedication of the team and focuses on empowering and facilitating inventors and committed entrepreneurs to help them reach their goals.

CodeGeist Hackathon

Since youth constitute the largest seg-ment of the population, and given their ambition, talent, and energy, we believe that empowering youth contributes to resolving rising socioeconomic issues, including poverty, unemployment, and income inequality. As such, and based on our commitment to continually em-power young generations and to utilize the latest FinTech, AAIB sponsored the CodeGeist Hackathon in 2018. The hack-athon was attended by 200 undergrad students aged between 16 and 20 years old. Ideas generated from the hackathon event might encourage the development of a new business or help an existing business to grow or diversify their activi-ties and creates job opportunities.

We are proud of our progress with the majority of the SDGs and will continue to achieve more in the years leading up to 2030. This can be achieved by em-powering innovators and entrepreneurs who have a great potential to achieve the SDGs by creating job opportunities and supporting economic and social development.

• 128 STARTUPS ACCELERATED • 550+ JOBS CREATED• 1,700+ MENTORING & TRAINING

HOURS • 48% OF STARTUPS RECEIVED

INVESTMENTS• 891 MILLION EGP INVESTMENT• 216 MILLION EGP REVENUES• 80% STARTUP SURVIVAL RATE

AUC V-LAB IN NUMBERS: