Futuremakers Case Study Report May 2022
Young people around the world face significant barriers to economic inclusion, with some 200 million1 out of work or in low-income poverty. Women and...
Futuremakers
project spotlight
Female entrepreneurial empowerment
in challenging economic times
Young people around the world face significant barriers to economic inclusion, with some 200 million1 out of work or in low-income poverty. Women and girls bear a heavier burden, because of social and cultural influences that limit their economic participation, particularly in low-income and emerging markets.
Futuremakers by Standard Chartered is our global initiative to tackle inequality and promote greater economic inclusion. We pledge to help young people from low-income communities – with a greater focus on women and girls – to learn new skills and improve their chances of gaining sustained employment or starting their own business. To support this, we’ve made a commitment to raise USD75 million between 2019 and 2023, with an aim to empower the next generation to learn, earn, and grow.
1International Labour Organization, InfoStories: Employment – What stands between youth and decent jobs?
Established in 2019, Futuremakers comprises of community projects within three interconnected pathways: education, employability, and entrepreneurship. We provide support to low-income young people at different points in their early lives, encourage social change in the environments that surround them, and work to address barriers to their economic participation.
Our non-governmental organisation (NGO) partners are at the heart of the implementation of Futuremakers projects. With their dedication and on-the-ground experience, together we've reached more than 849,000 young people between 2019 and mid-2022.
Meet our Futuremakers to see how the initiative is transforming lives.
Female-led businesses in peril
Micro, small, and medium enterprises (MSMEs) are the lifeblood of local economies in developing and emerging markets. Yet the entrepreneurs founding these businesses – women in particular – typically lack sufficient access to the financing and skills they need. They can also struggle to find the confidence to drive their business forward.
A Futuremakers’ entrepreneurship project – funded by the Standard Chartered Foundation and implemented by the International Rescue Committee (IRC) – sought to uplift young
market-stall owners in Kenema (Sierra Leone) and in Kousséri (Cameroon).
Photo Credit: International Rescue Committee
These regions are some of the poorest in their countries. In Kousséri, for example, 77 per cent2 of the population lived below the poverty line in 2019 – far higher than the national average. Against such a backdrop – and facing the typical challenges of MSMEs in developing and emerging countries – many of the project participants struggled to make a sufficient living.
Photo Credit: International Rescue Committee
Beyond the individual level, challenging home environments also made it hard for female entrepreneurs to sustain their livelihoods. In particular, many experienced violence at home at the hands of their spouse: this was the case for 41 per cent of participants from Kenema according to a pre-project survey.
At the community level, a lack of access to and understanding of financial products limited entrepreneurs’ ability to save and invest in their businesses. Moreover, the COVID-19 outbreak brought huge economic strain to these regions, and in most cases, project participants saw their businesses subsequently collapse.
These entrepreneurs needed economic support to get back on track after the worst of the pandemic subsided. But they also needed support overcoming the economic hurdles they were already facing, and combating the household and community barriers to their entrepreneurial success.
Photo Credit: International Rescue Committee
Targeting multiple challenges at once
For this Futuremakers’ entrepreneurship project, the IRC engaged 250 female vendors in Kenema and 230 MSME-owners (63 per cent women) in Kousséri.
Given the participants’ multiple needs – to reinstate their businesses, to overcome economic barriers, to combat household- and community-level challenges – a multi-layered approach was required.
The IRC often uses this kind of ‘bundle of services’ approach, given its proven greater success at increasing future incomes (compared to a siloed approach). In the case of this Futuremakers’ entrepreneurship project, the ‘Economic and Social Empowerment’ (EA$E) model was applied, and comprised of three layers:
1. Individual-level interventions
Comprehensive entrepreneurial skills training, using the IRC’s ‘Learn to Earn’ curriculum model. This included training around financial literacy, business-related knowledge and skills (such as business-plan development), and access to professional support through business networks.
The provision of seed money for business re-establishment.
2. Household-level interventions
Participation in gender discussion groups, to lower the risk of gender-based violence. By holding discussions with female participants and the male members of their households (typically their husbands), this element aimed to bring economic equality at a household level. Specifically, the goal was to educate both men and women to ensure the women can make their own economic decisions, feel encouraged by their families, and avoid the threat of domestic abuse.
3. Community-level interventions
Secure saving of income through participation in Village, Savings and Loan Associations (VSLAs). These self-managed and self-capitalised savings groups use members’ savings to lend to each other. Membership via this project marked an important collective first step towards economic inclusion for those excluded from financial services.
Watch this video to learn more about the IRC's Kenema Market Recovery from COVID-19 project in Sierra Leone.
Video Credit: International Rescue Committee
Increasing income, boosting confidence
In only a short period, this Futuremakers’ entrepreneurship project has had a profound impact on the lives of its participants.
Kenema, Sierra Leone (Project duration: 9 months)
Photo Credit: International Rescue Committee
Kousséri, Cameroon (Project duration: 12 months)
Photo Credit: International Rescue Committee
The next stage
of the journey
The next stage of the journey
While activities have concluded for the first stage of this Futuremakers’ entrepreneurship project, the participants, their families, and their communities continue to reap the benefits. For example, VSLA groups have voluntarily continued into a second stage of meetings.
Yet this is only the beginning of the journey to sustained economic inclusion for these entrepreneurs. Building confidence and business-resilience takes time, and access to financial services in markets like ours often requires gradual integration.
The entrepreneurs in Kenema and Kousséri are ready to continue on this journey. Empowered, encouraged, and with a greater sense of what they want and need, they’ve asked for more support – which we’re delighted to provide (especially given the huge success of phase one).
In a renewed collaboration with the IRC, the second phase of this project will run over the next two years. And with the worst of COVID-19’s economic impact hopefully behind us, we’re switching from recovery to a greater focus on employment and entrepreneurial support.
In addition to bringing next-stage support to entrepreneurs from phase one, we will also engage new groups of young entrepreneurs in both markets. With more participants, the project will create larger clusters for broader access to community capital. It will also ensure broader multiplier effects, via men reached through gender discussions, and employment opportunities created by MSMEs.
The 480 individuals from phase one of this project represent just a handful of the more than 60,000 young entrepreneurs reached via Futuremakers’ entrepreneurship projects between 2019 and 2021.
Photo Credit: International Rescue Committee
The cash grant I received from the project came at the time when I needed it as prices of items had increased. Now I can save, provide for my basic needs, and manage my business well, as I have understood my needs and my wants.
Baindu, a 26-year-old single mother, Kenema, Sierra Leone
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