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Forging the suitable partnerships between Monetary Service Suppliers (FSPs), Youth Serving Organizations (YSOs), and different key stakeholders, equivalent to colleges and native authorities, could be a key issue to efficiently and sustainably serving youth purchasers.
Nevertheless, partnerships should not at all times the reply.
Focused to FSPs and YSOs, which ship youth financial savings applications, this publish explores whether or not or to not associate, in addition to the character of partnerships themselves.
Why Accomplice?
Normally, partnerships can construct a undertaking’s native capability by leveraging core competencies and experience throughout completely different organizations. Strategic partnerships may assist guarantee long-term sustainability by means of broadened outreach and help from key actors locally and authorities.
Extra particularly, FSPs and YSOs could associate for the next causes:
- Non-financial providers (equivalent to monetary schooling, livelihoods, and entrepreneurship coaching)
- Supply fashions[1]: Accomplice with an out of doors (Linked mannequin) or affiliated (Parallel mannequin) group to ship the monetary schooling if an FSP doesn’t have the capability or experience to ship non-financial providers itself (Unified mannequin).
- Supply channels: Accomplice with organizations by means of which non-financial providers might be delivered, equivalent to colleges, group teams, or expertise platforms.
- Content material: Accomplice with organizations that may develop curricula content material and facilitation methodologies and/or prepare workers.
- Advertising & Outreach
- To extend outreach to teams past an FSPs’ operational space, capability, or experience.
- To safe help from key influencers and establishments locally.
- To implement progressive media and advertising methods with youth.
What to contemplate when deciding whether or not or to not associate
- Mission – Is there organizational mission alignment?
- Influence – Do your organizations align on monitoring and analysis requirements?
- High quality management – Are there mutually agreed upon definitions of high quality and capability to make sure high quality?
- Scale – Is the associate appropriate to assist attain scale?
- Funding – Are there diversified funding sources to maintain this partnership and are there any potential conflicts?
- Experience – Does this associate have the mandatory experience?
- Geographic presence – Does your associate’s geographic presence overlap together with your catchment areas?
Suggestions to make sure a very good partnership
Primarily based on Girls’s World Banking and MEDA’s expertise, beneath are a couple of tricks to guaranteeing good partnerships, whereas sustaining and modeling transparency in any respect ranges.
- Conduct associate due diligence
- Outline roles and obligations
- Guarantee constant communication relating to:
- Mission design
- Mission adjustments
- Funding
- Mutual agreements (MOUs, teaming agreements and contracts) that element:
- Engagement – outline degree of engagement and expectations for each events
- Deliverables – clearly outlined and mutually agreed-upon deliverables
- Targets – deliverables with set timelines
- Timeline –particulars of graduation and conclusion of engagement
- Funding –outlined funding relationships
Name to Motion
As practitioners, we have to keep in mind that a few of the greatest classes have emerged from taking probabilities and being progressive; we should share the great and the unhealthy to be taught from one another on what has and has not labored. We ask you to share in boards like this and inside your individual group!
What different partnership issues would you add to this checklist?
What have been your experiences with partnering with FSPs and YSOs? What have been the teachings realized (each constructive and difficult)?
What are your experiences from the unified mannequin? The parallel mannequin? The linked mannequin?
Co-written by Ryan Newton and Nicki Put up
Nicki Put up is Mission Supervisor/Senior Marketing consultant for MEDA</em rel=”nofollow”>’s Youth and Monetary Companies</em rel=”nofollow”> group. Ryan Newton is the Senior Affiliate for Youth Financial savings at Girls’s World Banking. In offering technical help on youth financial savings applications, each MEDA and Girls’s World Banking have vital area expertise working with YSOs, colleges, authorities, and different key stakeholders to ship non-financial providers in varied nation contexts.
[1] Christopher Dunford, “Constructing Higher Lives: Sustainable Integration of Microfinance with Training,” Chap.2 inPathways Out of Poverty: Improvements in Microfinance for the Poorest Households (Bloomfield, CT: Kumarian Press, 2002), 75–131.
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