Co-create innovative financial solutions to break the cycle of child labour in Mali
The workshop highlighted the crucial importance of inclusive innovation to address the challenges of solidarity finance.
7 March 2024
Bamako, Mali, 07, March, 2024 – As part of its efforts to eradicate child labour, the ACCEL Africa project recently organized a co-design workshop in Bamako, Mali. This unifying event brought together key stakeholders, such as ILO constituents, government authorities, as well as representatives from the financial and social sectors, all united by a common goal: to identify and design innovative and inclusive financial solutions for s tackle the deep roots of child labour in the country.
The workshop began with an introductory session highlighting the crucial role of solidarity finance in the fight against child labour. Services such as savings, credit and insurance can stabilize the income of vulnerable households, promote the creation of income-generating activities and facilitate access to education. Participants also highlighted the importance of the awareness-raising role of financial institutions, which can integrate this dimension into their credit assessment processes.
After evaluating the achievements of the first phase of the ACCEL Africa project in the field of social finance, the participants carried out a critical analysis of the successes, the challenges encountered and formulated recommendations for the next phase. The launch of the action plan for the second phase marked a decisive turning point, proposing renewed strategies to increase the impact and sustainability of interventions.
The culmination of the workshop was a co-design exercise in the form of a “challenge”. Divided into subgroups, participants identified priority challenges, formulated concepts for innovative interventions, then designed prototypes. This participatory approach stimulated collective ideation rich in proposals, such as the development of financial products dedicated to supporting resilience in the face of climate change (subsidies for equipment and transition tools, financing of resistant seeds, long-term savings, index agricultural insurance ).
In conclusion, the workshop highlighted the crucial importance of inclusive innovation to meet the challenges of solidarity finance. The creation of a communication platform via social media and the creation of a monitoring subcommittee demonstrate the participants' desire to sustain the momentum initiated. This event not only reaffirmed the commitment of stakeholders to the promotion of ethical and inclusive financial solutions, but also laid the foundations for an implementation phase rich in innovations, intended to strengthen social justice, decent work and the transition. just in Mali.
Subscribe to our newsletter to follow the co-design process through to the end!
The workshop began with an introductory session highlighting the crucial role of solidarity finance in the fight against child labour. Services such as savings, credit and insurance can stabilize the income of vulnerable households, promote the creation of income-generating activities and facilitate access to education. Participants also highlighted the importance of the awareness-raising role of financial institutions, which can integrate this dimension into their credit assessment processes.
After evaluating the achievements of the first phase of the ACCEL Africa project in the field of social finance, the participants carried out a critical analysis of the successes, the challenges encountered and formulated recommendations for the next phase. The launch of the action plan for the second phase marked a decisive turning point, proposing renewed strategies to increase the impact and sustainability of interventions.
The culmination of the workshop was a co-design exercise in the form of a “challenge”. Divided into subgroups, participants identified priority challenges, formulated concepts for innovative interventions, then designed prototypes. This participatory approach stimulated collective ideation rich in proposals, such as the development of financial products dedicated to supporting resilience in the face of climate change (subsidies for equipment and transition tools, financing of resistant seeds, long-term savings, index agricultural insurance ).
In conclusion, the workshop highlighted the crucial importance of inclusive innovation to meet the challenges of solidarity finance. The creation of a communication platform via social media and the creation of a monitoring subcommittee demonstrate the participants' desire to sustain the momentum initiated. This event not only reaffirmed the commitment of stakeholders to the promotion of ethical and inclusive financial solutions, but also laid the foundations for an implementation phase rich in innovations, intended to strengthen social justice, decent work and the transition. just in Mali.
Subscribe to our newsletter to follow the co-design process through to the end!