CYFI News & Blog

Latest news and articles from Child & Youth Finance and the CYF Movement Network

“Beyond the Promotional Piggybank” – Financial Institutions supporting children’s rights. Part II – Summit Break-Out Session “Children’s Rights and Business”

This blog post follows an earlier blogpost on the UNICEF/CYFI discussion paper “Beyond the Promotional Piggybank” by the same author.

On May 9th 2013 at the CYFI Summit, a panel discussion titled “Children’s Rights and Business” was Chaired by Ms. Eija Hietavuo (UNICEF CSR). Panelists in the session were Prof. Jaap Doek (former Chair of UNCRC and em. Professor at Vrije Universiteit), Deniz Özturk (UN Global Compact), and Jennifer Rademaker (MasterCard), and Mr. Hidde van der Veer (Aflatoun).

In the discussion, cross-sector partnership came forward as a key way to move the common agenda and practice on respecting and supporting children’s rights in retail financial services. It is important that NGOs and public entities focus not just on savings, but also on e.g. electronic payments, social media, and mobile money, as these form the natural intersection of business interest and children’s and youth’s active and transformative involvement.
Furthermore, brand strengthening, improved risk management, and client and employee retaining and motivation were seen as stronger incentives for financial institutions to embrace children’s rights than a return on investment of child and youth accounts.

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Newsletter May 2013

Let's take a look on CYFI's activities last month

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“Beyond the Promotional Piggybank” – Financial Institutions supporting children’s rights

How do financial services and children’s rights go together? How can financial institutions respect and support the rights of children and youth? How can the social sector contribute to this discussion and developments in this field?

Mr. Hatem Kotrane, Vice Chairperson of the UN Committee on the Rights of the Child emphasized the importance of financial inclusion and economic citizenship education in realizing children’s economic rights as implied in the UN Convention on the Rights of the Child in his keynote address at the 2nd CYFI Summit last week in Istanbul (7-9 May 2013). Throughout the event children’s rights organizations such as Aflatoun, Childfund International, Plan International, and Save the Children presented their work on financial capability of children and youth around the globe.

The Summit offered more than one opportunity for the discussion of the interrelation of financial services and children’s rights. Notably, the Summit saw the launch of a though-provoking new discussion paper on this topic by UNICEF and Child and Youth Finance International, and an exciting panel discussion on “Children’s Rights and Business” (part II, in next blog post)

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Young people: access to finance using branchless banking


Walk down any street in Nairobi, Dar-Es-Salam, or Cairo or in a small African town it seems everyone, including teenagers, has a phone to their ear.  Indeed, for those 18 and under, few have known a world without mobiles. Not surprising school age boys and girls (5-14), teens (14-18), or young people entering the labor force or tertiary education (over 18), are seen as a potential new market for the provision of financial services.  While recent experimentation in this space has focused on savings, there is growing consensus that young people should be able to access a full range of financial services, with the priorities changing as they advance in their life cycle. Not only are youth savings and youth financial education hot topics in the financial services space but there is also a growing recognition that young people have money, and technology based financial services offer a gateway for their financial inclusion. 

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On Financial Knowledge and Financial Behaviour: Why we need the courage to walk the extra mile

Imagine you teach your child how to ride a bike. You will tell her or him what to do: Keep the balance, push the pedals, and steer into the right direction. If your kid has understood this information she will in theory know how to ride a bike, but it is very likely that she will try and fall a couple of times before finally making their first hundred meters safe and sound.

 

Learning how to deal with personal finances works in a similar way like learning how to ride a bike. The mere knowledge about how to handle money... 

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Learning How to Save Changed Abbo’s Life

Florence Abbo left her home village to start a new life inKampala, the capital city ofUganda. At the age of 18, she was a single mother who needed an income to take care of herself and her baby. Abbo started her new life by making and selling beads. For some time the business did not bring in any profits. Life was had for her since she hardly made any money for almost four years...

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Newsletter February 2013

Let's take a look on CYFI's activities last month and see what exciting events are going to happen during March ! 

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The Romani People and School in Italy

A historical perspecive on the Roma minority in Italy. Insights upon their culture, educational problems of children and youth.

Around 160.000 Romanis live in Italy today, divided in two main groups, the Roma and the Sinti.

Romanis presence in Italy dates back to the Middle Ages, and has concerned the whole peninsula, even though since the 1960s they have been settling more and more around middle/large urban areas.

Around half of the Romanis have Italian citizenship, while the other half is composed, for one third, by migrants from ex-Yugoslavia, either coming directly from there, or who descend from second/third generation immigrants; the remaining two thirds are mainly Romanian Roma...

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The Voice of Youth: Callista learning about financial products

Callista Sandi ,Indonesia – Sharing her experience during CYFI`s regional meeting in Manila, Philippines.

This regional meeting was set in Manila, Philippines Central Bank during the 4th of December 2012. My experience during the regional meeting was amazing, fun, and interesting. It was very understandable too because as a youth in my age, it would be hard to understand these topics that the adults were talking about. But I really enjoyed listening to the speakers because they were interesting and kept us on track. The environment was nice and comfortable, it was very much enjoyable. I got to meet the Government of the Central Bank, Mr. Amando M.Tetangco, Jr. There were also lots of representatives from their country. This meeting marked the importance of Child and Youth Finance issues around the Asia-Pacific region...

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Habits of Saving Build Future Financial Independence

This blog tells the importance of financial education among young people. Good example of how a saving account can provide a more stable financial future.

I have been deeply involved in CYFI activities since the establishment of Bright Generation Community Foundation of which I am a founding partner and current chief Executive. These activities span a period of nearly ten years.

Though the Ghana Bamboo Bicycle Initiative is the main project of BGCF, I have been able to make a series of judicious choices which have enabled me to combine the experience gained from that project with my role in CYFI. Thus there is a synergistic relationship between the two entities.

One of the cardinal objectives of the Ghana Bamboo Bicycle Initiative is poverty reduction. This can only be attained if people get jobs or are able to engage in profitable business ventures...

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Financial Literacy Levels in Uganda Need Boost

This blog is concentrating on the importance of financial literacy in Uganda. Sharing facts about the current financial education among the population and pointing out the need for financial initiatives and outreach programs targeting young adults and children.

Financial literacy entails acquisition of skills and knowledge that allows an individual to make informed decisions regarding money matters. A 2011 Bank of Uganda report defines financial literacy as having the knowledge, skills and confidence to manage one`s own finances well.

Going by this definition, knowledge of managing one’s finances is a necessity. The ability to do so determines whether an individual, a community or country for that matter, is economically empowered.

In developing countries, just like elsewhere in the world, financial literacy is essential for all irrespective of one’s status...

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Newsletter January 2013

What an eventful year 2012 has been for the Child and Youth Finance Movement!
Let’s take a look at some of the highlights from last year...

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Welcome to your monthly update from Child and Youth Finance International (CYFI)

Volume 3, Issue 1

   

A Look Back at 2012

What an eventful year 2012 has been for the Child and Youth Finance Movement! Many thanks to our partners and supporters who have helped us complete a successful year and brought us much closer to reaching our target of 100 million children in 100 countries by 2015!

Let’s take a look at some of the highlights from last year...

Child and Youth Finance Day and Week

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