CYFI facilitates Product Development Workshop in Madagascar

CYFI's Managing Director, Wessel Van Kampen, and Regional Coordinator for Africa, Anne Reynaud, recently visited Madagascar to meet with various key national stakeholders in Madagascar's capital Antananarivo.

As part of this, CYFI facilitated a product development workshop, co-organized and co-hosted with our local partners the Coordination Nationale de la Finance Inclusive.

More than 50 participants attended the Product Development Workshop, which focused on discussing the creation of a SchoolBank pilot and the adoption of the concept to align to the local circumstances. Participants shared their views and ideas on the best strategy to successfully implement a SchoolBank in Madagascar starting the new school year.

One of the goals of the workshop was to emphasize the importance of Financial Products adapted to Children and Youth. The workshop aimed at underlining the importance of having both Financial Education and Financial Inclusion. The workshop presentation pointed out the positive outcomes for a country population to have financial education and financial inclusion such as better academic achievement for example. The importance of a good consumer protection framework to develop financial inclusion and education was also stressed during the workshop presentation.

The workshop also highlighted the fact that the financial inclusion of children and youth represents a great opportunity for financial service providers. The goal of the workshop presentation was also to highlight that children and youth represent an opportunity for financial service because children are easy to reach and use low cost self-serve channels for example.

The main outcome of the workshop was the implementation of the SchoolBank program in Madagascar. SchoolBank aims to increase financial inclusion of children and young people through the school system. Through an innovative multi-stakeholder approach, the goal is to create systems change by providing children and youth with a Child & Youth Friendly bank account that they can use to save money, while at the same time imparting the appropriate education to teach them why and how to save and what their economic rights are.

The workshop in Madagascar brought together all national key stakeholders essential for a successful implementation of the SchoolBank program. All participants of the workshop expressed their willingness to collaborate to implement the program. All local financial service providers already have financial products adapted to children and youth. Next steps will build upon the various existing contacts between local banks and schools in the capital of Antananarivo, but will also expand to the more rural Southern part of the country.

The Coordination Nationale de la Finance Inclusive is also currently working on the draft of a National Strategy of Financial Inclusion with a strong emphasis on Children and Youth and are leading the organisation of GMW in Madagascar since 2016.

Rate this blog entry:
434 Hits
0 Comments

CYFI holds Product Development Workshops in Chile and Peru

‚Äč Child and Youth Finance International (CYFI) recently hosted two Product Development Workshops with Instituto de Estudios Peruanos (IEP) in Lima, Peru and Santiago, Chile. 

The purpose of the workshops was two-fold; CYFI and IEP intended to bring together the dominant organizations in the financial inclusion and education sectors in both countries to talk about the achievements in the field so far and look ahead at the progress still to be made. In addition to this, workshops focused on on the development of child and youth friendly banking products in both countries. 

As part of the worshops, multiple banks and other financial institutions looked at the opportunities and challenges to increase financial inclusion rates and financial capabilities of young people by discussing regulatory frameworks, financial education material, need and wants of children and youth, and marketing of banking products. These discussions were fueled by presentations from CYFI, IEP and various expert speakers from the Alliance for Financial Inclusion (AFI), Banco Caja Social from Colombia and ADOPEM from the Dominican Republic. 

One of the principle outcomes of both events is commitment to the dedicated effort of improving existing and developing new banking products for children and youth and the implementation of SchoolBank in Chile and Peru.

Rate this blog entry:
420 Hits
0 Comments
Designed & developed by | Webfruit Development