CYFI News & Blog

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

First phase of SchoolBank pilot conducted in Georgia


The National Bank of Georgia (NBG) and CYFI have collaboratited on promoting SchoolBank in Georgia since late 2015, when NBG presented the concept to all commercial banks in the country. Since then CYFI and NBG have developed a standard 14-hour financial education module, monitoring and evaluation system and conducted a teacher training on active learning methodologies. Currently NBG is working with educational authorities in Georgia to get SchoolBank module as an extra-curriculum class in Georgian schools.

The first commercial bank to join the SchoolBank pilot, with their own educational module as well as innovative financial product for children was Bank of Georgia. Bank of Georgia has launched a sCool card in September 2016. sCool Card is a socio-educational program for students, aimed to improve financial literacy of the younger generation and to instill financial culture among children.


Schooling on financial literacy

The Bank has developed a comprehensive training module - sCool Card Business School – the school of financial literacy. The module covers lots of information  from social, financial and essential livelihoods education. The training program includes 5-6 training courses on various topics, which are held in schools every two weeks. The University of Bank of Georgia developed the training program, together with child psychologists, and it was approved by the Ministry of Education and Science of Georgia. Pilot trainings were held from October to December 2016 in 10 schools in the capital city, Tbilisi. Recently, at the end of January 2017, the first 175 graduates of the Business sCool Card were awarded certificates and souvenirs by the Bank.


Moreover, the Bank has distributed more than 100 000 debit sCool cards in Tbilisi, which also provide students with free public transportation. For 2017, the Bank is looking at further developing the educational module, strengthening the savings component of the programme, and expand the programme to other regions of the country.

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SchoolBanking: unleashing the youth financial service market

SchoolBank: Best practices from public private partnerships in advancing financial inclusion of young people

Authors: World Savings and Retail Banking Institute and Child and Youth Finance International


The informal intake of information related to money matters which shape a young person's perception of finance, and how that information is utilized and put into practice, is crucial to the development of one's personal finances. However, even more critical is the affirmation that the developed financial habits are healthy and have resulted in the ability to make wise and informed financial decisions. 

Across the globe, children and youth are exposed to the various facets of finance from a very early age, often times unaware of the fundamental knowledge they are taking in. The understanding of the everyday use of money ranging from spending, to budgeting, to saving it, is absorbed by simply observing the use of money from family members, from friends, from television shows and even from the internet.

While informal knowledge plays a large role in young person's understanding of finance, formal lessons on money management learned in the classroom is a prevailing method to ensure that children and youth are properly informed of financial matters and how to develop their own healthy habits.


SchoolBank: A global effort


Together with the World Savings and Retail Banking Institute and its partners, Child & Youth Finance International has highlighted examples of financial service providers from around the world who work together with schools to provide a holistic approach to financial education and financial inclusion of young people. This approach is referred to as SchoolBank, which promote the combined effort of formal financial education with access to appropriate products and services designed specifically for children and youth.

This publication provides insight on how the financial sector can work together with the school system utilizing the SchoolBank approach not only to provide children and youth with the knowledge they need to best understand today's financial landscape, but to provide them with the products and services they need people to be able to act as young economic systems in today's society.


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