For children and youth, learning to manage your money, save and navigate the financial world is crucial. The importance of financial capability of young people has been recognized by a number of international organizations, public authorities and development organizations as an essential component to achieve full economic and social potential of the next generation of young people.

Financial education should give children a better understanding and knowledge of “financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding supports effective decisions across a range of financial contexts.

What is SchoolBank?

SchoolBank aims to economically empowerment of children and youth by providing them with access to appropriate banking products, economic citizenship education and practical skills for using a bank account.

Local banks offering Child &Youth Friendly banking products are engaged with local schools, under the supervision of the Ministry of Education and Central bank regulators, to provide such products through the school system.

Not only do children receive financial education, they are also able to practice what they learn, thanks to access to savings accounts and other similar products.

How does it work?

The SchoolBank model aims to deliver three basic services to children and youth:

  • Education: Continuous educational inputs, that is providing economic citizenship education and generating financial awareness;
  • Banking initiation: providing a savings account to open, which may include collaterals such as passbooks, ATM cards, check books and/or magnetic cards;
  • Ongoing support: providing withdrawal and deposit facility, enabling cash transfers between accounts, balance inquiry, savings calculators and savings incentives.


Country Examples

Partners: Banque Misr, Modern Education Schools

Year of implementation: 2016

The Egyptian Banking Institute (EBI) in partnership with Banque Misr and Modern Education Schools conducted the first savings collection process for the students participating in the School Bank project in January 2017. The pilot School Bank project in Egypt, is the first of its kind in the MENA region and was launched in December 2016.





Partners: National Bank of Georgia (coordinator), Ministry of Education and Science of Georgia, National Youth and Children Palace, Bank of Georgia

Year of implementation: 2016

In 2016 National Bank of Georgia (NBG) and CYFI collaborated on the development of standard SchoolBank educational module, lesson plans and evaluation methodology, and disseminated to all relevant partners, including educational authorities and banking sector. The first bank to join the project was Bank of Georgia in September 2016. More than 100 000 sCool cards were distributed to children in Tbilisi, and 175 youngsters have completed the educational program. NBG is currently working with the Ministry of Education and the National Youth Palace on integration of SchoolBank module as an extra-curriculum class in Georgian schools.


 Partners: State Government of Kerala, Kudumbashree (State Poverty Reduction Program), Rajagiri Outreach, NABARD (National Bank for Agriculture and Rural Development), Kerala Gramin Bank

Year of implementation: 2015 - ongoing

Launched in April 2015, the SchoolBank in Kerala, India was a project initiated after the country lowered the regulation to open and operate a bank account independently to 10 years old. CYFI partnered with Kudumbashree, Rajagiri Outreach, and NABARD to launch a small-scale pilot of 561 children in the first phase of the project. The project was further scaled with the State Government of Kerala and have reached more than 11,000 children. Due to the success of this scale-up, Kerala Gramin Bank partnered with CYFI to deliver the FI@School program, a replication of the SchoolBank model expected to reach 50,000 children within 2017.



Partners: Ministry of Education of Ivory Coast, Lycée Classique d’Abidjan, GT Bank.

Year of implementation: 2017

In 2017, the Ministry of Education of Ivory Coast will start a SchoolBank Pilot program, in the Lycée Classique in Abidjan in partnership with GT Bank. Children from this school will receive Financial education during a couple of weeks before a they open a bank account during Global Money Week this year. Regarding the results of this SchoolBank pilot, the final aim will be to scale up during 2017 and ideally to lead to a national curriculum development. Ivory Coast is the first country in Francophone Africa launching a SchoolBank program.




Partners: National Bank of the Republic of Macedonia, Woodrow Wilson School, ProCredit Bank; European Fund for South-East Europe (EFSE-DF)

Year of implementation: 2017

CYFI has been partnering with the National Bank of the Republic of Macedonia since 2012, when the NBRM has started its programs on financial education for children and youth. CYFI has started the negotiations regarding the implementation of a schoolbank project in Macedonia in 2015. Since 2011, CYFI has been closely working with the National Bank of the Republic of Macedonia on financial education projects specifically tailored for children and youth. The implementation of a schoolbank project is therefore in the scope of the NBRM objective of promoting financial education and knowledge for young people and would also contribute to the increase in the level of financial inclusion in the long term.




Partners: Institute of Educational Sciences, Mobias Banca, European Fund for South-East Europe (EFSE-DF)

Year of implementation: 2017

In Moldova, financial and social education have been implemented in the secondary school curriculum as optional subjects (for the 14 year old students). Students can, in fact, chose as one of their optional subjects if they would like to follow social and financial education. The schoolbank project will built on this infrastructure. That is: schools in which students have already opted for this subject and in which the teachers have been trained to deliver such subject, will be included in the pilot phase of the project.




Partners: Transylvania College, Blaga Highschool, Transilvania Bank, National Bank of Romania; European Fund for South-East Europe (EFSE-DF)

Year of implementation: 2017

In 2016, the Ministry of Education of Romania has started the process of drafting the updated curriculum for secondary education. Social and financial education will become mandatory subject for the VIII graders. Ahead of this process, CYFI and its national partners are piloting a new innovative project which comprises not only financial education but also access to appropriate banking products which will allow children to learn and save as well as contributing to their communities. Ideally the project will be scaled up once the national curriculum is approved.



Partners: Private Education Development Network (PEDN), Finance Trust Bank, Oratec Ltd

Year of implementation: 2017

Private Education Development Network (PEDN) have collaborated with Oratec Ltd, a software development company, to create an automated school deposit and withdrawal management information system (e-banking) to promote savings amongst school students. Offering the opportunity for kids to understand how e-banking works by opening and managing their own account, the system also enables financial service providers to equip students with banking skills and fund financial inclusion through mobile money initiatives. Finance Trust Bank is the bank-partner of the project, and provides account opening, both as group account for schools, as well as individual accounts for part of the students from its comprehensive portfolio of youth products. PEDN is providing an educational component based on Aflatoun financial and social education curriculum.