Summary of the last day of the CYFI Regional Meeting at the ECB

The last day of the Second Annual CYFI Regional Meeting for Europe and Central Asia truly went in the sign of celebration and was closed with great excitement, as European Central Bank President Mr. Mario Draghi gave a closing speech about the importance of financial inclusion and education for the health of the society and the region and got awarded by the youth of the region as the ‘Financial Inclusion Champion’ in Europe and Central Asia.

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Mr. Draghi opened his speech by commending the youth representatives on their great efforts and stated the importance of child and youth financial education and inclusion saying:

” While education in general is critical for the health and wealth of society, so is financial education. In the modern world, wherever you live, it is essential to have the skills and knowledge to manage your money and to know at least something about how the economy works. If you have that knowledge, you are more likely to have your own bank account and can then make savings or even borrow money and set up a small business. You are connected to the world around you.”


The speech by Mr. Draghi followed the presentation by the youth representatives with proposals on how they think the ECB can help in fostering financial education and inclusion for children and youth. The youth also invited Mr. Draghi to take part of the celebrations of Global Money Week 2014. A smiling Mr. Draghi thanked the youth for the extent of invitation and said that he would be glad to try to join the celebrations.

The presentation of proposals hade been prepared by the 25 youth delegates form the 12 different countries during the course of the meeting, but represented the voices of 100 000 youth from all over the world, that had participated in giving input for the proposals presented via social media. The issues presented upon were Employment and Entrepreneurship, Financial Inclusion and Economic Citizenship Education. The calls for action were clear:

  • Introduce tax reduction for young entrepreneurs and entrepreneurship in the school curriculum.

  • Every child graduating from primary-school should have the right to have a bank account.

  • All school curriculum should include Economic Citizenship Education.


In response to these calls for action Mr. Draghi stated that youth are calling for action on the same points that Europe is calling for: transparency and access to financial services and bank accounts. He further stated his support of the issues that the youth addressed, and that he goal of the ECB; a truly European banking sector with a European banking union, could be a platform to implement youth financial inclusion.

We sincerely thank Mr. Draghi for his support and congratulate him on being awarded by the youth as ‘Financial Inclusion Champion’ in Europe and Central Asia.


Youth sessions

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Earlier on Tuesday European and Central Asian leaders cold also engage with the youth on their ideas for their future as financially included, educated and entrepreneurial citizens of their countries. The discussions on three core matters: financial inclusion, financial education and youth entrepreneurship.

“We believe in ourselves, we want you to believe in us too. We want to be financially empowered, so please listen to our suggestions.”

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Financial Education

They youth on the stage representing the young people of their countries told the audience that many of their peers still do not know that the subject of financial education exists, and that we need to change this.

“We need to know in order to be passionate, and we need to be passionate in order to be good at what we are doing.”

They also addressed that many children and youth have a lack of self-confidence and independent thinking, and that we need to empower them and build their confidence to make sure that they will believe in themselves and in their own decisions. One representative stated: “School have been made easy to go through without learning about real life skills”.

This was a point that they wanted to change. One suggestion to do this was to introduce internship to the school curriculum to make sure that the young people build their confidence and get to experience real life situations.

Another point that was made during the sessions was the fact that current financial education is focusing too much on macroeconomics, but is missing the private financial issues.

Entrepreneurship

An issue that was raised is that there is currently little access to information about entrepreneurship and how to become an entrepreneur. There is also insufficient access to start up funds. One possible solution for this that was suggested by the youngsters was to engage more crowd funding to raise funds for young entrepreneurs and their endeavors. Another call for action form the youth was that the subject of entrepreneurship needs to be introduced to the school curriculum. This subject should focus on developing entrepreneurial skills and connect traditional subjects like math to an entrepreneurship setting.

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Financial Inclusion

The third topic of financial inclusion, that the youth had named ‘Re-shaping for inclusion’ focused on how to make youth more financially included and what they found necessary in order to make this happen. They stated that increasing financial inclusion for children is essential for them to be empowered. A point that was made by the youth presenting was that if they are able to spend at a certain age – why not be able to save at the same age?


Financial inclusion and education: the last mile

Mr. Panagiotis Strouzas, Head of the Financial Services Policy Division at the Directorate General Financial Stability of the ECB chaired this session, which brought together several themes and discussions from the past two days, including key themes during the Youth/policy-maker dialogue during the morning. Mr. Stouzas started by emphasizing the seminal role of financial literacy and inclusion for children and youth towards financial stability.

Mr. Bram Stoffele, Partnership and Certification Manager at CYFI, and youth representatives Mr. Kirill Akhmetov and Mr. Bogdan Baciu reflected on the state of child and youth financial inclusion in Europe and Central Asia. Observing that financial access levels differ greatly throughout the region and statistics for child and youth access are scarcely available, they argued that financial access needs to be complemented by independent financial capability training and quality standards for child and youth friendly banking products to ensure real financial inclusion.

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They finished by presenting preliminary results of a CYFI survey of banking products and educational programs for children and youth which seems to corroborate the view that most child and youth banking accounts currently don’t fulfill these requirements, and financial education programs offered currently by financial institutions often lack a holistic perspective or sufficient safeguards for independence.

Ms. Tracey Bleakley, CEO of Pfeg (UK), shared the success story of child and youth financial education in the UK. Through the concerted efforts of the Personal Finance Education Group (Pfeg), schools and children, government, and the financial sector, financial education is now top on the political agenda. In February 2013 the government took the decision to integrate financial education in England’s national secondary education curriculum. Reflecting on next steps, Ms. Bleakley commented that ‘maybe we should get over ourselves’ and accept that children and youth already engage with the financial system in many ways (e.g. through prepaid mobile phones and internet transactions), and that their safe financial inclusion would be a logical step, provided parents can decide when their children can be given greater financial autonomy.

Mr. Hidde van der Veer, Aflatoun, concluded the session, emphasizing the importance of providing children and youth with a more holistic concept of economic citizenship education, moving beyond financial education only, including life skills and livelihoods education. 


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The final session of the day was devoted to Global Money Week, and how the countries of the region can join in on the celebrations of Global Money Week March 10-17 in 2014. The session started with an introduction by Mr. Dakic, Governor of the Central Bank of Montenegro. Mr. Dakic shared with the delegates how the Central Bank of Montenegro had celebrated Global Money Week of 2013 with activities of the ministry of education and the central bank such as visits to the money museum and workshops for students. He ended the introduction by stating:

“It is obvious that a lot of work is ahead of us, and there are still some steps to be taken to ensure financial inclusion – Global Money Week is one way of doing this. I strongly believe in its success.”

Luís Vas, Head of Financial Literacy Unit at the Bank of Portugal presented on the rationale for promoting both financial education and inclusion, and the importance of events such as Global Money Week in order to do this. He pointed out that Global Money Week and similar events is key for Bank of Portugal to help promote the importance of financial education and inclusion. Mr. Vas also shared what the Bank of Portugal had learned from arranging Global Money Week and similar events. 

Philippe Racine, Founder and CSO, Ekomini Inc., was the second panelist to present, and addressed how technology can be used to engage children and youth to learn about money matters. 

The Republic of Macedonia was the winner of the Global Money Week award for Europe and Central Asia of 2013. Ms. Kristina Nikolovska, Assistant to the Governor of the National Bank of the Republic of Macedonia, shared the story of how they celebrated Global Money Week, which went under the slogan “Learning By Playing”. She expressed why it is important for countries to engage in Global Money Week by pointing out that it is a way to rise the level of financial literacy among youth, while at the same time rise awareness of the importance of being financially literate and included. She further stated that Macedonia are committed to take part of Global Money Week 2014 and make it even bigger than 2013.

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© ECB/A. Böttcher   

During the last part of the session three youth representatives presented the ideas that they had come up with together with the other youth at the meeting for how they wanted to celebrate Global Money Week 2014. The ideas presented included involving universities all over the world in TEDx Talks, involve social media channels, having a school week dedicated all the subject to finance and money matters, entrepreneurial contests and challenges as well as a Global Money Week song and having children teach their parents about financial inclusion and education.

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Youth presented Mr. Draghi with Financial Inclusion Champion award

Youth presented Mr. Draghi with Financial Inclusion Champion award

ECB President Mr. Draghi Financial Inclusion Champion for Europe and Central Asia

The Youth who participated in the Second Child and Youth Finance International Regional Meeting for Europe and Central Asia presented the European Central Bank President Mr. Draghi with an award as Champion for Financial Inclusion of Europe and Central Asia.

The youth chose to award Mr. Draghi as Champion for Financial Inclusion due to his commitment to listen to their proposals and to try to participate in Global Money Week 2014.

The proposals youth presented were the result of an online consultation the youth had with 100 000 young people from all over the world, and an intense dialogue between policymakers and youth over two days at the ECB. Based on this the youth presented their proposals on the three topics of Employment and Entrepreneurship, Financial Inclusion and Economic Citizenship Education: Introduce tax reduction and entrepreneurial training for youth

  • Every child graduating from primary-school should have the right to have a bank account
  • All school curriculum should include Economic Citizenship Education
  • Watch the recording of Mr. Draghi receive his award, give his closing speech and the youth proposals here

 

The Second Annual CYFI Regional Meeting for Europe and Central Asia brought together 135 participants from 39 countries, including three central bank governors, one central bank deputy governor, one central bank board member and one capital markets board chairman as well as delegates from ministries of education and finance.

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Daily Digest of the CYFI Regional Meeting for Europe & Central Asia at the ECB

Daily Digest of the CYFI Regional Meeting for Europe & Central Asia at the ECB

 

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Daily Digest: Day one from the CYFI Regional Meeting for Europe & Central Asia

 


The first day of the Second CYFI Annual Regional Meeting for Europe & Central Asia started off with a bang on Monday morning! We are very excited to share the day with you! With this Daily Digest of the meeting we would like to share the day in short with the rest of the Movement.


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Follow the Meeting on Social Media! The designated hashtag for the event is #CYFIEurope. 
 


Tuesday 2.30 p.m.
Join in for the live streaming of the closing speech
by ECB President Mr. Draghi 
here 

 


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Welcome Speech
European Central Bank (ECB) Vice-President Vítor Constâncio who opened the meeting with a welcome speech. In his speech Mr. Constâncio acknowledged the ECB’s role in ensuring financial inclusion to the European youth, and the ECB commitment to the issue:

“The European Central Bank plays a direct role in achieving the objectives of financial inclusion.” - Mr. Constâncio, Vice-President, ECB

Mr. Constâncio emphasized the long-term benefits for both youth and their communities to understand financial literacy & inclusion, as he argued that it will not only affect the lives of youth themselves, but also the financial stability and economic growth. At the same time he also addressed the challenges that are still to be overcome for youth financial inclusion. He also pointed out the opportunity to listen to the opinions of the 25 youth participants on the meeting. “It is rare for us to hear the opinion of youth, and I think we should listen carefully”. He continued saying: “Our children have enormous potential, we need to help them fulfill it”.
 


Inaugural Session
At the Inaugural Session the governor from the National Bank of the Republic of Macedonia, Dimitar Bogov and the governor of Bank of Albania, Ardian Fullani, as well as UNICEF Director for Europe and Central Asia, Philippe Cori and the chairman of the Capital Markets Board of Turkey, Mr. Vahdettin Ertaş, took the stage together with CYFI founder and managing director Jeroo Billimoria. 

One of the great surprises of the morning was the announcement that the Republic of Macedonia will be hosting the next CYFI Regional Meeting for Europe and Central Asia in 2014. 

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The session also focused on sharing all the great commitments and initiatives that have been made by Albania, the Republic of Macedonia and Turkey. Mr. Ertaş, further stressed the importance of financial inclusion for Turkey, as well as four Europe and Central Asia as a region.

In addition to explaining the commitment to financial literacy and inclusion by the Bank of Albania, Mr. Fullani, shared his personal experiences with children and youth in Albania and how they have inspired the continuous engagement for such initiatives.

Mr. Cori from UNICEF further pointed out the UNICEF commitment to ‘social cohesion’ and the great importance of financial inclusion, connected to social inclusion, to make sure that children and youth grow up to be empowered adults. During his speech he proclaimed:

We need to invest in our youth today!” - Mr. Cori, UNICEF

He pointed out that we need to start considering youth stakeholders of our society. He also stated that children are drivers of change of our society, and the inclusion and empowerment of youth is, and will continue to be, a key priority of UNICEF and the UN.
 


Celebrating the Movement
The second session, ‘Celebrating the Movement’, was moderated by Mr. Koen Vermeltfoort, Partner at McKinsey & Company. During the session another great announcement was made. Mr. Joseph Falzon, Dean of the Faculty of Economics, Management and Accountancy who was representing the Ministry of Education from Malta, proclaimed the commitment of the Ministry of Education of Malta to fully support and collaborate with CYFI with promoting and implementing financial education.

He further addressed financial inclusion as a mean to make sure that all children and youth grow up with equal access to the tools to lead happy and successful lives, independent of their background or circumstances. Representing the Ministry of Education from Malta, Joseph Falzon, Dean of the Faculty of Economics, Management and Accountancy stated: “Inclusion means that we positively help all disadvantaged children and young people to be able to start the marathon of life at the same starting line.”

During the session Mr. Marin Molosag, First Deputy Governor, National Bank of Moldova stated his support of the Movement and of its goals. He ellaborated, stating that financial literacy is a form of wider self interest, promoting financial literacy is a public good. 

The returning topic of the day was the still present financial crisis and its effects on the European countries. But it was also raised as an important influence on the progress we now see for financial inclusion and financial education initiatives all over the region. Eva Zamrazilová, Board Member of the Czech National Bank described how the current financial crisis has brought about a mind shift regarding the importance of financial literacy and inclusion: “Before the crisis, many people considered financial literacy to be a topic of marginal importance. The crisis has changed many things, one of them being attitudes to financial literacy.”

Mr. Kornél Kisgergely, Deputy State Secretary for Financial Policy Affairs from the Ministry for National Economy in Hungary also referred to the financial crisis, and its affect on the Hungarian community. Referring to a quote from a professor in finance he also raised the need for financial literacy in order to make sound financial decisions: “If somebody tells you can make a fortune in financial markets without taking excessive risk – he is a fool, or he thinks that you are a fool.”

 


Creating an integrated policy for youth economic citizenship in Europe and Central Asia
The third session of the day was on how to create an integrated approach for youth economic citizenship. Moderated by Chris Sier, Director at Financial Services Knowledge Transfer Network, the session became a dynamic and interactive part of the morning where many of the delegates gave their views on financial education, inclusion and the complexity of integrating initiatives to policy.

Panelists were Ms. Catherine Fagan, Chair of the International Association for Citizenship, Social and Economics Education at the University of Glasgow and Mr. Anatoly G. Gavrilenko, Chairman of Expert Group on Financial Education from the Russian Federation.

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Ms. Fagan opened the session by stating the importance of getting together and meeting face to face to connect, share and inspire each other to keep promoting further initiatives for financial inclusion and education. Mr. Gavrilenko shared the initiatives being made by the Russian Federation, and the increased awareness of the importance of such initiatives.

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As the delegates were able to pose their questions to the others in the room, a question regarding financial literacy to prevent the next financial crisis came up. This started a long discussion regarding the importance to not consider isolated parts as the single solution to a complex problem, such as the financial crisis. Even though many agreed on the importance of financial literacy to prevent irresponsible financial behavior, it became clear that education alone will not be the answer. Instead it need to be a integrated solution that not only make sure that youth grow up being financially literate but also have the values and understanding of their role in their community.


 


Workshops
During the remaining part of the day delegates were involved in Workshops moderated by McKinsey & Company. The workshops presented the delegates with the opportunity to actively engage in discussion and come up with questions on the topic at hand. The details of the topics and panelists of the workshops are presented below.


Integrating economic citizenship education into the school curriculum
Miroslava Salavcová, Head of Department of Pre-school, Basic and Basic Art Education, Ministry of Education, Youth and Sports, Czech Republic
Michaela Dlouhá, Head of the Financial Literacy Working Group, Ministry of Finance, Czech Republic Pranvera Kamani, Head of Sector for Curriculum and Textbooks, Ministry of Education, Albania
Besa Prela, Head of Communications, Bank of Albania

Enhancing financial capability: the value of combining financial education and financial inclusion
Michael Chapman, Senior Policy Expert on Consumer Protection, OECD
Mark Fiander, Strategy and Innovation Director, Money Advice Service, United Kingdom
Anna Zanghi, Head of Global Innovation and Product Development for Youth, Mastercard

Financial inclusion policies and regulation for young people: gaps and recommendations in the EU context
Maciej Berestecki, Policy Officer, European Commission Jürgen Klute, Member of European Parliament Sébastien de Brouwer, Executive Director, European Banking Federation
Armenuhi Mkrtchyan, Head of Consumer Protection and Market Conduct Division, Central Bank of Armenia

Teacher training capacity-building
Angela Cara, Coordinator, National Institute for Educational Sciences, Moldova
Vanessa Nowak, Teacher Training Expert, My Finance Coach

Innovative outreach models for economic citizenship education through formal and non-formal education Mustafa Özer, Financial Education Program Manager, Youth for Habitat, Turkey
Ligia Golosoiu, Counsellor, National Bank of Romania

Policies encouraging youth entrepreneurship: how to develop a greater entrepreneurial culture among young people in Europe
Darja Saar, Chief Executive Officer, Entrum Foundation, CENTRES, Estonia

 



The day ended with a dinner for all the participants, hosted by Ignazio Angeloni, Director General of the European Central Bank. Mr. Angeloni gave a warm welcoming speech were he spoke about ECB’s ambition to fight unfulfilled opportunities and talents of today’s youth through financial education.

The last day of the meeting, on Tuesday November 5th will focus on voicing the opinions and suggestions the 25 youth participants have been working on during Monday, celebrating Global Money Week, as well as have the honor of a closing speech from Mario Draghi, ECB President. 


Join us for the live streaming of the closing speech
by Mr. Mario Draghi, President ECB

 

 
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The European Case: Financial Inclusion & The Prevention of the Next Financial Crisis

The European Case: Financial Inclusion & The Prevention of the Next Financial Crisis

Just a few days ago we celebrated the World Savings Day. But there are still many people who are excluded from the formal financial services and bank accounts. According to a newly made study by MasterCard, the population of unbanked and underbanked totals 93 million people in Western Europe alone.

Other studies has shown that only 31.9% of youth in Europe between the ages of 15 – 25 hold an account at formal financial institutions. This means that almost two thirds of Europe’s youth are currently left out of the formal financial institution market.

As the financial services offered become increasingly complex, there is an even greater need to make sure that the people who will grow up to make the financial decisions, are educated and experienced enough to do so.

Coming up next week, 4-5 November, is the Second CYFI Regional Meeting for Europe & Central Asia. The meeting will take place at the European Central Bank and is a great opportunity to inspire and inform others of the great social and financial winnings attached to making sure that our next generation of adults are financially included and educated.

The recent financial crisis has shown us that the decisions made by the adults of today will affect the financial landscape of the future. It is our responsibility to make sure that our children, who will be the adults of tomorrow, are well prepared and educated to make sustainable and favorable decisions for themselves and their countries.

But how do we prepare them to make the ‘right’ decisions?

The Child and Youth Finance Movement promote two things to make this happen: education and inclusion. We need to make sure that young people have sufficient and proper education on financial matters. But the Child and Youth Finance Movement also believe that we need to make sure that the education is connected to inclusion, to create good habits at an early stage.

So what does it really mean, Financial Inclusion? It is about being included, not excluded. Being empowered. Having access. We need to make sure that our children and teens are a part of the financial services and system that will be the venue for some of the most important financial and life decisions they will ever make. We need to make sure that the habit of saving instead of lending, earning interest on savings instead of keeping your money at home, are things that will affect their lives and those of others in many ways.

This has been, and continues to be, one of our greatest challenges. Giving all children access to a bank savings account and safe financial services should be part of the fabric of our financial systems. Financial institutions should recognize this is their role in the financial system, their corporate social responsibility, and simply the right thing to do. Facing the issues of financial inclusion in Europe and Central Asia constitutes a challenge in itself.

Since the European and Central Asian region consists of such a diverse group of countries, there are specific challenges and opportunities within each country that needs to be approached in the local context. There is no ‘fix all’ solution that can be applied to all the countries of the region. Instead there is a need to move together as one, but keep the solutions and efforts on a local level to meet the local needs.

And this is what the Child & Youth Finance Movement is trying to do. Since we launched our Global Movement in 2012, we have already spread to 100 countries and reach 18 million children with financial inclusion and education. This great progress has been made possible through aligning the efforts of countries and organizations to work together toward the same goal: increase the economic citizenship and financial inclusion of children and youth all over the world.

The Child Finance Movement builds on the notion that by aligning and supporting the efforts being made by isolated actors we can achieve great change in a short amount of time.

One part of aligning these efforts is through our Regional Meetings were we bring together policymakers and leaders of the region with young people to discuss and take action for the future generation of their countries. With the current situation and all time high statistics in the European and Central Asian region, it seems as though this year’s meeting is as relevant as ever.

There is a need for nations to join together to build change within their local context, but also cross borders. In order to change the future of our youth we need to start working together. We need to start learning from each other, as well as support and inspire others to make changes that go beyond the actions themselves.

Like the rings that spread over the water, we can make great things happen if we only drop a stone big enough. It is our goal to make sure that every child and youngster in Europe and Central Asia are included, a part of, their own financial landscape and are educated to be so. Are your ready to help us pick up the stone and spread the rings?

 

Follow the Meeting via #CYFIEurope, and tune in for the live streamed closing speech by Mr. Mario Draghi, European Central Bank President.

 

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Countdown to the upcoming CYFI Meeting at the ECB

Countdown to the upcoming CYFI Meeting at the ECB

 

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The countdown for the CYFI Second Annual Regional Meeting for Europe & Central Asia has started!

 


Follow the Meeting on Social Media! The designated hashtag for the event is #CYFIEurope. 

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Have you signed up for the meeting? Registration is still possible here 


The countdown has started for the Second Child and Youth Finance International Regional Meeting for Europe and Central Asia! 

This year we have the privilege to co-host the Meeting with the European Central Bank in Frankfurt am Main, Germany 4 -5 November. The meeting is shaping up to be a game changer for children and young people in Europe. 

Meeting Delegates
The meeting, featuring closing remarks by European Central Bank President Mario Draghi and inaugurated by Vice President of the European Central Bank, Vítor Constâncio, will bring together leading experts, practitioners and innovators from within the region engaged in issues of increased child and youth financial inclusion, economic citizenship education and youth entrepreneurship.

We are honored to announce the following confirmed speakers at the meeting:

Ardian Fullani - Governor, Bank of Albania 
Dimitar Bogov - Governor, Central Bank of Macedonia 
Eva Zamrazilova - Board member, Czech National Bank 
Evarist Bartolo- Minister of Education, Malta
Ignazio Angeloni- Director General of Financial Stability, European Central Bank
Jorgovanka Tabaković- Governor, National Bank of Serbia
Marin Molosag - First Deputy Governor, Central Bank of Moldova
Philippe Cori- ECA Director, UNICEF
Vahdettin Ertas - Chairman, Capital Market Boards of Turkey


Additionally, 30 youth participants representing the opinions of 1500 youth throughout Europe will present action points on how they want to Reshape their own and Europe’s Financial Future.
 



Subjects that will be addressed during the Meeting include

  • Celebration of the Child and Youth Finance Movement;
  • Creating an integrated policy for Youth Economic Citizenship in Europe and Central Asia;
  • Financial Inclusion;
  • Global Money Week 2014;
  • Dialogue between youth, policy makers and practitioners

There will also be several workshops on Financial inclusion policies and regulations, Integration of Economic Citizenship Education in school curriculum, Innovative Financial Education outreach models, as well as Policies Encouraging Youth Entrepreneurship.

The full Meeting Agenda can be found here

 

Have you signed up for the meeting?
Registration is still possible 
here 

 

 
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Getting Child and Youth Finance on the Microfinance Agenda

Getting Child and Youth Finance on the Microfinance Agenda

We had so many great lessons and met a multitude of inspiring people and organizations during the Partnership Against Poverty Summit in Manila, Philippines, hosted by Microcredit Summit Campaign. One of the most rewarding things we took with us from the meeting was the fact that Child and Youth Finance has now made its way into the international microfinance agenda. A great sign of this is the recently announced partnership between CYFI and Microcredit Summit Campaign - partnering up to reach 100 million children, youth and their families with financial inclusion.

Prior to the actual Summit, Child and Youth Finance had the opportunity to take part in the pre-Summit Ending Poverty Action Retreat, which brought together some of the most prominent practitioners and thought leaders in the field of microfinance, as well as leading organizations in other fields working to end poverty in different, but often related ways. CYFI was invited specifically to bring the child and youth perspective – a reflection of CYFI’s hard work over the last few years to put child and youth finance on related policy and action agendas on financial inclusion and poverty alleviation.

Reflecting on more than 20 years of microfinance, the Retreat participants emphasized the importance of bringing back the focus of microfinance on what it was originally designed for: ending extreme poverty. Some key recommendations coming forward from the Retreat which were presented at the final Summit day’s closing plenary were:

  1. A renewed focus on ending extreme poverty and related client demographic data collection, using the Progress out of Poverty Index (PPI)
  2. An integral focus on vulnerable groups of clients, such as children and youth, the disabled, the elderly, and the LGBT community
  3. Integrated product offering, moving beyond credit only, including savings, insurance, pension, and non-financial services such as (financial) education and health services 
  4. Strengthened focus on partnership across sectors, focusing on ending extreme poverty

These and other recommendations were strenghtened in speeches by Nobel Peace Prize Awardee Prof. Yunus (Founder Grameen Bank) and Mr. John Hatch (Founder Finca USA).

A sign of the long-term commitment to including young people as an important part to the financial agenda, Child and Youth Finance International is invited to participate in the Summit of 2014 to share our progress and further inspire microfinance initiatives with child and youth as serious stakeholders. 

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Building Bridges

Three Coins is trying to further youth financial literacy education by combining the trends of gaming, smart phones and new media with applied research in the field of behavioural economy. To do this, we’re developing a ‘non-educational’ mobile adventure game that trains financial literacy. 

Read more on the YouthTech blog

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Let Youth be a part of their solution - Entrepreneurship for Youth Unemployment

Let Youth be a part of their solution - Entrepreneurship for Youth Unemployment

 

It has been referred to as a global crisis. The International Labor Organization is calling it 'A Generation at Risk', and there has been talk about a second 'Lost Generation'. (An expression made popular by Ernest Hemingwayabout the first young people growing up following the World War I).

  • In 2012 75 million of the world's youth were unemployed, which is the highest youth unemployment rate on record.
  • In 2013 it is estimated that the number will stay at this alarmingly high level, with 73 million youth unemployed.
  • With these numbers it means that youth currently make up 40% of the worlds unemployed.
  • And as a young person your risk of being unemployed is three times higher than that of an adult.

And it is not only affecting the young people themselves - but also the society and community they live in. As the population grows younger and more young people are unemployed the burden on the tax payers of the country and community they are living in also increases. But, the core of the matter is that young people are now standing at risk from being left out of the job market. And with this being left with feelings of inadequacy, stress and alienation.

However, governments and experts alone cannot solve the problem of youth unemployment. We also need to include the persons who are facing the problem themselves - youth. Not only can they be a part of the solution, they will also likely come up with new and innovative ideas to solve the problem. There is a need for wide spread policy changes and global initiatives to tackle this problem.

The Child and Youth Finance Movement is trying to be a part of this and contribute to a long-term and positive solution. Through the extensive global network that make of the Child and Youth Finance Movement we want to promote solutions to the high youth unemployment rate and create new ways for youth to get employed - via entrepreneurship. We want to start sparking youth entrepreneurial spirits and empower them to be confident young adults that believe in their own abilities and are able to utilize these to create their own job opportunities.

The World Bank Group Youth Entrepreneurship Summit

In connection to this initiative CYFI is proud to be taking part of the World Bank Group (WBG) first Youth Summit on October 23rd, 2013 in Washington DC. The theme for the event is "Youth Entrepreneurship: Cultivating an innovative spirit to alleviate global youth unemployment". The summit featured notable panelists of the development community, and provided a forum for young people from around the globe to share innovative ideas and solutions to current development challenges to create opportunities for youth employment and job creation. In order to help youth become a part of their own solution we need to empower and inspire them to believe in themselves, even though times are difficult, and see the opportunities of the situation they are in. One way is through entrepreneurship.

Coming up with new innovative solutions to the problems they are facing, and generate their own business opportunities and work opportunities, can potentially be a great way for youth to be a part of creating employment. During the World Bank Group Summit the need for education and empowerment of youth to get the basic skills to manage their own business as well as believe in themselves and their skills could not be over emphasized.

We also strongly believe in the connection between education and inclusion and the need for empowerment and confidence to fuel both into successful outcomes for youth. The youth involvement of this Summit is also one of the core pillars of the Movement. We always want to keep the young people we are here to help involved. We want to hear what they have to say and what their opinion and thoughts are on solutions to the problems they are facing.

Listening to the Voice of Youth

Another part of the youth involvement in the Movement is the CYFI Global Youth Survey, where we ask youth all over the world for their opinions on three topics: My Education, My Money and My Future. The survey is based on the financial issues raised by the children and youth who attended our Youth Summit in May in Istanbul. The survey results are still in the process of being completed, and so far the results of the Africa region have been done. Despite alarmingly high rates of unemployment, 66.7% of the African youth taking part in the survey expressed interest in having their own business.

This high percentage alone represents the potential and desire children and youth have to improve their futures by creating their own work opportunities. The Child and Youth Finance Movement is ready to support this desire and make youth a part of their own solution through increasing the financial education, financial access, employability and entrepreneurship skills of children and youth.

After all, they are tomorrow's leaders, entrepreneurs and economic actors.

 

Right now CYFI is participating in the Skoll Social Entrepreneur Fundraising Challenge, and we need your support to advance in the challenge. Every contribution matters!

 

ur Facebook and Twitter to stay updated about the progress of the Movement.

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Baizat Partner with the Movement to Further Financial Education in the UAE

Baizat Partner with the Movement to Further Financial Education in the UAE

Dubai, United Arab Emirates (UAE) - Amsterdam, The Netherlands

In a move to join hands to further youth financial education in the United Arab Emirates (UAE) it is today annoncued that Baizat will join the Child and Youth Finance Movement. The partnership with Baizat is an exciting development for both organizations as they work towards increasing financial literacy in the MENA region and focus on doing this through financial education for children and youth.

Baizat, based in the UAE, is an organization that believes in the need for financial empowerment. Founded by Emirati financial expert Salah Al-Halyan, Baizat works to ensure financial success for all citizens in the UAE, through providing the proper financial knowledge and tools. 

The partnership of CYFI and Baizat will facilitate the participation in regional conferences such as the CYFI Regional Meeting, as well as implementing processes for financial literacy through schools, workshops, and conferences throughout the region.

Jeroo Billimoria, Founder and Managing Director of CYFI, was quoted expressing her enthusiasm for the partnership:

“Baizat is a wonderful organization that CYFI is happy to partner with and I know together we will further financial inclusion and financial education for children and youth throughout the region.”

Baizat’s founder Salah Al-Halyan was pleased as well, stating:

“To be the first Non-Governmental Organization in the UAE to partner with CYFI is a great landmark for us; we hope to be the first of many.  We have been long term admirers of the tireless work of Jeroo and her team, having already attended their first two international summits we feel this is the next logical step in our relationship. We are looking forward to collaborating with CYFI and their partners to spread the word of financial empowerment for youth in the region and also to share with the rest of the world the progress we are making here in the Emirates alongside hard working Government organizations such as the Emirates Foundation and Dirhami.”

One of the elements of the partnership include increasing awareness in the region through Global Money Week activities. Last year Baizat already took part of the global celebration held every year, second week of March. The purpose of the celebration is to increase awareness of the importance financial literacy and inclusion for young people. The week aims to encourage children and youth to learn about money, saving, entrepreneurship and livelihood skills, through a range of activities arranged in the participating countries. 

Global Money Week Celebration with Baizat in 2013

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Gaming with a Purpose?

Gaming with a Purpose?

This is the second blog post in a series of post Child and Youth Finance will be doing at The Huffington Post. This privilege comes with the Skoll Social Entrepreneur Fundraising Challenge we are taking part of to raise fund for CYFI  to better further the progress of the Movement.

Okay, so one thing is clear: Youth are hooked on technology. Computers, smartphones, tablets, social media, video games... the list goes on.

Mostly this connection is talked about with concern. 'Should our children be spending so much time...?' or 'How does technology affect our youngsters?'. And this concern is of course something that always should be taken into account for this subject. We also want to raise a question from another angle: 'Could youth's hook on technology be used for a purpose?'

One of the goals of the Child and Youth Finance Movement is to ensure financial, social, and livelihood education for 100 million children and young people in 100 countries by 2015. And why do we want to do this, you might ask? Well, although the trend of education has been very positive (Girls and boys in developing countries are enrolling in secondary school in greater numbers than ever before), less than 1% of the worlds 2.2 billion children have access to financial education.

We believe that by that empowering and equipping young people with the knowledge and skills to make informed financial and life decisions will have great benefits - both in their own lives, and also for that of their families and communities. Or as one of the Youth Participants from our Africa Regional Meeting put it:

If we do not learn about money and what choices to make, then how can we learn to manage our future?

One step in reaching this goal is to collaborate and align the efforts of education providers all over the world. However, we have discovered various barriers that hinder financial education from achieving its maximum impacts. Among these barriers, the most important ones include:

  1. Shortage of trained local teachers in remote areas
  2. Lack of incentives of children to participate in the learning programs
  3. Failure of financial education curriculums in meeting the needs of children from different cultures and different age groups

Common for all of these barriers is one question, and one of the fundamental challenges in education: How do we make sure we truly engage and motivate the kids to learn in a way that will stay with them for the rest of their lives? We think that one way of doing this is to meet the youngsters where they are already engaging and committing. Yes, exactly, we are talking about technology. By harnessing the already present integration of technology in the life of child and youth, and adding the purpose of learning to it, we believe that some of the barriers to financial, social, and livelihood education could be lowered.

Barrier 1: Difficulties for children and youth to access education in remote areas Technologies such as computers, mobile phones and Internet is spreading rapidly across the world. For instance global mobile penetration has witnessed an exponential growth in recent years, with an impressive penetration rate of 79% in the developing world by the end of 2011. A 2013 report from the United Nations explains that mobile broadband will expand greatly in the world during the coming years, particularly in developing countries. And the mobile phone penetration rates is 96%; 128% in developed countries; and 89% in developing countries. Globally, more and more education providers are applying digital tools in education programs. Mobile education is also emerging in many countries. And thus potentially provides a way of reaching children and youth in remote locations that do not have easy access to local teachers.

Barrier 2: Lack of incentive and motivation of the young people to participate Gaming is something that obviously can engage millions of youth and spread rapidly all across the world. Just take the example of Angry Birds - in 2012 the game hit 1 billion (!) downloads world wide. And this is where we raise the suggestion to combine this incredible power to engage youth, and combine it with a purpose - learning. Studies have shown that when games are used to educate it can potentially change the behavior of young people, as well as have positive impacts on intelligence, such as cognitive flexibility.

Barrier 3: Meeting the needs of children and youth in different ages from different cultures One of the great strengths of technology is its ability to be easily adaptable and updated from one source, and then spread to all of the connected sources. And without particularly high costs it can be altered and customized based on the needs of the user. So if a foundation for a financial learning game is created, this game can then be changed into various versions based on age and culture of the children and youth using the game.


So, if we want to look at the future and how we can reach the children and youth of today, as well as tomorrow, we need to start paying attention to what is actually engaging children and youth. Technology is moving away from being something exclusively for the children and youth of well-off industrialized countries, to being something that is expanding rapidly to all parts of the world. Combining all of these aspects we believe that mobile games with educational element could potentially become a great complement to traditional financial education. It can be a way to create a fun and interactive way to learn in addition to the financial education taught in schools.

Interested in how companies are designing innovative programs and technologies to raise awareness and skills among children and youth - particularly those from disadvantaged backgrounds - on how to achieve financial security? There are still a chance to register for the CYFI & United Nations Global Compact Webinar, on November 7.

 

Over the coming weeks we have the privilege to blog on behalf of the Child and Youth Finance Movement, here at The Huffington Post. This amazing opportunity is a part of the Skoll Foundation Social Entrepreneur Challenge, where we are participating with our own fundraiser. During the weeks we will talk about the issues we are trying to tackle, including youth unemployment, technology solutions for financial inclusions, the need for Child & Youth Finance in developing countries and more. Please follow our Facebook and Twitter to stay updated about the progress of the Movement.

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Pesacard: A Smartcard to Boost Financial Empowerment of Children in Kenya

In Kenya, 75% of the country’s 40 million citizens own a mobile phone and a similar percentage of that sector uses mobile money services, particularly M-PESA. Behind the scenes, the key player driving financial inclusion is not a bank but the leading mobile phone service provider – Safaricom.

Read more at the Youth Tech Blog

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Jeroo Billimoria: Child & Youth (Micro)Finance - share from the Huffington Post

Jeroo Billimoria: Child & Youth (Micro)Finance - share from the Huffington Post

Over the coming weeks Child and Youth Finance will have the privilege to blog on behalf of the Child and Youth Finance Movement, at the Huffington Post. This amazing opportunity is a part of the Skoll Foundation Social Entrepreneur Challenge, where we are participating with our own fundraiser. During the weeks we will talk about the issues we are trying to tackle, including youth unemployment, technology solutions for financial inclusions, the need for Child & Youth Finance in developing countries, and more. To reach as many as possible form the Movement all post from the Huffington Post will also be shared here on our own blog.

The Child and Youth Finance global Movement was launched in 2012 as a way to empower, include and educate children and youth all over the world to a life free from poverty and financial instability.  We want to ensure that youngsters of today grow up to be confident and responsible adults that believe in themselves and in the world around them. Since the launch our partners around the world, have been able to reach 18 million children and youth in 125 countries -- a wonderful success! -- with this cause.

However, my work with children began much earlier than this. I started up my first organization to help children with math at age 16. After a few years I started working with Indian street children, this led to the start of ChildLine -- a 24/7 help line for children that eventually spread to 146 countries. In my work I started to see a pattern of the children and youth I worked to help.

They often came from families with financial troubles, be it poverty or debt. I realized that there is a need to educate children and make sure that they are financial literate in order to give them the opportunity for a bright future, and keep them out of the troubles that come along with a financially unstable life. This was the idea that gave life to the Child and Youth Finance Movement. And we started focusing on how we can give the adults of tomorrow the knowledge, but also the skills and self-confidence to inspire them to convert their knowledge into action, based on good and sustainable values.

One important aspect of this, we found, is financial inclusion and access to a savings account. When I started approaching banks and financial institutions about offering saving accounts for children and youth I was met with people showing me the door, or at best I was politely denied. During the short life of the Child and Youth Finance Movement, this has changed. We are making small steps towards making financial institutions realize the value to include children and youth in their services, in order to make sure that they know and realize the responsibilities and opportunities that come along with it. They are after all the people who will set the financial environment of the future.

These steps are being taken all over the world, and one way of keeping sure we keep on walking in the right direction is via the Movements Regional Meetings. The Second CYFI Regional Meeting for the Americas and the Caribbean in Bogotá, Colombia is a proof of such progress. The meeting was held together with the Fourth Latin American Congress of Financial Education by FELABAN, and ASOBANCARIA. With the collaboration between FELABAN, ASOBANCARIA and Child and Youth Finance, this unique meeting is 2013's biggest event dedicated to youth financial education in the region.

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Financial Football in Bogotá, Colombia

The meeting also gave children and youth the opportunity to express their own opinions and needs to the attending high level policy makers and leaders. As the bankers and policymakers enjoyed a game of financial football with the youngsters at the meeting, the days of shut doors seems much further away. The Child and Youth Finance Movement is currently also represented at the Microcredit Summit Campaign Summit 'Partnerships Against Poverty' in Manila, Philippines.

It is a great opportunity for us to learn more about how Microfinance can be used to ensure financial inclusion for children and youth. You see, much like the savings accounts a couple of years back, this far microfinance has mainly focused on adults and the role of children and youth have often been missing in microfinance initiates and discussions. During the Summit, The Movement got the privilege to hold a workshop on how microfinance can be made more inclusive to children and youth, and be a part of enabling them to break out of cycles of poverty and indebtedness.

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Workshop on Youth Inclusive Microfinance in Manila, Philippines

A big step to further such initiatives the Child and Youth Finance Movement is now entering a partnership with Microcredit Summit Campaign, that similarly to the Movement convenes a broad array of actors involved with microfinance to promote and share best practices and knowledge in the field and to work towards fight world poverty through microfinance. Together we hope to bring microfinance as well as confidence, knowledge and skills as a way for children, youth and their families to rise out poverty and towards a financially stable and secure future.

 

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Jeroo Billimoria

Managing Director

Child and Youth Finance International

 

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Financial Football Brought Policymakers and Youth together in Bogotá

Financial Football Brought Policymakers and Youth together in Bogotá

BOGOTÁ, COLOMBIAFinancial Football was one of the items on the agenda as the first day of the Fourth Latin American Congress of Financial Education by FELABAN /Second CYFI Regional Meeting for the Americas and the Caribbean took off. Leaders and policymakers from a variety of sectors got together to share innovations, ideas and collaborate on financial education and inclusion for children and youth. Some of the topics discussed where how to promote responsible consumption and sustainability for the next generation.

It was with an electric atmosphere that the first day of the Fourth Latin American Congress of Financial Education by FELABAN and Second CYFI Regional Meeting for the Americas and the Caribbean came to an end. Participants from a wide arrange of sectors in the region, such as financial institutions, Ministries of Finance and Education, NGO’s, foundations as well as leading researchers got together in Bogotá, Colombia. Topics discussed during the day included Responsible Consumption and Sustainability, Behavioral Economics, the Landscape of Financial Education and the role Mass Media can play in this as well as experiences on Financial Education. The participants had gathered to network, collaborate and share innovations and opinions on the topics of financial education.

One of the most memorable sessions of the first day was the “Financial Football”; a game of questions between two countries, played in the atmosphere of a football game. Two teams squared off: Columbia (the host country) and Chile (who not coincidentally will be facing off again Columbia today for a World Cup qualifying match). After a succession of questions; “What is the role of the World Bank?” and “What is the difference between fixed and variable interest rates?” Chile was poised for a shot. After a quick response Chile’s shot was on target but a correct response to another difficult question about derivatives by the Columbian Goalkeeper kept the ball out of the net.

The Columbians started the second half with the ball and, after a series of correct answers were in the Chilean box. An excellent shot based on currency fluctuations was on goal, and while the shot appeared to be blocked by the Chilean goalkeeper, a controversial goal was nonetheless awarded. The game ended with a 1-0 Columbia win. There was much good natured taunting and ribbing by the winning team and the teams left to Plenary room together in smiles. It was a fantastic match.

The meeting serves as a true milestone for youth financial inclusion and economic citizenship in the region of the Americas and Caribbean.  With the collaboration between FELABAN, ASOBANCARIA and CYFI, this unique meeting is 2013’s biggest event dedicated to youth financial education in the region. The meeting gives children and youth the opportunity to express their own opinions and needs to the attending high level policy makers and leaders.  

About the FELABAN Latin American Congress on Financial Education

The Latin American Congress of Financial Education is an initiative of the Latin American Banking Federation (FELABAN), which in 2013 has the support of the Association of Banks of Colombia (ASOBANCARIA). In 2013 FELABAN, ASOBANCARIA and Child and Youth Finance International decided to join efforts to host a joint event which represents the largest regional gathering of its kind. The objective of the CLEF 2013 is to allow stakeholders to share knowledge on public-and private partnerships and multilateral organizations approach financial education and the challenges posed by technological innovations in financial products and services to deepen financial penetration and reduce informality. 

 

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'Partnerships Against Poverty' goes beyond Summit as CYFI Partner with Microcredit Summit Campaign

'Partnerships Against Poverty' goes beyond Summit as CYFI Partner with Microcredit Summit Campaign

Microcredit Summit Campaign and Child & Youth Finance International Partner to Fight Poverty and Promote Financial Inclusion for Millions

11 October 2013

AMSTERDAM, THE NETHERLANDS/WASHINGTON, D.C., THE UNITED STATES – In a commitment to bring about financial inclusion and facilitate the journey out of poverty of children, youth and their families in some of the world’s most vulnerable communities, Microcredit Summit Campaign and Child and Youth Finance International (CYFI) are entering a partnership. The partnership acts to strengthen the work of both organizations, and together they aim to give families and their children and youth the tools to lift themselves out of severe poverty and indebtedness. The two organizations have separate, but complementing, goals of financial inclusion and poverty alleviation. 

The objective of a partnership between Microcredit Summit Campaign and CYFI is to strengthen the goals of both organizations and make microfinance more inclusive to children, youth and families; identify and reach out to children in the most vulnerable communities; and combine both organizations’ resources to reach out to as many young people and their families as possible. 

Jeroo Billimoria, Founder and Managing Director at CYFI, expressed her enthusiasm for the partnership declaring:

“We are eager to join this global movement to demonstrate with others the power of partnerships against poverty and also to inspire new collaborations with those committed to supporting the movement of millions out of severe poverty.”

Microfinance Summit Campaign Director Larry Reed was equally enthused, stating:

“I am pleased to confirm that the Microcredit Summit Campaign supports the core values of Child and Youth Finance International (CYFI). With this commitment, we express our intent to advance these principles within our sphere of influence, and will make a clear statement of this commitment to our stakeholders and the general public.”

The similarities between the organizations and their respective goals make them natural partners and their partnership allows a combining of innovations and resources to achieve their ultimate goal of helping vulnerable children and youth. The Microcredit Summit Campaign’s two goals are to reach 175 million of the world’s poorest families (defined as those who live on less than US$1.25/day) with microfinance and to help 100 million families lift themselves out of severe poverty. Similarly, CYFI recognizes that, “1 billion of the world’s children are living in poverty. Repercussions of poverty are decreasing education and healthcare and increasing instances of homelessness and abuse.” To tackle this issue, CYFI aims to reach 100 million children and youth in 100 countries with access to financial education and appropriate financial services by 2015.

In addition to a shared commitment to combine innovations and resources, both organizations will streamline dimensions of their data collection to build a globally integrated data set. The Campaign will incorporate child and youth-inclusive indicators in the Institutional Action Plan, through which the Campaign collects client outreach data each year, and will make that data available to CYFI. In exchange, CYFI will include the collection of client poverty measurement data from partners in its annual data collection process and share the data with the Campaign. 

Partnership Officially Declared During “2013 Partnerships against Poverty Summit”

The partnership will be solidified through CYFI’s involvement in the 2013 Partnerships against Poverty Summit, co-hosted by the Microcredit Summit Campaign and the Microfinance Council of the Philippines, Inc., which will take place in Manila, Philippines, October 9-11. The Summit event will specifically focus on cross-sector collaboration, a topic well in line with CYFI efforts. During the Summit, CYFI will be leading two sessions on “How Can Microfinance Be More Inclusive to Children and Youth?” and “Child and Youth Finance as a Catalyst to National Collaboration.” The first session looks at the deeper burning issues in child and youth microfinance and supplies participants with concrete case studies on effective child and youth finance programs. The second CYFI session will focus on presenting a structured way to achieve integrated national-level initiatives on the importance of economic citizenship education, financial education, and livelihood skills as well as sharing best practices and cross-sector strategies for future regulatory synergy for financially inclusive initiatives. 

 

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About the Microcredit Summit Campaign

The Microcredit Summit Campaign (the “Campaign”),  a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of severe poverty. The Campaign convenes a broad array of actors involved with microfinance to promote best practices in the field, to stimulate the exchange of knowledge and to work towards alleviating world poverty through microfinance.

About Child and Youth Finance International (CYFI) and the Movement

CYFI is a non-profit organization that aims to increase financial inclusion and financial education for children and youth, and ultimately break the cycle of poverty and indebtedness. The global Movement of CYFI was launched in 2012 and targets to reach 100 million children in 100 countries by 2015 with access to appropriate financial services in combination with the knowledge and skills to operate these through financial and social education. Together with over 1000 partners and stakeholders the CYFI Movement works towards reducing financial vulnerability, increasing financial responsibility and make sure that the adults of tomorrow are equipped to lead financially stable and responsible lives. 

 

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The Swedes believe – 13 year olds should have a debit card

Earlier this year, Point Group, a Sweden-based managed services group, wrapped up a survey that aimed to determine how old Swedes believe children should be before they should be given their own debit card.The results (spoiler in the title!) might surprise many Westerners. Read more at YouthTech

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Raising to Reshape Finance! CYFI in Skoll Social Entrepreneurship Fundraising Challenge

Raising to Reshape Finance! CYFI in Skoll Social Entrepreneurship Fundraising Challenge

Today, September 30th at 12 PM EST (4 PM UTC) is the start of the Skoll Social Entrepreneurship Fundraising Challenge and we are very excited to announce that Child and Youth Finance will be participating with our own fundraiser. By entering this challenge we hope to raise funds to further us and our partners in our work towards bringing the Child and Youth Finance Movement to our goal: increasing economic citizenship and financial inclusion for 100 million children and youth in 100 countries by 2015, and ultimately reshape finance and break the cycle of poverty. We want to ask you to help us Raise to empower funds for the Skoll Challenge - Every contribution makes a difference! We urge you to spread the message of the Challenge through your network to support the Movement in its efforts to reach 100 million children and youth with our cause.

Visit our fundraiser here

What is it?

The Challenge is a fundraising campaign being launched by the Skoll Foundation. The Challenge is held in partnership with The Huffington Post, and is committed to strengthening the fundraising capacity and growing the profiles of social entrepreneurs participating. The challenge is being held via CrowdRise, an online fundraising platform. It makes it extra exciting that The Skoll Social Entrepreneur Fundraising Challenge it is the biggest CrowdRise Challenge ever! 

 

General information 

The Challenge will go on from September 30th until November 22nd and several bonus challenges will be announced during its course. Stay tuned on our social media channels Facebook and Twitter for updates about these.

Payments - Donations can be made using a Visa, MasterCard or Amex and all donations are processed in US dollars. Conversion to local currency from international donors is done automatically in the processing of the credit card. There are no extra charges that we or the credit card processors charge. It's all built in and doesn't change depending on card type. Every donor gets an email receipt after they donate and that receipt meets all IRS requirements as a record of a donation (US).

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Youth Spoke to Leaders and Policymakers during last day of CYFI Africa Meeting

Youth Spoke to Leaders and Policymakers during last day of CYFI Africa Meeting

The last day of the CYFI Regional Meeting for Africa started off with celebratory spirit as Global Money Week, and how to celebrate it was presented. Global Money Week is a global event of national initiatives coordinated by CYFI focused on engaging children in learning how money works, how to save, creating a livelihood, gaining employment, and becoming an entrepreneur. CYFI shared a toolkit for supporting national stakeholders that outlines the details of joining, designing and organizing initiatives for the upcoming Global Money Week celebrations in March 2014. The session was followed by workshops on the topics of Economic Citizenship Education, Sustainable Livelihoods and Youth Employment as well as Financial and Educational Services. 

A very inspiring and rewarding session of the day was the Child, Youth & Adult Policy Dialogue. The session focused on voicing the opinions of the youth participants from the region and gave the present leaders and policymakers first hand feedback on what the youth of the region really want and need with regards to child and youth finance.  The youth participants stepped up on stage in front of the African leaders and policymakers attending the meeting to present their own recommendations that they had during the course of the meeting in reference to three topics; the importance of encouraging savings habits, supporting youth entrepreneurship and the need for career guidance.

The first topic addressed was the importance and need for children and youth to have access to savings accounts and develop responsible money management skills. Their recommendations included the integration of economic citizenship education in the school curriculum, to help children and youth learn about how to manage money as well as the need for specially developed child and youth friendly savings products. For sparking and supporting the African youth entrepreneurial spirit, the second topic of the session, they suggested dedicating funds for financing youth enterprises, introducing and reviewing employment policies for youth on a national level, as well as developing youth-enterprise competitions at schools. Lastly, the need for career guidance was addressed. The youth participants asked for schools to develop career guidance’s programs for advising youth in shaping their career path as well as organization of career days, involving universities and labor associations. 

The meeting was concluded with a closing ceremony. The chair of the ceremony was Dr. E.D. Wala Chabala, CEO of the Securities and Exchange Commission (SEC). Mr. Daniele Scauso spoke on behalf of CYFI, stressing the hope that CYFI will be able to call stakeholders from Africa to develop collaboration and actions towards Economic Citizenship Education and Financial Inclusion for the children and youth of Africa. On behalf of the Zambian Minister of Education, Mrs. Christine Mayondi, Deputy Permanent Secretary - Ministry of Education rounded off the two-day meeting by ensuring Zambia’s steps in building a population of capable economic citizens, which includes developing a national strategy that includes Economic Citizenship Education in school curriculums.

 

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Mobile Merchant Payments offers the Biggest Opportunity for Financial Inclusion among Youth-Owned Enterprises in Africa

Income-generating micro and small enterprises (MSEs) are one of the main instruments of economic empowerment for millions of young entrepreneurs in Africa. Micro-enterprises also provide employment opportunities to millions of youth across the continent

Read more at YouthTech 

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Summary of Day 1 of CYFI Regional Meeting for Africa

Summary of Day 1 of CYFI Regional Meeting for Africa

 

The first day of the Child and Youth Finance International Regional Meeting for Africa was concluded late yesterday. 150 participants from 14 countries are gathered in Livingstone, Zambia to share practices and opinions and strengthen alliances for Child and Youth finance initiatives in the region. The meeting focuses on bringing together African leaders and policymakers with youth participants to develop national and regional agendas and strategies for Child and Youth Finance issues, and how to bring the Child and Youth Finance Movement further to the goal of reaching 100 million children in 100 countries  with Economic Citizenship Education and access to safe financial services.

During the welcoming speech Dr. Michael Gondwe, Governor of Bank of Zambia stated that hosting this regional meeting is a sign of Zambia committing to placing child and youth finance at the center stage of its development agenda. Further, he said as half of the population of Zambia is below 15, it is a very important issue to be focusing on. The Zambian Minister of Finance, Mr. Alexander Chikwanda further stressed the importance of a Child and Youth Finance focus for Zambia and the region:

Youth are our most important resource. They are the leaders of today and they are our future. Therefore Child and Youth Finance education is essential for every Zambian youth – Mr. Alexander Chikwanda, Minister of Finance, Zambia

After the welcome speech the 'Access Africa' session was held, led by Mr. Chibamba Kanyama, Director General of the Zambian National Broadcasting Corporation. The session focused on ways on how regional bodies and governments can take the lead on Economic Citizenship Education and Financial Inclusion for children and youth.

Later during the day Mr. Reinier van der Lely, consultant at McKinsey & Company and Mr. Daniele Scauso, Regional Platforms Manager at Child & Youth Finance International launched the newly-developed Child and Youth Finance National Implementation plan. The Child and Youth Finance National Implementation plan provides a framework to implement a national platform and action plans for undertaking Child and Youth Finance activities at country level.

An important aspect during the whole meeting was the youth representatives that were taking part during the sessions, giving their own thoughts on Child and Youth Finance to the leaders and policymakers at the meeting. One of the youth representatives voiced his opinion on the importance of financial education and inclusion:

If we do not learn about money and what choices to make, then how can we learn to manage our future? – Youth Participant

The day ended with workshops that engaged the participants of the meeting to share their thoughts and practices on the topics of ´Establishing the National Platform and Roadmap for Implementation´, ´Developing Children and Youth Friendly Banking Products and Services´, as well as ´Monitoring and Evaluating Design for Children and Youth Finance Initiatives´. During the workshops participants were able to share innovation and thought leadership from across various sectors and countries, as well as establish new collaborations.

As the first day of the meeting was concluded and the participants headed out for a sightseeing of the nearby Victoria Falls, the preparations for the second and last day were made. The last day of the meeting is held today September 20, and will focus on the celebration of Global Money Week, workshops and a session dedicated for youth participants to voice their opinions on Economic Citizenship and Financial Issue to the leaders and policymakers. The meeting will be completed by a closing ceremony.

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Press Release: CYFI Regional Meeting for Africa

Press Release:  CYFI Regional Meeting for Africa

18 September 2013

FOR IMMEDIATE RELEASE

AFRICAN LEADERS, POLICYMAKERS AND YOUTH ASSEMBLE, TO ‘RESHAPE THE FUTURE OF FINANCE’ IN LIVINGSTONE, ZAMBIA ON SEPTEMBER 19-20 AT THE SECOND CHILD AND YOUTH FINANCE INTERNATIONAL REGIONAL MEETING FOR AFRICA

LIVINGSTONE, ZAMBIA - On 19-20 September the Second Child and Youth Finance Regional Meeting for Africa will be held in Livingstone, Zambia. The meeting will gather some of Africa’s top leaders and policymakers in financial inclusion and economic citizenship education as well as youth representatives. The leaders are expected to address cutting-edge and high-impact financial inclusion and economic citizenship education strategies and initiatives as well as to get insights from young people from across the region, under the theme of the meeting: “Reshaping the Future of Finance”.

Children and youth in sub-Saharan Africa make up 47.30% of its population. However, only 16.8% of those between ages 15-25 hold accounts at formal financial institutions. Similarly, many children in the region lack access to financial education creating cyclical patterns of uninformed financial practices.
The Second Child and Youth Finance Regional Meeting for Africa will bring together some of Africa’s finest leaders of government institutions, international and regional bodies, academia and research, the IT sector, civil society, and non-governmental organizations to show their support for financial inclusion and economic citizenship education, and help the Child and Youth Finance movement’s progress. The meeting will have 165 participants from 22 countries. It is organized by Child and Youth Finance International (CYFI) and the Bank of Zambia, in collaboration with Security and Exchange Commission (SEC), Pensions and Insurance Authority (PIA) and CareersExpo Zambia.

The theme of the meeting is ‘Reshaping the Future of Finance’. In addition to the distinguished keynote speakers, action-oriented workshops and plenary sessions that will take place, a unique feature of the meeting will be the active participation of children and youth. Young people from across the continent will come to share their views on Child and Youth Finance issues and engage with delegates in panel sessions.

The event hashtag for the Second Child and Youth Finance Regional Meeting for Africa is #CYFIZambia .

Previous CYFI Regional Meetings in Africa

The First Annual CYFI Regional Meeting for Africa took place in Abuja, Nigeria, in October 2012. It was held under the distinguished patronage of Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria, and jointly organized by the CYFI Secretariat, the Central Bank of Nigeria and the German Development Cooperation (GIZ), Nigeria. Participants from 19 African countries participated in this groundbreaking event.

About the Child and Youth Finance Movement

CYFI is a non-profit organization established in July 2011 in Amsterdam, The Netherlands. It launched the global movement in April 2012. CYFI focuses on increasing financial inclusion and financial education for children and youth, so that every child can graduate from primary school with financial education and a savings account which they can own and operate. Its target is to reach 100 million children in 100 countries by 2015.


More information about CYFI is available via  www.childfinanceinternational.org


Media contact information
For more information contact:
Robin Willing
Director of Communications
Child & Youth Finance International
+ 31 20 520 3900
This email address is being protected from spambots. You need JavaScript enabled to view it.

You can also visit the CYFI social media channels and the dedicated CYFI Africa Regional Meeting website for the latest updates and information.


Facebook                  http://www.facebook.com/childfinance
Twitter                     http://www.twitter.com/childfinance
Africa CYFI website     http://africa.childfinanceinternational.org

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