Efforts to Advance Financial Inclusion of Children and Youth Get Boost
MasterCard and Child & Youth Finance International Announce Strategic Partnership
PURCHASE / AMSTERDAM – January 21, 2014 – MasterCard (NYSE: MA) and Child & Youth Finance International (CYFI) today announced a global strategic partnership aimed at advancing financial capabilities of children and youth.
Of the 2.2 billion children1 in the world less than 1 percent2 has access to any form of financial education, often exposing them to potential exploitation. MasterCard and CYFI share the belief that enabling financial inclusion and education is critical for promoting the economic and social livelihood of children and youth around the globe.
As one of their first actions, MasterCard and CYFI have joined forces to develop guidelines for responsible financial products for children and youth. These guidelines build on the Children’s Rights and Business Principles adopted by UNICEF and are meant to provide practical orientation for banks that want to serve a younger demographic. The guide will be published this spring and made available to financial institutions, NGOs and government entities.
Comments Ajay Banga, MasterCard President and CEO: “We share CYFI’s vision that every child and youth has a right to safe, accessible financial services and are honored to bring our expertise and experience to this partnership, empowering the young generation to grow into productive economic citizens.”
Jeroo Billimoria, CYFI Managing Director, states: “Roughly half of the world’s population is under the age of 25 – and it takes a broad effort to building up their financial capabilities. We are delighted that MasterCard, a trail-blazer for financial inclusion, is supporting us in our goal to reach 100 million children and youth in 100 countries by 2015.”
Apart from raising general awareness for the specific needs of children and youth, MasterCard and CYFI will partner to define and execute concrete strategies that advance financial inclusion and education. Both MasterCard and CYFI acknowledge the key role that public-private-partnerships can play in furthering this goal and are committed to working together with businesses, governments and NGOs.
About Child & Youth Finance International
Child and Youth Finance International (CYFI) is a non-profit organization established in July 2011 and based in Amsterdam. The organization focuses on increasing financial inclusion and education for children and youth, so that every child can graduate from primary school with financial education and a savings account they own and operate. The target for CYFI’s global movement, launched in April 2012, is to reach 100 million children in a hundred countries by 2015. Child and Youth Finance International has more than 1,000 stakeholders, and the movement has reached over 18,700,000 children around the world, through 140 programs. CYFI has built global knowledge and shares resources on best practices and industry research. More information about the organization is available at www.childfinanceinternational.org. Follow us on Twitter @ChildFinance. Join us for Global Money Week 10-17 March, www.globalmoneyweek.org @GlobalMoneyWeek
MasterCard (NYSE: MA), http://www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Phone: +1 914 325 9676
Child and Youth Finance International
Phone: +31 20 5203 900