Webinar: Savings and Retail Banks building financial capabilities of children and youth

Webinar: “Banco Caja Social and MicroBank: Savings and Retail Banks building financial capabilities of children and youth”

Friday, 27 June 2014

15:00-16:00 CET

Webinar link

Partners Child and Youth Finance International (CYFI) and the World Savings and Retail Banking Institute (WSBI) invite you to join us for an exciting webinar with presentations of pioneering savings banks building financial capabilities of children and youth.

Banco Caja Social (Colombia) and MicroBank (Spain) will present the ways in which they are supporting financial inclusion of young people while building their financial capabilities. BCS, partner of the YouthSave consortium, offers savings accounts to children in combination with elements of financial education. MicroBank partners with a large number of local social sector and municipal institutions to build young people’s financial and entrepreneurship capabilities before providing them with loans or financing for their ventures.

Both cases provide interesting models on how financial institutions can shape their interaction with, and responsibility towards a new generation of customers, and how a multi-stakeholder approach can provide added value to all parties involved.

Join us on June 25 at 3pm CET to hear their experiences first-hand and to get practical advice for your own organization, partner-program, or community.

Don’t miss it!

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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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