Child and Youth Finance International (CYFI) recently hosted two Product Development Workshops with Instituto de Estudios Peruanos (IEP) in Lima, Peru and Santiago, Chile.
The purpose of the workshops was two-fold; CYFI and IEP intended to bring together the dominant organizations in the financial inclusion and education sectors in both countries to talk about the achievements in the field so far and look ahead at the progress still to be made. In addition to this, workshops focused on on the development of child and youth friendly banking products in both countries.
As part of the worshops, multiple banks and other financial institutions looked at the opportunities and challenges to increase financial inclusion rates and financial capabilities of young people by discussing regulatory frameworks, financial education material, need and wants of children and youth, and marketing of banking products. These discussions were fueled by presentations from CYFI, IEP and various expert speakers from the Alliance for Financial Inclusion (AFI), Banco Caja Social from Colombia and ADOPEM from the Dominican Republic.
One of the principle outcomes of both events is commitment to the dedicated effort of improving existing and developing new banking products for children and youth and the implementation of SchoolBank in Chile and Peru.