CYFI holds Product Development Workshops in Chile and Peru

​ 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.

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Network Collaboration: Reflecting on working with CYFI

A key part of CYFI and the Child and Youth Finance Network’s approach to ensuring young people worldwide can become economically empowered citizens is through collaboration with our global Network.

In order to facilitate Economic Citizenship Education components and develop child and youth-friendly banking products, we work closely with partners within the Network, continuously sharing experiences, best practices and resources in order to accelerate financial literacy and financial inclusion for youth across the 132 countries in which we work.

The CYFI Team was very lucky to have recently had the opportunity to work directly alongside a representative from our partner institution, the Central Bank of Brazil! Moisés Aluizio Ferreira Barbosa Coelho, Financial Education Analyst for the Central Bank of Brazil, joined the CYFI at the Secretariat in Amsterdam for three months.

Of his experience, Moisés said ‘I knew about CYFI mainly from Global Money Week, the Global Youth Summit and their amazing work on creating a worldwide network aimed at improving financial education and inclusion for children and youth. I looked for more information on the organization and when I had to choose one place in which to spend my developmental leave, it was one of my first choices.

My three months at CYFI were great. Firstly, there were many learning opportunities, especially about their expertize on putting stakeholders in touch for the common benefit; their amazing skills at event organization, most obviously represented in the incredible numbers for Global Money Week 2016; and the very interesting SchoolBank program, integrating financial education and financial inclusion, the private and public sectors, the financial market and the educational sector. This is something that I’m taking back to my institution and may help us in the future.’

During his time with CYFI, Moisés worked on developing a business case for Central Banks and government institution on investing in financial inclusion and education for youth, revising the CYFI National Strategy for Financial Education training, researching consumer protection frameworks that relate to youth financial services. As a representative of a partner organization, he was able to provide a different take on documents and initiatives supported by the Child and Youth Finance Movement. Having the opportunity to work with Moisés enabled the CYFI Team to gain deeper insight in to the perspective of the Central Bank of Brasil both as a partner, financial regulator and governmental body.

Incorporating the valuable knowledge and experiences of our Network partners offers CYFI the chance to strengthen our position as the leader, connector and facilitator of the global Movement to financially empower youth.

The CYFI Team thoroughly enjoyed having Moisés work with us – his efforts, knowledge and work ethic made him a brilliant colleague, and we look forward to having the chance to work together again soon. Many thanks to both Moisés and the Central Bank of Brazil for such a great experience!

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