New Partnership to Increase Youth Savings Behavior

The World Assembly of Youth (WAY) held their 16th General Assembly in Tirana, Albania from December 7-11th, 2014. WAY is the international coordinating body of national youth councils and organizations with 120 member organizations, from every continent.

WAY & CYFI Partnership Announced

WAY announced their new partnership with CYFI during the Assembly, resulting in Child & Youth Finance International (CYFI) becoming an official consultative WAY member. The partnership will extend both CYFI and WAYs networks and allow both organizations to work together to further the interest of youth around the world in regard to savings accounts, money management skills and youth leadership.

Savings Accounts and Money Management Skills

This year’s General Assembly brought together youth and youth organizations from around the world to discuss issues concerning youth empowerment and youth leadership. The WAY General Assembly is conducted once every 4 years, so CYFI’s Youth Coordinator Kim DeRose was honored to address the General Assembly on the importance of savings accounts and money management skills for children and youth.

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Efforts to Advance Financial Inclusion of Children and Youth Get Boost

Press Release

Efforts to Advance Financial Inclusion of Children and Youth Get Boost

MasterCard and Child & Youth Finance International Announce Strategic Partnership

To tweet this news, copy and paste http://mstr.cd/1kU3KA0 to your Twitter handle with the hashtag #FinancialInclusion

PURCHASE / AMSTERDAM – January 21, 2014MasterCard (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

About MasterCard

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.

Media Contacts:

Bernhard Mors
MasterCard Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: +1 914 325 9676

Robin Willing
Child and Youth Finance International
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: +31 20 5203 900

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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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'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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