Youth Financial Inclusion is Officially a Priority of the G20: Hurray for Turkey!

It is with great pride that we share that youthTurkey-G20-Logo.png will now be at the forefront of the advancement in global financial inclusion according to the Turkish Presidency of the G20. The Presidency newly announced their 2015 financial inclusion agenda which begins with a strong focus on youth. The Global Partnership for Financial Inclusion (GPFI), the inclusive platform of the G20, will respond to the need for financial inclusion and financial education for youth focusing on the following points:

  • promoting youth entrepreneurship and tackle youth unemployment,
  • supporting innovative solutions,
  • enhancing access to finance for youth,
  • collecting data and developing impact indicators for youth.

Turkey will work on youth related issues by emphasizing the importance of investing in the next generation. The G20 is committed to removing barriers for youth in access to finance, to promote financial literacy for youth, to encourage personal financial responsibility and, most importantly, to develop policies to foster youth entrepreneurship.

Child & Youth Finance International (CYFI), as an Affiliated Partner of the GPFI, will contribute in shaping the Youth focus as a crosscutting theme among the GPFI financial inclusion agenda.

CYFI, on behalf of the Child and Youth Finance Movement enthusiastically welcome these advancements toward a more inclusive financial climate for youth and thank the Turkish Presidency for making this possible.

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Ringing the Istanbul Stock Exchange Opening Bell

Children are used to starting their morning classes to the sound of a school bell. Today, however, they had a chance to actually be the ones ringing the bell – the Borsa Istanbul’s (Turkish Stock Exchange) opening bell, that is. Chairman & CEO of Borsa Istanbul, Mr. Ibrahim Turhan, whose support has been instrumental in the realization of the Children's Meeting and the Summit, said at the ceremony “We will reshape the future by opening the doors of the Istanbul Stock Exchange to children, and continuing our support for children and young people in the coming period."

President and CEO of The MasterCard Foundation, Ms. Reeta Roy who joined the youngsters at the ceremony, said “youth have a critical role to play, not only in what they do today, but what they do as tomorrow’s leaders.

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Launch of UNICEF/CYFI Discussion paper during 2nd CYFI Summit

“Beyond the Promotional PiggyBank. Towards Children as Stakeholders. A discussion paper on developing child and youth friendly financial products and services.”

UNICEF CYFI Beyond the Promotional Piggybank paperChildren and youth make up one third of the global population and technology and innovations open up excellent avenues of interaction for financial institutions with these growing segments. If financial institutions are to deliver real value for children and move beyond the promotional piggybank, however, their activities must be grounded in an understanding of children’s human rights and involve children and youth as stakeholders.

This discussion paper is a joint effort by UNICEF and CYFI aiming to facilitate debate and encourage feedback and sharing. It uses the Children’s Rights and Business Principles framework to outline processes that can help financial institutions consider children’s rights effectively. The paper outlines a 5 step process: (1) develop policies; (2) assess potential and actual impacts on children; (3) integrate and act on findings; (4) monitor and communicate on performance; and (5) create systems for complaints and remediation.

Download it here:

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