Child & Youth Finance International Regional Meetings Report 2012

Child & Youth Finance International Regional Meetings 2012 Americas and The Caribbean – 4-5 October 2012, Mexico City, Mexico Africa – 23-24 October 2012, Abuja, Nigeria Europe and Central Asia – 6-7 November 2012, Brussels, Belgium MENA – 16-17 November 2012, Beirut, Lebanon Asia and The Pacific – 3-4 December 2012, Manila, Philippines

Contents

Introduction 5

Facts and Figures 2

Multi-stakeholder representation 2

Overview of the Regional meetings 3

Americas and the Caribbean 3

Africa 3

Europe and Central Asia 4

MENA 4

Asia and the Pacific 5

Meeting outcomes 5

Americas and the Caribbean 6

Africa 6


MENA 6

Asia and The Pacific 6

The Way Forward 7

Compiled Summit Reports Americas and The Caribbean 8

Africa 21


Middle East and North Africa 54

Asia and The Pacific 68

2 Child & Youth Finance International Regional Meetings 2012

Introduction The five Child and Youth Finance Regional Meetings were held between October to December 2012. The meetings united

diverse stakeholders from each region to exchange expertise, collaborate and advance region-specific child and youth

finance priorities.

The regional meetings emerged as a result of the First Annual Child and Youth Finance Summit and Awards Ceremony,

which took place in April 2012. This Summit assembled over 350 participants from 83 countries and provided an

opportunity for senior level participants from around the world to develop strategies to promote the Child and Youth

Finance Movement. The Summit participants felt that similar platforms would be beneficial at the regional level and

requested to hold regional Child and Youth Finance meetings.

As a result, five regional meetings were held in 2012. In total, the Regional Meetings brought together over 800 senior

level participants from 105 countries from all over the world. The Meetings took place in Mexico, Belgium, Nigeria,

Lebanon and the Philippines. Youth representatives were present at each meeting and shared their feedback directly

with the participants.

Facts and Figures

800 senior level representatives

Multi-stakeholder representation

16%

16%

34%

15%

19%

Regional Breakdown at CYFI Regional Meetings

Regional Meeting - Americas &Caribbean

Regional Meeting - Africa

Regional Meeting - Europe &Central Asia

Regional Meeting - MENA

Regional Meeting - Asia & Pacific

0% 20% 40% 60% 80% 100%

Regional Meeting - Asia & Pacific

Regional Meeting - MENA

Regional Meeting - Europe &Central Asia

Regional Meeting - Africa

Regional Meeting - Americas &Caribbean

(I)NGOs

Financial Institutions/BankingAssociations

Bi- or Multilateral Institution &Foundations

National Authorities

Other

Child & Youth Finance International Regional Meetings 2012 3

Overview of the Regional meetings Americas and the Caribbean Date: 4 - 5 October 2012

Hosts and Co-organizers: The Mexican Ministry of Finance, the Secretariat of Public Education, the National Banking

Commission, the Mexican Association of Banks, the Association of Supervisors of Banks of the Americas, Banco de

Mexico, the Financial Services Consumer Protection Commission, the Mexican Institute for Youth and the Ibero-

american Organization of Youth.

Overview: This meeting for the Americas and the Caribbean took place in Mexico in October 2012 as one of the

activities within the framework of the Mexican G20 presidency. It brought together 132 participants from 17 countries.

The Meeting was inaugurated by the Mexican Minister for Youth Mr.Miguel Ángel Carreón and the Mexican Minister

of Education Mr.José Angel Córdova Villalobos.

Key issues for the region: Financial education for out-of-school children, the role of civil society in disseminating

financial education, strategies for increasing financial access for children and youth and undertaking research and

impact assessment on these issues.

Africa Date: 23 - 24 October 2012

Hosts and Co-organizers: Central Bank of Nigeria

Overview: The Africa Regional meeting was held under the patronage of Mr. Mallam Sanusi Lamido Sanusi, the

Governor of the Central Bank of Nigeria.

145 participants from 17 African countries attended the meeting, which was inaugurated by Mr. Tunde Lemo, the

Deputy Governor of the Central Bank of Nigeria on behalf of the Governor. The meeting featured messages of support

and commitment by national authorities and inter-regional agencies. Among these were commitments from Mr.

Awich Pollar, Member of the Committee on the Rights of the Child, who shared his commitment to include Child and

Youth Finance topics on the general comments of the UNCRC. The Secretary of State for Basic and Primary Education

in the Republic of Cameroon shared his willingness to champion financial education in Cameroon and among the

BCEAO member countries. The African Union Commission will work with CYFI to circulate information on financial

education and inclusion to governments in Africa, and help them develop strategies. The African Development Bank

(AfDB) will work toward the creation of an enabling environment for economic systems that includes children and

youth. The Postcode Loterij, an initial supporter of the Movement, has committed to continuing/expanding its

support.

Parallel to the CYFI Regional Meeting was the Alliance for Financial Inclusion's (AFI) Strategy Peer Learning Program.

Joint sessions were held for these two meetings to facilitate interaction and deepen collaboration.

The CYFI Regional Meeting for Africa developed as part of the Launch of the National Financial Inclusion Strategy for

Nigeria, which was inaugurated by His Excellency Mohammed Namadi Sambo, Vice President of the Federal Republic

of Nigeria, representing His Excellency Dr. Goodluck Ebele Jonathan, The President and Commander-in-Chief of the

Armed Forces of the Federal Republic of Nigeria. Her Royal Highness, Princess Máxima of the Netherlands gave a

speech as the United Nations Secretary General’s Special Advocate on Inclusive Finance for Development.

Key issues for the region: promoting youth entrepreneurship and youth employment, country-level focus, increasing

financial literacy in formal and informal education centers, addressing conflict environments in countries, stimulating

increased financial inclusion for youngsters.


Europe and Central Asia Date: 6 - 7 November 2012

Hosts and Co-organizers: Belgian Financial Services and Markets Authority(FMSA), the European Banking Federation

(EBF), the European Association of Cooperative Banks (EACB), and the World Savings Bank Institute (WSBI). In

collaboration with UNICEF.

Overview: The Regional Meeting for Europe and Central Asia took place in the presence of Her Royal Highness

Princess Mathilde of Belgium. 130 representatives from 36 countries were present at the meeting, which highlighted

Child and Youth Finance issues in the region and spotlighted organizational commitments to prioritize the issue at

national and regional levels.

Giving introductory addresses were The Vice-Prime Minister and Minister of Finance of Belgium Mr. Steven Vanackere,

who stressed the importance of this issue for Europe and globally given the current economical climate, and the

Chairman of the Belgian Financial Services and Markets Authority, Mr. Jean Paul Servais. Mr. Servais highlighted the

FSMA´s support to the Movement thorough its efforts in building a global online portal on financial education and

access and taking the steps towards creating a national strategy on the issue.

Mr. Herman van Rompuy, President of the European Council expressed his regret for being unable to attend through a

video message, in which he offered his support for the Movement and shared the results of the European Council

working on related youth issues (click here to watch the video) Mr. Phillippe Lamberts, Member of the European

Parliament promised to support the development of a declaration in the EU parliament on Child and Youth Finance

topics and encouraged CYFI to call on the European Commission through the Citizen’s Initiative. The European

Economic and Social Committee committed to take on financial education and inclusion for children and youth in their

agenda and to logistically support a Citizen’s Initiative process on the issue.

Key issues for the region: Tackling youth unemployment, integrating financial education into national curricula and

creating pan-European strategies for financial inclusion and education for youngsters.

MENA Date: 16 – 17 November 2012

Hosts and Co-organizers: Union of Arab Banks

Overview: The MENA regional meeting was inaugurated by the Lebanese Prime Minister His Excellency Mr. Najib

Mikati and His Excellency Lebanese Minister of Justice, Mr. Shakib Kortbawi and was held as an integrated agenda

along with the Annual Summit of the Union of Arab Banks. The meeting comprised 350 participants from 15 Arabic

countries to focus on expanding the Child and Youth Finance Movement in the region.

At the Meeting, CYFI Managing Director Jeroo Billimoria won the Union of Arab Banks award for her global innovation

and leadership through the Child and Youth Finance Movement and global innovation. Among the other awardees

was Director of the IMF Christine Lagarde.

Representing the United Nations Committee on the Rights of the Child was Ms. Hadeel Al Asmar, who outlined the

responsibility that financial institutions and other corporations had to furthering the financial inclusion of children and

youth, while respecting their rights and ensuring their protection. Mr Justin Sykes, Director Microenterprise at Silatech,

stressed on the importance of investing in the youth of the Arab region, and debunked the myth that the MENA

region is too volatile to be “uninvestable”. Dr. Ashraf Gamal El-Din, Deputy Executive Director of the Central bank of

Egypt spoke of the efforts in Egypt to increase financial inclusion for youth by working with all the major financial

institutions in the country, and advocating for the certification of Child and Youth Friendly Banking Products.

Key issues for the region: spurring economic growth and stability through tackling youth unemployment and

increasing financial literacy at secondary schools, primary schools and universities.


Asia and the Pacific Date: December 3 - 4 2012

Hosts and Co-organizers: Central Bank of the Philippines

Overview: The meeting was held at the offices of the Central Bank of Philippines (Bangko Sentral ng Pilipinas), where

it was inaugurated by Mr. Amando M.Tetangco, Jr., Governor of Bangko Sentral ng Pilipinas.

90 Representatives from 20 countries participated in the meeting. The meeting highlighted Child and Youth Finance

issues in the Asia-Pacific Region.

The meeting was concluded with encouraging remarks from the Deputy Governor of the Central Bank of Philippines,

Mr. Nestor A. Espenilla, and Secretary of the Commission on Filipinos Overseas, Ms. Imelda M. Nicolas. During their

remarks, the Secretary and the Deputy Governor announced the Kiddie Katapat Savings program. This program is

designed to enable parents to incentivize their children to save more. Parents can transfer amounts to match to the

child’s savings to the child’s account at no additional cost.

During the meeting the Manger of the Reserve Bank of India, Mr. Anand Babu, committed to reach 20 to 30 million

Indian children through financial inclusion. Ms. Halimahtun Pehin Sulaiman representative the Ministry of Education

of Brunei Darussalam committed to reach 100,000 children. Furthermore, Ms. Abigail Chang, Financial Education

Technical Specialist & Co-ordinator of the UNCDF Pacific Financial Inclusion Program (PFIP), committed to promote

Child and Youth Friendly Banking initiatives in the Pacific region.

Key issues for the region: An emphasis on financial access through formal and informal banking, a desire for

technological solutions to overcome financial barriers and a focus on creating the necessary regulation for facilitating

these efforts.

Meeting outcomes The regional meetings provided an opportunity to participants to more deeply understand Child and Youth Finance

Movement regional trends and developments. The outcomes of the regional meetings served as the first round of

consultation on the direction and strategy of the Movement as it enters its second year. These outcomes were compiled

and, in April 2013, presented to the participants of the Second Annual Child and Youth Finance Summit in Istanbul,

Turkey. Summit Participants had the opportunity to comment on these outcomes and use them to build regional action

plans.

The recommendations from the Regional Meetings were integral in shaping the agenda of the Second Annual Child and

Youth Finance Summit & Awards Ceremony in May 2013. The priorities that emerged from the regional summit were

addressed in dedicated sessions. This allowed for a deeper exploration of subject areas which would serve to feed back

into the strategic review of the Child and Youth Finance Movement. Regional sessions were held at the Summit to allow

for further regional discussions. Regional representatives built upon these recommendations and created an action plan

to strengthen the Child and Youth Finance Movement in their regions.


The outcomes per region, as presented to the Summit participants in Istanbul were as follows:

Americas and the Caribbean Importance of creating multi-stakeholders National Platforms at a Regional Level:

Chile, Colombia, Costa Rica, El Salvador, Paraguay, Guatemala, Dominican Republic

Importance of creating awareness of Child and Youth Finance priorities: Celebrating Global Money Week 2012

Brazil, Canada, Chile, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Paraguay, Peru, Dominican

Republic, United States, Uruguay, Venezuela

Importance of creating a Local Research Group for the Americas and the Caribbean:

Saint Louis, U.S.A., Feb. 2013 – scale up at regional level

Africa Importance of multi-stakeholders alliances: creating of National Platforms for the development of financial inclusion

and educational national strategies for children and youth

Relevance of promoting awareness in child and youth finance: 14 countries joined the celebrations of Global Money

Week 2012

Furthering regional and international gatherings of stakeholders & share various experiences on children and youth

finance issues

Enhancing the support of technology to overcome barriers to access to financial products and education and/or

increase outreach

Europe and Central Asia Importance of regional gatherings with stakeholders from diverse sectors respecting financial education and inclusion

for sharing of best practices and for reciprocal learning => continuity of the Regional Meetings for Europe and Central

Asia

Need of creating greater awareness at regional level for financial education and inclusion => need of involvement of

Regional bodies in awareness raising campaigns

Importance of creating awareness and creating linkages nationally: 27 countries celebrated the Global Money Week

2012

Importance of actively involving children and youth in the decision making process => creation of platforms for

information exchange at national and regional levels

Importance of developing research measuring the impact of financial literacy strategies.

Importance of developing appropriate Childfriendly and Youthfriendly banking products along with financial education

and in support of youth savings mobilization.

MENA Importance of creating awareness of Child and Youth Finance: celebrating Global Money Week 2013. Initiatives took

place in Egypt, Kuwait, Lebanon, Libya, Morocco, Palestine, Saudi Arabia, Sudan, United Arabs Emirates, Yemen

Importance of multi stakeholder collaboration: the creation of National Platforms developing national strategies on

financial inclusion and/or Economic Citizenship Education for children and youth.

Develop national and regional action plans for tackling youth unemployment in the MENA Region and providing youth

with educational and financial tools to empower them.

Fostering collaborations with Arab Banks and Financial Services Providers in developing ChildFriendly and

YouthFriendly banking products enhancing youth saving accounts incorporating financial education.

Asia and The Pacific Importance of multi-stakeholders approach to Child and youth Financial Education and Financial Inclusion: Bangladesh,

Bhutan, Cambodia, Nepal, Pakistan, Thailand

Importance of creating awareness and platforms for collaboration: Celebrating Global Money Week 2012 initiatives in

Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, India, Indonesia, Malaysia, Mongolia, Nepal, Philippines,

Thailand

Emphasizing the role of teachers and teachers’ association in supporting the implementation of Economic Citizenship

Education strategies

The importance of Central Banks and national authorities in leading Child and Youth Finance nationally and regionally

through advocacy and regulatory reforms


The Way Forward Building upon these outcomes and cutting across all the sessions, Summit participants put forward a series of

recommendations and actions for the Child and Youth Finance Movement. The recommendations and subsequent

actions for the CYFI Secretariat to take are as follows:

Continued Regional meetings: The Summit participants want to continue to have Regional Meetings where region-

specific issues can be addressed and best practices can be shared regionally. They also recommended that more

regional bodies get involved, to facilitate greater regional involvement and action.

Action by CYFI: Regional Meetings have been planned for Q3 and Q4 as follows:

Region Location Date

Africa Zambia 3-4 September

Americas and the Caribbean Colombia 10-11 October, 2013

Americas and the Caribbean Bolivia 28-29 November, 2013

MENA Egypt Q4, 2013

Europe and Central Asia Germany – TBD Q4, 2013

Asia and The Pacific South Korea - TBD Q4, 2013

Deep diving at the country level: To increase the level of national collaborations, participants recommended a

stronger country by country.

Action by CYFI: The Secretariat will focus on identifying existing and potential stakeholders at the national level to

deepen national coordination and sharing. Outreach will be to public, private and the civil society sector.

Entrepreneurship and Employment: participants voiced a strong recommendation for an increased focus on

entrepreneurship and employment for youth, and how these can be addressed at the regional level.

Action by CYFI: In conducting its strategic review, CYFI is placing the issues of entrepreneurship and youth

employment as strategic priorities. Partners in the Movement will seek out ways to leverage the expertise from within

the network, as well as focus on innovations for tackling these priority issues.

Youth involvement: The engagement of children and youth was highly valued by the participants. Youth participating

in shaping the Movement and creating policy recommendations was deemed necessary. The Participants therefore

advised increased youth involvement in shaping the strategy and direction of the Movement.

Action by CYFI: CYFI will continue to seek input and feedback from children and youth and create the necessary

platforms for them to make recommendations to policymakers. Through our outreach efforts, CYFI will ensure that all

children in all regions are fully represented.

Global Money Week: Global Money Week was seen by the participants as an important and fun activity which was

the glue that brought national stakeholders, as well as children and youth, together. Participants recommended

increased Global Money Week efforts and the support of Global Money Week from regional bodies.

Action by CYFI: CYFI made Global Money Week an annual event and will continue to engage a growing number of

stakeholders in the event, including regional bodies. Through Global Money Week, children and youth will continue to

be engaged and, learn and share about the financial issues that most matter to them.

Governance: Regional representatives seek increased representation in CYFI’s governance structure. This would allow

for the board to be shaped in a way that best captured the realities and needs of the diverse regions.

Action by CYFI: Regional representatives were nominated by the network to represent the various regions on the CYFI

board.

Based on these recommendations, CYFI will be creating a SWOT analysis (Strength, Weaknesses, Opportunities and

Threats) which will allow CYFI and its board to revise its strategic plan. This new strategic plan will ensure that the

Movement remains relevant, innovative and bottom-up.


Americas and The Caribbean 4-5 October 2012 Mexico City, Mexico


Executive Summary The first Child and Youth Finance Regional Meeting for the Americas and the Caribbean commenced on October 4 and 5,

2012, in Mexico City. In the Americas and the Caribbean children and youth make up 70% of the population and, at a

time when innovations and policies related to children’s financial issues are gaining momentum, it is important to focus

on the financial realities faced by an entire generation.

The Regional Meeting was inaugurated by the Mexican Minister of Education, José Ángel Córdova Villalobos, and the

Mexican Minister for Youth, Miguel Ángel Carreón, and was held as one of the activities within the framework of

Mexican Presidency of the G20. It brought together 132 participants from 17 countries to focus on expanding the Child

and Youth Finance Movement in the region. Policymakers gathered to explore ways in which to increase financial

education and financial inclusion for youngsters through the best policies and practices.

Meeting highlights included:

The documentation and sharing of best practices

The formation of alliances of national and regional stakeholders

Unified Support for regional cooperation

Children and Youth presenting their national policy formulation recommendations

Commitments by national stakeholders to take on financial issues in their respective countries.

The meeting featured interactive sessions which saw the audience and panelists debate and share their thoughts on

some of the more pertinent issues within the region. These included the gaps in financial education and enterprise

education, low levels of financial access for youngsters, the effect the recent financial crisis has had on youth, and the

importance of designing the right policies at a time when the region seems to be at its height of readiness.

Recommendations made by the participants for the region include:

Inter-sectorial collaborations among national bodies

Greater focus placed on integrating financial education into national curricula

Greater effort to increase financial inclusion through Child and Youth Friendly Banking Products

The need for more regional-based research

The importance of forming or adjusting policies on these issues

The meeting concluded with words of support from Juan Manuel Valle Pereña, Head of the Banking, Securities and

Savings Unit on behalf of José Antonio Meade Kuribreña, Minister of Finance of Mexico, institution hosting the G20

conference in 2012 and a call for all countries in the region to collaborate in furthering financial education and access for

all children and youth in Americas and the Caribbean.

An overview of the program agenda can be seen below:

Day 1: Thursday 4th of October Day 2: Friday 5th of October

Morning Inauguration Ceremony

Child and Youth Finance Education

Framework: Social, Financial and Livelihood

Education.

Education Curricula: An Overview

Academia and Research: A special focus

on the Region

A Region in Action: Accelerating the Child

and Youth Finance Movement in the

Region

Afternoon Certification of Child and Youth Friendly

Banking Products

Financial Institutions: Banking Products and

Outreach to Children and Youth

Accelerate and act!

Night Cultural event and Cocktail

All presentations from speakers can be found in the website of the Americas-Caribbean Regional Meeting by following

this link.

http://childfinanceinternational.org/index.php?option=com_linktracker&task=track&link=http%3A%2F%2Flacspa.childfinanceinternational.org%2F


We would like to take this opportunity to thank the Organizing Committee who made this event possible through their

tireless efforts and dedication to the Child and Youth Finance Movement. Their commitment, knowledge and expertise

was invaluable in helping to shape this regional event. There is no doubt that their continued support will see the

Movement reach beyond its targets.

About the Regional Meeting for the Americas and the Caribbean The CYFI Regional Meeting for the Americas and the Caribbean was the first of five Regional Meeting organized by CYFI

around the world in collaboration with different national stakeholders. The Regional Meetings were conceived as a space

to gather diverse actors to discuss topics related to the financial education and inclusion of children and youth.

Participants This brought together 132 participants coming from 17 countries.

During the day-and-a-half meeting representatives from government organizations, financial services providers, financial

regulators, NGOs, academia and research institutions shared their experiences, innovations and commitments to ensure

that 100 million children and youth have access to financial education and inclusion by 2015.

Meeting Highlights Key Meeting Outcomes

The Minister of Education José Ángel Córdova

Villalobos and the Minister of Youth Miguel

Ángel Carreón showed their support for The

Movement and commitment to the financial

education and inclusion issues at the meeting’s

inaugural ceremony.

The CYFI Regional Meeting for the Americas and

the Caribbean was held as one of the activities of

the Mexican Presidency of the G20

This event gathered 132 participants coming

from 17 countries

Documenting and sharing innovations through

online platforms and other media

Forming alliances between organizations and

individuals in similar and/or different sectors

Sharing experiences and recommendations

different sectors

First meeting of its kind within the region, during

which stakeholders came together to discuss

specific issues related to child and youth finance

Youth presented recommendations to

participants on increasing financial access for

them


Day 1 Thursday 4 October, 2012

9:00 – 10:00 Inauguration Ceremony

10:00 – 11:30 Child and Youth Finance Education Framework: Social, Financial and Livelihood Education

12:00 - 13:30 Education Curricula: An Overview

15:00 – 16:00 Certification of Child and Youth Friendly Banking Products

16:30 – 18:00 Financial Institutions: Banking Products and Outreach to Children and Youth

Inaugural Ceremony

Welcome Address

Jeroo Billimoria, Managing Director, Child and Youth Finance International acknowledged the strides the G20 has taken

to incorporate financial education and inclusion as a key element in the development of healthy financial systems (refer

to paragraph 53 of the final declaration of the G20 meeting in los Cabos). Billimoria pointed out that the CYFI Regional

Meeting for the Americas and the Caribbean was the first meeting of its kind within the region, in which stakeholders (17

countries and 132 participants) came together to discuss specific issues related to child and youth finance.

Loreto Garcia Muriel, Mexico Banking Association, acknowledged the efforts of the Minister of Education in placing

emphasis on the topic and stressed the need for inter institutional, multi-sectorial collaboration to continue to press the

topic forward. Mrs. Garcia also stressed on the value that Banks in Mexico have given to financial education and the

commitment they have shown to this topic.

Mexico’s Minister of Youth, Miguel Ángel Carreón, recognized the urgency of providing children with access to quality

financial education and solid financial systems. Mr. Carreón emphasized that this was the only way to achieve a

substantial positive change in the present financial culture. He pledged his support for the meeting and expressed hope

that this in turn will lead to the implementation of financial education and inclusion strategies in Mexico and within the

region.

Mexico’s Minister of Education, Miguel Ángel Córdova Villalobos, highlighted the hard work of the CYFI Movement and

other organizations involved in spreading the concerns of financial education and inclusion througout the region. Dr.

Córdova Villalobos stressed that the present world economic situation demands that individuals learn, from an early age,

“basic elements of financial culture”. The Minister also pointed out the efforts the Ministry of Education is making to

push the topic forward in terms of building teacher’s capability, incorporating financial education into primary school

books and recognizing the importance of including financial education in the formal system.


Child and Youth Finance Education Framework: Social, Financial and Livelihood Education This session sought to share experiences of integrating combining financial education with livelihoods and social

education.

Chair:

Graeme Thompson, Regional Program Coordinator, ChildFund International

Speakers:

Uriel Galicia Negrete, Director Financial Education, BBVA Bancomer

Alvaro Modernell, Founder, Mais Ativos

Veronica Porte Petit, Financial Education Material Developer, Banamex

Jaime Santibañez, Senior Representative, JA Americas

Graeme Thompson, Regional Program Coordinator, ChildFund International opened the discussion stressing the

importance of creating integrated education programs that are linked with financial inclusion. Mr. Thompson pointed out

the importance that such programs take advantage of available ICT services to advance the penetration of financial

services in remote communities. Uriel Galicia Negrete, Director Financial Education, BBVA Bancomer spoke about the

commitment of BBVA to financial education as part of their CSR strategy in Mexico and in other countries where the

group is present. Mr. Galicia, additionally, described some of the programs under the tutelage of this organization, their

benefits and positive outcomes and the value of financial education to improve household finances and to create

empowered citizens.

Alvaro Modernell, Founder, Mais Ativos highlighted the efforts of Brazil for their integrated financial education strategy

and how this approach has turned into benefits for the overall population. Modernell insisted in the fact that there is still

a long way to go and a lot to learn in the process. He insisted that financial education should focus on a behavioral

change rather than simply acquiring knowledge. Veronica Porte Petit, Financial Education Material Developer, Banamex

expressed the importance of developing a financial culture based on educational and social strategy. This will impact not

only the lives of children, but also the lives of those around them- family, community.

Additionally Mrs. Porte Petit mentioned how Banamex financial education programs have reach over 1.600.000 children

and youth all over Mexico. Jaime Santibañez, Senior Representative, JA Americas discussed the importance of

empowering children to become capable economic citizens through a combination of financial education and knowledge

acquisition. Mr. Santibañez also mentioned the importance of synergizing with the private sector in developing and

implementing programs dedicated to children and youth.


Education Curricula: An Overview The purpose of this session was to describe and identify the benefits, the best practices and the policy changes needed

in order to implement financial education as mandatory into the national curricula.

Chair:

Noemi García, Director of Curriculum Development, Mexican Ministry of Education

Speakers:

Isidro Chavez, Representative, Central Bank of Paraguay

Valerie Meza, Program Manager for Latin America, Aflatoun

Marco Antonio, Specialist, Peruvian Ministry of Education

Eulalio Sanabria, General Director of Permanent Education, Paraguayan Ministry of Education

Vice-Minister of Basic Education of Mexico, Francisco Ciscomani, sent a letter in which he expressed the importance of

understanding that financial education and inclusion are crucial for the well-being of the population. Furthermore, the

Vice-Minister highlighted that the challenge of the education sector is to integrate financial education into the national

curriculum so children and youth can have a better understanding of financial concepts and tools.

Noemi García, Director of Curriculum Development, Mexican Ministry of Education insisted that a prerequisite for

successfully integrating financial education into a national curriculum is overcoming a number of key challenges that

Ministries of Education are confronted with. Mrs. García highlighted a number of countries that have overcome these

challenges and have succeeded in integrating financial education into the national curricula, and insisted in the fact that

these are key examples to follow.

Isidro Chavez, Representative, Central Bank of Paraguay illustrated how the cooperation between Banco de Paraguay

and the Ministry of Education made the inclusion of topics of financial education possible within the national curricula in

this country.

Valerie Meza, Program Manager for Latin America, Aflatoun, highlighted the importance of involving the private-public

sector in the development of materials and the design of programs including financial and social education. Their

collaboration should go from improving and innovating subject’s contents to teachers’ capacity building.

Marco Antonio, Especialista, Peruvian Ministry of Education talked about the challenges that the Ministry of Education

has faced when integrating financial education in the national curriculum for secondary education, how some of the

financial education related topics have been included in core subjects and the challenges ahead in terms of including

financial education in the basic education curricula and the impact evaluation of this initiative.

Eulalio Sanabria, General Director of Permanent Education, Paraguayan Ministry of Education stressed the importance

of students understanding the socio-economic and financial situations that affect them directly or indirectly. Mr.

Sanabria also emphasized that financial education should be among the responsibilities of the Ministry of Education.


Certification of Child and Youth Friendly Banking Products Panelistis of this session discussed the characteristics of Child/YouthFriendly Bankings Products using examples from

already existing practices. They also discussed the benefits of designing and developing Child/YouthFriendly Banking

products and the importance and benefits of having this certification.

Chair:

Fernanda Trigo, Associate, McKinsey & Co.

Speakers:

Jorge Aurich, Products Manager, MiBanco

Ryan Frank, Gerente de Desarrollo de Productos, World Council of Credit Unions

Rony Garcia, Partner, Deloitte

CYFI on behalf of KPMG

Fernanda Trigo, Asociate, McKinsey & Co. opened the discussion of this panel focusing on the development and

certification of Child/Youth Friendly banking products expressing the importance of considering this as a crucial

opportunity for developing a different business model focused on children and youth.

Jorge Aurich, Products Manager, MiBanco, explained the processes and challenges faced by Mi Banco when designing

and developing a Child and Youth Friendly banking product, what were the key subjects to be addressed and the strategy

the MiBanco is planning to use to reach children and youth in Peru.

Ryan Frank, Product Development Manager, World Council of Credit Unions, highlighted that a child-friendly banking

product should be rentable/profitable, low cost, simple, reaching children and youth and designed to suit the needs of

children and youth.

Rony Garcia, Partner, Deloitte, described the characteristics and development of the Child and Youth Friendly certificate.

Furthermore he stressed the importance of the certificate, the commercial value of having certified products and what

this certificate stands for.

CYFI represented by Daniele Scauso, presented the work done by KPMG on the creation of a guide to develop

Child/Youth Friendly banking products. This guide will be officially launched in the CYFI Regional Meeting for Europe and

Central Asia in November this year and open for public consultation within the CYFI network soon after.


Financial Institutions: Banking Products and Outreach to Children and Youth This session served to present, explore and review ways to reach out to children and youth using available technology.

It also reviewed the laws and regulation on banking products for child and youth in the region, its pros and cons,

innovative examples and key policy changes to be addressed.

Chair:

Teresa Alamillo, Private Sector Director, UNICEF Regional Office for the Americas and the Caribbean

Speakers:

Fe de la Cruz, Financial Education Director, Central Bank of the Philippines

Alejandro Denes, Corporate Social Responsibility Director, Banco República

Carlos Lopez-Moctezuma,Chief of Staff, National Banking and Securities Comission

Matilde Olazabal, Country Director, Freedom from Hunger/Mexico

Jaime Ramos, Researcher, Institute of Peruvian Studies

Teresa Alamillo, Private Sector Director, UNICEF Regional Office for the Americas and the Caribbean, asserted that the

private sector should undertake initiatives specifically focused on children and youth, which respect to their economic

rights. She further emphasized that the strategies designed and implemented should reflect local realities in order for

them to be effective and long lasting.

Fe de la Cruz, Financial Education Director, Central Bank of the Philippines, remarked that in spite of numerous

initiatives within the region, there is yet a lot of work to be done to successfully implement a regional strategy that will

ensure the economic empowerment of children and youth. Mrs. De la Cruz also announced that Bangko Sentral ng

Pilipinas was gearing up to celebrate Global Money Week in 2013 after a successful week earlier this year.

Alejandro Denes, Corporate Social Responsibility Director, Banco República outlined the legal adjustments needed so

that BROU could offer children bank accounts (14 to 18 years old) and why they decided to bet for a different business

model in their approach to children and youth and how social media has been a innovative tool to reach out to this

segment.

Carlos Lopez-Moctezuma,Chief of Staff, National Banking and Securities Comission, stressed the challenges faced by

Mexico in terms of giving financial access to the whole population, what policy changes they have undertaken until now

and which are the strategic next steps to improve financial access in the Mexican territory. Mr. Lopez-Moctezuma also

highlighted that a successful strategy for financial inclusion for children and youth should include ludic elements, use of

social media, interactive material and practical exercises that are thought to attract children and youth. Mr. Lopez-

Moctezuma additionally stressed the need to involve the family in both the process of financial inclusion and education.

Matilde Olazabal, Country Director, Freedom from Hunger/Mexico discussed the need to develop strategies that will

reach children in low income and/or rural areas as they are the most vulnerable population. Mrs. Olazabal spoke about

Freedom for Hunger integrated microfinance program- AIM Youth- that evaluates different integrated (financial

education and inclusion) financial services for children from 13 to 18 years old. Mrs. Olazabal also stressed the

importance of modifying national policies to facilitate the access to savings accounts and using existing technologies.

Jaime Ramos, Researcher, Institute of Peruvian Studies, stressed that financial institutions should have products that

are easy to understand, and financial education programs. Mr. Ramos emphasized that this will help children and youth

to grow in an environment that promotes sound decision-making abilities.


Day 1: Key Outcomes

Importance of private and public sector synergy is key to the creation and development of financial education strategies

Relevance of designing and developing financial education programs focused more on behavior change rather than acquiring knowledge

Need to address policy changes to move forward in the inclusion of financial education in national curriculum.

Importance to understand that children and youth have specific needs and this should be taken into account when designing and developing child/youth-friendly banking products

Importance of making use of existing tools and expertise to learn and innovate.


Day 2 Friday 5 October, 2012

09:15 – 10: 15 Academia and Research: A special focus on the Region

10:15 – 12:00 A Region in Action: Accelerating the Child and Youth Finance Movement in the Region

12:00 – 13:00 Concluding Session and closing remarks: Reshaping the Future of Finance|

Child and Youth Finance International Summit

Academia and Research: A special focus on the Region Academics presented the main findings on the Theory of Change of the movement and the main gaps to be filled in

the field of research on financial capability for children and youth.

Chair:

Joyce Serido, Assistant Professor, John & Doris Norton School of Family Consumer Sciences, University of Arizona

Speakers:

Gloria Almeyda, Senior Coordinator, Georgetown University

Catherine Rodriguez Orgales, Profesor, Universidad de los Andes

Kurt Schindler, Kansas State University

Joyce Serido, Assistant Professor, John & Doris Norton School of Family Consumer Sciences, University of Arizona

explained the theory of change and how it is the theoretical basis for The Movement. The Child and Youth Finance

Movement Theory of Change forms the theoretical base of the Movement’s strategy. The Theory of Change is based on

the collective experience of The Child and Youth Finance Academics Experts Council, made up of leading academics in the

field. They are investigating the relationships between the three strategic building blocks of the Theory of Change, and

whether they can be shown to drive the positive youth development outcomes the Movement believes they will.

Gloria Almeyda, Senior Coordinator, Georgetown University, presented the value of the literature review developed by

the Academic working group of Child and Youth Finance International called Children & Youth as Economic Citizens:

Review of Research on Financial Capability, Financial Inclusion, and Financial Education as a starting point for

encouraging research in Latin America. Dr. Almeyda also stressed the importance of promoting and spreading

information as well as promoting research among academics and researchers with a region focus.

Catherine Rodriguez Orgales, Profesora, Universidad de los Andes en Colombia described the implementation of

YouthSave Project, its outreach in Colombia, where important efforts have been dedicated to the development and

evaluation of saving products for low-income youth in the country.

Kurt Schindler, Kansas State University, United States of America, emphasized the importance of establishing and

nourishing teacher capability as one of the key elements to improve programs of financial education across the region

and what would be the research questions to be addressed when doing further evaluation of these programs.


A Region in Action: Accelerating the Child and Youth Finance Movement in the Region This session identified key challenges and actions towards the creation of National and Regional Platforms. It served as

a platform for sharing of best practices as well as exploring the creation of substantial policy changes at the national

levels on Child and Youth Finance issues.

Chair:

Guillermo Aguilar, Specialist MIF, Inter-American Development Bank

Speakers:

Cesar Portalanza, Jefe de Educación e Inclusión Financiera, Superintendencia de Bancos, Seguros y AFP

Nidia Garcia Bohórquez, Economist, Banco de la República de Colombia

Ana Luisa Saavedra, Deputy Director General, Savings and Financial Regulation, Ministry of Finance and Public Credit

of Mexico.

Guillermo Aguilar, Specialist MIF, Inter-American Development Bank, in his opening remarks highlighted the

importance of having an integrated approach when addressing the topics of financial education and inclusion from a

national perspective. Mr. Aguilar also pointed out how relevant is that national authorities encourage the addition of

these topics to the agendas and the need to count with the support of the civil society, and the private sector.

Cesar Portalanza, Director of Financial Education and Inclusion, Superintendencia de Bancos, Seguros y AFP, Perú,

described the Peruvian experience with regard to the creation of a national strategy for financial education. Mr.

Portalanza also stressed that Peru is the first country to have financial education included in the secondary school

curricula at a national level. Portalanza took the time to describe the process which Peruvian institutions went through

and the change of policies needed to reach this goal.

Nidia Garcia Bohórquez, Economist, Banco de la República de Colombia, Colombia, remarked that multi-sectorial

collaboration was achieved in Colombia. Mrs. García also gave examples of the concepts and objectives that framed the

national economic and financial education strategy. Additionally Mrs. García mentioned that the Central Bank of

Colombia is exploring the possibility to further financial inclusion as one of its main priorities and announced the

commitment of the Central Bank of Colombia to participate in the celebration of the Global Money Week (March 16th)

in 2013 together with other 70 countries taking this initiative forward.

Ana Luisa Saavedra, Directora General Adjunta de Ahorro y Regulación Financiera, Secretaría de Hacienda y Crédito

Público, characterized how Mexican institutions have approached the subject of financial inclusion. Mrs. Saavedra

highlighted the key priorities being addressed from the Mexican Ministry of Finance, which include strategic mapping of

goals for financial inclusion, reviewing the regulatory framework regarding access to financial services and promoting

financial education programs for excluded populations She also highlighted the importance of inter-institutional

cooperation to promote financial education and inclusion at the regional level.

Day 2: Key Outcomes

Need for different stakeholders to share information in order to spread and en courage research in the topics related to children and finance.

Importance of a special focus on regional characteristics and current events should be considered in regional-based research

Need for the revision of the current regulatory framework and the necessary modifications made at a national level

Relevance of sharing experiences, expertise and best practices at the regional and national level, to strengthen regional efforts.


Accelerate and Act! Closing Remarks Closing the CYFI Regional meeting for the Americas and the Caribbean Jeroo Billimoria, Managing Director, Child and

Youth Finance International remarked the importance of the Child Finance Movement in the region and highlighted the

importance of cross-sectorial collaboration in taking the Movement forward in the Americas and the Caribbean. She also

pledge to participants to take forward the Movement in their countries by actively encouraging the creation of joint

national strategies for financial education and inclusion for children and youth.

Juan Manuel Valle, Head of the Banking, Securities and Savings Unit of the Ministry of Finance and Public Credit of

Mexico gave his final comments on behalf of the Minister José Antonio Meade Kubrieña, and expressed the Minister of

Finance continued support to the Child and Youth Finance Movement. He highlighted the initiatives that have made

Mexico a pioneer country in the topics of financial education and inclusion in the region and insisted in the fact that

further cooperation among regional and national bodies is needed. To conclude his intervention he pointed out that

efforts to strengthen the Movement should continue growing in the region.

Next Steps

Building a solid network of Academics working on region specific issues related to child and youth finance, which should take into account the particular regional and different national realities.

Creation of country platforms to take forward the CYFI Movement at a national level with the support of the CYFI Secretariat.

Encourage the celebration of the Day/Week Child and Youth Finance 2013

Joining the CYFY Movement in the celebration of its Second International Summit to be held in Turkey the 7th- 9th of May, 2013.


Regional Meeting Africa

23-24 October 2012 Abuja, Nigeria


Executive Summary The first Child and Youth Finance International (CYFI) Regional Meeting for Africa was held in Abuja, Nigeria, on 23-24

October, 2012 under the patronage of Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria at the

Transcorp Hilton Hotel. It was co-organized by the CYFI Secretariat, the Central Bank of Nigeria (CBN) and the

Gesellschaft für Internationale Zusammenarbeit (GIZ).

This conference provided an opportunity for the CYFI Movement to be established in Africa, facilitated dialogue across

different stakeholders and discussed initiatives that could inform policy makers at national and regional levels. It brought

together high-level government officials, experts from public and private institutions, financial regulatory and supervisory

authorities, research and academic representatives, regional bodies, non-governmental organizations (NGOs) and

multilateral agencies. 136 participants from 19 African countries attended the meeting. Parallel to the CYFI Regional

Meeting was the Alliance for Financial Inclusion (AFI) Strategy Peer Learning Program. Joint sessions were held for these

two meetings to facilitate interaction and deepen collaborations.

Mr. Tunde Lemo, Deputy Governor of Operation at the Central Bank of Nigeria, inaugurated the meeting on behalf of

the Governor. Highlights included national authorities and inter-regional agencies expressing their commitment and

support towards the CYFI movement.

Mr Awich Pollar, Member of the Committee on the Rights of the Child, shared his commitment to include Child and

Youth Finance topics on the general comments of the United Nations Convention on the Rights of the Child (UNCRC).

Dr Ousmane Dore, the Resident Representative of the African Development Bank (AfDB) said AfDB will work towards

the creation of an enabling environment for economic systems that include children and youth.

Mr Emmanuel Etim, Senior Program and Partnership Expert at the Division of Capacity Building and Youth

Development at the African Union Commission (AUC) said his department will work with CYFI to circulate information

on financial education and inclusion to governments in Africa, and help them develop strategies to address these

issues. Hon. Benoit Ndong Soumhet, the Secretary of State for Basic and Primary Education in the Republic of Cameroon also

shared his willingness to champion financial education in Cameroon and among the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) member countries.

Recommendation made by the participants for the region included:

The need to review national policies and legislations to create an all-inclusive economic system, particularly for

children and youth.

Comprehensive strategies and well-coordinated national initiatives on financial education and financial inclusion for

children and youth.

Greater collaboration among national stakeholders for maximum impact.

Knowledge sharing at national and regional levels.

The need for more regional based research.



Time Day 1: Tuesday, October 23, 2012 Day 2: Wednesday, October 24, 2012

Morning Inaugural Ceremony

Plenary: The Relevance of Child and Youth

Finance in Africa

Workshops:

CYFI Educational Framework: Social, Financial

and Livelihoods Education

Innovation and Outreach: Financial Products

for Children and Youth

Policy, Academics and Research: A Special

Focus on Africa

Plenary: National Strategies – Leadership by

Central Bank and National Authorities

Workshops:

Education Curriculum Overview

Child and Youth Friendly Banking Products:

Development and Certification

Afternoon Launch of Nigeria’s Financial Inclusion Strategy

Child and Youth Finance Movement

Breakout Sessions: Accelerate Collaborative

Action Towards the Child and Youth Finance

Movement

Evening Inaugural Dinner Reshaping the Future of Finance

Closing Ceremony

Presentations from the meeting can be accessed by following this link. They have been hyperlinked to the names of

speakers on the agenda for the meeting.

The CYFI Secretariat would like to thank the Staff and Management of the Central Bank of Nigeria and the German

Development Cooperation (GIZ), Nigeria, for their support and resources they dedicated to making this meeting a success.

Special thanks go to Mr Tunde Lemo, who inaugurated the meeting, Mr Paul Nduka Eluhaiwe, Dr. Ishaku Mikloda

Polycarp, Mr. Joseph Attah, Mr M. I. Giade, Ms Sylvia Hoster, Ms Rachael Hassana and members of CBN’s Protocol

Committee who handled much of the organization.

http://africa.childfinanceinternational.org/index.php/agenda


About the Regional Meeting for Africa The CYFI Regional Meeting for Africa took place as part of the Launch of the National Financial Inclusion Strategy for

Nigeria, which was inaugurated by His Excellency Mohammed Namadi Sambo, Vice President of the Federal Republic of

Nigeria, representing His Excellency, Dr. Goodluck Ebele Jonathan, The President and Commander-in-Chief of the Armed

Forces of the Federal Republic of Nigeria. Her Royal Highness, Princess Máxima of the Netherlands gave a speech as the

United Nations Secretary General’s Special Advocate on Inclusive Finance for Development.

Participants Participating countries included Botswana, Burundi, Cameroon, DR Congo, Ethiopia, Gambia, Ghana, Guinea, Kenya, La

Cote D’Ivoir, Malawi, Nigeria, Senegal, Sierra Leon, South Africa, Tanzania, Tunisia, Uganda and Zambia. There were also

participants from the Netherlands, United States and United Kingdom.

Meeting Highlights and Key Meeting Outcomes


The African Union (AU) Commission, the African

Development Bank (AfDB) and GIZ Nigeria

endorsement and show of support for the Child and

Youth Finance (CYFI) Movement.

Mr Awich Pollar, the United Nation’s Expert on

Human Rights, commitment to drive member

countries of the UN Committee on the Rights the

Child to include child and youth finance education in

their national educational curriculum.

Hon. Benoit Ndong Soumhet, the Cameroonian

Secretary of State for Basic Education endorsing the

Movement and committing to champion its course

among BECAO member states.

The Launch of Nigeria´s Financial Inclusion Strategy

Formation of National Stakeholder Alliance to take on

financial education and inclusion for children and

youth in various countries.

Creation of awareness and increased momentum for

the CYFI Movement in Africa.

Documentation of barriers to financial education and

inclusion for children and youth in the region, and the

way forward.

Formation of alliances between individuals and

organizations in similar and/or different sectors to

promote financial education and inclusion for

children and youth.

Draft road maps to bring issues of financial education

and inclusion for children and youth on the agenda of

organizations and states.

Share of individual, organizational and state

experience in the development strategies and

programs for financial education and inclusion s for

children and youth.

Presentation of children and youth’s perspective on

financial education and inclusion in the region.


Day 1 Tuesday, October 23, 2012 9:00 – 10:00 Inaugural Ceremony

10:00 – 11:00 Inaugural Plenary: The Relevance of Child and Youth Finance in Africa

11:00 - 12:00 Child and Youth Finance in Practice

Workshop 1.1 CYFI Educational Framework: Social, Financial and Livelihood Education

Workshop 1.2 Innovations and Outreach: Financial Products for Children and Youth

Workshop 1.3 Policy and Research: A Special Focus on Africa

13:00 – 16:00 Launch of Nigeria´s Financial Inclusion Strategy

Inaugural Ceremony Welcome Address

The meeting was inaugurated by Mr Tunde Lemo, the Deputy Governor of Operations at Central Bank of Nigeria (CBN)

on behalf of Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria. Mr Lemo welcomed participants

who had traveled to Nigeria to discuss issues of financial education and financial inclusion for children and youth in Africa.

He stated that children and youth represented the stock of any country’s future human capital and leadership, and

explained the need for states to provide them with the best opportunity for a brighter future. By giving children sound

financial and livelihoods education they will grow to become responsible citizens, contribute to the attainment of

national goals and aspirations and also fulfill their own dreams. Most importantly, “states can reduce, if not totally

eliminate, financial illiteracy and its consequences.”

Mr Tunde stated that Nigeria had within its National Financial Inclusion Strategy a comprehensive plan to ensure that 20

percent of primary schools, 50 percent of secondary schools and all tertiary institutions in the country adopt a financial

literacy curriculum by 2020. According to him, in order to achieve the aforementioned, the Central Bank of Nigeria, in

collaboration with its stakeholders, has drafted a financial literacy framework. CBN was also working on a national

education curricula with some financial institutions through the Bankers’ Committee and other policymakers. Mr. Tunde

commended Child and Youth Finance International (CYFI) for its pioneering role in spearheading issues concerning child

and youth finance at the global level.

Ms Jeroo Billimoria, Managing Director of CYFI, noted that although children and youth in Africa constituted a

considerable percentage of the continent’s population, they were often ignored in national financial inclusion strategies

and programs. Research findings on Africa show a critical lack of financial literacy among youth, and many barriers in

accessing financial services, including restrictions in the legal and regulatory environment, inappropriate and inaccessible

products and services and low financial capability. Currently, only 16.8%of Africa’s youth population between 15 and 25

years, have accounts at formal financial institutions.

Ms Billimoria stressed the need to change the status quo, explaining that promoting positive financial culture in children

and youth was an essential step to ensure a financially capable population, able to make well-informed decisions. She

stated that the CYFI Movement was on a mission to reshape the future of finance by freeing its youth from debt and

poverty. As the first step, the Movement brings together stakeholders from around the world, to ensure that 100 million

children and youth in 100 countries will have access to the appropriate financial education and financial products by

2015.


Inaugural Plenary: The Relevance of Child and Youth Finance in Africa

This session explored the relevance of the Child and Youth Finance Movement concerning financial inclusion for

children and youth, the possible challenges the movement can face and what needs to be done by policy makers in

addressing these barriers

Chair

Ms Jeroo Billimoria, Managing Director of Child and Youth Finance International (CYFI)

Speakers

Dr Ousmane Dore, Resident Representative, African Development Bank (AfDB), Nigeria

Mr Emmanuel Etim, Senior Program and Partnership Expert, Division of Capacity Building and Youth Development,

African Union Commission

Ms Annemiek Hoogenboom, Director of Postcode Loterij, the Netherlands

Dr Ousmane Dore, Resident Representative of the African Development Bank (AfDB) in Nigeria, stated that about

64%of youth in the continent live in countries where at least one third of the population lives on less than US$2 a day.

According to Dr Dore, providing the youth with the necessary skills to effectively manage their finances combined with

access to appropriate financial services, will improve their livelihoods and build a strong asset base. He identified three

main barriers to financial inclusion for children and youth in Africa, namely, restrictions in the legal and regulatory

environment; inappropriate and inaccessible financial products and a financial capability gap. He stressed the AfDB’s

commitment to work toward the creation of an enabling environment for economic systems that include children and

youth.

Mr Emmanuel Etim, Senior Program and Partnership Expert at Division of Capacity Building and Youth Development of

the African Union Commission stated that young people represented more than 60%of Africa’s population and account

for 45% of the total labor force. Also, as sub-Saharan Africa’s population becomes more youthful, with the projected

youth population representing 75% of the total population by 2015it is expected that many more young people will be

entering the labour market. Hence, children and youth in Africa need the education required for proper investment,

savings, spending, transparency, and accountability.

Ms Annemiek Hoogenboom, Director of Postcode Loterij, expressed her organization’s commitment to support youth

focused developments in Africa. Ms. Hoogenboom disclosed that the organization has so far offered 13 million euros to

support the activities of various organizations in Africa. The amount was mainly directed towards supporting educational

and health sectors, treatment and prevention of HIV/AIDS, wildlife conservation, job creation, as well as

entrepreneurship and leadership training. Ms. Hoogenboom also stated that Postcode Loterij was keen to support child

and youth finance initiatives in the continent. Postcode Loterij is the third biggest charity donor worldwide, operating five

charity lotteries, with a large part of its charitable funding reaching African communities.


CYFI Educational Framework: Social, Financial and Livelihood Education

This session focused on the importance of developing an integrated curriculum that combines financial education with

livelihoods and social education

Chair

Mr Victor Mensah, Program Manager at the Commonwealth Youth Program in Zambia

Speakers

Mr Peter Anum, Acting Director, Head of The State Award Scheme, Ghana

Mr Laja Shoniran, Project Director, Financial Literacy for All, Nigeria

Ms Wumi Onadipe, Head of Progra, Street Kids International, UK

Mr Rediet Abiye, Program Manager for Aflatoun Child Savings International, The Netherlands

Mr. Peter Anum, the Director of The State Award Scheme in Ghana, argued that in addition to academic and livelihoods

education, financial education is important because most young people are unfamiliar with handling money. Parents

should be targeted as well as key stakeholders, since they have an incentive to ensure that their children are able to

manage their own affairs, take over family businesses or estate responsibly and are able to take care of them in the

future. In the broader context, education should use a holistic approach to achieve human development and not be

geared merely to the attainment of academic success. The Head of State Awards Scheme in Ghana has currently reached

77,000 young people through Peer Advocacy Programs in Financial Literacy clubs in and out of schools through the

Commonwealth Financial literacy in Africa Project (similar project running in Kenya and Ghana supported by CYP since

April 2012).

Mr. Laja Shoniran, Project Director for Financial Literacy for All in Nigeria, shared their goal to instill in children and

youth the habit of savings in Nigeria through an innovative project called “Teach Children to Save.” This project makes

use of basic concepts (Reasons to save, How to save and Where to save) to encourage savings behaviors in young people.

They distribute “Ant Banks” through the ‘One Child One Bank Savings Campaign,’ using School Savings and Financial

Literacy Clubs to disseminate their message. Their project is currently working in 120 Public and Private Schools in Lagos

and Ogun States and has distributed 6,740 ant banks (savings box) and 3,578 Commonwealth Savings Books.

Ms. Wumi Onadipe, Head of Program at Street Kids International, shared how they design & deliver participatory

business-related learning packages for street-active youth, including the Street Business Toolkit and Street Banking

Toolkit. Their Street Business Program in Uganda addresses important business planning skills, including how to: conduct

a market survey, identify gaps in market, identify potential business locations, budget regularly, and handle demand and

competition. Their partnership with the Ministry of Finance and Economic Development in Sierra Leone introduced

business education into the curriculum of Training Centres, giving access to savings and loans for trained youth through a

local financial institution called Help Salone.

Mr. Rediet Abiye, Program Manager for Aflatoun Child Savings International, demonstrated how they promote social

and financial education for children and youth (6-18) through 5 core elements: personal understanding, rights and

responsibilities, planning and budgeting, saving and spending and social/financial enterprise. He showed how Aflatoun is

reaching nearly 1.5 million children through partners, in 90 different countries, and that their materials have been

contextualized for 11 different African countries and translated in 6 different local languages. Mr. Abiye highlighted the

challenges involved in creating regional/national alliances and establishing teacher certification in social and financial

education. He also demonstrated how Aflatoun was able to work with local partners in Uganda (NCDC and PEDN) to

achieve country based curriculum integration in the local context, through dynamic learning materials and teaching

methodology.


Innovation and Outreach: Financial Products for Children and Youth

The aim of this session was to share experiences of financial service providers and youth serving organizations that

have developed financial products for children and youth.

Chair

Ms Mary Odong, International Expert, GIZ Nigeria

Speakers

Dr Makonen Getu, Vice President, International Business Development, Opportunity International Bank

Mr Timothy Nourse, President of Making Cents International

Mr Anthony Usoro, General Manager of Mobile Money, MTN Nigeria

In her opening remarks Ms Mary Odong stressed the importance of engaging the private sector in developing

appropriate financial products to address the needs of customers, particularly children and youth. She highlighted the

role GIZ Nigeria was playing in developing the financial sector in Nigeria.

Dr Makonen Getu, Vice President of International Business Development, Opportunity International Bank spoke on

the objectives and achieved results of the bank’s initiatives to provide youth with youth-tailored products, financial

literacy and life skills trainings. Dr Getu emphasized the importance of having anadequate pre-implementation process

for effectively addressing the youth market, starting from having a clear definition of products and expectations in order

to ensure the sustainability of the strategy for reaching the youth market. Dr. Getu highlighted the importance of having

a clear understanding and ownership of products by the Board and the management of the organization. This will ensure

that the organization has the required skills internally , making it easier toset up policies to incentivize and retain staff

involved in the project while building trustful relations with partner organizations.

Mr Timothy Nourse, President of Making Cents International, described the process and tools developed by Making

Cents International for designing financial products for youth. Mr. Nourse shared examples on the work done and results

obtained by Making Cents International specifically in Malawi and Zambia.He highlighted the institutional performance

factors for an effective development of financial products for youth and the related Performance Improvement

Framework developed by Making Cents. Additionally, he stressed the importance of examining regulatory requirements

in order to ensure that potential barriers prohibiting access to savings products for youth were mitigated.

Mr Anthony Usoro, General Manager of Mobile Money, MTN Nigeria, stressed how the coordination of different

departments within an organization was crucial for the successful planning, promotion and implementation of youth

financial products. Mr. Anthony Usoro stated that products have to be simple and easy to understand and use by clients.

Transparency in the terms and conditions of pricing, access and service features are key elements when addressing the

youth segment.


Policy, Academics and Research: A Special Focus on Africa

This session explored the state of regional and local policies, and academic research in the area of child and youth

finance. Discussions focused on how to develop and implement innovative policies for children and youth finance,

focusing on the key pillars of education and inclusion.

Chair

Dominic Khame, Acting Director, Curriculum Development and Evaluation, Ministry of Education and Skill Development,

Botswana

Speakers

Dr Bola Fajemirokun, Executive Director of Development Initiatives Network in Nigeria

Professor Emmanuel Kojo Oseifuah, from the University of Venda, South Africa

Mr Tukundane Cuthbert from Uganda Martyrs University

Ms Nambula Kachumi and Ms Dennitah Ghati, Population Council

Dr Bola Fajemirokun, Executive Director of Development Initiatives Network in Nigeria, noted that even though the

drive for financial inclusion in Africa was gradually being met through policies that responded to financial services of

limited access, there was still a gap between financial inclusion strategies and financial inclusion for children and youth.

To bridge this gap, Dr. Fajemirokun emphasized on the need for policy, practice and market action to catch up with the

emergent child and youth finance movement. Frameworks of financial inclusion documents need to view financial

inclusion and education strategies through “a child and youth lens”, by promoting a lifecycle approach. This, according to

Dr Fajemirokun, involves creating the enabling environment to encourage financial education and promoting the delivery

of child and youth-friendly financial products using diverse channels. Also, developing country specific data and

indicators of financial knowledge, awareness, attitudes and practices of children and youth in Africa is equally important.

Professor Emmanuel Kojo Oseifuah, from the University of Venda, South Africa, shared findings on a pilot study on

Financial Literacy Among South African (Youth) Undergraduate Students at the University of Venda (UNIVEN) in

Thohoyandou, Limpopo Province of South Africa. The study investigated financial literacy based on demographic data

(gender, age, socioeconomic status), as well as financial attitudes among final year Bachelor of Commerce (Accounting)

students. It revealed a considerably low level of financial literacy among accounting students -with only 38% of

accounting majors being financially knowledgeable. There were also gender differences in financial literacy, with male

accounting students more likely to be more knowledgeable on financial matters compared to their female counterparts.

The socio-economic status of parents, measured by income levels, did not correlate with students’ financial literacy levels.

Students who were more financially literate were more astute in spending, since they were familiar with the implications.

Other findings from the study included that students’ financial literacy did not translate into regular savings plans.

Professor Oseifuah explained that this could be attributed to the fact that most of the students came from low income

households and may not have much to save, even if they were financially literate. Additionally, the results showed that

those who regularly participated in their family financial decisions and had formal training in money management or

personal finance were more financially literate.

Mr Tukundane Cuthbert, a Lecturer from Uganda Martyrs University spoke on Policy and Research issues concerning

Child and Youth Finance in Uganda. He stated that the Bank of Uganda was working with the National Curriculum

Development Centre to develop a coherent national strategy on financial literacy. The strategy document, when

completed, will map arrangements, actors and initiatives in the fields of financial literacy and financial consumer

protection; define key elements of a strategic framework to strengthen financial literacy and financial consumer


protection; and also provide a roadmap for implementing the framework and further strengthen collaboration and

coordination between the various actors. Its implementation is also expected to promote a sound financial system,

increase financial inclusion and help alleviate poverty. People who are financially literate are more likely to be able to

build a better future for themselves and their families.

Nambula Kachumi and Dennitah Ghati, Representatives of the Population Council Zambia and Kenya Offices, made

joint presentations on their organization’s “Adolescent Girls Empowerment Program (AGEP)”. The AGEP focuses on

building the social, health and economic assets of rural and urban adolescent girls, between the ages of 10-19. The

economic component of the AGEP involves access to savings and financial education. The financial education curriculum

used in Zambia was adapted from Kenya. It covers topics that teach girls to save, budget, plan for the future, avoid risky

income and prepare for adult responsibilities. The results from both countries indicated that financial education for girls

boosted their self-esteem. An increased access to financial services was also observed with more girls having created

Savings Accounts. In general, combining financial education with health and life skills education in both countries

produced more positive results.

Ms Gerda Piprek, Director of Marketworx Africa (Pty) Ltd, a consultancy firm based in South Africa, shared her

organization’s experience in strategy development in some African countries. Ms Piprek noted that for some countries a

challenge in developing national strategies for financial education was determining what goes into it. She described the

components of what could be considered as good strategy, which included a national and policy framework; stakeholder

and consumer strategy, and a monitoring and evaluation framework. She stressed that for the effective implementation

of any strategy at the national level, it needed to be institutionalized.


Launch of Nigeria’s Financial Inclusion Strategy

The Federal Republic of Nigeria, on October 23, 2012, joined 16 other countries worldwide that have already put financial

inclusion in the heart of their development strategies, by launching a national financial inclusion strategy (FIS). The aim

was to set an agenda for increasing both access to and use of financial services within a specific timeline. The Central

Bank of Nigeria (CBN) estimates that 39.2 million adult Nigerians (46.3% of the adult population of 84.7 million) are

financially excluded. With this development strategy , Nigeria intends to reduce the number of Nigerians excluded from

financial services, from 46.3% to 20.0% by 2020.

Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria reaffirmed Nigeria’s commitment to the Maya

Declaration, which requires it to deliver concrete financial inclusion outcomes to provide sustainable, relevant, cost-

effective, and meaningful financial services for the financially un-served populations. Nigeria is determined to reinforce

the central bank’s function in ensuring monetary stability and sound financial structure, and also address the financial

challenges the children and youth face, in order to tap their potential to contribute to the national economic

development.

Speaking on behalf of His Excellency, Dr. Goodluck Ebele Jonathan, President and Commander-in-Chief of the Armed

Forces of the Federal Republic of Nigeria, Vice President Mohammed Namadi Sambo described the lack of access to

financing as a major factor that militates the economic growth and development of Nigeria. However, he was optimistic

that the successful implementation of the FIS would place the nation on a path to sustainable economic growth, as it

provides the road map for the activities of all stakeholders in the provision of financial services.

Her Royal Highness, Princess Maxima of the Netherlands, gave a speech as the United Nations Secretary General’s

Special Advocate on Inclusive Finance for Development. Princess Maxima praised Nigeria on the launch of the financial

inclusion strategy. Princess Maxima stressed that meeting the strategy’s goals requires creating diverse financial

products tailored to different clients, in different contexts. “The only way Nigeria can do all this is to harness new

channels and promote innovative partnerships”, she noted. “Mobile phones can play a very big role. Mobile money is

also in-line with national goals for digital financial transactions. But to do all this will require working across traditional

regulatory and service sectors.”


Day 2 Wednesday, October 24, 2012 9:30 – 11:00 National Strategies: Leadership by Central Banks and National Authorities

10:00 – 11:00 How to Develop and Implement a National Strategy

Workshop 2.1 Education Curriculum Overview

Workshop 2.2 Child and Youth Friendly Banking Products: Development and Certification

13:15 – 14:45 Region in Action: Accelerating the Child and Youth Finance Movement

15:00 – 17:00 Concluding Session: Reshaping the Future of Finance

National Strategies: Leadership by Central Banks and National Authorities

Speakers analyzed key challenges in designing and implementing national strategies, and also defined actions for

ensuring a long-term commitment and impact evaluation.

Chair

Dr Agatha Nzeribe, Education Specialist, UNICEF Nigeria

Speakers

Mr Joseph A. Attah, Financial Education Officer, Central Bank of Nigeria (CBN)

Dr Wolday A. Desta, Executive Director, Association of Ethiopian Microfinance Institutions (AEMFI)

Mr Joseph M. Phiri, Project Coordinator, Financial Sector Development Plan (FSDP), Bank of Zambia

Mr Joseph A. Attah, Financial Education Officer at the Central Bank of Nigeria gave an overview of Nigeria’s Financial

Inclusion Strategy (FIS). He stated that the FIS established an overall target of reducing the number of Nigerians excluded

from financial services from 46.3% to 20.0% by 2020. The CBN estimated that 39.2 million adult Nigerians, about 46.3%

of the adult population of 84.7 million, do not have access to financial services or products that meet their needs. With

the financial inclusion strategy, Nigeria will be able to pursue a range of coordinated interventions, with priority on

financial education, consumer protection, customer services and transformation of regulations that posse barriers for

new entrants into the formal banking system. The country financial regulator will also be able to assign roles and

responsibilities for implementing specific policies and regulations on Financial Inclusion.

Dr Wolday Amha Desta, Executive Director of the Association of Ethiopian Microfinance Institutions (AEMFI),

presented financial education as a core component of Ethiopia’s Finance Chairing Committee’s responsibilities, within

the framework of the country’s financial development strategy. Dr Desta then went on to address key challenges in

promoting financial education in Ethiopia, notably, limited participation of the ministry of education in promoting

financial education in schools; inadequate funds; and limited coordination among stakeholders.

Mr Joseph M. Phiri, Project Coordinator for the Financial Sector Development Plan (FSDP) at the Bank of Zambia,

introduced the FSDP as a national initiative to strengthen and broaden Zambia’s financial sector. The FSDP, which is in its

second phase of implementation, aims at increasing financial inclusion from the (current) 7% to 50% by December 2012.

It is coordinated through specialized working groups focusing on enhancing market infrastructure; increasing

competition; and increasing access to finance as well as financial education. Mr Phiri elaborated on the design and

implementation structure of the FSDP’s financial education strategy developed in partnership with FinMark Trust and the

Financial Education Fund. He stated that a key component of a Zambia’s financial literacy program was the provision of

personal financial education in schools. “People form attitudes to money early in life hence the need to ensure that

students acquire responsible attitudes from an early age, to manage their finances well.”


Education Curriculum: An Overview The session allowed education authorities to share their challenges and successes in revised national curriculum that

includes elements of financial, social or livelihoods education.

Chair

Dr Paul S.D. Mushi, Director General, Tanzania Institute of Education

Speakers

Mr Sentumwa Remegious Baale, Financial Literacy Coordinator, National Curriculum Development Centre, Uganda

Mr Charles Ebenezer Otu, Curriculum Expert, Ghana Education Services

Mr Michael Erskine, SEED Program Manager, University of Stellenbosch, South Africa

The Session Chair, Dr Paul Mushi, from the Tanzania Institute of Education, spoke about the experience in Tanzania.

Leadership transition, within the Tanzanian Ministry of Education, has influenced plans to mainstream financial and

livelihoods education in the country. The Central Bank has so far lead the Financial Literacy effort, but banks, schools and

NGOs are also required for the implementation. He stated that the Tanzania Institute of Education is seeking to establish

an East African Curriculum Module for Financial Education, bringing in the perspectives of different education authorities

in the region.

Mr. Sentumwa Remegious Baale, from the National Curriculum Development Center of Uganda, shared how the

country is in a process of revising the Secondary Education Curriculum and that financial literacy will be one of the 13

Generic Baskets of Skills in the National Framework. He emphasized the point that financial literacy will be offered

alongside entrepreneurship education, so youth can gain experience both in managing and generating money. The NCDC

is currently working on translating curriculum material into as many local languages as possible and are placing a strong

emphasis on teacher training and capacity building.

Mr. Charles Otu, from the Ghanaian Education Service, described the role of the GES as the Ministry of Education

branch responsible for Curriculum Research and Development. He emphasized the importance of creating regional and

national Action Plans for Education that would unite many of the education experts in this area. Ghana promotes an

interdisciplinary approach where financial education is a separate subject in secondary school. They believe that it is

essential that new teachers receive training on how to deliver financial education in the classroom.

Mike Erskine, from SEEDS South Africa, described how Financial/Economic Education in South Africa was integrated into

existing courses such as “Environment and Social Sciences,” and “Economic and Management Sciences” The country is

going through a curriculum review process at the provincial level, which is involving many new curriculum experts. He

described how the private sector in South Africa got behind financial education through their CSR mandate He noted that

it was not always easy to balance the interests and private sector language with that of the civil society and the

government sectors, concerning the development of national strategies. Finally, he placed an emphasis on constructive

pedagogy, and child centered learning.


Child and Youth Friend Banking Products: Development and Certification

Chair

Ms Beth Porter, Policy Advisor for Financial Inclusion, UNCDF

Speakers

Ms Edirin Akemu, Senior Manager, KPMG Nigeria

Ms Flavia Nakamatte, Project Manager at the Uganda Finance Trust

Mr Moses Githinji Njenga , Policy Analyst at KIPPRA

Ms Beth Porter, Policy Advisor for Financial Inclusion, UNCDF stressed the need for consensus on global standards for

Child and Youth Friendly Banking Products. She gave an overview of CYFI’s certification principles for ChildFriendly and

YouthFriendly financial products and how they have been integrated to the Smart Campaign’s client protection initiative.

Ms Edirin Akemu, Senior Manager, KPMG Nigeria, explained the rational behind the ChildFriendly and YouthFriendly

Certification Guide and said that KPMG was working with CYFI on a Product Development Guide. The Guide, when

completed, will assist financial institutions in the development of child and youth focused banking products. It will outline

steps in the product development process.

Ms Flavia Nakamatte, Project Manager at the Uganda Finance Trust, presented the characteristics of two youth savings

accounts developed by Uganda Finance Trust. Ms Nakamatte noted that having a strong buy-in and well-trained staff

was key in developing strategies for best reaching children and youth with financial services. She gave highlights of the

promotional material developed for the youth saving accounts and emphasized the importance of having an appropriate

regulatory framework to support the development of youth savings products. Ms Nakamatte stated that UNCDF was

negotiating with the Ministry of Finance and Bank of Uganda on the possibility of allowing youth to withdraw a certain

percentage of their savings without the co-signatory of their parents or guardians.

Mr Moses Githinji Njenga, Policy Analyst at KIPPRA, presented highlights from the YouthSave research project in Kenya,

which defined the characteristics of the local youth market, describing their financial needs, savings habits as well as

preferred account features. The research provided useful information for the design and development of savings

products for youth and for structuring a product that could be piloted in a local community. Mr Njenga stated that it was

important to understand the needs of youths in order to come up with solutions that best suit their economic and

financial needs.


A Region in Action: Accelerating the Child and Youth Finance Movement in the Region

Country and regional stakeholder platforms were formed to discuss and identify key challenges and actions towards the

creation of national platforms. The session provided a unique opportunity for participants to share best practices and

also explore how to influence policy concerning child and youth finance in the national levels. Key outcomes of this

session included commitments to form country stakeholder committees to develop road maps for financial education

and financial inclusion at the national level. The table below summarizes regional and country delegation commitment.

Concluding Session: Reshaping the Future of Finance The concluding session highlighted the declaration of support and commitment by national authorities and inter-regional

agencies. Among these were commitments from Mr Awich Pollar, Member of the Committee on the Rights of the Child,

who shared his commitment to include Child and Youth Finance topics on the general comments of the United Nations

Convention on the Rights of the Child (UNCRC). The Secretary of State for Basic and Primary Education in the Republic of

Cameroon shared his willingness to champion financial education in Cameroon and among the Banque Centrale des Etats

de l’Afrique de l’Ouest (BCEAO) member countries.

West Africa Financial literacy week celebrations

Develop and mainstream financial. education curriculum in

school curricula.

Conduct baseline studies of what is currently being offered in

within countries.

Establish and coordinate national Financial Education

Committees.

Nominate focal points for CYFI within participating

organizations

Southern Africa Coordinate various initiatives on financial education and

financial inclusion at national level.

Advance consumer protection.

Engage in research on financial literacy.

Bring on board CYFI Movement national leaders .

Generate greater resources in country.

Work with the SADC and other regional bodies to promote

the CYFI Movement.

East Africa Expand the CYFI Network within the region and create

national platforms.

Initiate research and coordinate various initiatives within

their countries.

Initiate dialogue with government and participate in policy

formulation on education, gender, social development as well

as finance.

Engage media outlets, parents and guardians in the CYFI

Movement.

Nigeria Formation of national council of civil society to provide input

on Nigeria’s Financial Literacy Framework.

Improve coordination amongst civil society and FSPs.

Address lack of parent’s interest on issues of financial literacy

and financial inclusion for children and youth.

Generate data and create impact indicators for financial

literacy for children and youth.

Partner with CYFI to in the formulation of a civil society

council for financial education and financial inclusion for

children and youth.

Media advocacy for CYFI activities (e.g CYFI Week/ Day).

Integrate financial literacy into school curriculum by the year

2013.

Monitor and document provinces offering financial literacy

as well as banks offering childfriendly products for impact

evaluation

Develop CYFI impact indicators.

CYFI Regional Meetings 2012 35

Mr Joseph Attah, the Financial Education Officer at the Central Bank of Nigeria retreated CBN’s commitment to the CYFI

Movement in Africa, and expressed CBN’s willingness to work with organizations engaged in the field of financial

inclusion, in order to create an all-inclusive economic system. Matilda Efua Mansa Nyagortey, a youth participant from

Ghana, also shared her observations in the meeting. and on behalf of the children and youth in Africa thanked the

participants who were working diligently towards creating a better future for children and youth in the continent.

In her concluding remarks, Ms Billimoria stressed the importance of the Child Finance Movement in Africa and

highlighted the necessity of cross-sectorial collaboration in taking the Movement forward. She urged participants to be

ambassadors for the Movement in their respective countries and assured them for the CYFI Secretariat’s unflinching

support.

Next Steps

Address the need for financial education and financial inclusion for children and youth at the national and regional level.

Develop effective National Consultative Processes (NRCs) for the CYFI Movement and cooperation between government institutions, local stakeholders, regional bodies and the CYFI Secretariat.

Engage in research initiatives and networking in an effort to compile, collate and disseminate Africa-specific information on financial education and financial inclusion for children and youth.

Promote resources and institutional capacity building. Promote the development and implementation of national strategies on

financial inclusion and financial education. Encourage mainstreaming financial education in national educational

curriculum at basic, primary and secondary school levels. Coordinate Global Money Week Celebrations. Country participation in CYFI Annual Summit in Turkey in May 2013.


Europe and Central Asia 6-7 November, 2012 Brussels, Belgium


Executive Summary The first Child and Youth Finance Regional Meeting for Europe and Central Asia was held on November 6 and 7, 2012, in

Brussels. This meeting, which featured a welcome address by HRH Princess Mathilde of Belgium, was hosted by the

Belgian Financial Services and Markets Authority and organized in collaboration with EACB (European Association of

Cooperative Banks), EBF (European Banking Federation), WSBI (World Savings Banks Institute) and with the active

support of UNICEF. 120 representatives from 36 countries were present at the meeting, which highlighted the

importance of Child and Youth Finance issues in the region and explored ides for moving such issue forward on national

and regional levels.

Children in Europe make up 28.15% of the population, and only 31.9% of those between the ages of 15 – 25 years hold

accounts at formal financial institutions. Furthermore, the youth unemployment rate stands at 20.8 %. A concerning rate,

especially when considering that approximately 2.45% of Europeans live on less than 1€ per day. The recent European

Regional meeting had the objective of tackling these issues and strengthening the collaboration between European

Institutions, civil society and country level governmental bodies.

Meeting highlights and outcomes included:

This event gathered 120 participants coming from 36 countries

HRH Princess Mathilde of Belgium showed her support for The Movement and underlined the importance of financial

education and inclusion issues at the meeting’s inaugural ceremony.

Mr. Herman van Rompuy, President of the European Council, expressed his support for the Movement

Vice-President of the EESC, Ms. Anna Aaria Darmanin expressed her interest in taking financial education and

inclusion for children and youth on agenda of the EESC

Youth proposed actions to policy-makers to further the issues of financial education and inculsion in Europe

Mr. Philippe Lamberts, Member of the European Parliament, promised to support Child and Youth Finance related

issues in the European Parliament

30 European countries committed to engage in CYFI week

This meeting featured interactive sessions which saw the audience and debate and share their toughts on some of the

more pertinent issues within the region. These include collaborations between public and private sector, their role in

formulating National Startegies for financial education and inclusion, products offered to children and youth and the

need for increased research on the issue.

Recommendations from the particiapnts included:

Inter-sectoral collaborations among national bodies

Greater focus placed on integrating financial education into national curricula

Greater effort to increase financial inclusion through Child and Youth Friendly Banking Products

The need for more regional-based research

The importance of forming or adjusting policies on these issues

The meeting concluded with words of Mr. Jean Paul Servais, Chairman of the Belgian FSMA, who invited every country in

the region to collaborate in furthering financial education and access for all children and youth in Europe and Central Asia.


Tuesday – November 6 Wednesday – November 7

Morning Inauguration and keynote speeches A Region in Action

Afternoon Ideas Lab

Financial Education

Financial Inclusion

Accelerate and Act

Lead up to the Annual Meeting

Evening Dinner Reception

All presentations can be found on the Regional Meeting for Europe and Central Asia at

http://europe.childfinanceinternational.org/

http://europe.childfinanceinternational.org/


About the Regional Meeting for Europe and Central Asia The CYFI Regional Meeting for Europe and Central Asia was one of five Regional Meeting organized by CYFI around the

world in collaboration with national stakeholders. The Regional Meetings were conceived of as a space to gather diverse

actors to discuss region-specific topics related to financial education and inclusion for children and youth.

Participants The European Regional Meeting brought together 120 participants coming from 36 countries.

During the two days of the meeting, representatives from governmental organizations, financial services providers,

financial regulators, NGOs, academia, and research institutions shared their experiences, innovations and commitments

to ensure that 100 million children and youth have access to financial education and inclusion by 2015.


This event gathered 120 participants coming from 36

countries.

HRH Princess Mathilde of Belgium showed her

support for The Movement and underlined the

importance of financial education and inclusion issues

at the meeting's inaugural ceremony.

Mr. Herman van Rompuy, President of the European

Council, expressed his support for the Movement

The Vice-Prime Minister and Minister of Finance of

Belgium Mr. Steven Vanackere stressed the

importance of financial education for Europe given

the current economical climate.

Mr. Jean Paul Servais, Chairman of the Belgian

Financial Services and Markets Authority highlighted

the FSMA´s support to the Movement.

Need of documenting and sharing innovations through




30 Countries willing to participate in the Global Money

Week in 2013

Commitments for creation of sub-regional platforms

within Europe and Central Asia

Vice-President of the EESC, Ms. Anna Maria Darmanin

expressed her interest in taking financial education and

inclusion for children and youth on agenda of the EESC

Youth proposed actions to policy-makers to further the

issues of financial education and inclusion in Europe Mr. Philippe Lamberts, Member of the European

Parliament, promised to support Child and Youth

Finance related issues in the European Parliament


Day 1 Tuesday 6 November, 2012

9:00 – 10:15 Inaugural Ceremony

10:45 – 11:45 The Importance of Child and Youth Finance in Europe and Central Asia

11:45 - 12:45 Child and Youth Finance Movement in the Region

13:45– 15:15 Ideas Lab: Financial Education

15:45 – 17:15 Ideas Lab: Financial Inclusion

Inaugural Ceremony Welcome Address

In her opening address, HRH Princess Mathilde of Belgium expressed support for The Movement and underlined the

importance of financial education and inclusion for youngsters. Princess Mathilde highlighted the importance of financial

education and access for a safer and more empowered generation in Europe and throughout the world. HRH stressed

the importance of these effort, not only in developing countries but also in more affluent societies. She encouraged

different channels for reaching out to children and youth, including social media and peer learning and emphasized the

roles of schools. HRH also called out to financial service providers to act in the interest of the child.

Mr. Steven Vanackere, Vice-Prime Minister and Minister of Finance of Belgium highlighted the importance that the

Ministry of Finance and the FSMA are giving to financial education. He stressed that governments must endure that

financial products are easy to comprehend for consumers and that the reforms taken by the governments must go hand

in hand with also strengthening the financial knowledge of all consumers from an early age. In addition, Mr. Jean Paul

Servais, Chairman of the Belgian Financial Services and Marktes Authority recognized the urgency of providing

consumers with access to quality financial education and solid financial systems. He announced that the FSMA intends to

develop further its activities relating to financial education, notably by developing a website portal for financial education

and also by collaborating with Belgian and foreign partners such as CYFI. Ms. Jeroo Billimoria, Managing Director of

Child and Youth Finance International highlighted the hard work of the CYFI partners in raising awareness on the

importance of financial inclusion and education for children and youth througout the region. Ms. Billimoria said that the

present world economic situation demands that individuals learn, from an early age, “basic elements of financial culture”

and that they have access to appropriate financial services.

Youth Representatives from among those who had attended the first CYFI Youth Meeting in Amsterdam were invited to

express their point of view on the financial issues which mattered to them and why they believed financial education and

financial inclusion to be crucial for children and youth. 13 year old youth representative from Turkey, Lal, who had

attended CYFI’s Youth Summit in 2012 said that from the Youth Meeting she learned the vital importance of money and

of a proper management of finances. She call out to banks, governments, central Banks and other institutions in Europe

to work together towards raising awareness on the importance of Child and Youth Finance. Besides, 17 year old youth

representative from Ukraine, Yuliya stressed the active role that today’s youth can have in helping advancing the

economic and social development of their communities and, therefore, of their countries. She went on to express that

this is why youngsters must be given the tools that they need to optimize their contribution. Helping young people gain

greater financial literacy as well as better access to services would be the way to raise employment, entrepreneurship

and investing opportunities for the youngest generations.


The Importance of Child and Youth Finance in Europe and Central Asia Representatives of the Organizing Committee members shared their reasons for supporting the Movement and

emphasized the importance and relevance of the Movement in today’s economic environment.

Keynote Speakers:

Mr. Hervé Guider, General Manager, European Association of Cooperative Banks

Mr. Chris de Noose, Managing Director, World Savings Banks Institute

Mr. Viktor Nylund, Senior Advisor CSR, UNICEF

Mr. Guido Ravoet, CEO, European Banking Federation

Mr. Guido Ravoet, CEO, European Banking Federation, pointed to the fact that the financial crisis was aggravated by low

levels of financial literacy, particularly in customers who face dramatic over-indebtedness. Therefore, he stressed the

responsibility of banks in ensuring that consumers have the resources they need to make appropriate financial decisions

and on the need of financial service providers to re-gain consumers’ trust through clear and transparent information and

responsible acting. These reasons are at the core of EBF’s strategy and its willingness to support financial education. Mr.

Ravoet highlighted the necessity of joining private and public efforts in addressing financial education and inclusion for

children and youth, and announced that EBF is ready to collaborate and sustain the CYFI Movement.

Mr. Chris de Noose, Managing Director, World Savings Banks Institute stressed the importance of empowing

individuals with the right tools to face the financial challenges of a sophisticated, fast-moving society. For children and

youth, who are targeted as consumers since an early stage, it is of paramount importance to know how to manage

personal finances. WSBI is very much in agreement with the CYFI’s core objectives of ensuring that every child in the

world has both a savings account when graduating from primary school and the necessary financial knowledge to

responsibly use it. He shared that WSBi is willing to collaborate with other players to meet CYFI objectives at a global

level.

Mr. Hervé Guider, General Manager, European Association of Cooperative Banks expressed his support for the efforts

towards increasing financial education and inclusion for children and youth. Cooperative banks have tradition of

responsibility and social cohesion that dates back to their creation in the 19th century. From this perspective, Mr. Guider

stressed that the ultimate goal of financial education should not be seen as marketing, but rather the development tool

kit for young citizens which will help them to integrate with the society. Cooperative banks promote and facilitate the

financial capabilitites of children and youth in order to create the financially responsible citizens of the future. This

building on the youth message has also been recently echoed by the United Nations at the International Year of

Corporative Banks.

Mr. Viktor Nylund, Senior Advisor CSR, UNICEF, shared the reasons behind UNICEF’s recent focus on the economic rights

of the children and youth, as well as the way in which business can take action to advance children’s rights. UNICEF is

looking forward to collaborating with CYFI to advance the Movement, and is excited at the possibilities to give to banks

the tools to set up services in areas such as education. “We trust in the goal that you have set – 100 Million Children in

100 Countries – and we will collaborate, with quality, to reach that goal”, he said.


Child and Youth Finance Movement in Europe and Central Asia This session sought to discuss the importance, need and impact of financial education tailored for children and youth

and of child friendly banking products.

Chair:

Ms. Flore-Anne Messy, Senior Policy Advisor, Financial Education, OECD

Speakers:

Mr. Sébastien de Brouwer, Executive Director, European Banking Federation

Mr. Steve Stillwell, Head of Financial Capability for Youg People, Money Advice, UK

Mr. Gary Tidwell, Senior Advisor, Education, Training and Regulatory Capacity Building, IOSCO

Ms. Flore-Anne Messy, Senior Policy Advisor, Financial Education, OECD, underlined that cosumers can find

empowerment through financial education, financial inclusion and financial consumer protection, making such issues key

priorities for OECD. Following the first recommendations on financial education issued by OECD in 2005, financial

education has entered the agendas of policymakers. OECD is working to spread awareness of the the importance of early

financial education: through the education system, large numbers of the public can be reached, and inequalities between

children and youth arriving from different contexts and family situations are minimized.

In Europe, a significant number of consumers do not understand basic financial concepts, including the riskiness of their

decisions. Many times, consumers overestimate their understanding of financial issues. Mr. Sébastien De Brouwer,

Executive Director, European Banking Federation, agrees with the importance of empowering children and youth with

the right tools to face financial concepts at a young age, sharing OECD’s views on the importance of implementing

financial education in the school curricula. De Brouwer also shared examples of EBF members that are actively involved

in providing financial education for children and youth.

Mr. Steve Stillwell, Head of Financial Capability for Youg People, Money Advice, discussed the absolute necessity of

coordinating initiatives at the country level, and of sharing experiences at the national and regional levels. The success of

the UK’s financial education programs is due to good partnership and coordination between key stakeholders. In order to

further the outreach in the country, Money Advice identified three focus areas. The 1st is the necessity of introducing

financial education in the school curricula. The 2nd is the active involvement of parents and peers in programs for

youngsters, since the messages that young people learn in school are reinforced by the family environment. Finally,

financial education programs should have a special focus on vulnerable individuals in terms of potentially making poor

decisions.

As representatives of IOSCO, the leading international policy forum for security regulators (200 IOSCO members that

oversee 150 juristictions), Mr. Gary Tidwell, Senior Advisor, Education, Training and Regulatory Capacity Building,

IOSCO, expressed the organization’s goal of ensuring fair and transparent markets and reducing systemic risk. One of the

core principles of IOSCO focuses on investor’s education, and therefore the preminent role that the regulators should

play in investors’ and consumers’ education. Mr. Tidwell showcased some examples of IOSCO members, stating that child

and youth investor and financial education in the coming years will be a priority for IOSCO.


Ideas Lab: Financial Education Expanding the Reach to Financial, Social and Livelihoods Education Speakers in this panel discussed the importance of complementing financial education with components of social and

livelihoods education.

Chair:

Ms. Olya Ranguelova, Senior Advisor, Financial Services Policy Division, European Central Bank

Speakers:

Ms. Maria Bercetche, Coordinator Strategy Department, PAU Education, Spain

Ms. Alodia Santos, Head of programs, Aflatoun

Ms. Katrin Kask, Head International and Public Relations Department, Bank of Estonia, Estonia

Mr. Christian Keller, CEO, My Finance Coach, Germany

Mr. Eric Leenders, Executive Director of Retail Banking at the British Bankers’ Association and Chairman of the

Consumers Affairs Committee at the EBF, United Kingdom

The European Central Bank considers financial education and consumer protection as playing a crucial role in the

preservation of the financial stability of the financial system. Ms. Olya Ranguelova, Financial Services Policy Division,

European Central Bank talked about both the challenges and the importance of complementing financial education with

elements of social and livelihoods education. This process is especially relevant in the light of recent research in

behavioural economics that shows how individual personal elements - such as inertia or lack of will power - can

undermine the efficiency of financial education programs.

The Aflatoun education curriculum responds to these requirements by integrating elements of financial, livelihoods and

social education, and by adapting and contextulizing the core concepts for the national socioeconomic environment.

Aflatoun programs, stated Ms. Alodia Santos, Head of Programs at Aflatoun, do indeed promote this kind of flexibility.

The Aflatoun curricula are customized by age and social context, and are always accompanied by practical activities (like

a savings activity or savings clubs) that provide pupils with opportunities to practice decision making process.

A more country-focused approach is followed by My Finance Coach, a German NGO that developed a curriculum that

includes seven core elements in line with the Child and Youth Finance Education framework. Mr. Christian Keller, CEO of

the organization, said that one of the most important objectives of the organization is to teach children savings and to

enable teachers feel confident providing quality financial education. The discussion centered on the necessity of

introducing financial education complemented with elements of social and livelihoods education into school curricula,

starting with elementary schools.

Ms. Maria Bercetche, Coordinator, Strategy Department, PAU Education underlined the importance of the long-term

approach when considering financial education and of ensuring that teachers have the appropriate tools and appropriate

training to ensure high quality lessons. Ms. Bercetche underlined the necessity of policy makers in acknowledging the

importance of financial education and promoting it as part of a global goal for sustainable development.

Ms. Katrin Kask, Head of the International and Public Relations Department from the Bank of Estonia showed how the

involvement of central banks is essential in raising awareness on the importance of financial education. Financial stability

and economic growth are almost always the main objective of central banks, and financial education of consumers and

investors is an important pillar in how to achieve those objectives. Some practical examples of the involvement of the

Estonian Central Bank in promoting financial education include school visits, online games, and the organization of


seminars and realization of materials for teachersMs. Kask underlined the importance of joining the efforts for

collaboration towards the objective of promoting financial education at a nation-wide level. She said that in Estonia, a

national strategy for financial education is likely to be launched in the coming months.

Mr. Eric Leenders Executive Director of Retail Banking at the British Bankers’ Association, explained why financial

education, but more than this, financial capability, is very difficult for a lot of people. He stressed that the consequences

of the lack of financial education are far-reaching and are made worse when considering that knowledge –or lack of it – is

passed down through generations. Therefore he recommended that policy makers should think of promoting financial

education that targets different age groups. In fact, significant benefits for the society would derive from inculcating

budgeting, optimizing income, managing outgoings and becoming self-sufficient (or at least in control) in financial affairs

starting at a young age.


Ideas Lab: Financial Education Entrepreneurship, Children’s Rights and Policy Reforms Panelistis of this session discussed strategies for encouraging financial behavior change through entrepreneurship,

policy change, and innovation. The framework set was the respect of children’s rights. Speakers and audience

brainstormed on the key policy changes and projects for leading new generations to entrepreneurial attitudes.

Chair:

Lluis Frederic Bohme, youth representative, Germany

Speakers

Mr. Simone Baldassarri, Policy Officer, European Commission, DG Entreprise & Industry, Unit Entrepreneurship

Mr. Bjorn Becker, Information and Communication Officer, Eurochild, Belgium

Ms. Niamh Casey, Administrator, Department of the European Social Charter and the European Code of Social

Security – Directorate General of Human Rights and Rule of Law, Council of Europe, Belgium

Mr. Lars Seynaeve, Public Affairs Officer, Head of Corporate Communications, Citigroup

Mr. Martin Schmalzried, Policy Officer, Coface, representing EESC

The session was moderated by the 16-year-old Lluis Bohme, from Germany. He asked the panelist to try answering why

the new generations will have to bear the burden of wrong or less-than-optimal decisions taken during the last years and

how would they see a more active involvement of the youngsters in the political and decisional process. Also, he

appealed to the panelist to brainstorm on the solutions for empowering children and youth to take actions upon their

future. Lluis stressed on the importance of respecting children’s and youth’s rights but also giving them the tools and the

possibility of deciding their future.

In Europe, the economic rights of children and youth are recognized by the European Social Charter, the the European

Coonvention of the Human Rights, and the fields of economic and social rights. Ms. Niamh Casey from the Directorate

General of Human Rights and Rule of Law, Council of Europe, presented two articles of the charter that guarantee rights

for children relevant to financial education and entrepreneurship: the right to education, which states that there must be

established and maintained a free education system, and that education should be compulsory until at least 15. In

addition, it should be free of charge and offer inclusive strategies for young workers. Eurochild is the European Network

of children’s rights organizations, and focuses on promoting protection, participation and education for children accross

Europe.

Mr. Bjorn Becker, Information and Communication Officer, Eurochild, presented the work of Eurochild in furthering the

rights of children and youth. He emphasized that, along with education and promotion of children’s rights, it is also

essential to recognize that children and youth are active partners in decision that affect them as stated in article 12 of the

United Nations Convention on the rights of the Child.

Mr. Simone Baldassarri, Policy Officer, European Commission, DG Entreprise & Industry, stated that when talking

about lack of entrepreneurial spirit in Europe’s young generations, the main cause identified is cultural. Mr. Baldassarri

stressed the importance of education, and he reminded the audience that one of the objectives of the joint committee

for financial education of the European Commission is to promote entrepreneurship education, along with financial

education, for inclusion in the school curriculums. The European Commission’s role is as the promoter and catalyst of

these efforts in the member states, as well as the supporter of organizations advocating for financial education – such as

Child and Youth Finance International.


From the corporate perspective, Mr. Lars Seynaeve, Head of Corporate Communications, from Citigroup highlighted the

importance of financial inclusion for youngters and of consistent promotion of the entrepreneurial spirit. There are 7 key

focus areas for the Citi foundation strategy, of which one addresses youth education and livelihoods. Ms. Seynaeve

recognized that promoting programs and policies that provide youngsters with transferable skills (such as financial

education, personal finance, communication) break barriers and enable them to access to the financial resources they

need to succeed. “For successful systemic change,” he also stated, “there is the need to promote cross-sectoral

approaches, therefore it is essential to create partnerships.”

Mr. Martin Schmalzried presented, on behalf of Mr. Carlos Trias Pinto, the EESC’s stand on financial education and

responsible consumption of financial products (ECO 297, issued in 2011). The European Commission supports the view

that financial education should be taught as part of the school curriculum (Principle 3 of (COM(2007) 808), but that

individual competencies are the responsibility of member states. The Committee called on the Commission to give

serious consideration to developing legislative measures obliging the Member States to promote financial education in a

systematic and effective manner. The EESC encourges both the European Commission and the financial industry to

increase its sponsorship of financial education initiatives in the Member States, on the basis of good practices that have

been identified.


Ideas Lab: Financial Inclusion Sharing Good Practices from the field of Financial Education and Inclusion This session served to present, explore and review ways to reach children and youth in a coordinated and

comprehensive way.

Chair:

Mr. Zoran Djikanovic, Chairman of the Securtities Exchange Commission, Montenegro

Speakers:

Ms. Tracey Bleakley, CEO, Personal Finance Education Group, UK

Mr. Jim Lally, National Advisor, Financial Education, Scotland

Mr. Wolfgang Newman, Director of the EU-representation of the German Savings Bank Association, Germany

Mr. Arthur Reitsma, Specialist on Financial Education, Dutch Banking Association, Netherlands

The session, chaired by Mr. Zoran Djikanovic, Chairman of the Securtities Exchange Commission of Montenegro,

focused on exploring different approaches for promoting financial education and sound financial behavior in young

generations, given the cultural and socio-economic differences between European countries. Such education, he stated,

is more a cultural issue than a mere technical one, highlighting the importance of complementing financial education

concepts with elements of social and livelihoods education. The session featured good practices from Germany, the

Netherlands, and the UK.

In the UK, PFEG was founded with the purpose of embedding financial education in schools. Ms. Tracey Bleakley, CEO,

Personal Finance Education Group, said that 96% of the children enrolled in PFEG programs believe that financial

education should be part of what they learn at school, and 86% of them think that their schools should be doing more.

Given these clear demands, Pfeg developed a 6 point plan to ensure that financial education will soon become integrated

part of the school curricula in England. These include leveraging teacher’s training programs; show-casing goodpractices,

holding My Money Week, and establishing evaluation and assessment procedures.

In Scotland, financial education has already been introduced in the national curriculum, and aims at developing

responsible citizens, effective contributors and confident individuals. Financial capability, however, involves changing

attitudes, highlighted Mr. Jim Lally, National Advisor, Financial Education, Scotland. Therefore involvement of parents is

of paramount importance, as well as multi-stakeholder collaboration, which involves certifying authorities, financial

institutions, credit unions, the Minsitry of Education, and other stakeholders with direct and appropriate interests.

For Mr. Wolfgang Newman, Director of the EU-representation of the German Savings Bank Association, financial

education is a duty of the public sector, and therefore there is a clear need to make it part of school curricula. But, when

doing so is impossible, private initiatives can also be of critical importance. Savings banks, he stated, are champions in

promoting financial initiatives for young people through a wide range of materials tailored for teachers and for children

of different ages. 55.000 pupils are reached through programs for young entreprenuers, and each year more than

200.000 pupils learn about the stock exchange and the economy more broadly through the German Savings Bank

Association’s members.

In the Netherlands, the Dutch Association of Banks has developed a strategy for reaching children and youth that

engages stakeholders including the Ministry of Finance and the Ministry of Social Welfare. Due to political issues, Mr.

Arthur Reitsma, Specialist on Financial Education, Dutch Banking Association, stated that financial education will likely

not be soon included in the school curricula in the Netherlands. As a result, other activities have been coordinated by the

Dutch Banking Association, including the Bankers in the Classroom program, through which classes on financial education

for children and youth are given by bank employees in schools.


Ideas Lab: Financial Inclusion Development and Certification of Products for Children and Youth This session served to present, explore, and review ways of developing and certifying Child and Youth friendly banking

products. Speakers identified and analyzed key challenges and opportunities in designing and implementing Child and

Youth friendly products.

Chair:

Mr. Michel Vermaerke, CEO, FebelFin, Belgium

Speakers:

Mr. Robert Boon, Director, Deloitte

Ms. Ines Garcia-Pintos, CECA (Confederation of Spanish Savings Banks), Spain

Mr. Angelo Gelsumino, Consumer Strategy and Growth, KPMG

Ms. Cinzia Sippelli, Product Manager, PattiChiari Consortium, Italy

Various perspetives on Child and Youth Friendly Banking were presented.

Mr. Robert Boon, Director, Deloitte, outlined the work done in tandem with CYFI on the development of a guide for the

certification of Child and Youth Friendly Banking Produts. The Guide outlines how financial institutions can obtainthe

certificate for financial products that fulfill the criteria of Child and Youth Friendly banking, including, for example, the

integration of financial education, the maximum operational control for the child and a positive financial incentive.

Mr. Angelo Gelsumino, Consumer Strategy and Growth, KPMG, presented the work that KPMG is doing with CYFI on the

draft of the CYFI Product Development Guide. The Guide is aimed to support financial institutions in their development

of child and youth focused banking products. The Guide seeks to so so by a practical integration of steps in the product

development process with children’s rights and the UNICEF business principles. The Guide will offer a range of examples

from around the globe.

Ms. Cinzia Sippelli, Product Manager, PattiChiari Consortium, presented on the work of PattiChiari in Italy which has

developed a free comparison engine on their website allowing customers to easily compare features and costs of bank

account products offered. Many banking products are available and accessible to all children in Italy, and are

characterized by positive financial incentives (low fees, interest rate, benefits as discounts), no minimal deposits, and

child-friendly communication strategies. The PattiChiari strategy for moving these initiatives forward in the coming years

include growing online services and mobile banking, and of prepaid cards, functioning as bank accounts.

Ms. Ines Garcia-Pintos, CECA (Confederation of Spanish Savings Banks), presented the savings banks perspective of

Spain. CECA sees a lot of importance of financial education, as improved financial decision making will lead to more

customer loyalty, familiarity and access to financial products will increase banks’ market share, and better risk

management will decrease the default rate. CECA offers various children and youth-focused initiatives that bring banking

services and products under the attention of children and youth without marketing for specific institutions.


Key Outcomes of the Day

Importance of private and public sector synergy, key to the creation and development of financial education strategies

Relevance of designing and developing financial education programs focused more on behavior change rather than acquiring knowledge

Need to address policy changes to move forward in the inclusion of financial education in national curriculum

Need of more youth-focused programs and directives from the European Institutions

Importance of making use of existing tools and expertise to learn and innovate

Encourage the creation of National policies that promote financial access


Day 2 Wednesday, 7 November 2012

09:00 – 09:45 Child and Youth Finance International – who we are

09:45 – 11:15 Developing an Integrating Strategy for child and youth financial education and inclusion

11:45 – 12:30 Academia and Research Focus on the Region

12:30 – 13:15 Can European Institutions listen to children and youth?

14:14 – 15:00 Taking forward the movement: Global Money Week and Week

15:00 – 15:15 Concluding Remarks

Developing an Integrating Strategy for Child and Youth Financial Education and Inclusion Panelists in this session described the challenges and opportunities encountered in their own countries in the

development of a strategy for financial inclusion and education.

Chair:

Ms. Anna Maria Darmanin, Vice-President of the EESC

Speakers:

Ms. Angela Cara, Chief of the Social Department, Institute of Educational Sciences, Ministry of Education, Moldova

Ms. Maria Lucia Leitao, Head of Conducts and Supervision Department, and Head of the Coordination Commission of

the National Plan for Financial Education, Banco de Portugal, Portugal

Ms. Danièle Vande Espt, Head of Financial Education Department, FSMA, Belgium

Mr. Feyzullah Yegin, Head of Institutional Communication Department, Capital Market Boards of Turkey, Turkey

Ms. Angela Cara, Chief of the Social Department, Institute of Educational Sciences, Ministry of Education, Moldova,

shared that, in Moldova, financial education is a priority. Starting with the academic year 2010-2011, curriculum

including financial education elements have been developed and reviewed by the Scientific Council of the Institute of

Educational Sciences and by the National Body for Curriculum.In May 2012, social and financial education was introduced

by the Ministry of Education in the national plan as an optional subject. In the coming years, the Ministry of Education is

planning to continue building partnerships both across sectors and at the country level; they will also expand financial

education programs at pre-school education and for youth with disabilities and out of school activities.

In Portugal, a national strategy for financial eduation was launched in November 2011 as a joint decision of the three

National Supervisors: the National Bank, the Securities Market Commission, and the Insurance and Pensions Supervisory

Authority. Ms. Maria Lucia Leitao, Head of the Coordination Commission of the National Plan for Financial Education,

Banco de Portugal, stated that the decision to have a national plan for financial education coordinated by the financial

supervisors aimed to prevent conflict of interest between commercial and marketing purposes and genuine consumers’

financial education. The portal for financial education, launched in July 2012 by the Banco do Portugal, has a special

session dedicated to the youngest.

Ms. Danièle Vande Espt, Head of Financial Education Department, FSMA, acknowledged that for consumers there exists

a great deal of suspicion as to whether banks can offer trustworthy neutral information on existing products. As a result,

the FSMA was given the authority of coordinating financial education programs at Belgian national level. The strategy

that has been developed is based on a long term approach to strengthen the attitudes and the skills of consumers when

it comes to financial decisions. FSMA is a trusted partner for consumers, and is therefore planning to take the initiative in

bringing stakeholders together to foster collaboration and scaling efforts.

Financial education is of crucial importance in Turkey, stated Mr. Feyzullah Yegin, Head of Institutional Communication

Department, Capital Market Boards of Turkey, a country that has been characterized by an inflationary period and little

access to social security. The Capital Market Boards of Turkey took important steps for implementing and encouraging

financial education initiatives, though many challenges had to be faced (particularly coordination between stakeholders,

since no single authority has a complete authority on financial education initiatives).


Academia and Research: A Special Focus on the Region Panelist discussed the methodology of assessing and evaluating current practices in financial education.

Chair:

Dr. Jacques Zeelen, Professor, University of Groningen, Netherlands

Speakers:

Dr. Brekki Karlsson, Founder and Director, The Institute for Financial Literacy, Iceland

Dr. Angela Romagnoli, Financial Education Unit, Bank of Italy, Italy

The CYFI White Paper, released in April 2012 by the Child and Youth Finance Academic Working Group, focused on

defining core concept for the Child and Youth Finance Movement. Professor Zeelen from the University of Groningen

presented 3 of the most notable findings:

Innovation in the field is essential but is quickly surpassing the limits of established research.

There is a great deal of enthusiasm surrounding the topic of financial education but a lack of empirical evidence

supporting its efficacy, as well as the causal relation between financial education and social and livelihoods education.

More experimental designs or RTC are not implemented, making conclusions difficult.

Recommendations formulated by the Academic Working Group would help improve the assessment and evaluation of

studies. Prof. Zeelen especially stressed the importance of contextualizing the approach of assessment and prioritizing

practical solutions for impact evaluation.

Despite the sound and friendly legal framework for financial education and inclusion, there is still hesitation as to

whether it’s absolutely necessary to include financial education in school curriculums, stated Dr. Brekki Karlsson, Head

and Founder of the Institute for Financial Literacy in Iceland. More research to assess the empirical efficacy of financial

education programs would help in surmounting such barriers.

Banca d’Italia (the National Central Bank of Italy), in collaboration with the Ministry of Education have implemented a

pilot program to study and evaluate the impact of financial education on youth, with the aim of lastely incorporating

financial education into school curriculums. Dr. Angela Romagnoli, Financial Education Unit, Bank of Italy. Some of the

more relevant findings are: positive retention of knowledge, effectiveness of the program in increasing financial

knowledge, gender specific issues, that support the necessity of introducing financial education in primary school to

avoid any financial knowledge gap between boys and girls.


Can European Institutions Listen to The Children and Youth Voices? Youth representatives interacted with the audience and representatives from the European institutions to tackle

problems and questions such as unemployment, financial exclusion, lack of investment in youth policies and lack of

coordination.

Chair:

Ingrid Jones, Partnere per Femijet, Albania

Speakers:

Ms. Anna Maria Darmanin, Vice President of the European Economic and Social Committee

Mr. Philippe Lamberts, Member of the European Parliament

Youth representatives

Ms. Darmanin, Vice President of the European Economic and Social Committee, acknowledged the major impact on the

society of financial education and expressed EESC’s support for youth guarantee schemes. She underlined that the

Committee recognized the importance of the financial education and called the European Commission to take steps into

developing legislative measures obliging the Member States to promote financial education in a systematic and effective

manner. She furthermore aknowledged that financial education specifically for children and youth tough has not been

tackeled and committed to take the issue on the Committee’s agenda.

One of the most debated topics was the advocacy for Child and Youth Finance Movement at the European level. Some of

the ideas explored were the Written declaration on Child and Youth Finance by the European Parlaiment and the

Citizen’s Initiative by the European Commission. Both Mr. Lamberts and Ms. Darmanin suggested that the CYFI

Secretariat should consider promoting a Citizen’s Initiative by the European Commission. Ms. Darmanin offered her

logistic support for developing such an initiative.

The 3 youth representatives, Lluis, Naomie and Yuliya, actively contributed to the discussion. They asked the policy-

makers and the audience to answer their questions and underlined the necessity for the young generations of actively

being involved in the decisional process when it comes to policies that addresses them. They asked banks for more

consideration and stressed that financial education and access are a crucial tool for ensuring that they will know how to

manage their future decisions. Finally, the 3 youth representatives underlined that they are aware of the responsibilities

that this process involves.


What can I bring to the Movement: Global Money Week

Youth representatives and the audience brainstormed on possible activities that can be implemented during the Global

Money Week. Some of the suggestions will be coordinated by the CYFI Secretariat during the Global Money Week.

Contributions included:

Stock Exchanges globally opened to young people during Global Money Week

Working with children’s channels to promote Global Money Week

Radio shows with kids calling in

Street performance and/or flashmobs for the Global Money Week

Slogan for Global Money Week and week from the children

Let kids teach other kids!

Visits to money musuems

Invite children and youth to be branch officers at banks

Children and youth lead the board of financial regulatory institutions/ financial


Need for different stakeholders to share information in order to spread and encourage research in the topics related to children and finance

Quality impact evaluation assessment and further research necessary in the Region

Promotion of quality teacher training as key element for improving financial education programs

Importance of the multi-stakeholders approach in defining and implementing a long term national strategy for financial education

Need for the revision of the current regulatory framework for fostering financial access and inclusion of financial

education in the school curricula Relevance of sharing experiences, expertise and best practices at the

regional and national level, to strengthen regional efforts.


Closing Ceremony

Closing the CYFI Regional Meeting for Europe and Central Asia, Jeroo Billimoria, Managing Director of Child and Youth

Finance International, noted the importance of the Child and Youth Finance Movement in the region and highlighted the

need for cross-sectorial collaboration in taking the Movement forward in Europe and Central Asia. She also pledged to

advance the Movement in by actively encouraging the creation of joint national strategies for financial education and

inclusion for children and youth and by promoting coordinated worldwide activities, like the Child and Youth Finance

Week.

Mr. Jean Paul Servais, Chairman of the FSMA and host of the Regional Meeting, expressed his belief in the strength of a

network movement - such as Child and Youth Finance - that enhances the exchange of best practices and support at an

international level. Mr. Servais stressed also the importance of continuing financial education at European level and

reiterated his continued support for the Child and Youth Finance Movement.

Next Steps

Creation of country and sub-regional platforms for furthering the CYFI Movement

30 Countries celebrating the Global Money Week in 2013 Building a solid network of academics working on region specific issues

related to child and youth finance Supporting a written declaration on child and youth finance at the

European Parliament and submitting the Citizen’s Initiative at the European Commission

Joining the CYFI Second International Summit to be held in Turkey the 7th-9th of May, 2013


Middle East and North Africa 16-17 November, 2012 Beirut, Lebanon


Executive Summary The first Child and Youth Finance Regional Meeting for the Middle East & North Africa took place on November 16-17,

2012, in Beirut, Lebanon. In the MENA region children and youth make up around 19% of the population and, at a time

when innovations and policies related to children’s financial issues are gaining momentum, it is important to focus on the

financial realities faced by an entire generation.

The Regional Meeting was inaugurated by the H.E. Lebanese Prime Minister Mr. Najib Mikati and H. E. Lebanese Minister

of Justice Mr. Shakib Kortbawi and was held as an integrated meeting along with the Annual Summit of the Union of Arab

Banks. It brought together 350 participants from 15 Arabic countries (combined) to focus on expanding the Child and

Youth Finance Movement in the region. Policymakers gathered to explore ways in which to increase financial education

and financial inclusion for youngsters through the best policies and practices.

Meeting highlights included:

The documentation and sharing of best practices

The formation of alliances of national and regional stakeholders

Unified support for regional cooperation

Commitments by national stakeholders to take on financial issues in their respective countries.

The meeting concluded with words of support from H.E. Mr. Najib Mikati and Mr. Adnan Yousif, Chairman of Union of

Arab Banks hosting the Annual Conference of the Union of Arab Banks conference in 2012 and a call for all countries in

the region to collaborate in furthering financial education and access for all children and youth in the Middle East &

North Africa.

It also featured an Honoring Ceremony for International Organizations where Ms. Jeroo Billimoria, Managing Director of

Child & Youth Finance International been awarded on her humanitarian and innovative initiative.

The integrated program of the Child & Youth Finance International agenda on “Reshaping the Future of Finance”

complimented the agenda of the Union of Arab Banks on “Economic Stability at a Time of Uncertainty”.

Topics related to ‘The Role of Political Stability in Achieving Economy Stability and Development’ ‘Elements of reform in

the Arab World and the Response to the Current Challenges’ and ‘Good Governance and Social Responsibility in the

Financial and Banking Sectors’ were tackled during the meeting.



Time Day 1: Friday, November 16, 2012 Day 2: Saturday, November 17, 2012

Morning Inauguration Ceremony

Honoring ceremony for Arab and International

key figures (Honoring Ms. Jeroo Billimoria for

the Child & Youth Finance International

Initiative).

Elements of reform in the Arab World and The

Response to the Current Challenges: The plans of

Financial Authorities on the positive reform of

youth leadership by promoting youth led

enterprises, economic education and financial

education and through the efforts of financial

institutions

Afternoon Keynote Addresses For Regional and

International Institutions:

1. The collaboration on the Regional Meeting

with UAB and strategic partnership for the

region

2. The UAB’s role in accelerating the CYFI

Movement in the Middle East

3. The role of Arab Banks in the Movement

The Union of Arab Banks and its members in

shaping future financial landscapes: The Role

of Arab Banks in Child & Youth Financial

Education

Good Governance and Social Responsibility in the

Financial and Banking Sectors: The responsibility

of the banking sector, including central banks, in

furthering financial education and access through

specific initiatives as part of their social

responsibility, with an example of the

international Global Money Week which engages

central banks across the world

A Region in Action: Accelerating the Child and

Youth Finance Movement in the Region:

Commitments from the Region.

Evening Cultural event and Dinner

All presentations from speakers can be found in the website of the MENA Regional Meeting by following this link.

Child and Youth Finance International would like to take this opportunity to express their gratitude to The Union of Arab

Banks who made this event possible through their tireless efforts and dedication to the Child and Youth Finance

Movement. Their commitment, knowledge and expertise were invaluable in helping to shape this regional event. There is

no doubt that their continued support will see the Child and Youth Finance Movement reach beyond its target.

http://childfinanceinternational.org/index.php?option=com_linktracker&task=track&link=http%3A%2F%2Fmena.childfinanceinternational.org%2F


About the Regional Meeting for the Middle East & North Africa

The CYFI Regional Meeting for the MENA was one of five Regional Meetings organized by CYFI around the world in

collaboration with different national stakeholders. The Regional Meetings were conceived as a space to gather diverse

actors to discuss topics related to the financial education and inclusion of children and youth.

Participants This brought together 350 participants coming from 15 countries (combined).

During the 2-day meeting representatives from government organizations, financial services providers, financial

regulators, NGOs, academia and research institutions shared their experiences, innovations and commitments to ensure

that 100 million children and youth have access to financial education and inclusion by 2015.


H.E. Prime Minister of the Lebanese Council Mr.

Najib Mikati showed his support for The Child and

Youth Finance Movement and commitment to the

financial education and inclusion issues at the

meeting’s inaugural ceremony.

The CYFI Regional Meeting for the MENA was held as

an integrated meeting along with the Union of Arab

Banks Annual Summit.

This event gathered 350 participants coming from 15

countries (combined)

Documenting and sharing innovations through




Sharing experiences and recommendations different

sectors

First meeting of its kind within the region, during

which stakeholders came together to discuss specific

issues related to child and youth finance


Day 1 Friday 16 November, 2012

09:30 - 10:45 Official Opening Ceremony & Welcoming Speeches

10:45 - 11:00 Honoring ceremony for Arab and International Key figures (Honoring Ms. Jeroo Billimoria for the Child

& Youth Finance International Initiative).

11:30 - 12:30 Keynote Addresses for Regional and International Institutions

12:30 - 14:00 The Role of Political Stability in Achieving Economy Stability and Development

15:30 - 16:00 The role of The Union of Arab Banks and its members in shaping future financial landscape

16:00 - 18:00 The Role of Arab Banks in Child & Youth Financial Education

Official Opening Ceremony & Welcoming Speeches Welcome Address

H.E. President of the Council of Ministers in Lebanon, Mr. Najib Mikati expressed his support and commitment to the

movement during the opening ceremony. H.E. also emphasized the importance of financial education for children &

Youth in achieving economic stability and thus achieving political stability in the MENA region.

Dr. Joseph Torbey, Chairman - World Union of Arab Bankers, President - Association of Banks in Lebanon stated that

the Arab countries have all the resources and the potential to grow its economy in the midst of the current global

financial crisis and that the Arab countries should invest in their human resources to ensure a stable and prosperous

economy.

Ms. Jeroo Billimoria, Managing Director of Child and Youth Finance International emphasized the importance of the

collaboration with Union of Arab Banks and the role of its strategic partnership for the region. Ms. Billimoria addressed

the UAB’s role in accelerating the CYFI Movement in the Middle East & North Africa in addition to the role of Arab Banks

in the Movement.

Honoring Ceremony This session sought to for Arab and International Key figures. Ms. Jeroo Billimoria has been honored for the Child & Youth

Finance International Initiative.

H.E. Prime Minister Mr. Najib Mikati and Mr. Adnan Yousif, Chairman of the Union of Arab Banks, handed the award to

Ms. Billimoria for her innovative initiative about empowering children and youth in the region and worldwide.

H.E. Mr. Mikati complimented the tremendous efforts Child & Youth Finance International is putting in order to achieve

its goal by 2015. His Excellency expressed his willingness to support the movement to champion issues of financial

education and financial inclusion for children and youth in Lebanon and the MENA region.


Keynote Addresses for Regional and International Institutions The purpose of this session was to address current issues in the MENA Region.

Speakers:

H.E. Mr. Nicolas Nahhas, Minister of Economy & Trade, Lebanon

Mr. Alfred Kammer, Deputy Director of MENA & Central Asia, IMF, USA

Ms. Jeroo Billimoria, Managing Director, Child & Youth Finance Int’l, the Netherlands

Dr. Omar Al Hafez, Secretary General, General Council for Islamic Banks & Financial Institutions, Bahrain

Speakers from International organizations shared their visions and input regarding the current situation in the region and

how the collaboration could benefit the Arab countries and helps creating economic stability by creating more job

opportunities for young people and thus creating less chances to revolt and rebel against systems.

In addition to the above, all speakers emphasized that Arab countries should take action to create more job

opportunities by encouraging financial literacy and financial inclusion in order to help young people to build their future.

Ms. Jeroo Billimoria, Managing Director, Child and Youth Finance International addressed during the regional meeting

the importance of the collaboration with Union of Arab Banks and the role of its strategic partnership for the region. Ms.

Billimoria laid emphasis on UAB’s role in accelerating the CYFI Movement in the Middle East & North Africa in addition to

the role of Arab Banks in the Movement.

Ms. Billimoria also illuminated the CYFI’s achievements up to today she showcased the movement’s journey so far in

2012 where for example five regional meetings were healed in five continents. The MENA regional meeting was the

fourth among the meetings.

Explaining the reason behind the foundation of the five regional meetings, Ms. Billimoria elaborated that the meetings

came as a result upon the request of the participants of CYFI’s first International Summit. The International Summit

brought leading experts, practitioners and innovators who are engaged in the issues of financial access and financial

education for children and youth. The Summit; which took place on April 3 & 4, 2012 in Amsterdam, the Netherlands,

brought together 346 participants from 83 countries to share their expertise and commitments for furthering Child and

Youth Finance.

She also explained that in order to reshape the future of finance we need to teach children and youth about finance and

that the movement’s mission is to reach 100 million children and youth in 100 countries to be financially educated and to

have savings accounts by 2015.


The Role of Political Stability in Achieving Economy Stability and Development This session explored the topic of political stability and its impact on the nations also the positive impact of political

stability on investments.

Chair:

Mr. Tarek Amer, Chairman - Federation of Egyptian Banks, Chairman- National Bank of Egypt, Egypt.

Speakers:

Dr. Gamal Bayyoumi, Secretary General, Federation of Arab Investors, Egypt

Mr. Mohamed Ali Beyhum, Executive General Manager, Bank MED, Lebanon

Mr. Luca Renda, Country Director, United Nations Development Programme

H.E. Dr. Marwan Awad, CEO & General Manager, Jordan Ahli Bank, Jordan

Mr. Mohammad Bin Youssef, General Manager, Libyan Arab Foreign Bank

Mr. Jean Francois Pons, Director of European & International Affairs, French Banking Federation, France

Mr. Bram Stoffele, Partnership & Certification Manager, Child & Youth Finance International, the Netherlands

During this session speakers shed the light on the current events in the MENA region and its effect on the economic

stability. They also addressed a number of issues that requires joint efforts from all Arab countries and particularly the

banking sector to help the region recover from recent agitations and solidify its economy.

Bram Stoffele, Partnership & Certification Manager discussed the crucial importance of youth financial literacy, access

and empowerment for economic stability, and ultimately for political stability. Throughout the MENA region half of the

population consists of children and youth, who, without access to life skills and livelihoods education, access to formal

finance, and employment opportunities, can be powerful sources of social and political unrest. Throughout the MENA

region, school dropout rates and youth unemployment are high, and youth financial literacy and access are low.

By giving children and youth access to financial, life skills, and livelihoods education, they can build their capability to

learn to deal with money and to build their own assets. Given the access to child and youth friendly banking products in

the formal financial sector, children and youth get the opportunity to put theory in practice and build sound savings

habits, personal responsibility, and invest in their own futures.

Child and Youth Finance International (CYFI) support this by connecting stakeholders and good practice around financial

education and access for children and youth throughout the world, and the MENA region. Financial institutions can join

as partners to the global CYFI movement, and obtain a certificate for their child and youth friendly banking products, thus

enabling children and youth’s safe economic inclusion, which will ultimately lead to more economic stability. Finally, CYFI

provides resources supporting financial institutions in their development of child and youth friendly banking products

aiming to boost safe financial inclusion for children and youth.


The Union of Arab Banks and Its Members in Shaping Future Financial Landscape This session shed the light on the Child & Youth Finance International Movement, explored its mission and its

collaboration with the Union of Arab Banks in reshaping the future of finance in the region.

Chair:

Mr. Ali Zbeeb, Director of International Legal Affairs, UAB

Speakers:

Ms. Farah Habbah, MENA Regional Coordinator, CYFI

Ms. Lubna Shaban, Advocacy & Communication Manager, CYFI

Mr. Bram Stoffele, Partnership & Certification Manager, CYFI

Ms. Farah Habbah, MENA Regional Coordinator explained the importance of creating a national platform and the role of

the National Committee in steering the CYFI’s activities on a national level. She explained how the different sectors work

to create a national platform, for example central banks collaborate with ministries of education to implement a national

policy for providing financial education at schools and allow children and youth to open saving accounts.

Mr. Bram Stoffele, Partnership & Certification Manager discussed the educational pillar under-pinning CYFI’s mission. In

his presentation he discussed CYFI’s Financial Education Framework comprised of three components: financial education,

social & life-skills education, and livelihoods education. The Framework has come together through the concerted efforts

of CYFI, OECD, UNICEF, and several other leading NGOs, and serves as a benchmark for financial education curricula

worldwide.

Ms. Lubna Shaban, Advocacy & Communication Manager showed new features of the recently updated CYFI website,

serving the work of stakeholders and partners worldwide through the provision of information on topics such as national

platforms and initiatives, CYFI meetings, and a rich library of key resources and publications from the child and youth

finance field.


The Role of Arab Banks in Child & Youth Financial Education This session exhibited the importance of the collaboration between Arab banks and the different institutions in

providing financial education in the region.

Prof. Badreldin Abdelrahim, President Microfinance Unit, Central Bank of Sudan chaired the Child and Youth Finance

International session of ‘The Role of Arab Banks in Child & Youth Financial Education’.

Professor Badreldin Abdelrahim provided statistics of the MENA region indicating that the MENA region has the highest

unemployment rate worldwide (38%). That financial inclusion levels are the lowest as well. He emphasized that financial

education is a crucial precondition for microfinance and financial inclusion and for that; the MENA region and particularly

banks need strategy and statistics.

Mr. Joseph Awad, CEO of YMCA and Board Member of Aflatoun Lebanon spoke about Aflatoun’s focus on social and

financial education and how the organization is achieving its goals by combining social justice with self-awareness and

essential life skills. He mentioned that Aflatoun believes that children & youth need to build knowledge and practice in

savings and budgeting. Aflatoun also encourages entrepreneurship and financial management.

Mr. Awad emphasized the importance of the collaboration of banks in order to facilitate financial education so that

children & youth can become full-fledged economic citizens. He then focused on Aflatoun’s activities in Lebanon through:

1. Social & financial education, the goal is behavior change and empowerment

2. Concept & curricula developed through 5 core elements

Mr. Awad spoke of Aflatoun’s key findings across the global network which included:

Changed savings preferences

Improved ability to deal with social & economic challenges

Increased openness and engagement in social & financial enterprises

Improved participation

Greater awareness of rights

More equitable relationships with teachers

The above mentioned key findings were implemented in 91 countries, reached 1.3 million children/youth and as a result,

49% of children who participated in Aflatoun’s program save regularly.

Mr. Justin Sykes, Director Microenterprise at Silatech-Qatar exhibited Silatech’s work through the Region in

collaboration with different partners.

Silatech’s activities focused on financial inclusion for youth age 16 and upwards. The initiative works primarily with

financial institutions to develop business cases. Right now Silatech is working with 20 partners, including public and

private banks, including large deposit taking institutions & money transfer companies.

Sykes stated that there is a myth that youth in the MENA region wouldn’t be ‘investible’ and is rather risky investing in

youth. Silatech looked at the actual risk of investment and they found that data doesn’t warrant this conclusion: investing

in youth is just as safe as investing in later ages.

Silatech has a youth fund with a large number of startups and is connected to Youth Entrepreneurship Investment Fund.

“We also uncovered an equally big market for savings not just for credit” states Sykes. He continues “We’ve started a

youth savings initiative together with GIZ, as we are also working with Al Barid Bank- Morocco and Mennonite Economic

Development Associates (MEDA)”.

Silatech focuses on developing products. They also developed financial literacy training programs in collaboration with

Yemen, Morocco, PLAN Egypt, VISA, and Casablanca Stock Exchange.

Silatech’s learning agenda: regional knowledge sharing through Sanabel, profile of MFI leadership, learning agenda

through research (CGAP), and exploring policy implications.


Mr. Nabil Badr, Director of Banking Supervision, Central Bank of Morocco showcased initiatives undertaken by the

Central Bank of Morocco for Financial Education and Financial Inclusion for children and youth in Morocco.

He elaborated on the initiative of the Central Bank of Morocco (CBM) saying that CBM based its activities on the

following channels of communication:

1. The Museum of Bank Al-Maghrib: CBM organizes visits for children and youth to the museum of the CBM and to CBM

itself as well as workshops on dealing with money.

2. Media: CBM organizes meetings with national media about financial services and also organizes meetings with

universities and high schools.

3. CBM organizes (in coordination with private & public institutions) awareness-raising campaigns on financing small and

medium-sized enterprises.

On March 16th 2012, CBM, in collaboration with CYFI, organized the Global Money Week. The program focused on

financial education for children and young people aged between 8 and 17 years, and introducing children and youth

people to basic financial concepts. The collaboration included the following institutions:

The Ministry of National Education

The Ministry of Economy and Finance

Directory of Insurance and Social Reserve

Casablanca Stock Exchange

The Association of Professional Banks in Morocco

The Moroccan Association for insurance companies and reinsurance.

Dr. Hadeel Al-Asmar, United Nations Committee on the Rights of the Child (UN CRC) - Dr. Hadeel Al-Asmar addressed

the importance of respecting children’s rights when offering financial products to children and youth. Dr. Al-Asmar

focused on the practical application of the UN Convention on the Rights of the Child (UN CRC) regarding financial

inclusion of children and youth:

Provide training and awareness raising on the UN CRC for banking employees who work with children

Training and awareness creation of children regarding their rights when engaging with financial institutions and

products

Implementing UN CRC provisions in the work of financial institutions and specifically in departments working with, or

offering products to, children and youth

Ensuring child friendly bank automation

Creating and sustaining cooperation between the bank and the government

Offering free banking services for children

Dr. Al-Asmar highlighted the importance of the above mentioned regulations as they play an significant role in protecting

the rights of chidren and youth in the region to have a safe and reliable saving account.

Ms. Rania Al-Jalkh, Executive Director, Injaz-Lebanon presentedInjaz’s achievements in the MENA Region with the focus

on Lebanon. Injaz is a bridge between private sector needs and the skills of youth, turning challenges into opportunities

for change.

Injaz has reached more than 50,000 students through 600 trained volunteers. Private and public schools are targeted in

the six Lebanese regions from 4 national offices and is supported by more than 100 local and multinational companies.

Injaz’s program includes Financial Literacy, Work Readiness & Entrepreneurship.


Day 2 Saturday 17 November, 2012

09:30 - 10:00 Opening Address by H.E. Lebanese Minister of Justice, Mr. Shakib Kortbawi

10:00 - 11:30 Elements of Reform in the Arab World and The Response to the Current Challenges

11:45 - 13:00 The Priorities of the Banking Sector and Financial Markets at a Time of Transition and Change

13:00 - 14:15 Good Governance and Social Responsibility in the Financial and Banking Sectors

Elements of Reform in the Arab World and the Response to the Current Challenges This session identified key challenges in the region and actions towards the creation of National and Regional

Platforms. It served as a platform for sharing of best practices as well as exploring the creation of substantial policy

changes at the national levels on Child and Youth Finance issues.

Chair:

H.E. Dr. Ali Khashan, Former Minister of Justice, Palestine

Speakers:

Dr. Makram Sader, Secretary General, Association of Banks in Lebanon

Dr. Shadi Karam, Consultant to the President of the Republic of Lebanon

Mr. Faisal Al Alwan, Chief Executive- International Banking Group, Dar Al-Maal Al-Islami Trust, Bahrain

Dr. Imad Shehab, Secretary-General, General Union of Chambers of Commerce, Industry and Agriculture for Arab

Countries

Dr. Fouad Moheisen, CEO, Alisraa for Islamic Finance and Investment, Jordan

Dr. Ashraf Gamal El-Din, Deputy Executive Director, Central Bank of Egypt, Egypt

During this session speakers discussed the importance role of the law in stabilizing the region in these particularly

turbulent times. Particular challenges lie in ensuring that after the toppling of the one dictatorship another is simply put

in place. Speakers agreed that the revolutions are important and serve the purpose of empowerment.

Dr. Ashraf Gamal El-Din, Deputy Executive Director, Central Bank of Egypt outlined the current situation in the MENA

region in general and in Egypt in particular. He stated that the youth were at forefront of the revolution. They used a lot

of social media tools to call for dignity. Dr. Gamal El Din Stated that the Egyptian Banking Institution (EBI)/Egyptian

Central Bank (CBE) has been working since 2008 to support this kind of dignity by working on awareness through

community outreach.

The inspiration came in April 2012 during the Child & Youth Finance International Summit in Amsterdam - “The

Revolution” - giving great momentum to the Egyptian Banking Institution.

This led to a 2-step action plan:

1. Carrying out a research with PLAN Egypt:

The research revealed that children are acquainted with banks but have very limited awareness about the products and

services of banks and other ways in which they can contribute to their wellbeing.


2. Carrying out banks survey:

From a total of 39 banks, 14 replied and at the end 12 showed active interest & commitment, some from profit

perspectives, some from Corporate Social Responsibility (CSR) perspective.

EBI/CBE also gave an introduction meeting for interested banks and the outcomes showed:

Potential benefits foreseen by banks as result of initiative:

Increasing awareness about banking products

Contribute to wellbeing of economy

Positive impact in children and youth in particular in rural communities

Promoting entrepreneurial spirit

Creating customer loyalty & increasing market share

Main products developed by banks are cards

Challenges faced are mainly legal, but EBI/CBE thinks it is mostly a state of mind

CYFI launch & product initiative kick-off event: January 2013 (2013 CYFI Year)

The EBI/CBE will act as a knowledge sharing portal: products, achievements, challenges and awareness campaigns.


Good Governance and Social Responsibility in the Financial and Banking Sectors This session identified key challenges for the banking sector to face and the social responsibility they carry towards the

region in general and youth in particular.

During this session extra attention was paid on the importance of social responsibility in the banking sector. Speakers

agreed that banks should take more initiatives in bringing financial awareness in the region by including more campaigns,

workshops to enlighten customers about financial products.

Chair:

Mr. Sarkis Youghourtdjian, Assistant Director- Board of Governors, Federal Reserve System, USA

Speakers:

Ms. Hamdiyah Faraj, Chairman & General Manager, Trade Bank of Iraq

Ms. Alissa Amico, MENA Corporate Affairs Division, OECD - Paris

Dr. Omar Al Hafez, Secretary General, General Council for Islamic Banks & Financial Institutions, Bahrain

Mr. Jamal AbdulMalak, Chairman, Bank of Commerce & Development, Libya

Dr. Sadek Al Shammari, General Manager, National Islamic Bank, Iraq

Ms. Lubna Shaban, Communication & Advocacy Manager, Child and Youth Finance International, the Netherlands

Ms. Lubna Shaban, Communication & Advocacy Manager, Child and Youth Finance International spoke about the Global

Money Week and how countries can organize and how to engage multi-sectoral organizations in this activity.

Ms. Shaban explained how Global Money Week (March 16) and Week (March 15 – 22) offers an excellent opportunity for

financial institutions to shape their CSR agenda. Engaging their employees, customers, and wider network, financial

institutions can organize local or national activities that raise awareness on the importance of financial literacy and

capability for children and youth. Financial institutions can raise media attention for the issue; activate schools,

community centers, etc. CYFI offers the opportunity to share these experiences internationally and to learn from

activities in other countries and regions.


Accelerate and Act! Closing Remarks Closing the CYFI Regional meeting for the Middle East & North Africa Jeroo Billimoria, Managing Director, Child and Youth

Finance International mentioned the importance of the Child Finance Movement in the region and highlighted the

importance of cross-sectorial collaboration in taking the Movement forward in the MENA. She also pledged to

participants to take forward the Movement in their countries by actively encouraging the creation of joint national

strategies for financial education and inclusion for children and youth.

Next Steps

Building a solid network of Academics working on region specific issues related to child and youth finance, which should take into account the particular regional and different national realities.

Creation of country platforms to take forward the CYFI Movement at a national level with the support of the CYFI Secretariat.

Encourage the celebration of the Day/Week Child and Youth Finance 2013.

Joining the CYFY Movement in the celebration of its Second International Summit to be held in Turkey the 7th- 9th of May, 2013.


Asia and The Pacific 3-4 December, 2012 Manila, Philippines


Executive Summary The Child and Youth Finance Movement aims to increase the financial protection and empowerment of all children and

youth across the world. Asia and the Pacific play an important role in the Movement. Asia and the Pacific are the world’s

most populace regions in the world, where more than half of the world's children and youth – approximately 650 million

between the ages of 10 and 24 – live in Asia and the Pacific. In some parts of the region, children and youth account for

nearly 20% of the population. There are approximately 12.8 million unemployed youth and young adults in East Asia, 8.3

million in South-East Asia & the Pacific and 15.3 million in South Asia. The Movement aims to ensure that human rights,

and in particular the economic rights, of children and youth are respected.

In efforts to proliferate the Movement in Asia and the Pacific, the 2012 CYFI Asia & Pacific Regional Meeting is intended

to put Child & Youth Finance on the agendas of Asian entities and policy makers, and invite region-wide declarations by

regional Policymakers on financial education and financial inclusion for children and youth. In efforts to reach this

objective, particular attention was paid to the growing problem of youth unemployment and child labor across the

region as well as the methods of tackling poverty through the development of financial infrastructure.

The first Child &Youth Regional Meeting for Asia and The Pacific took place in Manila on the 4th of December. The

meeting was hosted by the Central Bank of Philippines (Bangko Sentral ng Pilipinas), and took place in the BSP complex in

Manila, where it was inaugurated by Mr. Amando M.Tetangco, Jr., Governor of Bangko Sentral ng Pilipinas.

To foster dialogue, the meeting featured outcome oriented interactive sessions dedicated to create dialogue about the

topics of implementing national strategies and the challenges involved with it, where the focus was put on; best practices

of financial education in schools and how to best implement it; development and certification of ChildFriendly Banking

Products; and the key challenges and recommendations for the formation of Child & Youth Finance programs and

National Policies.

The Child and Youth Finance Asia and The Pacific Regional Meeting received 90 representatives from 20 countries, and

the meeting highlighted the importance of Child and Youth Finance issues in the Asia-Pacific Region.

The meeting was concluded with encouraging remarks from Deputy Governor Mr. Nestor A. Espenilla of Bangko Sentral

ng Pilipinas, and Secretary Ms. Imelda M. Nicolas of the Commission on Filipinos Overseas. During their remarks, the

Secretary and the Deputy Governor announced the Kiddie Katapat Savings Program. This program is designed to enable

parents to incentivize the children to save more, where parents can transfer amounts equal to the child’s savings, to the

child’s account at no additional cost.


About the Regional Meeting for Asia and The Pacific The Child & Youth Finance International Regional Meeting for Asia and The Pacific was one of five Regional Meeting

organized by CYFI around the world in collaboration with national stakeholders. The Regional Meetings are realized as a

space to congregate diverse actors to discuss region-specific topics related to financial education and inclusion for

children and youth.

Participants The Asia and The Pacific Regional Meeting brought together 90 participants coming from 20 countries. During the meeting, representatives from governmental organizations, financial services providers, financial regulators, NGOs, academic institutions, and research institutions shared their experiences, innovations and commitments to ensure that 100 million children and youth have access to financial education and inclusion by 2015.

Highlights of the Regional Meeting The Meeting gathered 90 participants coming from 20 countries (17 APAC countries)

Mr. Amando M. Tetangco, Governor of the Central Bank of Philippines showed his support for the Movement and

underlined the importance of financial education and inclusion issues

Mr. Nestor A. Espenilla, Deputy Governor of the Central Bank of Philippines expressed his support for the Movement

Ms. Imelda M. Nicolas, Secretary of Commission of Filipinos Overseas announced the Kiddie Katapat Savings Program

25 participants attended the school field trip to observe the classes and interact with children, where the

Governmental Savings Bank, Thailand gave gifts to the kids during class quizzes

Teachers engaging their students in lessons on money management integrated in the social studies, values education,

home economics and livelihood subjects were acknowledged and awarded by the Governor of the Central Bank of

Philippines.

An overview of the meeting agenda as well as the presentation of speakers can be found on the meeting website which

can be accessed by clicking here.

http://childfinanceinternational.org/index.php?option=com_linktracker&task=track&link=http%3A%2F%2Fapac.childfinanceinternational.org%2F


Day 1 Monday 3rd of December, 2012 Experiencing the Filipino Kiddie Account Program 14:00 – 14:30 Welcome and Registration 14:30 – 15:00 Field Visit to Aurora Quezon Elementary School 15:30 – 15:45 Welcome Remarks by School Principle Dr. Elizabeth Arobang 15:45 – 16:00 Presentation on the Kiddie Account Program by the Bank Marketing Association of the Philippines 16:00 – 17:30 Observation of the classes and open discussion with the Children about the matter of saving and money management 17:30 – 20:00 Cocktails at the BSP Money Museum

Field Visit to Aurora Quezon Elementary School The day before the Regional Meeting, 24 of the Participants were treated to a Filipino school visit, the Aurora Quezon Elementary School where they were greeted by rows children welcoming the participants with a song. The Aurora Quezon Elementary School is a public elementary school in which financial and life-skills education is integrated in the school curriculum.

Welcome Remarks of Principle Dr. Elizabeth Arobang Dr. Elizabeth Arobang, Principle of Aurora Quezon Elementary School, welcomed all the participants and expressed with all, the importance of Finance Education in Social Sciences. She explained the process applied in the teaching, which incorporated elements of social skills such as good manners and common sense. Furthermore, she shared with the attendees the school’s campaign to encourage thrifty and pro-saving behavior.

Kiddie Account Programs Ms. Fe M Dela Cruz, Director, Central Bank of the Philippines, thanking Dr. Elizabeth Arobang introduced three banks currently running programs fostering savings by Children. Additionally she shared that there are currently 12 banks in the Philippines which are running a program including Child savings initiatives. The three banks present at the school visit were RCBC Savings Bank, BDO Unibank Inc., and BPI. The overall theme of the banks’ initiatives included a low initial deposit (100PHP ≈ €2.00), interest accumulation at a 5,000PHP threshold, and accessibility features for hands on learning though participation. During the banks’ presentations the attendees were very involved and several topics relating to child inclusion were discussed, including but not limited to the following: inclusion of children not enrolled in schools, evaluation of the impact of the programs, involvement / requirement of parents in opening accounts, and more.


Class Observation and Open Discussion with the Pupils After the presentation of the Kiddie Account programs, the attendees were able to observe the classes from the side line, during which they saw the methods applied by the school teachers to impart lessons about common sense, social skills, the benefits of saving and more. The teachers used an example / case based approach, where they described situations and ask the children what they would do in the given situations. The children were asked to motivate their answers, through which the teachers could confirm or correct them appropriately. The delegates were able to ask the students questions and interact with the children, which the delegates as well the children really enjoyed. As a pleasant surprise the delegation from the Government Savings Bank (Thailand) brought gifts for the kids which they handed out during the quiz part of the class. In conclusion the children as well the delegates enjoyed the school visit very much. The school visit is also featured in a Filipino newspaper the Daily Inquirer Philippines, the article is found here.


Day 2 Tuesday 4th of December, 2012 Regional Meeting Asia and The Pacific 09:00 – 09:30 Inauguration 09:30 – 10:15 Plenary: The Importance of Child and Youth Finance in Asia and The Pacific Region 10:45 – 12:00 Plenary: National Strategies – Leadership by Central Banks and National Authorities 12:15 – 13:30 Ideas Lab: How to put in motion the National Strategy? Workshop 1: Financial Education in Schools Workshop 2: Financial Institutions and Outreach of Children and Youth Workshop 3: Drafting Child and Youth Finance Programs and National Policies 14:30 – 15:00 Promoting the Child and Youth Finance Movement 15:00 – 16:00 Plenary: Innovations in the Field of Child and Youth Finance 16:30 – 17:30 Plenary: A Region in Action 17:30 – 18:00 Concluding remarks and teachers awards

Inauguration The first Child and Youth Finance Regional Meeting was inaugurated by Mr. Amando M. Tetangco Jr., Governor of the Central Bank of Philippines. Addressing Secretary Imelda Nicolas, Ms. Jeroo Billimoria, the youth representatives, and the attendees, the Governor expressed the importance of the Asia and The Pacific region, given it is home to approximately 60% of the world’s population. The Governor showed his support for the Movement and underlined the importance of financial education and inclusion issues. Furthermore, the Governor explained the usage of Child and Youth Friendly methods to impart learning, and instilling understanding and consciousness of financial issues. In conclusion, the Governor reported the success of the Kiddie Account Program, and while commenting on the colorful decorations in the Conference he noted that although Child and Youth Financial Inclusion and Education are serious issues, one should not forget that the Children and Youth should find it fun to grow and manage their own money. Ms. Jeroo Billimoria, Managing Director of Child and Youth Finance International, thanking the Governor, praised the hard work of the Child and Youth Finance International partners in raising awareness on the importance of financial inclusion and education for Children and Youth throughout the Asia and The Pacific Region. Ms. Billimoria shared that the present world economic situation demands that individuals learn from an early age “the basic elements of financial culture” and that they have access to appropriate financial services.


The Importance of Child and Youth Finance in Asia and The Pacific Representatives of the Organizing Committee members shared their reasons for supporting the Movement and

emphasized the importance and relevance of the Movement in today’s economic environment.

Chair:

Mr. Diwa C. Guinigundo, BSP Deputy Governor, Monetary Stability Sector, Philippines

Keynote Speakers:

Ms. Brandee McHale, Chief Operating Office & Managing Director, Citi Foundation, United States

Ms. Violeta S. Roson, Teacher Representative, Philippines

Mr. Diwa C. Guinigundo, BSP Deputy Governor, Monetary Stability Sector, opened the session and welcomed the

participants on behalf of the Central Bank of Philippines. He further stated the importance of Child and Youth financial

inclusion, and the necessity of it becoming a point of the National Agendas of the Central Banks.

Ms. Brandee McHale, Chief Operating Office & Managing Director, Citi Foundation, shared with the participants how

Citi Foundations supported the Child and Youth Finance Movement since its beginning. Ms. McHale expressed that she is

very happy about the success of the Asia and The Pacific Regional Meeting and recognized the role of Philippines as

leader in the field of financial education and inclusion in the Region. Ms. McHale highlighted the paramount importance

of Financial Education for Citi Foundation which has been their main motivation for holding the Citi-FT Financial

Education Summit 2012 in Manila. Ms. McHale also emphasized the need to assess the effectiveness of Financial

Education programs, which is a priority within the Citi Foundation when supporting organizations and projects.

Ms. Violeta S. Roson, Teacher Representative, Philippines, shared that the role of the teachers more than just imparting

knowledge. She elaborated that “it is a must for teachers to display positive behavior because we don’t only teach our

subject, we teach life”. She further expressed the importance of a holistic and inclusive education, where teachers are

personally engaged and lead the children with example. Furthermore, she emphasized to keep the education interesting

and fun for the children. In closing, she reiterated the importance of exemplifying life instead of only teaching a subject.


National Strategies: Leadership by Central Banks and National Authorities In this session the speakers as well as participants identified and analyzed key challenges in designing and

implementing national strategies.

Chair:

Ms. Fe Dela Cruz, Director, Central Bank of the Philippines

Speakers:

Mr. Anand. Babu, Manager Financial Inclusion Division, Rural Planning and Credit Department, Reserve Bank of India,

India

Ms. Abigail Chang, FinED Project Manager, UNCDF, Fiji

Mr. Herriman Budi Subangun, Researcher, Bank Indonesia, Indonesia

Ms. Fe Dela Cruz, Director, Central Bank of the Philippines, welcomed the participants to the conference and thanked

them for their participation. She expressed the importance of the Child and Youth Finance Inclusion and the role of the

Central Banks as the leader for change. Ms. Cruz thanked the CYFI Secretariat for a successful collaboration.

Mr. Anand Babu, Manager Financial Inclusion Division, Rural Planning and Credit Department, expressed the

importance of a National Strategy, given that it leads to Universal Recognition, National Projects, and a unified and

coordinated National Strategy involving all the stakeholders. Subsequently he elaborated on the importance of Financial

Education, which fosters Social Inclusion, Knowledge and Skill development, and Freedom from Exploitation He also

shared that a financially educated population is less dependent on government schemes for their social security. He

shared the progress of several initiatives undertaken by the Reserve Bank of India, including but not limited to, Project

Financial Literacy. In conclusion, Mr. Babu also reported that the Financial Stability and Development Council is focusing

on Financial Inclusion, and that a National Strategy on Financial Education is being prepared.

Ms. Abigail Chang, FinED Project Manager, UNCDF, supported that investing in Youth Finance is not only beneficial in

terms of fostering saving behaviors, asset building, sustainable livelihoods; it also supports one of the Millennium

Development Goals of halving the poverty by 2015. She shared the launch of the FinED program, which aims to reach

200,000 students by the end of 2013 through the collaboration of 910 schools. Furthermore, she shared the challenges

that are faced, which included skepticism of key players, sustainability, and competing priorities within Ministry of

Education. She also introduced solutions to these challenges, such as statistical evidence on linkages between FinED,

Financial Inclusion and Equitable Economic Growth, commitment from Ministries and key governing bodies, and

engaging pioneering stakeholders. In conclusion, she asserted the importance of a holistic and comprehensive approach

to finance inclusion and education.

Mr. Herriman Budi Subangun, Researcher, Bank Indonesia, stated the importance of Child and Youth Finance Education

based on 2 reasons, the positive change in the financial behavior of the Child at an early stage of life, and the notion that

Children and Youth will be the main actors of the economy in the future. The Financial Education Programs aims to, build

interest in baking, educate about the rights and obligations of the customer, and foster prudential thinking and banking.

Furthermore, Mr. Subangun expressed the necessity of a comprehensive approach to Child and Youth Finance Education.


Ideas Lab: How to put in motion the National Strategy? Financial Education in Schools: Curricula Overview and Integration During this session the speakers shared best practices where the focus was put on the implementation of financial

education. The discussion helped define action plans for the implementation of Child and Youth friendly financial

education.

Chair:

Mrs. Andie Dalziell, Chief Quest Officer, ChangeLabs, Australia

Speakers:

Mr. Bat-Orshikh Erdenebat, Executive Director, Development Solutions, Mongolia

Mr. Ernesto “Ernie” Rebustillo, Asia Regional Training Officer, RightToPlay, Thailand

Mr. Alan Wang, Executive Director, Better Education Organization, China

Mrs. Andie Dalziell, Chief Quest Officer, ChangeLabs, opens the session and points out the importance of a holistic

approach to the formation of national curricula.

Mr. Bat-Orshikh Erdenebat, Executive Director, Development Solutions, expressed the need for national curricula which

include financial education as one of the central themes. He further explained the challenges faced in Mongolia while

integrating financial education in the national curricula. He outlined that the governmental bodies need to fully support

the change in order for it to be successful. Furthermore, he presented the FLAME (Financial Literacy Act for Mongolian

Education), which focuses on children from peri-urban and rural areas, in addition to disadvantaged children.

Mr. Ernesto Rebustillo, Asia Regional Training Officer, RightToPlay, emphasized the importance of using sports and

playful activities to educate and empower children and youth to overcome the effects of poverty, conflict, and disease in

disadvantaged communities. Furthermore, he expressed the importance of a holistic approach to the development of

child and youth education curricula. Following this, he shared 3 key lessons learned; 1) life skills form the cornerstone of

financial literacy; 2) caregiver / teacher engagement is crucial in the implementation of financial literacy; and 3)

successfully leveraging CSR for financial literacy by creating employee engagement.

Mr. Alan Wang, Executive Director, Better Education Organization, shared his experience of developing and

implementing education programs in China, from which he concluded that the main challenges and as well advantages

are the support of governmental bodies. Furthermore, he stated the importance of using online technology in the

implementation of teaching. He noted that the involvement of online platforms can lead to a national standard which

will be very hard to discontinue. In addition to this, he also expressed the importance of transparency in order to more

easily involve (key) stakeholders.


Ideas Lab: How to put in motion the National Strategy? Financial Institutions and Outreach of Children and Youth In the current session, the speakers explore the various dimensions of Child and Youth Friendly banking products;

processes for the development of child and youth friendly banking products, examples and learning from the field.

Chair:

Mr. Allan M. Tumbaga, Marketing Head, Banking Marketing Association of the Philippines

Speakers:

Ms. Lasalette Gumban, Youth Program Officer, NATCCO, Philippines

Mr. Tim Nourse, President, Making Cents International, United States

Ms. Julie Peachey, Project Manager, Grameen Foundation, United States

Mr. Allan M. Tumbaga, Marketing Head, Banking Marketing Association of the Philippines, shortly shared about the

exciting “Kiddie Account Program” run under the auspices of the Bank Marketing Association of the Philippines in

collaboration with the Central Bank of the Philippines and 12 Filipino financial institutions. Mr. Tumbaga emphasized the

importance of financial inclusion and awareness of children and youth.

Ms. Lasalette Gumban, Youth Program Officer, NATCCO, shared the work NATCCO is doing in the Philippines in

combining social and financial education with offering cooperative savings accounts to children. Key success factors in

offering this integral education and inclusion has been the full collaboration with local financial and educational entities

in the promotion of economic rights of children and youth. NATCCO seeks to provide children and youth with a

convenient and safe way to participate in saving. Parents and teachers are therefore both actively support of the parents

is also very important. Moreover, in order to create a holistic approach to Child and Youth finance inclusion and

education, the teachers need to be fully engaged and trained to impart the right teachings. In conclusion, Ms. Gumban

shared NATCCO’s commitment to reach 750,000 children in the Philippines by the end of 2017.

Mr. Tim Nourse, President, Making Cents International, shared that in order to create a successful financial product, the

process needs to include the requirements of the youth, financial institutions, and the regulatory bodies. He explained

that a process to ensure the inclusion of these parties interest, the product needs to be developed through an iterative

method of, in-depth market research, product design and testing, and product, monitoring and support. Furthermore, he

shared with the attendees the 8 Ps of Product Design, how these needs to be interpreted differently when considering

Child and Youth Friendly financial products. Mr. Nourse concluded with sharing two successful examples, namely the

BRAC’s Adolescent Girl Program, and the Hatton National Bank’s Student Banking Unit initiative.

Ms. Julie Peachey, Project Manager, Grameen Foundation, shared key learning for promoting Financial Literacy among

the Children and Youth, which included, making the process of learning fun and entertaining, getting parents engaged in

the process, obtaining support from the schools, and keeping the process simple and transparent. Ms. Peachey also

expressed the importance for a holistic and iterative design process, which includes good market research, concept

testing, and pilot testing, which results in a program design. Furthermore, she shared the progress of 3 different

programs, namely the Kiddie Savings Program, Maagap Savings Account program, and Financial Literacy Program Saving

Caravans, all of which are done in association with CARD Bank.


Ideas Lab: How to put in motion the National Strategy? Drafting Child and Youth Finance Programs and National Policies: Key Challenges and Recommendations The session highlighted processes and challenges in implementing child and youth financial education in school

curricula and the importance of developing public-private partnerships in supporting child and youth finance

educational programs at a school level.

Chair:

Mr. Sushil Ram, Pacific Region Program Director, Commonwealth Youth Program

Speakers:

Ms. Yangxia Lee, Director, Ministry of Education and Sports, Lao PDR

Ms. Halimahtun Pehin Sulaiman, Education Officer, Ministry of Education, Brunei Darussalam

Ms. Jeannie Foo Xinwen, Assistant Manager, Allianz4Good, Allianz Malaysia, Malaysia

Mr. Sushil Ram, Pacific Region Program Director, Commonwealth Youth Program, welcomed participants of the session,

highlighting the implementation of financial education in the school curriculum, which is becoming a key topic in the

national agenda. Mr. Ram elaborated on the efforts that the Commonwealth Secretariat is making in promoting financial

literacy to foster youth employment in commonwealth countries globally through the implementation of the

Commonwealth Youth Program.

Ms. Yangxia Lee, Director, Ministry of Education and Sports, shared how Social, Financial and Enterprise Education is

integrated in the national curricula of Lao PDR. Ms. Lee emphasized how the Government of Lao PDR considers

Education a basic and fundamental right, which can help achieve a country’s socio-economic development as well as

development of its human resources; this is even more valid for the youngest segments of the population. It is from this

perspective that the MOES has been incorporated in the National Strategy and Plan of Action on Inclusive Education

(2011-2015) elements of social, financial and enterprise education (within both formal and non-formal education). Ms.

Lee highlighted the key role of involving the teachers in the whole educational process and to train them accordingly in

order to ensure appropriate development.

Ms. Halimahtun Pehin Sulaiman, Education Officer, Ministry of Education, introduced to the participants the process of

implementing financial education in the school curricula in Brunei Darussalam. Ms. Sulaiman shared that in January 2009

the Ministry of Education has embarked on the National Education System for the 21st century (SPN-21). The SPN21 led

to the creation of new curricula contents both for primary and secondary school levels in Brunei. In this context financial

education has been included in the curriculum by means of cross-integration in other subjects of the curricula. Ms.

Sulaiman reported that this initiative has already helped students in Brunei in developing proper values and appropriate

skills to become responsible dynamic citizens who are able to contribute positively to society.

Ms. Jeannie Foo Xinwen, Assistant Manager, Allianz4Good, Allianz Malaysia, shared with participants the initiatives

that My Finance Coach, a social corporate responsibility initiative of Allianz, is undertaking in the Asia region. My Finance

Coach is a German NGO that promotes a holistic approach to financial education internationally and developed a

curriculum which includes seven core elements in line with the Child and Youth Finance Education framework. My

Finance Coach has developed a broad cross-curricular approach for simple local adaption with a three-tier approach,

which balance scale and impact of the program through Class visits, teacher trainings, and extra-curricular activities. Ms.

Foo reported that the program My Finance Coach is running successfully in the Region, namely in Malaysia, Thailand and

Indonesia. Particularly the Indonesian experience, with the joint partnership between Allianz Indonesia and Bank

Indonesia, demonstrated how synergies may be developed between private and public sector stakeholders in promoting

financial education: Allianz Indonesia and Bank Indonesia committed to promote Financial Inclusion for youth education

after meeting at 1st Child & Youth International Summit in Amsterdam (April 2012).


Innovations in the Field of Child and Youth Finance In this session the speakers shared best practices of innovative solutions in reaching children and youth with

appropriate Child and Youth Friendly financial products. Furthermore, different ways of including Children and Youth

in financial activities were discussed.

Chair:

Ms. Teresita Tan, President, BPI Globe BanKO, Philippines

Speakers:

Ms. Maja Cubarrubia, Country Director, Plan Thailand, Thailand

Mr. Pisit Serewiwattana, Senior Executive VP, Government Savings Bank Thailand, Thailand

Ms. Teresita Tan, President, BPI Globe BanKO, reported the launch the School Banking and Mobile Banking Programs.

She shared with the participants the importance of finding synergies and complementary entities in the industry to

create collaborative innovations. She shared with the participants the practice of collaboration between

telecommunication provider companies and financial institutions, and how that can lead to successful results in

innovative mobile banking.

Ms. Maja Cubarrubia, Country Director, Plan Thailand, expressed the importance of hands-on financial education and

the development of life skills. She shared the progress of the Student Bank program which is run by Plan International

Thailand and is currently run in 17 schools in Thailand. Furthermore, the program has accumulated 10,000 student

members, which is already halfway to the target. Ms. Cubarrubia also stated the importance of measuring the Social

Return on Investment, using technology to reach more youth, and engage key policy forums to improve existing

programs.

Mr. Pisit Serewiwattan, Senior Executive VP, Government Savings Bank Thailand, reported the progress of School-

Based Banking Project, which aims to, foster saving behavior in Children and Youth, teach them skills related to customer

management, and encourage them to be more active in the society. The program has already reached 1.333.571 people

through 733 member schools across Thailand. Mr. Serewiwattana also expressed the importance of sports and music

activities in developing mature and responsible behavior.


Closing Ceremony The meeting was concluded with encouraging remarks from Deputy Governor Nestor A. Espenilla of the Central Bank of

Philippines, and Secretary Imelda M. Nicolas of the Commission on Filipinos Overseas.

Deputy Governor Nestor A. Espenilla, greeting Ms. Jeroo Billimoria, Secretary Imelda M. Nicolas, the CYFI team, the

speakers, and the esteemed participants praised the developments of the day. He pointed out that the future belongs to

the youth, however for there to be a great future; the challenges of today must be faced, where one of the key

challenges is the financial education and inclusion of the Children and Youth.

He further expressed the importance of evaluating success, not in terms of quantity saved, but in terms of mindset and

behaviors changed. The approach needs to be holistic, where savings accumulated are not an end itself, but the means to

an end to the greater objective of learning a mindset of saving, and financially sound behaviors. In conclusion the Deputy

Governor thanked the speakers and the chairs for their contributions, and the participants for their kind attendance.

Secretary Imelda M. Nicolas in support of the Movement and the words mentioned by the Deputy Governor announced

the launch of the Kiddie Katapat Savings program. This program is designed to enable parents to incentivize the children

to save more, where parents can transfer amounts equal to the child’s savings, to the child’s account at no additional

cost. Recognizing the importance of a long-term solution, this initiative is designed to foster a culture of saving. Looking

positively at the future endeavors by the participants and the BSP, she thanked the participants, the speakers, and the

CYFI team.

Teachers Awards Before the dinner, hosted by the Central Bank of the Philippines, the Filipino teachers were acknowledged for their

efforts in engaging their students in lessons on money management integrated in the social studies, values education,

home economics and livelihood subjects. Former Education Secretary Fe Hidalgo, who had led the panel of judges, chose

the nine area awardees from the major islands and the National Capital Region.

From these area awardees, 3 national winners were supposed to be named, however because of a tie, 4 national winners

were awarded. Each of the national winners were awarded 100,000PHP (±2,000€), and their schools were given a

technology suite of a computer set and a printer. Furthermore, the area winners were each given 50,000PHP (±1,000€).



Next Steps

Commitments - UNCDF committed to facilitate Child Banking in the Asia and The Pacific Region - Brunei Darussalam’s Ministry of Education committed to include Finance Education into the core and non-core subjects in Primary and Secondary education

- Reserve Bank of India committed to reach 20 Million Children and Youth within India through its Financial Inclusion and Education Programs - NATCCO committed to reach 750,000 Children and Youth for Financial Education - Allianz Indonesia and Bank Indonesia committed to promote Financial Inclusion and Education in Indonesia

It was established that teachers need to play a central role in Child and Youth Finance Education

BPI Globe BanKO shared the best practice of Mobile Banking in collaboration with Telecommunications Companies

The Central Bank of Philippines, Commission on Filipinos Overseas, and the Land Bank announced the Kiddie Katapat Savings program

Teachers were awarded for their efforts in engaging their students in lessons on money management integrated in the social studies, values education, home economics and livelihood subjects

Creation of country and sub-regional platforms for furthering the Child and Youth Finance Movement

25 Countries celebrating the Global Money Week in 2013 Building a solid network of academics working on region specific issues

related to child and youth finance Gaining the support of the Regional bodies 25 Asian and Pacific countries attending the Child and Youth Finance

Summit in Istanbul, Turkey during 7-9 May, 2013

Child and Youth Finance InternationalPO Box 165241001 RA AmsterdamNetherlands+ 31(0)20 5203900

www.childfinanceinternational.org

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Child & Youth Finance International Regional Meetings Report 2012

Documents

Transcript of Child & Youth Finance International Regional Meetings Report 2012