The Second Child and Youth Finance Regional Meeting for Africa 19-20 September 2013 Livingstone, Zambia
Thank you The CYFI Secretariat is grateful for the support and resources it received from members of the Local Organising Committee (LOC) and the organisations they represented; the Pensions and Insurance Authority, Securities and Exchange Commission, Careers Expo Zambia and Bank of Zambia. Special thanks go to Honorable Alexander Chikwanda, the Minister of Finance; Honorable Dr. John Phiri, the Minister of Education, Science, Vocational Training and Early Education; Dr. Michael Gondwe, the Governor of the Bank of Zambia; Dr Bwalya Ng’andu, the Deputy Governor, Operations, the Bank of Zambia; Dr E. D. Wala Chabala, CEO, Securities and Exchange Commission and Mr Martin Libinga, CEO & Registrar, Pensions and Insurance Authority (PIA). We express our sincere gratitude to all members of the Local Organizing Committee and ever helpful staff of the Bank of Zambia. And last, but certainly not the least, the CYFI wishes to wholeheartedly thank all facilitators, chairs, speakers, youth participants and delegates of the meeting for making it an informative as well as enjoyable two days.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
The Second Child and Youth Finance Regional Meeting for Africa 19-20 September 2013 Livingstone, Zambia
The Second Child and Youth Finance International Regional Meeting for Africa 2013
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Introduction The Second Child and Youth Finance Regional Meeting for Africa was held in Livingstone, Zambia on 19 and 20 September 2013. The meeting was held under the distinguished patronage of Dr. Michael Gondwe, the Governor of the Bank of Zambia. The event was jointly organized by the Child and Youth Finance International (CYFI) Secretariat and the Bank of Zambia (BoZ) with assistance from the Pensions and Insurance Authority (PIA), the Securities and Exchange Commission (SEC) and CareersExpo Zambia. It attracted almost 200 participants from 16 African countries. Delegates were drawn from Central Banks, Ministries of Finance, Education, Women and Children Affairs, NGOs and their affiliate institutions. There was also active participation from international and regional bodies, academia, the IT sector, civil society, and non-governmental organizations. One of the unique and important aspects of the meeting was the participation of youth: overall 46 youth participants from Nigeria, Kenya, Botswana and Zambia were present to express their opinions and views to the leaders and policymakers that were present at the meeting. The objective of the Meeting was two-fold. First, it sought to build on the momentum created during the previous Regional Meeting in Abuja, Nigeria 2012, while working towards attaining the CYFI Movement’s global agenda of reaching 100 million Children and Youth in 100 countries with Economic Citizenship Education (ECE) and Access to Safe and Secure Financial Services by 2015. It chronicled the Movement’s activities, achievements and development in the region to date. Secondly, it sought to share innovative practices and thought leadership in the provision of ECE, Child friendly banking products and services, as well as youth employment in Africa. To that effect, the Meeting’s workshops and plenary sessions covered different tracks. They were specially designed to provide participants with an in-depth understanding of CYFI activities and models that enabled them to learn how to develop, implement and evaluate strategies for ECE, Financial Inclusion and Active Labor Market Programs (ALMPs) for Children and Youth in their respective countries. The Zambian Minister of Finance, Hon. Mr. Alexander Chikwanda and the Governor of the Bank of Zambia, Dr. Michael Gondwe inaugurated the Meeting. Hon. Chikwanda’s inaugural speech illustrated Zambia’s effort to foster inclusive growth by placing young people at the center of its development agenda. Hon. Mr. Chikwanda stated that Zambia was ready to deepen its collaboration with the CYFI Movement as a means to fight poverty and empower young people. He stressed the need for the leaders of Africa, especially governments, to move beyond dazzling rhetoric to quicken the pace of youth empowerment and socio-economic development. “Even a small start would go a long way to at least create positive demonstration”, Hon. Mr. Chikwanda noted. Dr. Michael Gondwe, the Governor of the Bank of Zambia also called on governments to support national and regional initiatives on ECE and Financial Inclusion. He described the task of ensuring financial protection and empowerment of children and the youth as grandiose and noted that “no single authority can work on their own without government’s involvement.” The two days of the meeting buzzed with lively discussions and excitement. A unique feature of the program was the session entitled “Children, Youth and Adult Policy Dialogue”. The session provided a platform for the active participation of the youth participants to engage the delegates on three key topics - youth savings, youth entrepreneurship and career guidance. In her closing remarks the Deputy Permanent Secretary of the Ministry of Education, Science, Vocational Training and Early Education, noted that access to financial education was every child’s right. There is thus the need to teach every child the skills to earn a living, save and budget to enable them take correct financial decisions – decisions that will benefit them as individuals, their families and the nation at large.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Program Overview Day 1: Thursday, September 19, 2013 Morning
Inaugural Ceremony
Recap of Day 1
Plenary: Access Africa: Regional Bodies and Governments Taking the Lead on Economic Citizenship Education
Plenary: Celebrating Global Money Week
Workshop 1. Child and Youth Finance National Implementation Plan: An Overview
Afternoon
Evening
Day 2: Friday, September 20, 2013
Workshops 1. Developing National Strategies on Economic Citizenship Education. Part 2- Integrating ECE into National Education Curriculum 2. Designing Active Labor Market Programs (ALMPs) for Sustainable Livelihood and Youth Employment 3. Building the Bridge from Non-Formal to Formal Services – The Banking on Change Experience.
Workshops 1. Developing National Strategies on Economic Citizenship Education. Part 1 - Establishing the National Platform and Roadmap For Implementation 2. Enabling Financial Access for Children and Youth: Developing Child- and Youth-Friendly Banking Products and Services 3. Monitoring and Evaluation Design for Children and Youth Finance Initiatives
Plenary: Children, Youth and Adult Policy Dialogue
Sightseeing Inaugural Dinner
Closing Ceremony
Sightseeing (Sunset Cruise on the Zambezi River)
The Second Child and Youth Finance International Regional Meeting for Africa 2013
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Content About The Child and Youth Finance Movement About the Regional Meeting for Africa Participating Countries List of Acronyms
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Day 1 Inaugural Ceremony Plenary: Access Africa; Regional Bodies and Governments Taking the Lead on Economic Citizenship Education Child and Youth Finance National Implementation Plan: An Overview Developing National Strategies on Economic Citizenship Education Part 1 Enabling Financial Access for Children and Youth Monitoring and Evaluation Design for Children and Youth Finance Initiative
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Day 2 Celebrating Global Money Week Developing National Strategies on Economic Citizenship Education: Part 2 Designing Active Labor Market Programs (ALMPs) for Sustainable Livelihood and Youth Employment Building the Bridge from Non-formal to Formal Financial and Educational Services Children, Youth and Adult Policy Dialogue
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Concluding Session: Reshaping the Future of Finance Conclusion: Next Steps
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About The Child and Youth Finance Movement Child and Youth Finance International (CYFI) leads the world’s largest movement dedicated to enhancing the financial capabilities of children and youth. Launched in April 2012, the movement has already spread to over 100 countries and reached more than 18 million children. The Movement leverages expertise and innovation from within its network of global organizations. Its partners and supporters include financial authorities and some of the world’s leading financial institutions, international NGOs, multilateral and bilateral organizations, foundations, leading academics, as well as children and youth. At the first Annual CYFI Summit and Awards Ceremony in 2012, the network committed to reaching 100 million children and youth in 100 countries by 2015 as a first milestone for the Movement.
About the Regional Meeting for Africa The Second Child and Youth Finance Regional Meeting for Africa took place on September 19 and 20, 2013 at the Zambezi Sun Hotel in Livingstone, Zambia. It was jointly organized by CYFI Secretariat and the Bank of Zambia with support from the Pensions and Insurance Authority (PIA), the Securities and Exchange Commission (SEC) and CareersExpo Zambia. Over 150 delegates and 46 youth participants from 15 sub-Saharan African countries attended the event. The delegates included the leadership of central banks, ministries of finance, education, youth, women and children affairs, and their affiliate institutions. There was also representation from international and regional bodies, academia and research, the IT sector, civil society groups and non-governmental organizations (NGOs). The Second Child and Youth Finance Regional Meeting for Africa in Zambia followed the success of the maiden edition in Abuja, Nigeria n 2012. It built on the momentum created in Abuja towards attaining the CYFI Movement’s global agenda of reaching 100 Million children and youth in 100 countries with ECE and access to safe and secures financial services by 2015.
Participating Countries We had a diverse number of countries from all over Africa participating in the conference including:
Benin Botswana Cameroon Cote d’Ivoire Ethiopia Ghana Kenya Namibia
Malawi Mozambique Nigeria South Africa Swaziland Uganda Zambia Zimbabwe
There were also various participants from the Netherlands, United Kingdom, and the United States of America.
List of Acronyms ADB - African Development Bank ● AGEP - Adolescent Girls Empowerment Programme ● ALMPs - Active Labor Market Programs ● BoZ - Bank of Zambia ● CYFI - Child and Youth Finance International ● ECE - Economic Citizenship and Education ● FE - Financial Education ● FI - Financial Inclusion ● FSDP - Financial Sector Development Plan Zambia ● ILO International Labor Organization ● IPA - Innovations for Poverty Action ● PIA - Pensions and Insurance Authority ● SEC Securities and Exchange Commission Zambia ● VSLA - Village Savings and Loans Association
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Day 1 Thursday, September 19, 2013 09:00 - 10:00 10:00 - 11:00 11:00 - 11:30 11:30 - 11:45 11:45 - 13:00 13:00 - 14:00 14:00 - 15:00 15:00 - 17:00 Workshop 1.1 Workshop 1.2 Workshop 1.3 17:30 - 19:00 19:00
Registration Inaugural Ceremony Photo Session Coffee and Tea Break Plenary: Access Africa; Regional Bodies and Governments Taking the Lead on Economic Citizenship Education and Financial Inclusion for Children and Youth Lunch Workshop: Child and Youth Finance National Implementation Plan: An Overview Workshops Developing National Strategies on Economic Citizenship Education. Part 1 - Establishing the National Platform and Roadmap for Implementation Enabling Financial Access for Children and Youth: Developing Child- and Youth-Friendly Banking Products and Services Monitoring and Evaluation Design for Children and Youth Finance Initiatives Sightseeing (A walk to Victoria Falls) Inaugural Dinner
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Inaugural Ceremony We had the honor of Mr. Kanguya Mayondi, Head of Public Relations Bank of Zambia and Mr. Musapenda Phiri, Project Coordinator of FSDP to host the inaugural ceremony. The regional Africa meeting opened with a speech by Dr. Michael Gondwe, Governor of the Bank of Zambia who took the opportunity to welcome all the participants to Livingstone, Zambia. He also thanked CYFI, the Bank of Zambia and its partners for hosting the meeting. The Governor confirmed Zambia’s keen interest in financial inclusion and ECE for the youth and how the country has been actively involved with CYFI in promoting financial education for example in the Global Money Week where Zambia reached about 5000 youths within the country. He called on all African governments to support national and regional initiatives on ECE and Financial Inclusion for children; describing the task of ensuring financial protection and empowerment of children and the youth as grandiose and noted that “no single authority can work on their own without government’s involvement.” The Meeting was inaugurated by the Zambian Minister of Finance, Honorable Alexander Chikwanda. He stated that Zambia fosters inclusive growth by placing young people at the center of its development agenda. He also illustrated countries efforts by government to advance FI and ECE as a launch of the National Strategy of Financial Education, revision of the school syllabus to integrate ECE content into core and elective subjects (the revised syllabus will be implemented in 2014). Zambia is ready to collaborate with CYFI in promoting financial inclusion and ECE for young people in the country and Africa. The Minister of Finance believed that such collaboration would advance government’s initiative to fight poverty among young people and also empower them. In addition to that, he stressed on the need for the leadership of Africa, especially governments, to move beyond dazzling rhetoric to quicken the pace of youth empowerment and socio-economic development. “Even small starts would go a long way to at least create positive demonstration.” In her speech, Mrs. Jeroo Billimoria, Managing Director of Child & Youth Finance International showed appreciation towards the number of youth participating in the meeting and enthusiasm towards the youth sessions which she chaired herself along with another facilitator. She also praised the exemplary role of the government of Zambia for prioritizing issues of financial education and inclusion, especially for children and youth. Thapelo Lesole, a Youth Participant from Botswana shared experience he had had with the CYFI Movement and encouraged his peers to engage in the activities of CYFI for self-empowerment and personal development. He believed that the leadership of the continent must prioritize the needs of young people and create the enabling environment for them to grow up to become responsible economic citizens. Children and youth are the future of every country and the future is now – not tomorrow.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
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Plenary: Access Africa; Regional Bodies and Governments Taking the Lead on Economic Citizenship Education The session focused on the need for an integrated African Policy on Economic Citizenship Education and Financial Inclusion.
Chair Mr. Chibamba Kanyama, Director General, Zambian National Broadcasting Corporation, Zambia Presentation Mr. Akwasi Osei, Regional Coordinator for Africa, Child & Youth Finance International, The Netherlands Discussants Ms. Sera Kariuki, Education Specialist, UNICEF, Zambia Mr. Peter Kasaji, Chief Curriculum Specialist, Ministry of Education, Zambia Mr. Davy Serge Azakpamé, CEO, Africa Microfinance Association, Benin Akwasi Osei, CYFI Regional Coordinator for Africa opened the session with a presentation on the CYFI’s proposed Policy Brief for an integrated African Policy for Economic Citizenship Education and Financial Inclusion for Children and Youth. Africa has shown great progress in socio-economic development in the last decade despite the global economic slowdown. Yet inequality, unemployment and poverty remain a challenge for the continent, especially for the younger generation. Poverty among young people is aggravated by the lack of comprehensive social protection. A reason why Africa’s children and youth have not benefited from the region is the structural disconnection within the inclusive growth agenda being pursued by governments. State effort for youth empowerment, especially for FI and ECE, are scattered and incorporate usually one aspect of economic citizenship. Hence, the need for proper coordination and for governments to pursue strategies that focus on all three aspects of economic citizenship: financial education, livelihood or entrepreneurship education, and social and life skills training. Financial knowledge coupled with the experience of managing financial resources at an early age can decrease the likelihood of financial vulnerability and reduce poverty in Africa in the long run. Questions central to the discussions that ensued after Mr. Akwasi Osei’s presentation were:
How should Africa ensure that: Every child and youth has access to safe financial services? Every child and youth has access to quality ECE? Every child and youth has the opportunity to attain a sustainable livelihood? What critical factors are necessary for the successful documentation of innovation? What are the most effective platforms needed to share these innovations? All discussants stressed the need for inter-agency cooperation for national initiatives for FI and ECE for maximum impact. The need for peer learning within African countries was also emphasized. CYFI needs to create more physical and online platforms where innovations can be shared among African countries, create new and strengthen already existing alliances.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Child and Youth Finance National Implementation Plan: An Overview This session focused on the importance of developing an integrated curriculum that combines financial education with livelihoods and social education.
Chair Dr. Bwalya Ng´andu, Deputy Governor, Bank of Zambia & Chairperson of the Financial Sector Development Plan [FSDP] Implementation Committee Speakers Mr. Daniele Scauso, Regional Platforms Manager, Child & Youth Finance International, The Netherlands Mr. Reinier van der Lely, Consultant, McKinsey & Company, The Netherlands
The CYFI Secretariat presented a new publication, currently under development by the CYFI Secretariat and its partners’ network of experts and practitioners: The National Implementation Plan. Conceived and shaped as a concrete manual and toolkit for the use of national policymakers leading child and youth initiatives in the country, the National Implementation Plan provides the necessary frameworks and steps that national authorities should implement in setting the roadmap of an integrated child and youth finance strategy on a national level. Mr. Daniele Scauso (CYFI Secretariat) and Mr. Reinier van der Lely (McKinsey & Company) introduced participants to the structure of the National Implementation Plan (see Figure 1). This structure was conceived as a framework to provide customizable guidelines to support national authorities to design and implement effective programs promoting economic citizenship for its young population. Through a close collaboration between the CYFI Secretariat, national stakeholders, experts and consultants from the CYFI Network, countries can receive customized support and a structured roadmap for implementing the initiatives fostering child and youth finance nationally. The National Implementation Manual is an evolving support tool for policymakers and practitioners, incorporating new objectives and implementing practices as long as they emerge from industry innovators and practitioners (see Figure 2).
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Figure 1 Structure of the National Implementation Plan for Financial Education and ECE
Figure 2 Child and youth life-cycle in financial inclusion and education
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Developing National Strategies on Economic Citizenship Education Part 1 – Establishing the National Platform and Roadmap for Implementation The first part of the workshop was on the topic of “Developing National Strategies on Economic Citizenship Education.” The session focused on why there is a need for national strategies for financial education as well as the challenges and opportunities of such a strategy.
Facilitator Mr. Shaun Mundy, International Financial Literacy Consultant, UK Shaun Mundy, an International Financial Literacy Consultant from the UK led this workshop on how to develop national strategies for Economic Citizenship Education. Financial education provides people with knowledge, understanding, skills and confidence which lead them to make financial decisions and take actions which are appropriate to their circumstances. It concerns personal and household finances, and ultimately it is about how people behave. In the absence of a national strategy, Shaun noted that financial literacy initiatives tend to be patchy, uncoordinated and lack strategic focus. A national strategy helps to engage a broad range of stakeholders; provides focus, momentum and coordination; set priorities; reduces risk of both unplanned gaps and unnecessary duplication can encourage donors and others to provide funding. To develop and implement an effective national strategy document, he noted that there is need for strong leadership, especially from government institutions such as central banks, ministries of finance or education. Also, there should be genuine and visible commitment from the leadership of the led institution or institutions to the development process. Multi-stakeholder engagement: ‘No single organization can bring about the improvements needed in financial literacy in a country – important to work in partnership.’ And most importantly, executive support, particularly from government. Other things that need to be considered in the development process included using a variety of approaches and channels; starting with the basics and building on these for those who need it; using clear, simple and lively communications; focusing on attitudes and changing behaviors, not just knowledge and skills; testing programs in advance – and monitoring & evaluating programs and funding.
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Enabling Financial Access for Children and Youth: Developing Children and Youth Friendly Banking Products and Services Youth represent an increasingly interesting segment for FSPs and MFIs in order to foster the economic community development and organizational and new business perspective. It is known that it is crucial for Financial Services Providers to develop financial products that suit the needs of the segment of customers they are addressing. This aspect could also be applied for financial products and services for Children and Youth. This panel explored the process by which different organizations have developed products that suits the needs of Children and Young people.
Chair Ms. Elizabeth Kariuki, Senior Analyst, MicroSave Kenya Facilitators Mr. Victor Nwagwu, Youth & School Banking Propositions, Diamond Bank, Nigeria Ms. Diana Bulanda, Program Coordinator, Population Council, Zambia Chair of the session was Ms. Elizabeth Kariuki, Senior Analyst at MicroSave. She provided an overview of the activities that MicroSave coordinates in supporting banks and financial service providers in Kenya, Uganda and many other countries all over the world. During the session Ms. Kariuki shared the concept development framework at the base of MicroSave advisory support, the importance of tailoring the market research methods to youth, as well as the importance of considering the diversity of youth when segmenting products and services for young people. Ms. Kariuki stressed two important points for addressing the segment of youth and dedicates resources to the development of youth financial services. First, it is important to ensure organizational buy-in – from Board of Directors to Field Staff – and second, to ensure a non-financial component to or along the product’s provision. As Segment Head for Youth and School Banking propositions, Mr. Victor Nwagwu shared the strategy of a commercial bank like Diamond Bank, in developing products dedicated to serve the segment of youth. Mr. Nwagwu described the dual rationale of the bank in addressing youth: a social objective in line with its CSR commitment, supporting community and country development via financial inclusion and education; and a Business objective, such as customer acquisitions, brand awareness building, customer loyalty and retention, and cross selling. Mr. Nwagwu highlighted the importance of designing appropriate initiatives for the acquisitions of youth clients as well as – or even more importantly – their retention over time. Ms. Diana Bulanda, Program Coordinator at Population Council Zambia, described how the NGO focuses on supporting the development of a particular segment of the Zambian youth population: the girls. Within the framework of the Adolescent Girls Empowerment Programme (AGEP), Population Council, together with National Savings and Credit Bank and Making Cents International, has developed the Girls Dream Savings Account: an asset building program for vulnerable adolescent girls aged 10-19 years. Ms. Bulanda shared how learning about financial education brings independence to girls, instills in them a saving culture and influences their personal decision-making mechanism, as well as how key it is to develop customized products suiting youth’s – in the AGEP case young girls – needs.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Monitoring and Evaluation Design for Children and Youth Finance Initiative The 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  Ms. Genevieve Partington, Child & Youth Finance International (CYFI), The Netherlands Facilitator  Ms. Elana Safran, Act. Country Director, Innovations for Poverty Action (IPA) Zambia The workshop took place within an hour with 15 participants and was facilitated by Ms. Elana Safran, Acting Country Director of Innovations for Poverty Action in Zambia. Elana has hands-on experience with various initiatives of her organization of monitoring and evaluation of youth programs especially in Africa, and how the Theory of Change can be used in impact evaluation. Her presentation clearly indicated the importance of evaluating programs to help strengthen areas that needed improvement and most of all to find out what worked and what did not work. She gave a brief description of the process of monitoring and evaluation and the difference between process evaluation and impact evaluation. She pointed out the significance of viewing the counterfactual perspective (the previous circumstances of beneficiaries of the program and what would have been if they were not part of the program) before actual evaluation. Random sampling was advised when evaluating. Elana gave key examples of previous programs initiated by different organizations to the participants of the workshop a practical hands-on approach to monitoring an evaluation. Participants were very enthusiastic about the session and gave country specific examples of monitoring and evaluation processes which were taking place and the need to find more innovative ways to strengthen the financial education platform by evaluating current programs in the next few years.
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Day 2 Wednesday, September 20, 2013 9:00 - 10:00 10:00 - 11:00 11:00 - 11:50 11:15 - 13:15 Workshop 2.1 Workshop 2.2 Workshop 2.3 13:15 - 14:15 14:15 - 15:15 15:15 - 15:45 16:30 - 19:00
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Recap of Day 1 Celebrating Global Money Week Tea and Coffee Break Workshops Developing National Strategies on Economic Citizenship Education. Part 2- Integrating ECE into National Education Curriculum Designing Active Labor Market Programs (ALMPs) for Sustainable Livelihood and Youth Employment Building the Bridge from Non-Formal to Formal Financial and Educational Services Lunch Children, Youth and Adult Policy Dialogue; Voicing youth opinions on Economic Citizenship Education, Youth Employment and Financial issues Closing Ceremony Sunset Cruise on the Zambezi River and Dinner
The Second Child and Youth Finance International Regional Meeting for Africa 2013
Celebrating Global Money Week Speakers analyzed key challenges in designing and implementing national strategies, and also defined actions for ensuring a long-term commitment and impact evaluation.
Chair Mr. Martin Libinga, CEO & Registrar, Pensions and Insurance Authority (PIA), Zambia Presentation Ms. Genevieve Partington, Child & Youth Finance International, The Netherlands Speakers Mr. Thabo Tiaba-Makoena, General Manager, Socio-Economic Growth and Development Division, the Banking Association of South Africa, South Africa Ms. Gladys Chongo Mposha, Chairperson, Financial Sector Development Plan (FSDP) Secretariat , Bank of Zambia, Zambia
Global Money Tool Kit is a practical package specially designed by CYFI to help institutions, organizations, banks, nongovernmental organizations and other stakeholders organize innovative activities during the Global Money Week for the children and Youth; this was presented by Genevieve Partington. She expressed the use of social media and spreading the word through the use of mobile networks.
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Thereafter representatives from South Africa and Zambia gave key country examples on various activities. Ms. Gladys Chongo Mposha showed the participants how Bank of Zambia celebrated Global Money Week with activities such as pupils having a talk with the Governor of the Bank of Zambia and how Zambia has developed a national strategy for financial education. Mr. Thabo Tiaba-Makoena with the help of some of his colleagues, gave a brief summary of also what South Africa did during the week; one of the main activities included a visit to the Absa Money Museum in Johannesburg. Other key points the speakers shed light on was the significance of building capacities of adults, teachers and parents. Participants’ main concerns were funding for the activities and the fact that many of the activities would not cover rural areas. It was made clear however that it was entirely up to the stakeholders what type of activity to organize and who could participate while the Global Money Week Tool Kit should be used as only a guideline.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Developing National Strategies on Economic Citizenship Education: Part 2 – Integrating ECE into National Education Curriculum This workshop was the second part on “Developing National Strategies on Economic Citizenship Education.” It focused on how national education authorities can integrate Economic Citizenship Education onto national education curriculum. The topics covered during the session included the need to include Economic Citizenship Education (ECE) in curricula, what disciplines ECE can be integrated into within the school curricula and teacher training.
Facilitator Mr. Shaun Mundy, International Financial Literacy Consultant, UK
The facilitator for the workshop, Mr. Shaun Mundy noted that many parents lacked the knowledge and ability to manage their money well and cannot provide effective guidance to their children. This makes it essential for national educational and financial regulatory authorities to provide financial education in schools, from basic through the tertiary levels. He stated that people tend to learn best when they are young. Teaching ECE as part of the school curricula will create a new generation of financially literate and empowered citizens. It will help them manage their finances well and to obtain skills and understanding for suitable work. Mr. Mundy suggested that for ECE to be comprehensive and its impact on young ones effective, it needs to cover individual attitudes and behaviors, as well as knowledge and skills that ultimately aim at instituting positive behavioral change. “It is not sufficient to explain, for example, how to save. Students also need to understand how saving can benefit them”. He also noted that teacher training and capacity development are essential effective ECE. Teachers needed to be trained so that they acquire the knowledge, skills and confidence to provide effective ECE. He suggested that the training can be provided as initial teacher training in teacher training colleges and also as part of their continuous professional development. “If teachers are not confident about managing their own finances, they are unlikely to be confident about providing financial education to students.”
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Designing Active Labor Market Programs (ALMPs) for Sustainable Livelihood and Youth Employment The session incorporated issues surrounding labor market policies, job creation for the youth and challenges in making labor market programs for the youth work.
Chair Ms. Sera Kariuki, Education Specialist, UNICEF, Zambia Speakers Mr. John Suzyo Banda, National Project Coordinator, International Labor Organization, Zambia Mr. James Odit, Regional Director for Africa, Commonwealth Youth Program, Zambia Ms. Thea Anderson, Senior Advisor, Economic and Market Development, Mercy Corps, USA The panel of experts from all walks of life (International Labor Organization (ILO), UNICEF, Commonwealth Youth program, Regional Centre for Africa, Mercy Corps and Namibia Youth Credit Scheme) gave participants the chance to explore labor market programs on a global, regional, national and local level giving lived examples from their various countries. The session focused on innovative strategies for job creation through skills development, capacity building, access to loan funds, mobilization of savings and assessment of the labor market by looking at a market based approach and opportunity based assessment. John Banda and James Odit gave the participants insight on the various organizations designs of labor market programs specifically for the youth and the problems that these programs have encountered so far. Thea Anderson gave a brief introduction on MercyCorps and then presented the market analysis tool in designing youth livelihood programs. The market approach helps create market-driven solutions for the youth and points out the social, political and economic determinants that hinder the transition from youth to adulthood. Participants were very enthusiastic, eager to learn more and contributed tremendously to the fruitful discussion, giving examples of labor market programs in their countries and the challenges they were facing.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Building the Bridge from Non-formal to Formal Financial and Educational Services This session highlighted how particularly in rural areas, non-formal financial services, such as Village Savings and Loan Associations (VSLA) models combined with educational services, represent a viable solution for individual, both adults and youth, to develop savings habits, supporting small loans provision among the community, and ultimately direct their assets towards the formal financial system. The session highlighted how different organizations partnered for building the infrastructure needed to bridge non-formal financial services to formal ones, along with the appropriate educational provision.
Chair Mr. Robert Njoroge, Regional Youth Employability and Governance Specialist, Plan International, Kenya Speakers Ms. Nyika Brain, Manager, Global Community Investment, Barclays Bank, UK Mr. Samuel Tembo, Economic Empowerment Manager, Plan International, Zambia Mr. Alfred Chibinga, Project Management Coordinator, CARE International, Zambia Mr. Andrew Bwalya, Central Region Food Security and Economic Development Team Leader, World Vision
Mr. Robert Njoroge, Regional Youth Employability and Governance Specialist at Plan International facilitated the session and introduced the discussion sharing that the role of financial inclusion is to reach the unreached individuals with appropriate financial services suiting their demand and needs. Within this picture, Ms. Nyika Brain, Manager, Global Community Investment, presented the Banking on Chance project that Barclays Bank is undertaking together with other international and local NGOs, to improve the quality of life for poor people through increasing access to financial services. The Banking on Change project focuses on a savings-led approach to microfinance as the basis for financial inclusion particularly of people living in rural areas, underserved by financial service providers. Through the VSLA model for enabling savings and loans for domestic and small business use, Banking on Change project shows how the partnership between a global commercial bank and international NGOs successfully link informal savings groups to the formal banking sector. Mr. Samuel Tembo, Economic Empowerment Manager, Plan International, shared the achievements of the Banking on Change project in Zambia. The project brought increased household food security, business & entrepreneurship skills development for involved participants, particularly women. Mr. Alfred Chibinga, Project Management Coordinator, CARE International -Zambia – member of the Banking on Change project – shared how within the Village Savings methodology, trust represents a key element for the model to work. Additionally, Mr. Chibinga shared how youth are starting to be included in VSLA and how these models are making it possible to reach the poorest of the poor in rural areas and how important to create the bridge from informal to formal savings for securing development to these communities. Mr. Andrew Bwalya, Central Region Food Security and Economic Development Team Leader, shared how World Vision is also promoting savings via Savings Groups models, particularly for community development in rural areas. Along with its strong focus on product development for enhancing savings attitude, World Vision focuses in the provision of nonfinancial services, such as education. With a special focus on the livelihood components, WVI programs aim to bring more opportunities and adaptive life skills for every child.
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Children, Youth and Adult Policy Dialogue The session focused on voicing youth’s opinions on Economic Citizenship Education and Financial Issues in the African Region to the present leaders and policymakers.
One of the unique features of the meeting was the plenary session on “Children, Youth and Adult Policy Dialogue: Voicing youth opinions on Economic Citizenship Education and Financial Issues.” The session provided a platform for the active participation of the youth to engage the delegates on three key topics - youth savings, youth entrepreneurship and career guidance. Selected speakers that represented the several schools and youth associations that attended the event engaged the audience by bringing up recommendations to create a more youth-friendly environment regarding financial education and youth employment. The outcomes of the session included: Call on government to make youth empowerment an integral part of their development agenda. Create avenues for young people to access career guidance information and counseling within schools, towns and cities. Government and policy makers to create opportunities for youth employment especially within the civil service. For example reduce the retirement age. Need for internship program to enable young people acquire the experience and practical training needed for the work environment. Create local and international online platforms where young people can meet, interact and share their experience on issues of FI and ECE.
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Concluding Session: Reshaping the Future of Finance
Chair Dr. E.D. Wala Chabala, CEO, Securities and Exchange Commission (SEC) Speakers Daniele Scauso, Regional Platforms Manager, Child & Youth Finance International, The Netherlands Mrs. Christine Mayondi, Deputy Permanent Secretary of the Ministry of Education, Science, Vocational Training and Early Education Youth Participant
Mr. Daniele Scauso, Regional Platforms Manager at CYFI, gave the closing remarks on behalf of the Secretariat. Mr. Scauso acknowledged the key importance of coordination among stakeholders and policymakers at local, national and regional level. He stressed the importance of an integrated approach to Child and Youth Finance regionally. In his speech Mr. Scauso highlighted the policy brief that CYFI is drafting, taking into account the important roadmaps that both the African Union and African Development Bank have set for youth and financial inclusion, integrated with the CYFI Education Framework based on the promotion of Economic Citizenship among African youth. He also stressed the importance of always facilitating the connection with the youth themselves, involving them in policymaking dialogue and in shaping national initiatives. Quoting one of the participants during one session, he noted that “Youth represent the model for business and economic growth”. This is particularly true in the African Region, given its young demographics, the youth entrepreneurial attitude and the youth’s willingness to shape their lives to the best possible. Mr. Scauso ended the speech with acknowledging the relevance of holding the Regional Meeting in Zambia, a country that is showing great commitment and dedicating resources to its young generation. Within the scope of their Financial Sector Development Plan (FSDP), financial literacy plays a crucial role. Children and Youth are also at the core of the national strategy for financial literacy, demonstrating how Bank of Zambia is a strong ally of young Zambians, supporting their development and inclusion in the society and their future potential as capable economic citizens. Mrs Christine Mayondi, the Deputy Permanent Secretary gave the closing remarks on behalf of the Minister of Education, Science, Vocational Training and Early Education Honorable Dr. John Phiri. She expressed her gratitude to the Bank of Zambia for helping host the event and the need for African governments to engage the youth more in discussions that would enable find sustainable solutions for financial literacy and education. She affirmed that Zambia recognizes financial education as a right of a child stated that financial literacy should begin at an early age to create a lifelong impact in individuals hence the reason why Zambia has recently reviewed their school curriculum for primary and secondary schools to include aspects of financial education to help motivate and build the confidence of children in financial services and products.
The Second Child and Youth Finance International Regional Meeting for Africa 2013
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The Second Child and Youth Finance International Regional Meeting for Africa 2013
Conclusion: Next Steps CYFI to provide technical assistance to government to develop national strategies for ECE and FI, focusing on Children and Youth but also including teacher training on ECE and FI to facilitate easy transfer of knowledge and inculcate a financial culture. Collaboration with regional bodies and regional economic communities (such as the African Union, African Development Bank, the East Africa Development Bank, etc.) to vouch for; and get financial education and financial inclusion for young people on the development agenda of all governments in Africa. CYFI to develop and improve materials and manuals for partners and stakeholders to initiate Child finance activities. CYFI to assist partners and stakeholders in developing monitoring and evaluation models for child and youth finance initiatives.
In a nutshell, it is important that stakeholders from financial institutions, NGOs, government et al find ways and means of increased innovative collaboration with the aim of improving upon programs and build a better environment for financial education and inclusion for all children and youth in the Africa region.
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Child and Youth Finance International PO Box 16524 1001 RA Amsterdam Netherlands + 31(0)20 5203900
Child and Youth Finance International (CYFI) lead the world’s most extensive child and youth finance Network, that together makes up the Child and Youth Finance Movement. We connect Ministries and Governments, CEOs, heads of NGOs, financial institutions and children. By aligning and coordinating efforts of organizations all over the world the Movement is able to share resources, model best practices and empower each other to reach the target of the Movement: Reaching 100 million children in 100 countries by 2015 with financial inclusion and financial education to make sure that every child and youth have access to a basic savings account and the financial knowledge and skills needed to operate this account. By doing this we aim to give the adults of tomorrow the tools to lead lives free from poverty and financial instability. Stay connected with us Website: www.childfinanceinternational.org Facebook: ChildFinance Twitter: ChildFinance LinkedIn: Child and Youth Finance International To read our publications, please visit: www.childfinanceinternational.org/movement/publications
Global Money Week
Global Money Week is a global celebration that is taking place in the second week of March each year. The Week engages children and youth worldwide in learning how money works, including saving, creating livelihoods, gaining employment, and entrepreneurship. Countries and organizations all over the world participate by engaging children and youth in activities such as global web chats, visits to banks, ringing the bell at stock exchanges, radio shows and cartoons and much more. Stay connected with us Website: www.globalmoneyweek.org Facebook: Global Money Week Twitter: GlobalMoneyWeek
Finance & Me
Finance & Me is a platform initiated by Child and Youth Finance for children and youth to take action in reshaping the future of finance. It allows for youngsters to stay informed about the latest Child and Youth Finance Movement activities around the globe so they can remain active and involved in the Movement. Finance & Me also serves as a bridge between young people and adults as children and youth are encouraged to utilize this platform to share their experiences and voice their opinions. Stay connected with us Website: www.financeandme.org Facebook: Finance & Me Twitter: FinanceandMe
YouthTech
YouthTech is a blog where Child and Youth Finance International (CYFI) shares technological innovations around the topic of financial inclusion and education for children and youth. It provides a platform where experts within the CYFI network and beyond engage in discussions about the potentials of technology in enhancing financial capability of children and youth. Moreover, YouthTech also serves to share best practices and to document how technology is shaping the Child and Youth Finance Movement. We hope this will contribute to the understanding of what is needed for technology to make a difference in the current financial inclusion and education landscape and the ways of turning it into a reality. Stay connected on the blog: www.youthtech.info