2019 - CYFI Annual Report 2019 by Child & Youth Finance International

CHILD & YOUTH FINANCE INTERNATIONAL

ANNUAL REPORT

OUR SUPPORTERS

Donors

Probono

We thank you all for your invaluable support which in 2019 helped us deliver the results reported herein.

LETTER FROM THE SECRETARIAT

Dear Reader, What an amazing feeling this is. Sitting down to pen CYFI’s final annual report. Looking back at this closing chapter of CYFI’s long and successful journey. Nothing could make us prouder. We want to thank you from the bottom of our hearts for helping us reach this important last milestone. Over 8 years the Child and Youth Finance Movement grew beyond our wildest expectations, and CYFI’s role as the Movement’s initiator and catalyst has been fulfilled. Given this success, CYFI has left the space and shut its doors on 31 December 2019. The changes the Movement has brought about have been extraordinary: 70 countries have changed policies. 175 countries took part in Global Money Week in which 32 million children were reached and 53,300 organizations were involved. These changes have meant that the Movement has reached a point of critical mass; it is self-propelling and self-sustaining, spurred on by you and the other amazing partners who were part of the journey all along. Here you can read the entire story of CYFI’s journey. It is a true luxury and source of fulfillment for us to be where every NGO wants to be: at a point where what we have built can go on without us. We are delighted that we will be handing over our key initiatives to global institutions which have been part of this journey from the beginning. • Global Money Week is now with the OECD International Network on Financial Education (OECD/INFE), which has been a strong strategic partners of Global Money Week. The OECD has been a key player in the Movement since its inception, having led the working group which created the Economic Citizenship Education curriculum framework in collaboration with UNICEF. • The Global Inclusion Awards will be run by the Alliance for Financial Inclusion (AFI), and will leverage the expertise, innovations and know-how of the AFI network of national authorities, many of whom were leaders in the Movement. • The Ye! program will be taken over by the International Trade Centre (ITC), which has been a long-time supporter of Ye! since its launch, a partnership which was solidified by an MOU when Ye! was first launched. • The SchoolBank program will be run by Aflatoun International in collaboration with the World Savings and Retail Banking Institute. Both institutions have been strategic partners of CYFI and have been part of forming the direction of the Movement and the SchoolBank program. We are doubly proud, both of the massive changes we have seen for financial education and financial inclusion for children in youth, but also in having been able to successfully prove the systems change methodology. We have shown than systems change organizations are potent and short-lived; coming to disrupt the system then, when having achieved this, handing the baton over to the institutions, governments or individuals who make up that system. We hope to have chartered a new course into which other systems change organizations can follow, so as to create long-lasting and sustainable change around the world. Before we leave you, we want to once again humbly and sincerely thank you all once again for the amazing contributions you have given to the Movement, and which you continue to give. It is your tireless passion and leadership to drive change that will ensure that ultimately, all the world’s children will become self-reliant, full economic citizens. Yours sincerely, The CYFI Team

CONTENT

LETTER FROM THE SECRETARIAT

ABOUT CHILD AND YOUTH FINANCE INTERNATIONAL Theory of Change Systems Change Our Unique Approach: Collaborative Systems Change Knowing When Your Organization’s Systems Change Role is Over

8 8 9 9 10

ACTIVITIES IN 2019 BY STRATEGIC OBJECTIVE Three Main Strategic Objectives

12 12

Strategic Objective 1 ─ ADVOCATE Global Money Week Global Inclusion Awards Diagnostic Tool

14 14 15 17

Strategic Objective 2 ─ NETWORK CONNECTOR & EXPERT HUB Best Practices Sharing and Documentation Meetings Key Figures Program Overview Ye! Diagnostic & 10 step process

18 18 19 20 21 22 25

Strategic Objective 3 ─ NETWORK ADVISOR SchoolBank Workshops and Trainings Handing Over Key Activities

26 26 28 28

Global Money Week to the OECD/INFE Global Inclusion Awards to AFI SchoolBank to Aflatoun International in Partnership with WSBI and UAB Ye! to ITC

29 30 31 32

OPERATIONS AND RESOURCE MOBILIZATION GOVERNANCE AND OVERSIGHT Supervisory Board Executive Committee Audit Committee Nominations Committee CYFI Secretariat Team

33 34 34 35 35 35 36

REFLECTIONS

ANNEX: FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT

ABOUT CHILD & YOUTH FINANCE INTERNATIONAL

Figure 1. Child and Youth Finance International (CYFI) Model of Full Economic Citizenship

Economic Citizenship

Financial Capability

Empowerment

ECONOMIC CITIZENSHIP Social & Livelihoods Education

Financial Education

Financial Inclusion

• Reduced income & asset poverty • Economic & social engagement • Sustainable livelihoods • Economic & social well being • Rights for & responsibilities to self, family, and others

SURROUNDING ECOSYSTEM

1.2 Systems Change

1.1 Theory of Change In June 2010, 126 experts from 40 countries gathered for the first topical meeting in the Netherlands to share their insights and expertise in developing the Movement as well as the organization’s Theory of Change. Over the course of June 2010 – July 2011, they came together in dedicated working groups for each of the key strategic areas of the Movement. The Child & Youth Finance International (CYFI) Research Working Group comprised of leading academics in the fields of financial literacy and children’s rights, combining their expertise to develop CYFI’s Theory of Change in the form of a detailed model of Full Economic Citizenship.

At the center of the Theory of Change lies the ultimate beneficiary, the individual child or youth. When developing the CYFI Theory of Change, the Research Working Group used the UN Convention on the Rights of the Child as its base. The Convention outlines the child’s right: • To survive; • To develop to the fullest; • To protection from harmful influences, abuse, and exploitation; and • To participate fully in family, cultural and social life.

CYFI’s model poses that financial education, social and livelihoods education, and financial inclusion are the building blocks of empowerment and financial capability that underpin Full Economic Citizenship for children and youth. Financial education includes instruction and/or materials designed to increase financial knowledge and skills. Social education & livelihoods education are the provision of knowledge and skills that change individuals’ understanding and awareness of their rights and the rights of others. It also involves fostering of life skills. Financial inclusion is access to appropriate, quality, and affordable financial services. Empowerment is the sense of confidence and efficacy experienced by children and youth through controlling their own lives, claiming their rights, and having empathy toward others. Financial capability has individual and structural components. It combines a person’s ability to act with the opportunity to act. To be financially capable, one must have financial knowledge and skills, as well as access to appropriate financial services to enhance social and economic well-being.

States that are parties to the Convention recognize that poverty and unemployment severely restrict, if not completely deny, children and youth these fundamental rights. In order to reach the goal of Full Economic Citizenship, the group concluded that a concentrated effort of intertwined development interventions is necessary.

CYFI’s Full Economic Citizenship Model states that holistic financial, social, and livelihoods education, when implemented in combination with financial inclusion, can lead to greater capability and empowerment, thus helping children and youth become thriving economic citizens (Figure 1). In the next phase, we’ll review and, if needed, update this model based on new research and the learnings from the last 5 years.

From the outset, we realized that our large-scale challenge requires large scale thinking, and that the current situation - as well as the barriers on the way to change - is the result of the systems in which we live. Like Russian “Matryoshka” dolls that fit one inside the other, most systems contain other systems and are contained within larger systems: cells within organs, within individuals, within communities, within counties, states, and continents. Changing a system affects both the systems within it and the systems in which it is nested. The challenge for change agents is choosing the right level, or levels, of scale for the changes they seek. The answer is often working at multiple levels: top down, bottom up, outside in, and inside out. Most of the qualities of a living system are aspects of a single fundamental network pattern: nature sustains life by creating and nurturing communities and lasting change requires a critical mass or density of interrelationships within a community. It is difficult, however, to direct a living system. You can only disturb it by introducing information that contradicts old assumptions, by demonstrating those things people believe they cannot do, are already being accomplished somewhere, by inviting new people into the conversation, and by rearranging structures so that people relate in ways they are not used to and presenting issues from different perspectives. At the same time, one can create conditions that take advantage of the system’s capacity for generating creative solutions: nurture networks of connection and communication, create climates of trust and mutual support, encourage questioning, and reward innovation. It is CYFI’s role as a leader and change agent to recognize emergent opportunities, articulate them, and incorporate them into organization and/or program designs.

1.3 Our Unique Approach: Collaborative Systems Change To meet the considerable challenges facing us, we pioneered a new way of thinking and designed our “Collaborative Systems Change” management approach. Uniquely suitable for tackling large-scale problems, this innovative model recognizes that there is no one big answer to complex problems, but rather a plethora of smaller efforts working in harmony that propel the entire machine forward. To drive the necessary change and combat cycles of poverty, a wider-scale, long-term systems change approach is needed. At the center of this Collaborative Systems Change model, CYFI serves as an agent of change - driving innovation, demonstrating proof of concept, sharing knowledge, rallying all relevant stakeholders to the cause, and propelling joint actions. Our approach relies on three complementary elements: • Innovation: as organizations are often unwilling to invest time, money and effort into new and untested approaches, it is our role as an agent of change to offer both innovation and proof of concept. • Collaboration: for a lean organization such as CYFI – which does not possess the means of the UN, OECD or even large international NGOs – the way to affect global-scale change relies on highly effective collaboration between different types of organizations, in order to create the needed critical mass of efforts. • Expert Change Agent: at the center of this model, we activate the collaborative network and affect implementation by driving innovation, exchanging knowledge, rallying all relevant stakeholders to the cause, and propelling joint actions. The combination of these elements is the key to our exponential growth with very modest resources in such a short period of time. Unlike advocacy organizations aimed to raise awareness, we go further and offer our network partners concrete tools and road maps to implement changes that will gradually alter the ecosystem of youth economic empowerment in every country in which we work.

We then considered shifting our strategic focus away from economic citizenship to focus purely on forming an entirely new “honest broker” role around youth entrepreneurship through our flagship program Ye!. Ye! had significant traction and a growing community dedicated to youth entrepreneurs in 160 countries. We explored the opportunity to grow the momentum in a similar way to the movement they created around economic citizenship, and wanted to teste the appetite in the sector for this program. It soon became clear however that the space for youth entrepreneurship was already crowded by many players. Rather than an “honest broker,” this sector needed an institutional player to hone the organizational field rather than inspire new entrants.

Ultimately, based on the study and exploration of alternative roles and issue areas, we were satisfied that CYFI’s role and function as an organization had come to an end. The management and board took the important decision to close CYFI’s operations by December 31st 2019.

1.4 Knowing When Your Organization’s Systems Change Role is Over One of the critical questions for any collaborative systems change broker is when to keep going and when to stop. Since social issues, by their very nature, have no stopping point, it is difficult to know when systems change has been “achieved.” Indeed, no such point exists. Therefore, it is often contingent on the broker to determine when an inflection point has been achieved, and when their involvement is no longer critical or useful. “Letting go” is not an activity that CYFI has undertaken lightly. CYFI’s leadership found very few examples of organizations who had intentionally closed their doors at a time when the organizations were still going strong. So, they knew they would need to build their strategy from scratch. In order to responsibly wind down operations, CYFI laid the groundwork for a possible exit strategy for several years.

We then explored the opportunity to transition into a technical assistance role rather than close our doors entirely. While this role ran contrary to the organizational ethos, we wanted to explore all options before making a final decision. Through the stakeholder interviews, CYFI discovered that although partners required technical assistance, these services were readily available from other organizations which had emerged in recent years as a result of growing interest in the field, brought on by their movement-building work. CYFI did not want to reconfigure our organization, nor compete with these players, which were integral to the movement, and which were already well-positioned to serve the need for assistance.

First, the leadership needed to test their “gut feeling” that the sector had reached a tipping point, ensuring that a brokering role was no longer needed to keep momentum going. We hired a consultant to interview key stakeholders across the network and gauge the state of the field for economic citizenship for children. We also analyzed the data from the diagnostic to see the shifting patterns in the sector and the progress of countries in shaping their economic citizenship policies for children and youth. The message returned by the study and the results from the diagnostic analysis were clear: country-level activities had reached a point where “pushing the issue” was no longer needed.

ACTIVITIES IN 2019 BY STRATEGIC OBJECTIVE

Operations and Resource Mobilization:

Though not considered a strategic objective, Operations and Resource Mobilization (fundraising) are critical to the functioning of the Secretariat, as they provide the needed backup to all activities within the organization.

2.1 Three Main Strategic Objectives Child and Youth Finance International has three main strategic objectives which guide its decision-making activities, partnerships and investments:

Advocate:

Create awareness on the topic of Economic Citizenship and stimulate organizations to get involved in providing financial inclusion, education and/or entrepreneurship.

Network Connector & Expert Hub:

Connect stakeholders and promote cross-organizational learning, through replication or innovative models and ensure that stakeholders are getting access to materials that will help them in developing and implementing policies and programs, and modifying existing work based on best practices and innovations

Network Advisor:

Provide to the network examples of how different approaches can be implemented, whilst sharing expertise and providing or facilitating technical assistance

Objectives

2019 Euro Amount

2019 % of 2018 Expenses Euro Amount

2018 % of Expenses

Advocate

74,841

11.9%

129,888

19.3%

Network Connector 234,017 & Expert Hub

37.2%

197,683

29.4%

Network Advisor

84,991

13.5%

120,446

17.9%

Operations

231,302

36.8%

211,906

31.5%

Fundraising

3,245

13,450

2.0%

12%

37%

37% 14%

Total

628,396

100.0%

673,373

100.0%

Advocate Network Advisor Fundraising

Network Connector & Expert Hub Operations Figure 2: Spending by objective

ADVOCATE

3.2 Global Inclusion Awards

Create awareness on the topic of Economic Citizenship and stimulate organizations to get involved in providing financial inclusion, education and/or entrepreneurship.

The Global Inclusion Awards recognize and honor those who achieve greatness in furthering the Economic Citizenship of children and youth at the national, regional and international level. The Awardees demonstrate innovation in financial, social and livelihoods education, financial inclusion, and entrepreneurial support for children and youth. The 8th annual Global Inclusion Awards Ceremony was organized by Child & Youth Finance International (CYFI) and hosted by The Banking Association South Africa (BASA), the Financial Sector Conduct Authority, the National Treasury – South Africa, the Department of Basic Education – South Africa and FinMark Trust. It was held as part of the 5th Child and Youth Finance International Summit: “Economic Citizenship and Employment: A Future for All” agenda on 19-20 June 2019 at The Maslow Hotel.

3.2.1 About the Award Categories This year’s Global Inclusion Awards consisted of the following two award categories, which were brought forward by the CYFI Secretariat: (1) CYFI Country Awards and (2) Global Money Week Awards.

3.2.2 CYFI Country Awards 2019 The CYFI Country Awards acknowledge the accomplishments of government authorities (e.g. central banks, ministries of education) in building alliances among key national stakeholders, initiating child and youth friendly financial regulation, and expanding the reach of quality Economic Citizenship through formal and non-formal education channels. Countries were evaluated on the achievements in the year 2018. The three CYFI Country Award 2019 categories included: 1 - CYFI Sprinter Award 2 - CYFI Best Collaborator Award 3 - CYFI Youth Engagement Award 1 - CYFI SPRINTER AWARD

3.1 Global Money Week 3.1.1 Global Activities Global Money Week (GMW) is a worldwide celebration, with local and regional events and activities aimed at inspiring children and youth to learn about money, saving, creating livelihoods, gaining employment, and becoming an entrepreneur. The goal of GMW is to promote the importance of financial inclusion, Economic Citizenship Education (ECE) and the social and economic empowerment of youth. Through many interactive activities such as workshops, visits to banks and stock exchanges, educational games, essay competitions, classroom debates and dramatic productions, young people are able to engage in financial issues in a fun and constructive manner. The Week’s ideas, events and lessons learned are intended to have a long-lasting impact. GMW 2018’s Theme was ‘Learn. Save. Earn!’

During GMW2019, celebrated between the 23th and 29th of March, a variety of activities took place in 152 countries and overseas territories, with the participation of 10,000 organisations, who collectively reached 8,400,000 children. These activities were initiated by different organizations – government and financial institutions, NGOs, universities, schools and various private initiatives – with an aim to raise awareness about financial education and inclusion to children and youth worldwide. The activities included visits to national money museums, stock exchanges and banks or other financial institutions; workshops and lectures on financial education; open day events at local companies; national competitions on ‘Money Matters Matter’; youth-focused seminars or debates and so much more. In addition, GMW social media challenges on Facebook, Instagram and Twitter took place, receiving hundreds of entries throughout the Week from all over the world.

3.1.2 GMW Launch Event CYFI kicked off GMW at Euronext Stock Exchange Amsterdam, with the Aflatoun International team and students celebrating the start of Global Money Week 2019 and this year’s international Aflatoun Day. It was a wonderful opportunity to jointly open the trading day and look back at how instrumental Aflatoun Day was the story of GMW. Aflatoun Day, initiated by Aflatoun International, first launched on the 17th March 2011, was the inspiration for Global Money Week – a whole week dedicated to encouraging children and young people to learn about money matters, livelihoods and entrepreneurship. Nine years later, the story of Global Money Week continues due to dedicated organizations which aim to teach children and youth about money matters, not only through events and activities during the Campaign and beyond.

The winner of the CYFI Sprinter Award 2019 was Jordan – Central Bank of Jordan. The finalists in this category were: • Azerbaijan | Central Bank of the Republic of Azerbaijan • Democratic Republic of Congo (DRC) Central Bank of the Democratic Republic of Congo • Malaysia | Central Bank of Malaysia (BNM) 2 - CYFI BEST COLLABORATOR AWARD

3 - CYFI YOUTH ENGAGEMENT AWARD

The winner of the CYFI Best Collaborator Award 2019 was Mongolia – The Central Bank of Mongolia.

The winner of the CYFI Youth Engagement Award 2019 was Kyrgyzstan – National Bank of the Kyrgyz Republic.

The finalists in this category were: • Angola | National Bank of Angola • Argentina | Ministry of Finance; Central Bank of the Argentine Republic (BCRA) • Colombia | Central Bank of Colombia; Ministry of Finance • Morocco| Moroccan Foundation for Financial Education (FMEF) • Portugal | Bank of Portugal, Portuguese Insurance and Pension Funds Supervisory Authority (ASF), Portuguese Securities Market Commission (CMVM)

The finalists in this category were: • Brunei Darussalam | Ministry of Education Brunei Darussalam, Monetary Authority of Brunei Darussalam (AMBD) • Côte d’Ivoire | Ministry of Education – Financial Education Program (PEF) • Lebanon | Ministry of Social Affairs - The Higher Council for Childhood • Mexico | Bank of Mexico (BdeM)

3.3 Diagnostic Tool

3.2.3 Global Money Week Awards 2019

In 2016, CYFI developed a standardized method of tracking a given country’s progress toward systems change in areas of youth economic citizenship, which allowed CYFI to efficiently monitor its unilateral and collaborative actions in relation to that country. The tool is comprised of ten stages, each of which contains no more than five country activities. Countries that provide Economic Citizenship for children and youth will remain at Stage Ten, a steady state, and countries that have not undertaken activities for financial inclusion and education for children and youth will begin at Stage One.

The Global Money Week Awards 2019 acknowledge the efforts and accomplishments of countries in implementing “Global Money Week 2019” held between 25-31 March 2019 at the national level. The Global Money Week Awards 2019 has three different award categories, which were awarded based on specific criteria.

The diagnostic tool is driven by the Child and Youth Finance Movement’s goal of collaborative systems change. Based on the experiences of CYFI team members, network consultations, and advice from strategy consultants McKinsey & Company and Deloitte, we have been able to outline the ten steps a country should take that would lead to the desired systems change. These steps are based on the assumption that the desired system in each country has the following characteristics:

The three Global Money Week Award 2019 categories included: 1 - GMW Excellence Award, 2 - GMW Best Collaborator Award 3 - GMW Best Newcomer Award. 1 - GMW EXCELLENCE AWARD

2 - GMW BEST COLLABORATOR AWARD

The winner of the GMW Excellence Award 2019 was Egypt – Egyptian Banking Institute (EBI).

The winner of the GMW Best Collaborator Award 2019 was Peru – Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS).

The finalists in this category were: • Bhutan | Royal Monetary Authority of Bhutan (RMA) • Colombia | Central Bank of Colombia, AMV Colombia, Plan Colombia, Asobancaria, Financial Superintendence of Colombia (SFC), Fasecolda, Banca de las Oportunidades • Hungary | Ministry of Human Capacities, Ministry of Finance, Ministry for Innovation and Technology, Money Compass Foundation (The Central Bank of Hungary), Hungarian Banking Association, Junior Achievement Hungary • Zambia | Bank of Zambia (BoZ)

The finalists in this category were: • Bhutan | Royal Monetary Authority of Bhutan (RMA) • Morocco | Moroccan Foundation for Financial Education (FMEF) • Romania | National Bank of Romania (NBR) • Saudi Arabia | Social Development Bank Saudi Arabia (SDB) • Uganda | Private Education Development Network (PEDN), National Curriculum Development Centre (NCDC), Bank of Uganda (BoU)

3 - GMW NEWCOMER SPECIAL RECOGNITION The winner of the GMW Newcomer Special Recognition 2019 was Cape Verde – Bank of Cape Verde, Association for the Promotion of Financial Education (PROFIN), Stock Exchange of Cape Verde (BVC), Association of Young Economists (AJECON).

• The system encourages the provision of ECE and financial inclusion for children as a priority. • The system’s processes and infrastructures are designed in a way that enables all players within the system to provide ECE and financial inclusion in the most efficient and harmonized manner. • All players within the system, especially those who are not actively involved, are taking steps toward providing ECE and financial inclusion. • Collaborative relationships between players of the system are formed so that efforts are harmonized. • The ability for the system to grow organically, self-govern, and self-regulate is inherent in the system (e.g. different banks from across the world can share best practices and be inspired by one another, thus making innovation and learning part of the system).

During 2019, the Secretariat collected information on 150 countries and compared it to previous years, the results of which were shared on a private basis with country representatives, and used as a basis for deciding the winners of the CYFI Global Inclusion Awards.

The finalists in this category were: • Timor-Leste | Central Bank of Timor-Leste (BCTL) • Trinidad and Tobago | National Financial Education Committee (NFEC), Central Bank of Trinidad and Tobago

The Diagnostic tool has been an extremely important part in revealing that CYFI’s role was completed and therefore that it was time to shut down. Data collected over the past years was analyzed to show the changes in the landscape of financial inclusion and education, and to ascertain that a tipping point had been reached. Work beyond this point would mean diminishing returns for CYFI moving forward. For more information about the results of the analysis, please refer to the Case study entitled “Brokering Collaborative Systems Change which can be found here: https://issuu.com/childfinanceinternational/docs/cyfi_brokering_collaborative_system/1?e=7128000/67885967

NETWORK CONNECTOR & EXPERT HUB

The purpose of the Network Connector & Expert Hub objective is to connect stakeholders and promote cross-organizational learning, through replication or innovative models and ensure that stakeholders are getting access to materials that will help them in developing and implementing policies and programs and modifying existing work based on best practices and innovations.

4.2 Meetings 4.2.1 Child & Youth Finance International Summit The 5th Child & Youth Finance International Summit was a very special one for the CYFI Movement. It marked an important milestone in the history of the Movement, whereby the Movementâ&#x20AC;&#x2122;s Secretariat, Child and Youth Finance International (CYFI), announced the conclusion of its work in driving the Movement, and handed over Global Money Week to the Organisation for Economic Co-operation and Development (OECD) under the mandate of its International Network on Financial Education (INFE). Over the course of the Summit, participants reflected on the journey of the Child & Youth Finance Movement, explored and learned from others about the successes, challenges and opportunities of providing Economic Citizenship for young people, and celebrated the joint efforts in bringing the Movement to where it is today and how all will jointly help it continue to grow.

4.1 Best Practices Sharing and Documentation The CYFI Secretariat periodically creates and/or share documents and information that track learnings coming from the field and which respond directly to needs coming from stakeholders in the network (e.g. best practices, landscape documents, etc.).

4.1.1 Collaborative Systems Change Case Study A case study created by the Bertha Centre at the University of Cape Town lays out the concept of Collaborative Systems Change- what it takes to mobilize diverse, disparate actors to imagine and create long-term, sustainable positive change. The aim of sharing this experience is to encourage and stimulate the adoption of collaborative systems change methods in social change efforts across sectors and geographies. Over the last few years, the conversation around systems change has grown significantly. Nonprofits, impact-focused for-profits, impact investors, grantmakers and governments have begun to use the term in relation to their work and aspirations. Organizations which promote the work of social innovators and entrepreneursâ&#x20AC;&#x201D;such as Ashoka and the Schwab Foundation for Social Entrepreneurshipâ&#x20AC;&#x201D;have furthered the conversation, by developing learning materials and case studies that highlight systems change. Indeed, much of the content contained herein has been inspired by the work of these and other organizations.

This document is also written to provide a contribution specifically around collaboration to the more general conversation about systems change. As the concept of systems change increases in popularity, we believe that it is critically important to be clear about the collaborative side of systems change. We believe that examples of collaborative approaches to systems change are not only important, but also underrepresented. Above all, we would like to avoid the proliferation of systems change approaches that use the same top-down, hierarchical approaches that have held back social change efforts in the past. This year, we created an updated version of the case study which documented the process we have undertaken through the year to close down our activities. We hope this will serve as a guiding example for other systems change institutions to follow and that the learning and experiences we had in this process can be of benefit to them.

KEY FIGURES

PROGRAM OVERVIEW

259 154 Attendees

Organizations

Americas 11% East Asia and Pacific 11%

Africa 31%

A detailed summary the event was created in the form of the Child and Youth Finance Global Summit Report 2019. The Report includes a recap of the events of the Summit and the key conclusions of the panel discussions and workshops, allowing everyone to learn about the important items discussed during the two days. For the online version of the Child and Youth Finance Global Summit Report 2019, please see https://issuu.com/childfinanceinternational/docs/cyfi_global_summit_2019/1?e=7128000/74688441 for more information.

Day 1

Day 2

19 June 2019

20 June 2019

• Inaugural Opening • Celebrating the Child and Youth Movement: Past, Present and Beyond • Panel Discussions: • Digital Opportunities for ECE: Risks and Opportunities • Financial Inclusion and Education for Girls and Young Women • Why is Financial Inclusion and Education Important for Entrepreneurship?

• Panel Discussions continued: • Building it Together: The Role of Diverse Stakeholders in Youth Entrepreneurship • Financial Inclusion and Education for Young Vulnerable Groups • Data Collection on Youth Employment & Entrepreneurship

Afternoon

• Panel Discussions Continued: • Monitoring and Evaluation: Methodologies at Hand • Your Financial Inclusion and Education Strategy… What Comes Next?

• Workshops: • SchoolBank: New Models for Implementation • The Road from Global Money Week to a National Strategy on Financial Education • Collaborative Systems Change for Youth Entrepreneurship • Let’s Celebrate: Celebrating Movement Champions Performance by Artistic Intelligence • Closing Ceremony

Evening

• The Global Inclusion Awards Ceremony 2019

Morning

Summit Themes The 5th Child & Youth Finance International Summit focused on three different themes:

Europe and Central Asia 31%

1. Reflect

MENA 16%

During the Reflect Sessions delegates looked back on the journey the Child and Youth Finance Movement has made, from its inception 8 years ago to now.

2. Explore

The Explore Sessions highlighted how delegates can learn from other’s successes, the challenges that were faced, and the opportunities that can be taken, to provide Economic Citizenship for young people.

3. Celebrate

The final category of sessions was used to not only celebrate the joint efforts made by the delegates in bringing the Movement to where it is today, but also look forward to how all participants can continue to jointly help the Movement grow. Figure 3: Participants by Region

4.3.1 Ye! Training 2019 was a very important year for the Ye! Initiative. It was the year where a decision needed to be made as to whether CYFI could scale up the Ye! program, or whether it was time to hand it over to an organization which was better suited to run it. A survey of 101 participants was conducted to gain a deeper understanding of what the perceived needs and gaps within the entrepreneurship Sector. Participants represented a variety of different sectors (27% NGOs, 18% financial institutions 13% Governmental agencies. The survey yielded the following results: • Almost 50% of respondents believed investment fund needed, 24% of respondents wanted bank led creation of financial products (chose only one) • 80% of participants are active in youth entrepreneurship with around 70% saying they are involved in training and/or mentorship, 35% conducting media and awareness campaigns (chose all that apply) • 70% agreed that global efforts need to be streamlined and when asked to identify characteristics of coordinating organization (chose top 3) order was: organization that experience in training programs, organization able to fund other organizations and organization with experience in financing SMEs • More needs to be done, varied opinions on what this is: the highest response was more training, education (almost 60%) then lack of policies then lack of finance It was clear to CYFI’s Management that CYFI lacked the necessary positioning to be able to create the desired change in this overcrowded sector. This was further validated through one-on-one consultations with stakeholders during the CYFI Summit in June 2019. As such, it was decided to hand over the Ye! initiative to the International Trade Centre, who will run the initiative from 2020 onwards. The MOU was signed on 28 November, 2019 at the ITC offices in Geneva. Activities for the Ye! community in 2019 included:

Ghana

In 2019, Ye! in collaboration with the Youth Business Network Foundation (YBN), and with support from the National Youth Authority, the Ministry of Business Development and the National Entrepreneurship and Innovation Plan, in partnership with Mastercard Foundation, organized a 2-day Youth Entrepreneurship Convention in Accra, Ghana. The event brought together partners from around the country with the aim to build the capacities and facilitate the development of youth entrepreneurs locally. Sessions were led by a number of network partners including: Deloitte, Orios Capital Group, GIZ through its local partner Inspired Leaders Network, Africa Aurora Business Network, and Youth Empowerment Synergy. The two-day event also featured two panel discussions, one with successful young entrepreneurs from Ghana who inspired and shared their challenges and successes with the audience, the second featured a multi-sector stakeholder panel where panelists discussed how to build a stronger startup ecosystem in Ghana.

Each of these events demonstrates the demand and ongoing need for impactful initiatives which bring together youth, government, and other stakeholders, to further the work being done on youth entrepreneurship. These events aimed to put youth in the driver’s seat and provide a space for their voices and needs to be heard. These events also served to bring a greater number of young entrepreneurs into the Ye! movement by connecting them to Ye! network partners, to Ye! local Chapters, and to the Ye! online platform.

South Africa

On June 21st in Johannesburg, South Africa, Ye! and Startup Academy South Africa organized a workshop for young entrepreneurs focusing on four key areas: how to implement the lean business model canvas, how to use digital marketing in your business, how to get your enterprise legally compliant and how to use alternative payment tools in your startup. It was jam packed with information, tools and insights which entrepreneurs could use immediately to grow their enterprises! The event was organized in partnership The two-day training was attended by 100 with Mastercard Foundation and the youth entrepreneurs with 20 speakers Player’s of the People’s Postcode Lottery. from various organizations. Some key Additional support for the event was prooutcomes from the convention were, the vided by JoziHub, Digify Africa, and Bowcreation of a new Ye! Chapter in Accra (a man’s Law Firm, through the Lex Mundi second chapter for Ghana), a closer work- Pro Bono Foundation. 45 entrepreneurs attended the workshop, and all were uning relationship with stakeholders in the country, including the Ministry of Business der the age of 30. Development and the National Youth Authority who Ye! is now supporting with revising its national youth strategy, and a new program to connect young entrepreneurs to the knowledge of investors through a newsletter and investment readiness workshops called, Ghana Investor Connect.

4.3.2 Online Community In 2019, 800 new young entrepreneurs joined the Ye! Community. The makeup of these youth entrepreneurs is representative of where the greatest number of Ye! activities have been held – by and large Africa and Asia, although we did see an increase in young entrepreneurs from North America and Latin America.

4.3.3 Coaching Relationship Created In 2019, the Secretariat actively facilitated the creation of 46 coaching pairs. The pairs created were either to follow up to various Ye! Award winners or were requested via direct email. Most of these pairs were between youth entrepreneurs working in sub-Saharan Africa and coaches from Europe.

4.3.4 Ye! Chapters

4.3.5 Ask a Coach Hour Sessions

Over the course of 2019, the Ye! Community welcomed 4 new Ye! Ambassadors into the community to start new chapters or to take over for previous Ambassadors who had completed their terms. Below we give an overview about the new Ambassadors.

In July 2019, Ye! continued the initiative it had started the year prior to increase engagement between our community of expert coaches and Ye! entrepreneurs. The Ask a Coach Hour sessions are streamed live to Facebook where young entrepreneurs could learn more about the coachâ&#x20AC;&#x2122;s area of expertise, pose questions based on the topic of the session, and get immediate answers and insights. In partnership with the Citi Alumni program, there were 8 sessions throughout the course of the year on a variety of topics, including: idea validation, innovation, marketing strategies, b2b sales, team engagement, and budgeting and finance. These were hosted via Facebook live to increase engagement and interaction.

Bangladesh Fariha Khan is a young student entrepreneur based in Dhaka. Fariha is the founder of Nirmegh Foundation, a social venture working to support under privileged children and orphans in Dhaka. Fariha is interested in leveraging her University connections to link student entrepreneurs to the Ye! online platform. As a student at Daffodil University, Fariha is well connected to the local entrepreneurship ecosystem. Fariha is currently working to organise a number of meetups which target youth and women entrepreneurs. From her perspective, Bangladesh is ripe for the taking and entrepreneurs simply lack awareness about where to find the right resources or look for opportunities that are available to them. This is where Fariha feels her work as Ambassador and in facilitating a strong peer-focused network, can be most useful. Burundi The Chapter in Burundi is led by Oscar Ndayisenga. Oscar is the founder of ASODECOM, a non-profit organisation working to support young people to be economically empowered through promoting financial literacy and entrepreneurship. Oscar has been attending events organised by local hubs and nonprofits in order to share the Ye! Community and on board new members. Furthermore, he has organised a number of meetings with his peer group to discuss the types of services, trainings, and information which is of greatest demand by local entrepreneurs. Finally, he has been working to attract partners at all levels- from multilateral organisations to local NGOs, he is building a movement of partners to engage for a large scale launch event in 2020. At this launch he hopes to attract young entrepreneurs from across the country by putting together a two-day program leveraging the knowledge and expertise of the various network partners he has gathered. Ghana Following the Ye! Ghana Youth Entrepreneurship Convention in March 2019, Ye!

welcomed a new young entrepreneur as the head of its second Chapter in Ghana, the Accra Chapter. Maxwell Odonkor is a serial entrepreneur with a social venture â&#x20AC;&#x201C; World Inspiring Network and a Web Development Agency- MaxBern Digital, to his name. Building on the relationships instigated during the Ghana Entrepreneurship Convention, Max is gathering together youth entrepreneurs in Accra to build a vibrant interconnected network. As a recent graduate, Maxwell is tapping into the University business and entrepreneurship groups to expand the Ye! reach. Furthermore, he has worked closely with Ye! to put together the Investor Connect Newsletter and the first Investor Connect workshop organised alongside FinCaps Security and the Randi.Africa Platform, aimed at linking youth entrepreneurs to the investment insights they need. Guinea Signed at the end of 2019, Fanta Diaby is the newest Ye! Ambassador to take on the role. Fanta was linked to Ye! through the previous Ye! Ambassador for Rwanda, Christian Kitumaini. Fanta is the founder

of TOogueda. TOogueda is a Guinean company creating and facilitating business opportunities and business consulting. The company develops and manages friendly and collaborative workspaces providing co-working services to facilitate the growth of SMEs and start-ups who need support. Fanta is well connected in Guinea. She is actively involved with the INTEGRA project, led by the International Trade Centre, and she is a representative for YouthConnekt Guinea. Fanta hopes to link her work with various projects on the ground to ensure young entrepreneurs have access to the resources and knowledge they need to kick start their businesses. Furthermore, Fanta is hoping to work with her extensive network of hubs and incubators to target youth entrepreneurs in rural areas of the country; those who lack the same access to information as those in the capital of Conakry. While internet connectivity remains a challenge for many in Guinea, Fanta is hoping to innovate new ways to transmit knowledge through the local Chapter, bypassing the internet and ensuring that young Guineans find the resources they need, locally.

4.4 Diagnostic & 10 step process The Ye! Secretariat developed a 10-step diagnostic tool that will guide countries through the necessary steps to develop a compatible entrepreneurial ecosystem for young entrepreneurs. The roadmap presents five central objectives around youth entrepreneurship (compatible policies, access to finance, access to networks, entrepreneurship education, enablers (monitoring and evaluation frameworks)). Each objective consists of several components. The objectives and components guide government institutions through the different options for policy objectives. For each policy objective, there is a 10-step approach to follow to fully implement and maintain the chosen policy objectives and components for building an ecosystem which is supportive of youth entrepreneurship. In 2019, baseline data was collected for 130 countries regarding their policies and activities for children and youth. This baseline will be used to compare the growth and changes in the youth entrepreneurship landscape in the coming years by organizations in the field.

NETWORK ADVISOR The purpose of this objective is to provide the network with examples of how different approaches can be implemented, whilst sharing expertise and providing or facilitating technical assistance.

5.1 SchoolBank SchoolBank aims to increase financial inclusion of children and young people through the school system. The program uses innovative distribution channels (e.g. schools) and technology (e.g. mobile banking and online banking) with the goal of financially empowering children and youth in a cost efficient and sustainable way. Through an innovative multi-stakeholder approach, SchoolBank aims to create systems change by providing children and youth with a Child & Youth Friendly bank

account that they can use to save money, while at the same time imparting the appropriate education to teach them why and how to save and what their economic rights are. We believe that by economically empowering children and youth, we will be able to break the cycle of poverty.

• A one-time banking initiation: providing an account to open, which may include collaterals such as passbooks, ATM cards, check books and/or magnetic cards; • Continuous educational inputs: providing economic citizenship education and generating financial awareness; • On-going transaction support: providThe SchoolBank model aims to deliver ing withdrawal and deposit facility, enthree basic services to children and youth: abling cash transfers between accounts, balance inquiry, etc.

Figure 4: Schoolbank models

SchoolBank model delivers three basic services tochildren and youth

• Banking partners to provide child-friendly savings accounts • Provision of account collaterals such as passbook, ATM cards, cheque books, magnetic cards

• Banking partners to and schools to provide withdrawal and deposit facilities, transfer of cash between accounts, balance inquity and interest accrual

One-time banking initiaton

Continuous educational inputs School Bank

• NGO partners and Ministry of Education to provide economic citizenship education through innovative delivery methods • Generating financial awareness in children and their communuities

Ongoing transactions

• Technology or telecom companies to provide enabling technology solutions to improve transaction support Source: Child & Youth Finance International

Each of these services are offered through schools, allowing the children and youth to save in a safe and trusted place. By providing these services, the goal is to enable children and youth to save money, receive allowances, and make payments. Additionally, if local circumstances allow, and if appropriate for the target group, the model can be supported by technology-enabled solutions, such as an online bank account, a mobile banking application or a mobile wallet. Over the course of the year, we were able to maintain the SchoolBank program in India, launch two new pilots there, one of which is for disabled youngsters, support the ongoing project in Uganda and conduct an external evaluation thereof, launch in Nigeria, scale-up in Egypt, and assist in the launch of the Schoolbank in Côte d’Ivoire and hopeful preparations for eventual launches in Benin and Togo. Nigeria SchoolBank Nigeria is carried out in collaboration with LYNX Nigeria and United Bank for Africa and was launched in December 2018. In January 2019 Aflatoun held a teacher training workshop for LYNX Nigeria and currently the SchoolBank program has been fully implemented in 71 of the targeted 116 schools in Lagos state.

schools, the winning group of students are awarded prizes at the annual Financial Education and Youth Entrepreneurship Congress hosted by Fundación Mundo Mujer on the 15th of October 2019.

While results were still being gathered, and will be compiled in 2020 by Aflatoun International, it had initially aimed to reach around 100 students.

Egypt SchoolBank in Egypt kicked off in a big way in 2019. While information was still being collected at the end of 2019, SchoolBank, in collaboration with the Egyptian Banking Institute (EBI), was established in all 27 Governorates in the country, reaching thousands of young people.

Uganda The SchoolBank in Uganda was in full swing during the 2018-2019 school year the program, led by CYFI partners PEDN and Finance Trust Bank. It is carried out in the Eastern and Central regions of Uganda and reaches more than 1,200 students in India 20 different schools. The program contin- During 2019, two SchoolBank projects ued through the 2019-2020 school year. were led in Kerala, India. The first project, led under the auspices of the Quilon Colombia Management Association is being impleSchoolBank Colombia was launched by mented in 6 schools and reached over Fundación Mundo Mujer and Clever Fi500 young people. The second project is nance during Global Money Week 2019. a special cooperation between ESAF Bank around 540 students are participating in and the Bishop Moore College for the the program from 9 different schools from Hearing Impaired. The project, the first of 7 participating cities. The program is carits kind, uses specialized training module ried out as a part of larger initiative that and audio visual tools for financial literadelivers financial education and entrepre- cy and financial inclusion. Classes are in neurship education, followed by an entre- sign language and visuals and all teachers preneurship competition for participating are equipped to classes in sign language.

5.3.1 GLOBAL MONEY WEEK TO THE OECD/INFE

5.2 Workshops and Trainings The purpose of this activity is to lead or provide organizational support to workshops and trainings that can assist stakeholders in designing/implementing ECE, FI, and/or entrepreneurship policies or programs. Tanzania Representatives of CYFI held a product development workshop as part of the Tanzania Financial Inclusion Summit, on the 29th of January in Dar Es Salaam. Addressing representatives from multilaterals the financial sector and civil society, CYFI conducted a high-level workshop introducing the reasons and logic for focusing on young people in the financial services market. The session was further enhanced with a representative from NMB presenting on the Wajibu program, basically a contextualization of the high level presentation for the Tanzania market. South Africa Following the CYFI Summit in Johannesburg, South Africa, CYFI, in collaboration with the Banking Association of South Africa, held a product development workshop on the 21st of June. The workshop was attended by representatives of many of the leading banks in South Africa. As the South African market is a highly developed one, the workshop focused primarily on looking at the needs and wants of young people and how the participants products that are currently being offered to young people address those needs and wants. Representatives from CYFI then followed this up with a couple of sessions on design steps and marketing. As part of the day, a representative from FinMark Trust gave some insights into youth financial capability in South Africa, gleaning information learned during the 2017 FinScope survey.

5.3 Handing Over Key Activities As part of CYFI’s shut down process, much of this year’ activities were dedicated to identifying the right partners to take on CYFI’s major activities, working with partners to outline the terms and conditions of the handover and officially handing over to these partners. CYFI established a set of minimum criteria for its handover to transition partners. These criteria included: • A strong working relationship with CYFI, ideally a partner with whom an MOU had already been signed; • Good international standing, known and respected in their fields of influence; • Willing to engage in a formal partnership, such as a Memorandum of Understanding (MOU) or other type of agreement; • Strong governance support, with a board that recognizes youth engagement as a part of their strategy; • Open to having a structured handover, with formal steps and documentation; • Ideally willing to assume CYFI staff, to ensure the transition of institutional knowledge and a smooth transition.

In an exciting announcement at the celebratory closing of the CYFI Annual Summit, the OECD committed to take the lead on Global Money Week under the mandate of the OECD’s International Network on Financial Education (INFE) as of 2020. This transition is an important step in increasing the reach of Global Money Week and its integration into national strategies across the world. CYFI is delighted and proud to hand over this wonderful global campaign to the OECD, who have been long-term supporters of Global Money Week and the Movement as a whole. The handover of Global Money Week to OECD’s INFE network is a key element in CYFI’s transition. OECD has been a Movement partner since inception, with an MOU between the two organisations strengthening the partnership and OECD being a strategic partner of Global Money Week. Global Money Week is the crown jewel of the Child and Youth Finance Movement. It is the first step in bringing national entities together for Economic Citizenship while also giving them a shared goal and purpose with global counterparts. It is the springboard that ultimately propels the creation of policy and implementation, and it enables the measurement of ongoing country level progress and impact. Handing Global Money Week over to the OECD’s INFE network means that through Global Money Week the process from celebration to policy creation becomes institutionalized – a process that will become owned and directed by the national authorities of 119 OECD and non-OECD countries that make up the OCED’s INFE network. This institutionalization of Global Money Week will ensure its continued growth, and by default the growth of the Movement and further increases interest in the topic. With the support of the OECD, more and more countries can develop and improve their policies on Economic Citizenship and Financial Education.

CYFI and its transition partners worked hard to enable a seamless transition for its initiatives. These steps included: 1. Initial transition note, from CYFI to the transition partner; 2. Joint statement and letter of intent, negotiated between the two parties; 3. Action plan, with roles and timelines of CYFI and the transition partner; 4. Official announcement and signing ceremony, to provide full closure and celebration of the occasion.

5.3.2 GLOBAL INCLUSION AWARDS TO AFI

5.3.3 SCHOOLBANK TO AFLATOUN INTERNATIONAL IN PARTNERSHIP WITH WSBI AND UAB

The Global Inclusion Awards were handed over from Child and Youth Finance International to the Alliance for Financial Inclusion (AFI). CYFI and AFI worked closely together to ensure that the Global Inclusion Awards are to the same standard and are consistent with the transparent evaluation methodology as always. AFI is committed to building the impact and reach of the Global Inclusion Awards and leveraging the expertise, innovations and know-how of the AFI network of national authorities. CYFI is certain that this handover will help the Global Inclusion Awards reach new heights.

CYFI also transitioned the SchoolBank project to the organization from which CYFI was founded, Aflatoun International, in partnership with the World Savings and Retail Banking Institute. Since spinning off CYFI, Aflatoun has grown to become the worldâ&#x20AC;&#x2122;s largest financial education network. WSBI represents 6000 savings and retail banks around the world. Together, the two networks create an ideal platform upon which to grow the SchoolBank model further.

5.3.4 YE! TO ITC

OPERATIONS AND RESOURCE MOBILIZATION Operations and Resource Mobilization are critical sections of Child and Youth Finance International. Operational support for the Movement and the Secretariat will facilitate the conducting of the Secretariat’s activities, ensure its capacity and sustainability. The Operations department is also involved in the governance and internal processes of the organization. It also focuses on the logistical and operational aspects of the activities to support the Movements strategic goals, particularly regarding the smooth running of workshops, meetings and regional/international summits.

CYFI’s flagship entrepreneurship program, Ye!, transitioned to ITC, a multilateral partnership between the World Trade Organization and the United Nations. With its strong commitment to youth entrepreneurship in the context of the Sustainable Development Goals (SDGs), ITC is a natural fit to assume the Ye! program. ITC had been involved with Ye! since its inception and had supported the program unequivocally through its early stages, the two organizations having signed an MOU in the early stages of Ye!’s formation. CYFI is looking forward to seeing Ye! grow into its potential, within the auspices of a broader institution. The blueprints for the Youth Entrepreneurship Fund were also handed over to the Small Enterprise Assistance Funds.

Specific focus was placed, in this final year of CYFI on the following: The operations department oversees not Donors: Managing donor relationship to keep a clear line of communication reonly the HR requirements, but also the operational needs relating to finances, IT, garding developments and the handover administration and other tasks. This year, process, and finalizing donor reporting. Human resources: CYFI brought in exthe operations department was focused on ensuring the sustainability of CYFI’s key ternal advisors to mediate the employee termination process, ensuring legal comactivities beyond the closure of the orgapliance and transition packages which nization. were in line with sectoral standards were CYFI’s operations department and its tran- awarded to employees. Contracts and Assets: the department sition partners worked hard to enable a was focused on wrapping up the legal seamless transition for its initiatives. and logistical considerations of the organization. The transition required that These steps included: CYFI review all contracts, including rental, 1. Initial transition note, from CYFI to the phones, internet and insurance. transition partner; Legal Fees and Statues with pro-bono 2. Joint statement and letter of intent, legal support, the operations department negotiated between the two parties; 3. Action plan, with roles and timelines of developed a timeline and checklist for closure of all legal entities needs to be CYFI and the transition partner; 4. Official announcement and signing part of the process. ceremony, to provide full closure and celebration of the occasion. • Sustainability

• Resource Mobilization and Reserves As the decision to close the organization came around the mid point of the year, no efforts were put forth to secure funding beyond that point. The Supervisory Board, under advisement from the Management Board, decided to transfer all remaining assets of the organization to Stichting Aflatoun International, the organization from which CYFI grew, once the organization has been shut down. • Budget The operational budget for 2019 can be found in the attached financial statements.

GOVERNANCE AND OVERSIGHT 7.1 Supervisory Board Comprised of representatives from banking networks, NGOs, development foundations, multilaterals, academic institutions and corporations, the Supervisory Board has been responsible primarily for strategy and selection and oversight of the Management Board members who are responsible for the daily operations of Child and Youth Finance International. Members of the Supervisory Board are appointed for a two-year term, do not receive a salary or any other compensation for their work, and typically meet twice a year in-person and twice telephonically. The following list includes all members of the Supervisory Board as of 31 December, 2019.

7.1.1 Members from the NGO sector

7.1.4 Members from Corporations

Jaap Doek- A global authority in the field of child rights and former chairperson of the UN Committee on the Rights of the Child Jeroo Billimoria - Pioneering Social Entrepreneur and Founder of Child & Youth Finance International, Aflatoun and ChildHelpline

Wouter Aghina- Partner at McKinsey & Company in The Netherlands Willem Blom- Partner in Global Business Tax at Deloitte Michiel Wesseling (chair)- Partner at Houthoff

7.1.2 Members from the Financial Services Sector

7.1.5 Ex-officio Members from Multinationals

Chris de Noose- Managing Director of the World Savings Bank Institute (WSBI) Wissam Fattouh- Secretary General of the Union of Arab Banks

Flore Anne Messy- Principal in Financial Affairs Division at the OECD

7.1.6 Ex-officio Members from Government

7.1.3 Members from Government Petra Hielkema- Division Director of the Central Bank of the Netherlands Theodor Kockelkoren- Inspector General of Mines at State Supervision of Mines

Denny Kalyalya- Governor of the Central Bank of Zambia Ernesto Velazquez- Board of Directors of the Central Bank of Paraguay Abdel Aziz Nossier- Executive Director of the Egyptian Banking Institute Shitangshu Kumar Sur Chowdhury- Deputy Governor of the Central Bank of Bangladesh

Figure 5: - CYFI Structure

The Executive Committee assists with the day-to-day tasks of the CYFI Secretariat, including: • Support and evaluate the Managing Director; • Review and approve major organizational decisions, commitments and plans including expenditures and leases; • Review the budget and recommend it to the Supervisory Board in consultation with the Co-Directors; • Evaluate progress toward program and financial goals; • Ensure the continuity of the organization through development and recruitment of staff members; • In conjunction with the Managing Director, provide leadership on organizational transition, structure and planning. The committee is composed of the following members: • Jeroo BIllimoria • Theodor Kockelkoren • Petra Hielkema • Michiel Wesseling • Willem Blom

7.3 Audit Committee

Partners Assembly

Governance Committee Supervisory Board

Management Board

Audit Committee Executive

Planning Team Staff

Source: Child & Youth Finance International

7.2 Executive Committee

7.4 Nominations Committee Broadly, the Nominations Committee is looking at board succession planning, as well as assisting with the development of key organizational documents. Specifically, the Nominations Committee has been tasked with the following: • Make recommendations regarding the Supervisory Board’s composition, operations and performance; • Develop profiles and recommendations for new Supervisory Board members; • Develop and execute an effectiveness assessment process for members of the Supervisory Board for use by the Chair and the overall functioning of the Supervisory Board and its committees with the exception of the Nominations Committee. The Nominations Committee shall be assessed by the Executive Committee; • Serve in an advisory capacity to the Supervisory Board on matters of organization, management succession plans, major changes in the organizational structure of the Foundation, and the conduct of board activities. The committee is composed of the following: • Beth Porter

We developed a strong set of financial controls and standards for bookkeeping, expenses, procurement and travel, which are audited annually internally and externally (with the support of our pro-bono partner, EY). The Audit Committee oversees these activities, specifically: • Overseeing CYFI’s financial statements and recommending approval of the annual report and accounts; • Overseeing CYFI’s compliance with regulatory requirements and the independent auditor’s qualifications and independence; • Overseeing the performance of CYFI’s internal audit function and independent auditors and recommending external auditors to the Supervisory Board; • Overseeing the risk assessment and management for CYFI ,including the process for monitoring statutory compliance. The Committee is composed of the following: • Willem Blom

7.5 CYFI Secretariat Team 7.5.1 Management Team As of 31 December 2019, the Management Team consisted of the following individuals: Bram van Eijk and Lubna Shaban, Co-Directors.

7.5.2 Staff Being an international movement coordinating and driving activities around the world, CYFI’s team is a mix of staff and interns, who reflect the organization’s diversity and international character, with members hailing from 4 continents. The team encompasses expertise in strategy, economic citizenship, research, communications as well as other areas, and operates day to day activities, including maintaining our network, reaching out to new stakeholders and developing programs and materials. During 2019, CYFI employed on average 5 staff. The following list includes all employees in the organization as of 31 December, 2019.

REFLECTIONS As CYFI’s leadership prepares to close its doors, they have had the opportunity to reflect on the journey and the process over the past year. Co-director Bram van Eijk shares “We are extremely proud of what the Movement has accomplished. We have seen the system shift over the years until we have reached a tipping point that is undeniable. We have disrupted the entire landscape, making way for many new entrants into the field and fundamentally changing how the bigger, well-established institutions operate with it. This is an achievement bigger than we could have imagined. Pinpointing that exact point in time where you know critical mass has been achieved is a very difficult one, and one that we took seriously and thought about long and hard. It was not an easy decision to make but it was the right one.” Co-director Lubna Shaban adds to this, saying: “Internally it was difficult: here is an amazing team, who gets along very well and does great work together—to actively disband has been quite emotional and taken a lot of adjustment. It’s so rare to hear of an organization shutting itself down that most people were quick to think we had run out of money or that this was a failure. We worked very hard to explain that the reality was the complete opposite: this was a success.” While the decision to close down was “scary”, CYFI’s Founder and Board Member Jeroo Bilimoria believes that the process itself confirmed that the decision was the correct one to follow. She explains: “While there were very few precedents to follow, the process has ultimately been one of happiness since we have received so much support through all the ups and downs.” In the end, the organization has realized that taking the difficult route will likely make it easier for others who follow suit. Jeroo adds: “Perhaps because it was so difficult, and we still did it, we feel quite proud. Ultimately it was an ethical and ideological thing to do--to stop when the time was right, rather than continue for the sake of continuing. We really hope that it sets the stage for other system change leaders to learn from our experiences. We know that although CYFI has reached its final chapter, we hope to have contributed to the writing of a new chapter for collaborative systems change.”

• Emma Broholm, Programme Coordinator • Liina Liblik, Head of Communications

7.5.3 Interns During 2019, Child and Youth Finance International benefitted greatly from the assistance and hard work of interns. Thanks to these mostly students, CYFI was able to accomplish much more than the staff would have normally been able to do. The students were typically required by their universities to do an internship for the completion of their studies, and clear goals and plans were created with them to help aid in their personal and professional growth. Internships ranged in time from 1 month to 6 months. The Secretariat would like to wish a warm thank you to everyone that interned at CYFI during 2019.

ANNEX: FINANCIAL STATEMENT AND INDEPENDENT AUDITORS REPORT