2012 ─ CYFI Regional Meetings Report 2012 by Child & Youth Finance International

Child & Youth Finance International Regional Meetings 2012     

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

Contents Introduction

Facts and Figures Multi-stakeholder representation Overview of the Regional meetings Americas and the Caribbean Africa Europe and Central Asia MENA Asia and the Pacific Meeting outcomes Americas and the Caribbean Africa Europe and Central Asia MENA Asia and The Pacific The Way Forward

2 2 3 3 3 4 4 5 5 6 6 6 6 6 7

Compiled Summit Reports Americas and The Caribbean Africa Europe and Central Asia Middle East and North Africa Asia and The Pacific

8 21 36 54 68

Introduction The five Child and Youth Finance Regional Meetings were held between October to December 2012. The meetings united diverse stakeholders from each region to exchange expertise, collaborate and advance region-specific child and youth finance priorities. The regional meetings emerged as a result of the First Annual Child and Youth Finance Summit and Awards Ceremony, which took place in April 2012. This Summit assembled over 350 participants from 83 countries and provided an opportunity for senior level participants from around the world to develop strategies to promote the Child and Youth Finance Movement. The Summit participants felt that similar platforms would be beneficial at the regional level and requested to hold regional Child and Youth Finance meetings. As a result, five regional meetings were held in 2012. In total, the Regional Meetings brought together over 800 senior level participants from 105 countries from all over the world. The Meetings took place in Mexico, Belgium, Nigeria, Lebanon and the Philippines. Youth representatives were present at each meeting and shared their feedback directly with the participants.

Facts and Figures 800 senior level representatives

Regional Breakdown at CYFI Regional Meetings Regional Meeting - Americas & Caribbean

16%

19%

Regional Meeting - Africa Regional Meeting - Europe & Central Asia

16%

15%

Regional Meeting - MENA 34%

Regional Meeting - Asia & Pacific

Multi-stakeholder representation Regional Meeting - Americas & Caribbean

(I)NGOs

Regional Meeting - Africa

Financial Institutions/Banking Associations

Regional Meeting - Europe & Central Asia

Bi- or Multilateral Institution & Foundations

Regional Meeting - MENA

National Authorities Regional Meeting - Asia & Pacific 0%

Child & Youth Finance International Regional Meetings 2012

20%

40%

60%

80%

100%

Other

Overview of the Regional meetings Americas and the Caribbean Date: 4 - 5 October 2012  Hosts and Co-organizers: The Mexican Ministry of Finance, the Secretariat of Public Education, the National Banking Commission, the Mexican Association of Banks, the Association of Supervisors of Banks of the Americas, Banco de Mexico, the Financial Services Consumer Protection Commission, the Mexican Institute for Youth and the Iberoamerican Organization of Youth.  Overview: This meeting for the Americas and the Caribbean took place in Mexico in October 2012 as one of the activities within the framework of the Mexican G20 presidency. It brought together 132 participants from 17 countries. The Meeting was inaugurated by the Mexican Minister for Youth Mr.Miguel Ángel Carreón and the Mexican Minister of Education Mr.José Angel Córdova Villalobos.  Key issues for the region: Financial education for out-of-school children, the role of civil society in disseminating financial education, strategies for increasing financial access for children and youth and undertaking research and impact assessment on these issues.

Africa Date: 23 - 24 October 2012  Hosts and Co-organizers: Central Bank of Nigeria  Overview: The Africa Regional meeting was held under the patronage of Mr. Mallam Sanusi Lamido Sanusi, the Governor of the Central Bank of Nigeria. 145 participants from 17 African countries attended the meeting, which was inaugurated by Mr. Tunde Lemo, the Deputy Governor of the Central Bank of Nigeria on behalf of the Governor. The meeting featured messages of support and commitment by national authorities and inter-regional agencies. Among these were commitments from Mr. Awich Pollar, Member of the Committee on the Rights of the Child, who shared his commitment to include Child and Youth Finance topics on the general comments of the UNCRC. The Secretary of State for Basic and Primary Education in the Republic of Cameroon shared his willingness to champion financial education in Cameroon and among the BCEAO member countries. The African Union Commission will work with CYFI to circulate information on financial education and inclusion to governments in Africa, and help them develop strategies. The African Development Bank (AfDB) will work toward the creation of an enabling environment for economic systems that includes children and youth. The Postcode Loterij, an initial supporter of the Movement, has committed to continuing/expanding its support. Parallel to the CYFI Regional Meeting was the Alliance for Financial Inclusion's (AFI) Strategy Peer Learning Program. Joint sessions were held for these two meetings to facilitate interaction and deepen collaboration. The CYFI Regional Meeting for Africa developed as part of the Launch of the National Financial Inclusion Strategy for Nigeria, which was inaugurated by His Excellency Mohammed Namadi Sambo, Vice President of the Federal Republic of Nigeria, representing His Excellency Dr. Goodluck Ebele Jonathan, The President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. Her Royal Highness, Princess Máxima of the Netherlands gave a speech as the United Nations Secretary General’s Special Advocate on Inclusive Finance for Development.  Key issues for the region: promoting youth entrepreneurship and youth employment, country-level focus, increasing financial literacy in formal and informal education centers, addressing conflict environments in countries, stimulating increased financial inclusion for youngsters.

Child & Youth Finance International Regional Meetings 2012

Europe and Central Asia Date: 6 - 7 November 2012  Hosts and Co-organizers: Belgian Financial Services and Markets Authority(FMSA), the European Banking Federation (EBF), the European Association of Cooperative Banks (EACB), and the World Savings Bank Institute (WSBI). In collaboration with UNICEF.  Overview: The Regional Meeting for Europe and Central Asia took place in the presence of Her Royal Highness Princess Mathilde of Belgium. 130 representatives from 36 countries were present at the meeting, which highlighted Child and Youth Finance issues in the region and spotlighted organizational commitments to prioritize the issue at national and regional levels. Giving introductory addresses were The Vice-Prime Minister and Minister of Finance of Belgium Mr. Steven Vanackere, who stressed the importance of this issue for Europe and globally given the current economical climate, and the Chairman of the Belgian Financial Services and Markets Authority, Mr. Jean Paul Servais. Mr. Servais highlighted the FSMA´s support to the Movement thorough its efforts in building a global online portal on financial education and access and taking the steps towards creating a national strategy on the issue. Mr. Herman van Rompuy, President of the European Council expressed his regret for being unable to attend through a video message, in which he offered his support for the Movement and shared the results of the European Council working on related youth issues (click here to watch the video) Mr. Phillippe Lamberts, Member of the European Parliament promised to support the development of a declaration in the EU parliament on Child and Youth Finance topics and encouraged CYFI to call on the European Commission through the Citizen’s Initiative. The European Economic and Social Committee committed to take on financial education and inclusion for children and youth in their agenda and to logistically support a Citizen’s Initiative process on the issue.  Key issues for the region: Tackling youth unemployment, integrating financial education into national curricula and creating pan-European strategies for financial inclusion and education for youngsters.

MENA Date: 16 – 17 November 2012  Hosts and Co-organizers: Union of Arab Banks  Overview: The MENA regional meeting was inaugurated by the Lebanese Prime Minister His Excellency Mr. Najib Mikati and His Excellency Lebanese Minister of Justice, Mr. Shakib Kortbawi and was held as an integrated agenda along with the Annual Summit of the Union of Arab Banks. The meeting comprised 350 participants from 15 Arabic countries to focus on expanding the Child and Youth Finance Movement in the region. At the Meeting, CYFI Managing Director Jeroo Billimoria won the Union of Arab Banks award for her global innovation and leadership through the Child and Youth Finance Movement and global innovation. Among the other awardees was Director of the IMF Christine Lagarde. Representing the United Nations Committee on the Rights of the Child was Ms. Hadeel Al Asmar, who outlined the responsibility that financial institutions and other corporations had to furthering the financial inclusion of children and youth, while respecting their rights and ensuring their protection. Mr Justin Sykes, Director Microenterprise at Silatech, stressed on the importance of investing in the youth of the Arab region, and debunked the myth that the MENA region is too volatile to be “uninvestable”. Dr. Ashraf Gamal El-Din, Deputy Executive Director of the Central bank of Egypt spoke of the efforts in Egypt to increase financial inclusion for youth by working with all the major financial institutions in the country, and advocating for the certification of Child and Youth Friendly Banking Products.  Key issues for the region: spurring economic growth and stability through tackling youth unemployment and increasing financial literacy at secondary schools, primary schools and universities.

Child & Youth Finance International Regional Meetings 2012

Asia and the Pacific Date: December 3 - 4 2012  Hosts and Co-organizers: Central Bank of the Philippines  Overview: The meeting was held at the offices of the Central Bank of Philippines (Bangko Sentral ng Pilipinas), where it was inaugurated by Mr. Amando M.Tetangco, Jr., Governor of Bangko Sentral ng Pilipinas. 90 Representatives from 20 countries participated in the meeting. The meeting highlighted Child and Youth Finance issues in the Asia-Pacific Region. The meeting was concluded with encouraging remarks from the Deputy Governor of the Central Bank of Philippines, Mr. Nestor A. Espenilla, and Secretary of the Commission on Filipinos Overseas, Ms. Imelda M. Nicolas. During their remarks, the Secretary and the Deputy Governor announced the Kiddie Katapat Savings program. This program is designed to enable parents to incentivize their children to save more. Parents can transfer amounts to match to the child’s savings to the child’s account at no additional cost. During the meeting the Manger of the Reserve Bank of India, Mr. Anand Babu, committed to reach 20 to 30 million Indian children through financial inclusion. Ms. Halimahtun Pehin Sulaiman representative the Ministry of Education of Brunei Darussalam committed to reach 100,000 children. Furthermore, Ms. Abigail Chang, Financial Education Technical Specialist & Co-ordinator of the UNCDF Pacific Financial Inclusion Program (PFIP), committed to promote Child and Youth Friendly Banking initiatives in the Pacific region.  Key issues for the region: An emphasis on financial access through formal and informal banking, a desire for technological solutions to overcome financial barriers and a focus on creating the necessary regulation for facilitating these efforts.

Meeting outcomes The regional meetings provided an opportunity to participants to more deeply understand Child and Youth Finance Movement regional trends and developments. The outcomes of the regional meetings served as the first round of consultation on the direction and strategy of the Movement as it enters its second year. These outcomes were compiled and, in April 2013, presented to the participants of the Second Annual Child and Youth Finance Summit in Istanbul, Turkey. Summit Participants had the opportunity to comment on these outcomes and use them to build regional action plans. The recommendations from the Regional Meetings were integral in shaping the agenda of the Second Annual Child and Youth Finance Summit & Awards Ceremony in May 2013. The priorities that emerged from the regional summit were addressed in dedicated sessions. This allowed for a deeper exploration of subject areas which would serve to feed back into the strategic review of the Child and Youth Finance Movement. Regional sessions were held at the Summit to allow for further regional discussions. Regional representatives built upon these recommendations and created an action plan to strengthen the Child and Youth Finance Movement in their regions.

Child & Youth Finance International Regional Meetings 2012

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

Importance of creating multi-stakeholders National Platforms at a Regional Level: Chile, Colombia, Costa Rica, El Salvador, Paraguay, Guatemala, Dominican Republic  Importance of creating awareness of Child and Youth Finance priorities: Celebrating Global Money Week 2012 Brazil, Canada, Chile, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Paraguay, Peru, Dominican Republic, United States, Uruguay, Venezuela  Importance of creating a Local Research Group for the Americas and the Caribbean: Saint Louis, U.S.A., Feb. 2013 – scale up at regional level

Africa 

Importance of multi-stakeholders alliances: creating of National Platforms for the development of financial inclusion and educational national strategies for children and youth  Relevance of promoting awareness in child and youth finance: 14 countries joined the celebrations of Global Money Week 2012  Furthering regional and international gatherings of stakeholders & share various experiences on children and youth finance issues  Enhancing the support of technology to overcome barriers to access to financial products and education and/or increase outreach

Europe and Central Asia 

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Importance of regional gatherings with stakeholders from diverse sectors respecting financial education and inclusion for sharing of best practices and for reciprocal learning => continuity of the Regional Meetings for Europe and Central Asia Need of creating greater awareness at regional level for financial education and inclusion => need of involvement of Regional bodies in awareness raising campaigns Importance of creating awareness and creating linkages nationally: 27 countries celebrated the Global Money Week 2012 Importance of actively involving children and youth in the decision making process => creation of platforms for information exchange at national and regional levels Importance of developing research measuring the impact of financial literacy strategies. Importance of developing appropriate Childfriendly and Youthfriendly banking products along with financial education and in support of youth savings mobilization.

MENA 

Importance of creating awareness of Child and Youth Finance: celebrating Global Money Week 2013. Initiatives took place in Egypt, Kuwait, Lebanon, Libya, Morocco, Palestine, Saudi Arabia, Sudan, United Arabs Emirates, Yemen  Importance of multi stakeholder collaboration: the creation of National Platforms developing national strategies on financial inclusion and/or Economic Citizenship Education for children and youth.  Develop national and regional action plans for tackling youth unemployment in the MENA Region and providing youth with educational and financial tools to empower them.  Fostering collaborations with Arab Banks and Financial Services Providers in developing ChildFriendly and YouthFriendly banking products enhancing youth saving accounts incorporating financial education.

Asia and The Pacific 

Importance of multi-stakeholders approach to Child and youth Financial Education and Financial Inclusion: Bangladesh, Bhutan, Cambodia, Nepal, Pakistan, Thailand  Importance of creating awareness and platforms for collaboration: Celebrating Global Money Week 2012 initiatives in Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, India, Indonesia, Malaysia, Mongolia, Nepal, Philippines, Thailand  Emphasizing the role of teachers and teachers’ association in supporting the implementation of Economic Citizenship Education strategies  The importance of Central Banks and national authorities in leading Child and Youth Finance nationally and regionally through advocacy and regulatory reforms

Child & Youth Finance International Regional Meetings 2012

The Way Forward Building upon these outcomes and cutting across all the sessions, Summit participants put forward a series of recommendations and actions for the Child and Youth Finance Movement. The recommendations and subsequent actions for the CYFI Secretariat to take are as follows: 

Continued Regional meetings: The Summit participants want to continue to have Regional Meetings where regionspecific issues can be addressed and best practices can be shared regionally. They also recommended that more regional bodies get involved, to facilitate greater regional involvement and action. Action by CYFI: Regional Meetings have been planned for Q3 and Q4 as follows: Region Africa Americas and the Caribbean Americas and the Caribbean MENA Europe and Central Asia Asia and The Pacific

Location Zambia Colombia Bolivia Egypt Germany – TBD South Korea - TBD

Date 3-4 September 10-11 October, 2013 28-29 November, 2013 Q4, 2013 Q4, 2013 Q4, 2013

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Deep diving at the country level: To increase the level of national collaborations, participants recommended a stronger country by country. Action by CYFI: The Secretariat will focus on identifying existing and potential stakeholders at the national level to deepen national coordination and sharing. Outreach will be to public, private and the civil society sector.

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Entrepreneurship and Employment: participants voiced a strong recommendation for an increased focus on entrepreneurship and employment for youth, and how these can be addressed at the regional level. Action by CYFI: In conducting its strategic review, CYFI is placing the issues of entrepreneurship and youth employment as strategic priorities. Partners in the Movement will seek out ways to leverage the expertise from within the network, as well as focus on innovations for tackling these priority issues.

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Youth involvement: The engagement of children and youth was highly valued by the participants. Youth participating in shaping the Movement and creating policy recommendations was deemed necessary. The Participants therefore advised increased youth involvement in shaping the strategy and direction of the Movement. Action by CYFI: CYFI will continue to seek input and feedback from children and youth and create the necessary platforms for them to make recommendations to policymakers. Through our outreach efforts, CYFI will ensure that all children in all regions are fully represented.

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Global Money Week: Global Money Week was seen by the participants as an important and fun activity which was the glue that brought national stakeholders, as well as children and youth, together. Participants recommended increased Global Money Week efforts and the support of Global Money Week from regional bodies. Action by CYFI: CYFI made Global Money Week an annual event and will continue to engage a growing number of stakeholders in the event, including regional bodies. Through Global Money Week, children and youth will continue to be engaged and, learn and share about the financial issues that most matter to them.

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Governance: Regional representatives seek increased representation in CYFI’s governance structure. This would allow for the board to be shaped in a way that best captured the realities and needs of the diverse regions. Action by CYFI: Regional representatives were nominated by the network to represent the various regions on the CYFI board.

Based on these recommendations, CYFI will be creating a SWOT analysis (Strength, Weaknesses, Opportunities and Threats) which will allow CYFI and its board to revise its strategic plan. This new strategic plan will ensure that the Movement remains relevant, innovative and bottom-up.

Child & Youth Finance International Regional Meetings 2012

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

Child & Youth Finance International Regional Meetings 2012

Executive Summary The first Child and Youth Finance Regional Meeting for the Americas and the Caribbean commenced on October 4 and 5, 2012, in Mexico City. In the Americas and the Caribbean children and youth make up 70% of the population and, at a time when innovations and policies related to children’s financial issues are gaining momentum, it is important to focus on the financial realities faced by an entire generation. The Regional Meeting was inaugurated by the Mexican Minister of Education, José Ángel Córdova Villalobos, and the Mexican Minister for Youth, Miguel Ángel Carreón, and was held as one of the activities within the framework of Mexican Presidency of the G20. It brought together 132 participants from 17 countries to focus on expanding the Child and Youth Finance Movement in the region. Policymakers gathered to explore ways in which to increase financial education and financial inclusion for youngsters through the best policies and practices. Meeting highlights included: 

The documentation and sharing of best practices The formation of alliances of national and regional stakeholders  Unified Support for regional cooperation  Children and Youth presenting their national policy formulation recommendations  Commitments by national stakeholders to take on financial issues in their respective countries. 

The meeting featured interactive sessions which saw the audience and panelists debate and share their thoughts on some of the more pertinent issues within the region. These included the gaps in financial education and enterprise education, low levels of financial access for youngsters, the effect the recent financial crisis has had on youth, and the importance of designing the right policies at a time when the region seems to be at its height of readiness. Recommendations made by the participants for the region include: 

Inter-sectorial collaborations among national bodies Greater focus placed on integrating financial education into national curricula  Greater effort to increase financial inclusion through Child and Youth Friendly Banking Products  The need for more regional-based research  The importance of forming or adjusting policies on these issues 

The meeting concluded with words of support from Juan Manuel Valle Pereña, Head of the Banking, Securities and Savings Unit on behalf of José Antonio Meade Kuribreña, Minister of Finance of Mexico, institution hosting the G20 conference in 2012 and a call for all countries in the region to collaborate in furthering financial education and access for all children and youth in Americas and the Caribbean. An overview of the program agenda can be seen below: Day 1: Thursday 4th of October

Day 2: Friday 5th of October

Morning

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Inauguration Ceremony  Child and Youth Finance Education Framework: Social, Financial and Livelihood Education.  Education Curricula: An Overview

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Afternoon

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Night

Certification of Child and Youth Friendly Banking Products  Financial Institutions: Banking Products and Outreach to Children and Youth  Cultural event and Cocktail

Academia and Research: A special focus on the Region  A Region in Action: Accelerating the Child and Youth Finance Movement in the Region Accelerate and act!

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

Child & Youth Finance International Regional Meetings 2012

We would like to take this opportunity to thank the Organizing Committee who made this event possible through their tireless efforts and dedication to the Child and Youth Finance Movement. Their commitment, knowledge and expertise was invaluable in helping to shape this regional event. There is no doubt that their continued support will see the Movement reach beyond its targets.

About the Regional Meeting for the Americas and the Caribbean The CYFI Regional Meeting for the Americas and the Caribbean was the first of five Regional Meeting organized by CYFI around the world in collaboration with different national stakeholders. The Regional Meetings were conceived as a space to gather diverse actors to discuss topics related to the financial education and inclusion of children and youth.

Participants This brought together 132 participants coming from 17 countries. During the day-and-a-half meeting representatives from government organizations, financial services providers, financial regulators, NGOs, academia and research institutions shared their experiences, innovations and commitments to ensure that 100 million children and youth have access to financial education and inclusion by 2015.

Meeting Highlights  The Minister of Education José Ángel Córdova Villalobos and the Minister of Youth Miguel Ángel Carreón showed their support for The Movement and commitment to the financial education and inclusion issues at the meeting’s inaugural ceremony.  The CYFI Regional Meeting for the Americas and the Caribbean was held as one of the activities of the Mexican Presidency of the G20  This event gathered 132 participants coming from 17 countries

Child & Youth Finance International Regional Meetings 2012

Key Meeting Outcomes  Documenting and sharing innovations through online platforms and other media  Forming alliances between organizations and individuals in similar and/or different sectors  Sharing experiences and recommendations different sectors  First meeting of its kind within the region, during which stakeholders came together to discuss specific issues related to child and youth finance  Youth presented recommendations to participants on increasing financial access for them

Day 1 Thursday 4 October, 2012 9:00 – 10:00 10:00 – 11:30 12:00 - 13:30 15:00 – 16:00 16:30 – 18:00

Inauguration Ceremony Child and Youth Finance Education Framework: Social, Financial and Livelihood Education Education Curricula: An Overview Certification of Child and Youth Friendly Banking Products Financial Institutions: Banking Products and Outreach to Children and Youth

Inaugural Ceremony Welcome Address Jeroo Billimoria, Managing Director, Child and Youth Finance International acknowledged the strides the G20 has taken to incorporate financial education and inclusion as a key element in the development of healthy financial systems (refer to paragraph 53 of the final declaration of the G20 meeting in los Cabos). Billimoria pointed out that the CYFI Regional Meeting for the Americas and the Caribbean was the first meeting of its kind within the region, in which stakeholders (17 countries and 132 participants) came together to discuss specific issues related to child and youth finance. Loreto Garcia Muriel, Mexico Banking Association, acknowledged the efforts of the Minister of Education in placing emphasis on the topic and stressed the need for inter institutional, multi-sectorial collaboration to continue to press the topic forward. Mrs. Garcia also stressed on the value that Banks in Mexico have given to financial education and the commitment they have shown to this topic. Mexico’s Minister of Youth, Miguel Ángel Carreón, recognized the urgency of providing children with access to quality financial education and solid financial systems. Mr. Carreón emphasized that this was the only way to achieve a substantial positive change in the present financial culture. He pledged his support for the meeting and expressed hope that this in turn will lead to the implementation of financial education and inclusion strategies in Mexico and within the region. Mexico’s Minister of Education, Miguel Ángel Córdova Villalobos, highlighted the hard work of the CYFI Movement and other organizations involved in spreading the concerns of financial education and inclusion througout the region. Dr. Córdova Villalobos stressed that the present world economic situation demands that individuals learn, from an early age, “basic elements of financial culture”. The Minister also pointed out the efforts the Ministry of Education is making to push the topic forward in terms of building teacher’s capability, incorporating financial education into primary school books and recognizing the importance of including financial education in the formal system.

Child & Youth Finance International Regional Meetings 2012

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

Chair: Graeme Thompson, Regional Program Coordinator, ChildFund International Speakers:  Uriel Galicia Negrete, Director Financial Education, BBVA Bancomer  Alvaro Modernell, Founder, Mais Ativos  Veronica Porte Petit, Financial Education Material Developer, Banamex  Jaime Santibañez, Senior Representative, JA Americas Graeme Thompson, Regional Program Coordinator, ChildFund International opened the discussion stressing the importance of creating integrated education programs that are linked with financial inclusion. Mr. Thompson pointed out the importance that such programs take advantage of available ICT services to advance the penetration of financial services in remote communities. Uriel Galicia Negrete, Director Financial Education, BBVA Bancomer spoke about the commitment of BBVA to financial education as part of their CSR strategy in Mexico and in other countries where the group is present. Mr. Galicia, additionally, described some of the programs under the tutelage of this organization, their benefits and positive outcomes and the value of financial education to improve household finances and to create empowered citizens. Alvaro Modernell, Founder, Mais Ativos highlighted the efforts of Brazil for their integrated financial education strategy and how this approach has turned into benefits for the overall population. Modernell insisted in the fact that there is still a long way to go and a lot to learn in the process. He insisted that financial education should focus on a behavioral change rather than simply acquiring knowledge. Veronica Porte Petit, Financial Education Material Developer, Banamex expressed the importance of developing a financial culture based on educational and social strategy. This will impact not only the lives of children, but also the lives of those around them- family, community. Additionally Mrs. Porte Petit mentioned how Banamex financial education programs have reach over 1.600.000 children and youth all over Mexico. Jaime Santibañez, Senior Representative, JA Americas discussed the importance of empowering children to become capable economic citizens through a combination of financial education and knowledge acquisition. Mr. Santibañez also mentioned the importance of synergizing with the private sector in developing and implementing programs dedicated to children and youth.

Child & Youth Finance International Regional Meetings 2012

Education Curricula: An Overview The purpose of this session was to describe and identify the benefits, the best practices and the policy changes needed in order to implement financial education as mandatory into the national curricula.

Chair: Noemi García, Director of Curriculum Development, Mexican Ministry of Education Speakers:  Isidro Chavez, Representative, Central Bank of Paraguay  Valerie Meza, Program Manager for Latin America, Aflatoun  Marco Antonio, Specialist, Peruvian Ministry of Education  Eulalio Sanabria, General Director of Permanent Education, Paraguayan Ministry of Education Vice-Minister of Basic Education of Mexico, Francisco Ciscomani, sent a letter in which he expressed the importance of understanding that financial education and inclusion are crucial for the well-being of the population. Furthermore, the Vice-Minister highlighted that the challenge of the education sector is to integrate financial education into the national curriculum so children and youth can have a better understanding of financial concepts and tools. Noemi García, Director of Curriculum Development, Mexican Ministry of Education insisted that a prerequisite for successfully integrating financial education into a national curriculum is overcoming a number of key challenges that Ministries of Education are confronted with. Mrs. García highlighted a number of countries that have overcome these challenges and have succeeded in integrating financial education into the national curricula, and insisted in the fact that these are key examples to follow. Isidro Chavez, Representative, Central Bank of Paraguay illustrated how the cooperation between Banco de Paraguay and the Ministry of Education made the inclusion of topics of financial education possible within the national curricula in this country. Valerie Meza, Program Manager for Latin America, Aflatoun, highlighted the importance of involving the private-public sector in the development of materials and the design of programs including financial and social education. Their collaboration should go from improving and innovating subject’s contents to teachers’ capacity building. Marco Antonio, Especialista, Peruvian Ministry of Education talked about the challenges that the Ministry of Education has faced when integrating financial education in the national curriculum for secondary education, how some of the financial education related topics have been included in core subjects and the challenges ahead in terms of including financial education in the basic education curricula and the impact evaluation of this initiative. Eulalio Sanabria, General Director of Permanent Education, Paraguayan Ministry of Education stressed the importance of students understanding the socio-economic and financial situations that affect them directly or indirectly. Mr. Sanabria also emphasized that financial education should be among the responsibilities of the Ministry of Education.

Child & Youth Finance International Regional Meetings 2012

Certification of Child and Youth Friendly Banking Products Panelistis of this session discussed the characteristics of Child/YouthFriendly Bankings Products using examples from already existing practices. They also discussed the benefits of designing and developing Child/YouthFriendly Banking products and the importance and benefits of having this certification.

Chair: Fernanda Trigo, Associate, McKinsey & Co. Speakers:  Jorge Aurich, Products Manager, MiBanco  Ryan Frank, Gerente de Desarrollo de Productos, World Council of Credit Unions  Rony Garcia, Partner, Deloitte  CYFI on behalf of KPMG Fernanda Trigo, Asociate, McKinsey & Co. opened the discussion of this panel focusing on the development and certification of Child/Youth Friendly banking products expressing the importance of considering this as a crucial opportunity for developing a different business model focused on children and youth. Jorge Aurich, Products Manager, MiBanco, explained the processes and challenges faced by Mi Banco when designing and developing a Child and Youth Friendly banking product, what were the key subjects to be addressed and the strategy the MiBanco is planning to use to reach children and youth in Peru. Ryan Frank, Product Development Manager, World Council of Credit Unions, highlighted that a child-friendly banking product should be rentable/profitable, low cost, simple, reaching children and youth and designed to suit the needs of children and youth. Rony Garcia, Partner, Deloitte, described the characteristics and development of the Child and Youth Friendly certificate. Furthermore he stressed the importance of the certificate, the commercial value of having certified products and what this certificate stands for. CYFI represented by Daniele Scauso, presented the work done by KPMG on the creation of a guide to develop Child/Youth Friendly banking products. This guide will be officially launched in the CYFI Regional Meeting for Europe and Central Asia in November this year and open for public consultation within the CYFI network soon after.

Child & Youth Finance International Regional Meetings 2012

Financial Institutions: Banking Products and Outreach to Children and Youth This session served to present, explore and review ways to reach out to children and youth using available technology. It also reviewed the laws and regulation on banking products for child and youth in the region, its pros and cons, innovative examples and key policy changes to be addressed.

Chair: Teresa Alamillo, Private Sector Director, UNICEF Regional Office for the Americas and the Caribbean Speakers:  Fe de la Cruz, Financial Education Director, Central Bank of the Philippines  Alejandro Denes, Corporate Social Responsibility Director, Banco República  Carlos Lopez-Moctezuma,Chief of Staff, National Banking and Securities Comission  Matilde Olazabal, Country Director, Freedom from Hunger/Mexico  Jaime Ramos, Researcher, Institute of Peruvian Studies Teresa Alamillo, Private Sector Director, UNICEF Regional Office for the Americas and the Caribbean, asserted that the private sector should undertake initiatives specifically focused on children and youth, which respect to their economic rights. She further emphasized that the strategies designed and implemented should reflect local realities in order for them to be effective and long lasting. Fe de la Cruz, Financial Education Director, Central Bank of the Philippines, remarked that in spite of numerous initiatives within the region, there is yet a lot of work to be done to successfully implement a regional strategy that will ensure the economic empowerment of children and youth. Mrs. De la Cruz also announced that Bangko Sentral ng Pilipinas was gearing up to celebrate Global Money Week in 2013 after a successful week earlier this year. Alejandro Denes, Corporate Social Responsibility Director, Banco República outlined the legal adjustments needed so that BROU could offer children bank accounts (14 to 18 years old) and why they decided to bet for a different business model in their approach to children and youth and how social media has been a innovative tool to reach out to this segment. Carlos Lopez-Moctezuma,Chief of Staff, National Banking and Securities Comission, stressed the challenges faced by Mexico in terms of giving financial access to the whole population, what policy changes they have undertaken until now and which are the strategic next steps to improve financial access in the Mexican territory. Mr. Lopez-Moctezuma also highlighted that a successful strategy for financial inclusion for children and youth should include ludic elements, use of social media, interactive material and practical exercises that are thought to attract children and youth. Mr. LopezMoctezuma additionally stressed the need to involve the family in both the process of financial inclusion and education. Matilde Olazabal, Country Director, Freedom from Hunger/Mexico discussed the need to develop strategies that will reach children in low income and/or rural areas as they are the most vulnerable population. Mrs. Olazabal spoke about Freedom for Hunger integrated microfinance program- AIM Youth- that evaluates different integrated (financial education and inclusion) financial services for children from 13 to 18 years old. Mrs. Olazabal also stressed the importance of modifying national policies to facilitate the access to savings accounts and using existing technologies. Jaime Ramos, Researcher, Institute of Peruvian Studies, stressed that financial institutions should have products that are easy to understand, and financial education programs. Mr. Ramos emphasized that this will help children and youth to grow in an environment that promotes sound decision-making abilities.

Child & Youth Finance International Regional Meetings 2012

Day 1: Key Outcomes    

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Importance of private and public sector synergy is key to the creation and development of financial education strategies Relevance of designing and developing financial education programs focused more on behavior change rather than acquiring knowledge Need to address policy changes to move forward in the inclusion of financial education in national curriculum. Importance to understand that children and youth have specific needs and this should be taken into account when designing and developing child/youth-friendly banking products Importance of making use of existing tools and expertise to learn and innovate.

Child & Youth Finance International Regional Meetings 2012

Day 2 Friday 5 October, 2012 09:15 – 10: 15 10:15 – 12:00

Academia and Research: A special focus on the Region A Region in Action: Accelerating the Child and Youth Finance Movement in the Region

12:00 – 13:00

Concluding Session and closing remarks: Reshaping the Future of Finance| Child and Youth Finance International Summit

Academia and Research: A special focus on the Region Academics presented the main findings on the Theory of Change of the movement and the main gaps to be filled in the field of research on financial capability for children and youth.

Chair: Joyce Serido, Assistant Professor, John & Doris Norton School of Family Consumer Sciences, University of Arizona Speakers:  Gloria Almeyda, Senior Coordinator, Georgetown University  Catherine Rodriguez Orgales, Profesor, Universidad de los Andes  Kurt Schindler, Kansas State University Joyce Serido, Assistant Professor, John & Doris Norton School of Family Consumer Sciences, University of Arizona explained the theory of change and how it is the theoretical basis for The Movement. The Child and Youth Finance Movement Theory of Change forms the theoretical base of the Movement’s strategy. The Theory of Change is based on the collective experience of The Child and Youth Finance Academics Experts Council, made up of leading academics in the field. They are investigating the relationships between the three strategic building blocks of the Theory of Change, and whether they can be shown to drive the positive youth development outcomes the Movement believes they will. Gloria Almeyda, Senior Coordinator, Georgetown University, presented the value of the literature review developed by the Academic working group of Child and Youth Finance International called Children & Youth as Economic Citizens: Review of Research on Financial Capability, Financial Inclusion, and Financial Education as a starting point for encouraging research in Latin America. Dr. Almeyda also stressed the importance of promoting and spreading information as well as promoting research among academics and researchers with a region focus. Catherine Rodriguez Orgales, Profesora, Universidad de los Andes en Colombia described the implementation of YouthSave Project, its outreach in Colombia, where important efforts have been dedicated to the development and evaluation of saving products for low-income youth in the country. Kurt Schindler, Kansas State University, United States of America, emphasized the importance of establishing and nourishing teacher capability as one of the key elements to improve programs of financial education across the region and what would be the research questions to be addressed when doing further evaluation of these programs.

Child & Youth Finance International Regional Meetings 2012

A Region in Action: Accelerating the Child and Youth Finance Movement in the Region This session identified key challenges and actions towards the creation of National and Regional Platforms. It served as a platform for sharing of best practices as well as exploring the creation of substantial policy changes at the national levels on Child and Youth Finance issues.

Chair: Guillermo Aguilar, Specialist MIF, Inter-American Development Bank Speakers:  Cesar Portalanza, Jefe de Educación e Inclusión Financiera, Superintendencia de Bancos, Seguros y AFP  Nidia Garcia Bohórquez, Economist, Banco de la República de Colombia  Ana Luisa Saavedra, Deputy Director General, Savings and Financial Regulation, Ministry of Finance and Public Credit of Mexico. Guillermo Aguilar, Specialist MIF, Inter-American Development Bank, in his opening remarks highlighted the importance of having an integrated approach when addressing the topics of financial education and inclusion from a national perspective. Mr. Aguilar also pointed out how relevant is that national authorities encourage the addition of these topics to the agendas and the need to count with the support of the civil society, and the private sector. Cesar Portalanza, Director of Financial Education and Inclusion, Superintendencia de Bancos, Seguros y AFP, Perú, described the Peruvian experience with regard to the creation of a national strategy for financial education. Mr. Portalanza also stressed that Peru is the first country to have financial education included in the secondary school curricula at a national level. Portalanza took the time to describe the process which Peruvian institutions went through and the change of policies needed to reach this goal. Nidia Garcia Bohórquez, Economist, Banco de la República de Colombia, Colombia, remarked that multi-sectorial collaboration was achieved in Colombia. Mrs. García also gave examples of the concepts and objectives that framed the national economic and financial education strategy. Additionally Mrs. García mentioned that the Central Bank of Colombia is exploring the possibility to further financial inclusion as one of its main priorities and announced the commitment of the Central Bank of Colombia to participate in the celebration of the Global Money Week (March 16th) in 2013 together with other 70 countries taking this initiative forward. Ana Luisa Saavedra, Directora General Adjunta de Ahorro y Regulación Financiera, Secretaría de Hacienda y Crédito Público, characterized how Mexican institutions have approached the subject of financial inclusion. Mrs. Saavedra highlighted the key priorities being addressed from the Mexican Ministry of Finance, which include strategic mapping of goals for financial inclusion, reviewing the regulatory framework regarding access to financial services and promoting financial education programs for excluded populations She also highlighted the importance of inter-institutional cooperation to promote financial education and inclusion at the regional level.

Day 2: Key Outcomes    

Need for different stakeholders to share information in order to spread and en courage research in the topics related to children and finance. Importance of a special focus on regional characteristics and current events should be considered in regional-based research Need for the revision of the current regulatory framework and the necessary modifications made at a national level Relevance of sharing experiences, expertise and best practices at the regional and national level, to strengthen regional efforts.

Child & Youth Finance International Regional Meetings 2012

Accelerate and Act! Closing Remarks Closing the CYFI Regional meeting for the Americas and the Caribbean Jeroo Billimoria, Managing Director, Child and Youth Finance International remarked the importance of the Child Finance Movement in the region and highlighted the importance of cross-sectorial collaboration in taking the Movement forward in the Americas and the Caribbean. She also pledge to participants to take forward the Movement in their countries by actively encouraging the creation of joint national strategies for financial education and inclusion for children and youth. Juan Manuel Valle, Head of the Banking, Securities and Savings Unit of the Ministry of Finance and Public Credit of Mexico gave his final comments on behalf of the Minister José Antonio Meade Kubrieña, and expressed the Minister of Finance continued support to the Child and Youth Finance Movement. He highlighted the initiatives that have made Mexico a pioneer country in the topics of financial education and inclusion in the region and insisted in the fact that further cooperation among regional and national bodies is needed. To conclude his intervention he pointed out that efforts to strengthen the Movement should continue growing in the region.

Next Steps 

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Building a solid network of Academics working on region specific issues related to child and youth finance, which should take into account the particular regional and different national realities. Creation of country platforms to take forward the CYFI Movement at a national level with the support of the CYFI Secretariat. Encourage the celebration of the Day/Week Child and Youth Finance 2013 Joining the CYFY Movement in the celebration of its Second International Summit to be held in Turkey the 7th- 9th of May, 2013.

Child & Youth Finance International Regional Meetings 2012

Regional Meeting Africa 23-24 October 2012 Abuja, Nigeria

Child & Youth Finance International Regional Meetings 2012

Executive Summary The first Child and Youth Finance International (CYFI) Regional Meeting for Africa was held in Abuja, Nigeria, on 23-24 October, 2012 under the patronage of Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria at the Transcorp Hilton Hotel. It was co-organized by the CYFI Secretariat, the Central Bank of Nigeria (CBN) and the Gesellschaft für Internationale Zusammenarbeit (GIZ). This conference provided an opportunity for the CYFI Movement to be established in Africa, facilitated dialogue across different stakeholders and discussed initiatives that could inform policy makers at national and regional levels. It brought together high-level government officials, experts from public and private institutions, financial regulatory and supervisory authorities, research and academic representatives, regional bodies, non-governmental organizations (NGOs) and multilateral agencies. 136 participants from 19 African countries attended the meeting. Parallel to the CYFI Regional Meeting was the Alliance for Financial Inclusion (AFI) Strategy Peer Learning Program. Joint sessions were held for these two meetings to facilitate interaction and deepen collaborations. 

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Mr. Tunde Lemo, Deputy Governor of Operation at the Central Bank of Nigeria, inaugurated the meeting on behalf of the Governor. Highlights included national authorities and inter-regional agencies expressing their commitment and support towards the CYFI movement. Mr Awich Pollar, Member of the Committee on the Rights of the Child, shared his commitment to include Child and Youth Finance topics on the general comments of the United Nations Convention on the Rights of the Child (UNCRC). Dr Ousmane Dore, the Resident Representative of the African Development Bank (AfDB) said AfDB will work towards the creation of an enabling environment for economic systems that include children and youth. Mr Emmanuel Etim, Senior Program and Partnership Expert at the Division of Capacity Building and Youth Development at the African Union Commission (AUC) said his department will work with CYFI to circulate information on financial education and inclusion to governments in Africa, and help them develop strategies to address these issues. Hon. Benoit Ndong Soumhet, the Secretary of State for Basic and Primary Education in the Republic of Cameroon also shared his willingness to champion financial education in Cameroon and among the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) member countries.

Recommendation made by the participants for the region included:  The need to review national policies and legislations to create an all-inclusive economic system, particularly for children and youth.  Comprehensive strategies and well-coordinated national initiatives on financial education and financial inclusion for children and youth.  Greater collaboration among national stakeholders for maximum impact.  Knowledge sharing at national and regional levels.  The need for more regional based research. An overview of the program agenda can be seen below:

Child & Youth Finance International Regional Meetings 2012

Time Morning

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Day 1: Tuesday, October 23, 2012 Inaugural Ceremony Plenary: The Relevance of Child and Youth Finance in Africa Workshops: CYFI Educational Framework: Social, Financial and Livelihoods Education Innovation and Outreach: Financial Products for Children and Youth Policy, Academics and Research: A Special Focus on Africa Launch of Nigeria’s Financial Inclusion Strategy Child and Youth Finance Movement

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Inaugural Dinner

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Afternoon

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Day 2: Wednesday, October 24, 2012 Plenary: National Strategies – Leadership by Central Bank and National Authorities  Workshops:  Education Curriculum Overview  Child and Youth Friendly Banking Products: Development and Certification 

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Breakout Sessions: Accelerate Collaborative Action Towards the Child and Youth Finance Movement  Reshaping the Future of Finance  Closing Ceremony

Presentations from the meeting can be accessed by following this link. They have been hyperlinked to the names of speakers on the agenda for the meeting. The CYFI Secretariat would like to thank the Staff and Management of the Central Bank of Nigeria and the German Development Cooperation (GIZ), Nigeria, for their support and resources they dedicated to making this meeting a success. Special thanks go to Mr Tunde Lemo, who inaugurated the meeting, Mr Paul Nduka Eluhaiwe, Dr. Ishaku Mikloda Polycarp, Mr. Joseph Attah, Mr M. I. Giade, Ms Sylvia Hoster, Ms Rachael Hassana and members of CBN’s Protocol Committee who handled much of the organization.

Child & Youth Finance International Regional Meetings 2012

About the Regional Meeting for Africa The CYFI Regional Meeting for Africa took place as part of the Launch of the National Financial Inclusion Strategy for Nigeria, which was inaugurated by His Excellency Mohammed Namadi Sambo, Vice President of the Federal Republic of Nigeria, representing His Excellency, Dr. Goodluck Ebele Jonathan, The President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. Her Royal Highness, Princess Máxima of the Netherlands gave a speech as the United Nations Secretary General’s Special Advocate on Inclusive Finance for Development.

Participants Participating countries included Botswana, Burundi, Cameroon, DR Congo, Ethiopia, Gambia, Ghana, Guinea, Kenya, La Cote D’Ivoir, Malawi, Nigeria, Senegal, Sierra Leon, South Africa, Tanzania, Tunisia, Uganda and Zambia. There were also participants from the Netherlands, United States and United Kingdom.

Meeting Highlights and Key Meeting Outcomes Meeting Highlights  The African Union (AU) Commission, the African Development Bank (AfDB) and GIZ Nigeria endorsement and show of support for the Child and Youth Finance (CYFI) Movement.  Mr Awich Pollar, the United Nation’s Expert on Human Rights, commitment to drive member countries of the UN Committee on the Rights the Child to include child and youth finance education in their national educational curriculum.  Hon. Benoit Ndong Soumhet, the Cameroonian Secretary of State for Basic Education endorsing the Movement and committing to champion its course among BECAO member states.  The Launch of Nigeria´s Financial Inclusion Strategy  Formation of National Stakeholder Alliance to take on financial education and inclusion for children and youth in various countries.

Key Meeting Outcomes  Creation of awareness and increased momentum for the CYFI Movement in Africa.  Documentation of barriers to financial education and inclusion for children and youth in the region, and the way forward.  Formation of alliances between individuals and organizations in similar and/or different sectors to promote financial education and inclusion for children and youth.  Draft road maps to bring issues of financial education and inclusion for children and youth on the agenda of organizations and states.  Share of individual, organizational and state experience in the development strategies and programs for financial education and inclusion s for children and youth.  Presentation of children and youth’s perspective on financial education and inclusion in the region.

Child & Youth Finance International Regional Meetings 2012

Day 1 Tuesday, October 23, 2012 9:00 – 10:00 10:00 – 11:00 11:00 - 12:00 Workshop 1.1 Workshop 1.2 Workshop 1.3 13:00 – 16:00

Inaugural Ceremony Inaugural Plenary: The Relevance of Child and Youth Finance in Africa Child and Youth Finance in Practice CYFI Educational Framework: Social, Financial and Livelihood Education Innovations and Outreach: Financial Products for Children and Youth Policy and Research: A Special Focus on Africa Launch of Nigeria´s Financial Inclusion Strategy

Inaugural Ceremony Welcome Address The meeting was inaugurated by Mr Tunde Lemo, the Deputy Governor of Operations at Central Bank of Nigeria (CBN) on behalf of Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria. Mr Lemo welcomed participants who had traveled to Nigeria to discuss issues of financial education and financial inclusion for children and youth in Africa. He stated that children and youth represented the stock of any country’s future human capital and leadership, and explained the need for states to provide them with the best opportunity for a brighter future. By giving children sound financial and livelihoods education they will grow to become responsible citizens, contribute to the attainment of national goals and aspirations and also fulfill their own dreams. Most importantly, “states can reduce, if not totally eliminate, financial illiteracy and its consequences.” Mr Tunde stated that Nigeria had within its National Financial Inclusion Strategy a comprehensive plan to ensure that 20 percent of primary schools, 50 percent of secondary schools and all tertiary institutions in the country adopt a financial literacy curriculum by 2020. According to him, in order to achieve the aforementioned, the Central Bank of Nigeria, in collaboration with its stakeholders, has drafted a financial literacy framework. CBN was also working on a national education curricula with some financial institutions through the Bankers’ Committee and other policymakers. Mr. Tunde commended Child and Youth Finance International (CYFI) for its pioneering role in spearheading issues concerning child and youth finance at the global level. Ms Jeroo Billimoria, Managing Director of CYFI, noted that although children and youth in Africa constituted a considerable percentage of the continent’s population, they were often ignored in national financial inclusion strategies and programs. Research findings on Africa show a critical lack of financial literacy among youth, and many barriers in accessing financial services, including restrictions in the legal and regulatory environment, inappropriate and inaccessible products and services and low financial capability. Currently, only 16.8%of Africa’s youth population between 15 and 25 years, have accounts at formal financial institutions. Ms Billimoria stressed the need to change the status quo, explaining that promoting positive financial culture in children and youth was an essential step to ensure a financially capable population, able to make well-informed decisions. She stated that the CYFI Movement was on a mission to reshape the future of finance by freeing its youth from debt and poverty. As the first step, the Movement brings together stakeholders from around the world, to ensure that 100 million children and youth in 100 countries will have access to the appropriate financial education and financial products by 2015.

Child & Youth Finance International Regional Meetings 2012

Inaugural Plenary: The Relevance of Child and Youth Finance in Africa This session explored the relevance of the Child and Youth Finance Movement concerning financial inclusion for children and youth, the possible challenges the movement can face and what needs to be done by policy makers in addressing these barriers

Chair Ms Jeroo Billimoria, Managing Director of Child and Youth Finance International (CYFI) Speakers  Dr Ousmane Dore, Resident Representative, African Development Bank (AfDB), Nigeria  Mr Emmanuel Etim, Senior Program and Partnership Expert, Division of Capacity Building and Youth Development, African Union Commission  Ms Annemiek Hoogenboom, Director of Postcode Loterij, the Netherlands Dr Ousmane Dore, Resident Representative of the African Development Bank (AfDB) in Nigeria, stated that about 64%of youth in the continent live in countries where at least one third of the population lives on less than US$2 a day. According to Dr Dore, providing the youth with the necessary skills to effectively manage their finances combined with access to appropriate financial services, will improve their livelihoods and build a strong asset base. He identified three main barriers to financial inclusion for children and youth in Africa, namely, restrictions in the legal and regulatory environment; inappropriate and inaccessible financial products and a financial capability gap. He stressed the AfDB’s commitment to work toward the creation of an enabling environment for economic systems that include children and youth. Mr Emmanuel Etim, Senior Program and Partnership Expert at Division of Capacity Building and Youth Development of the African Union Commission stated that young people represented more than 60%of Africa’s population and account for 45% of the total labor force. Also, as sub-Saharan Africa’s population becomes more youthful, with the projected youth population representing 75% of the total population by 2015it is expected that many more young people will be entering the labour market. Hence, children and youth in Africa need the education required for proper investment, savings, spending, transparency, and accountability. Ms Annemiek Hoogenboom, Director of Postcode Loterij, expressed her organization’s commitment to support youth focused developments in Africa. Ms. Hoogenboom disclosed that the organization has so far offered 13 million euros to support the activities of various organizations in Africa. The amount was mainly directed towards supporting educational and health sectors, treatment and prevention of HIV/AIDS, wildlife conservation, job creation, as well as entrepreneurship and leadership training. Ms. Hoogenboom also stated that Postcode Loterij was keen to support child and youth finance initiatives in the continent. Postcode Loterij is the third biggest charity donor worldwide, operating five charity lotteries, with a large part of its charitable funding reaching African communities.

Child & Youth Finance International Regional Meetings 2012

CYFI Educational Framework: Social, Financial and Livelihood Education This session focused on the importance of developing an integrated curriculum that combines financial education with livelihoods and social education

Chair Mr Victor Mensah, Program Manager at the Commonwealth Youth Program in Zambia Speakers  Mr Peter Anum, Acting Director, Head of The State Award Scheme, Ghana  Mr Laja Shoniran, Project Director, Financial Literacy for All, Nigeria  Ms Wumi Onadipe, Head of Progra, Street Kids International, UK  Mr Rediet Abiye, Program Manager for Aflatoun Child Savings International, The Netherlands Mr. Peter Anum, the Director of The State Award Scheme in Ghana, argued that in addition to academic and livelihoods education, financial education is important because most young people are unfamiliar with handling money. Parents should be targeted as well as key stakeholders, since they have an incentive to ensure that their children are able to manage their own affairs, take over family businesses or estate responsibly and are able to take care of them in the future. In the broader context, education should use a holistic approach to achieve human development and not be geared merely to the attainment of academic success. The Head of State Awards Scheme in Ghana has currently reached 77,000 young people through Peer Advocacy Programs in Financial Literacy clubs in and out of schools through the Commonwealth Financial literacy in Africa Project (similar project running in Kenya and Ghana supported by CYP since April 2012). Mr. Laja Shoniran, Project Director for Financial Literacy for All in Nigeria, shared their goal to instill in children and youth the habit of savings in Nigeria through an innovative project called “Teach Children to Save.” This project makes use of basic concepts (Reasons to save, How to save and Where to save) to encourage savings behaviors in young people. They distribute “Ant Banks” through the ‘One Child One Bank Savings Campaign,’ using School Savings and Financial Literacy Clubs to disseminate their message. Their project is currently working in 120 Public and Private Schools in Lagos and Ogun States and has distributed 6,740 ant banks (savings box) and 3,578 Commonwealth Savings Books. Ms. Wumi Onadipe, Head of Program at Street Kids International, shared how they design & deliver participatory business-related learning packages for street-active youth, including the Street Business Toolkit and Street Banking Toolkit. Their Street Business Program in Uganda addresses important business planning skills, including how to: conduct a market survey, identify gaps in market, identify potential business locations, budget regularly, and handle demand and competition. Their partnership with the Ministry of Finance and Economic Development in Sierra Leone introduced business education into the curriculum of Training Centres, giving access to savings and loans for trained youth through a local financial institution called Help Salone. Mr. Rediet Abiye, Program Manager for Aflatoun Child Savings International, demonstrated how they promote social and financial education for children and youth (6-18) through 5 core elements: personal understanding, rights and responsibilities, planning and budgeting, saving and spending and social/financial enterprise. He showed how Aflatoun is reaching nearly 1.5 million children through partners, in 90 different countries, and that their materials have been contextualized for 11 different African countries and translated in 6 different local languages. Mr. Abiye highlighted the challenges involved in creating regional/national alliances and establishing teacher certification in social and financial education. He also demonstrated how Aflatoun was able to work with local partners in Uganda (NCDC and PEDN) to achieve country based curriculum integration in the local context, through dynamic learning materials and teaching methodology.

Child & Youth Finance International Regional Meetings 2012

Innovation and Outreach: Financial Products for Children and Youth The aim of this session was to share experiences of financial service providers and youth serving organizations that have developed financial products for children and youth.

Chair Ms Mary Odong, International Expert, GIZ Nigeria Speakers  Dr Makonen Getu, Vice President, International Business Development, Opportunity International Bank  Mr Timothy Nourse, President of Making Cents International  Mr Anthony Usoro, General Manager of Mobile Money, MTN Nigeria In her opening remarks Ms Mary Odong stressed the importance of engaging the private sector in developing appropriate financial products to address the needs of customers, particularly children and youth. She highlighted the role GIZ Nigeria was playing in developing the financial sector in Nigeria. Dr Makonen Getu, Vice President of International Business Development, Opportunity International Bank spoke on the objectives and achieved results of the bank’s initiatives to provide youth with youth-tailored products, financial literacy and life skills trainings. Dr Getu emphasized the importance of having anadequate pre-implementation process for effectively addressing the youth market, starting from having a clear definition of products and expectations in order to ensure the sustainability of the strategy for reaching the youth market. Dr. Getu highlighted the importance of having a clear understanding and ownership of products by the Board and the management of the organization. This will ensure that the organization has the required skills internally , making it easier toset up policies to incentivize and retain staff involved in the project while building trustful relations with partner organizations. Mr Timothy Nourse, President of Making Cents International, described the process and tools developed by Making Cents International for designing financial products for youth. Mr. Nourse shared examples on the work done and results obtained by Making Cents International specifically in Malawi and Zambia.He highlighted the institutional performance factors for an effective development of financial products for youth and the related Performance Improvement Framework developed by Making Cents. Additionally, he stressed the importance of examining regulatory requirements in order to ensure that potential barriers prohibiting access to savings products for youth were mitigated. Mr Anthony Usoro, General Manager of Mobile Money, MTN Nigeria, stressed how the coordination of different departments within an organization was crucial for the successful planning, promotion and implementation of youth financial products. Mr. Anthony Usoro stated that products have to be simple and easy to understand and use by clients. Transparency in the terms and conditions of pricing, access and service features are key elements when addressing the youth segment.

Child & Youth Finance International Regional Meetings 2012

Policy, Academics and Research: A Special Focus on Africa This session explored the state of regional and local policies, and academic research in the area of child and youth finance. Discussions focused on how to develop and implement innovative policies for children and youth finance, focusing on the key pillars of education and inclusion.

Chair Dominic Khame, Acting Director, Curriculum Development and Evaluation, Ministry of Education and Skill Development, Botswana Speakers  Dr Bola Fajemirokun, Executive Director of Development Initiatives Network in Nigeria  Professor Emmanuel Kojo Oseifuah, from the University of Venda, South Africa  Mr Tukundane Cuthbert from Uganda Martyrs University  Ms Nambula Kachumi and Ms Dennitah Ghati, Population Council Dr Bola Fajemirokun, Executive Director of Development Initiatives Network in Nigeria, noted that even though the drive for financial inclusion in Africa was gradually being met through policies that responded to financial services of limited access, there was still a gap between financial inclusion strategies and financial inclusion for children and youth. To bridge this gap, Dr. Fajemirokun emphasized on the need for policy, practice and market action to catch up with the emergent child and youth finance movement. Frameworks of financial inclusion documents need to view financial inclusion and education strategies through “a child and youth lens”, by promoting a lifecycle approach. This, according to Dr Fajemirokun, involves creating the enabling environment to encourage financial education and promoting the delivery of child and youth-friendly financial products using diverse channels. Also, developing country specific data and indicators of financial knowledge, awareness, attitudes and practices of children and youth in Africa is equally important. Professor Emmanuel Kojo Oseifuah, from the University of Venda, South Africa, shared findings on a pilot study on Financial Literacy Among South African (Youth) Undergraduate Students at the University of Venda (UNIVEN) in Thohoyandou, Limpopo Province of South Africa. The study investigated financial literacy based on demographic data (gender, age, socioeconomic status), as well as financial attitudes among final year Bachelor of Commerce (Accounting) students. It revealed a considerably low level of financial literacy among accounting students -with only 38% of accounting majors being financially knowledgeable. There were also gender differences in financial literacy, with male accounting students more likely to be more knowledgeable on financial matters compared to their female counterparts. The socio-economic status of parents, measured by income levels, did not correlate with students’ financial literacy levels. Students who were more financially literate were more astute in spending, since they were familiar with the implications. Other findings from the study included that students’ financial literacy did not translate into regular savings plans. Professor Oseifuah explained that this could be attributed to the fact that most of the students came from low income households and may not have much to save, even if they were financially literate. Additionally, the results showed that those who regularly participated in their family financial decisions and had formal training in money management or personal finance were more financially literate. Mr Tukundane Cuthbert, a Lecturer from Uganda Martyrs University spoke on Policy and Research issues concerning Child and Youth Finance in Uganda. He stated that the Bank of Uganda was working with the National Curriculum Development Centre to develop a coherent national strategy on financial literacy. The strategy document, when completed, will map arrangements, actors and initiatives in the fields of financial literacy and financial consumer protection; define key elements of a strategic framework to strengthen financial literacy and financial consumer

Child & Youth Finance International Regional Meetings 2012

protection; and also provide a roadmap for implementing the framework and further strengthen collaboration and coordination between the various actors. Its implementation is also expected to promote a sound financial system, increase financial inclusion and help alleviate poverty. People who are financially literate are more likely to be able to build a better future for themselves and their families. Nambula Kachumi and Dennitah Ghati, Representatives of the Population Council Zambia and Kenya Offices, made joint presentations on their organization’s “Adolescent Girls Empowerment Program (AGEP)”. The AGEP focuses on building the social, health and economic assets of rural and urban adolescent girls, between the ages of 10-19. The economic component of the AGEP involves access to savings and financial education. The financial education curriculum used in Zambia was adapted from Kenya. It covers topics that teach girls to save, budget, plan for the future, avoid risky income and prepare for adult responsibilities. The results from both countries indicated that financial education for girls boosted their self-esteem. An increased access to financial services was also observed with more girls having created Savings Accounts. In general, combining financial education with health and life skills education in both countries produced more positive results. Ms Gerda Piprek, Director of Marketworx Africa (Pty) Ltd, a consultancy firm based in South Africa, shared her organization’s experience in strategy development in some African countries. Ms Piprek noted that for some countries a challenge in developing national strategies for financial education was determining what goes into it. She described the components of what could be considered as good strategy, which included a national and policy framework; stakeholder and consumer strategy, and a monitoring and evaluation framework. She stressed that for the effective implementation of any strategy at the national level, it needed to be institutionalized.

Child & Youth Finance International Regional Meetings 2012

Launch of Nigeria’s Financial Inclusion Strategy The Federal Republic of Nigeria, on October 23, 2012, joined 16 other countries worldwide that have already put financial inclusion in the heart of their development strategies, by launching a national financial inclusion strategy (FIS). The aim was to set an agenda for increasing both access to and use of financial services within a specific timeline. The Central Bank of Nigeria (CBN) estimates that 39.2 million adult Nigerians (46.3% of the adult population of 84.7 million) are financially excluded. With this development strategy , Nigeria intends to reduce the number of Nigerians excluded from financial services, from 46.3% to 20.0% by 2020. Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria reaffirmed Nigeria’s commitment to the Maya Declaration, which requires it to deliver concrete financial inclusion outcomes to provide sustainable, relevant, costeffective, and meaningful financial services for the financially un-served populations. Nigeria is determined to reinforce the central bank’s function in ensuring monetary stability and sound financial structure, and also address the financial challenges the children and youth face, in order to tap their potential to contribute to the national economic development. Speaking on behalf of His Excellency, Dr. Goodluck Ebele Jonathan, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Vice President Mohammed Namadi Sambo described the lack of access to financing as a major factor that militates the economic growth and development of Nigeria. However, he was optimistic that the successful implementation of the FIS would place the nation on a path to sustainable economic growth, as it provides the road map for the activities of all stakeholders in the provision of financial services. Her Royal Highness, Princess Maxima of the Netherlands, gave a speech as the United Nations Secretary General’s Special Advocate on Inclusive Finance for Development. Princess Maxima praised Nigeria on the launch of the financial inclusion strategy. Princess Maxima stressed that meeting the strategy’s goals requires creating diverse financial products tailored to different clients, in different contexts. “The only way Nigeria can do all this is to harness new channels and promote innovative partnerships”, she noted. “Mobile phones can play a very big role. Mobile money is also in-line with national goals for digital financial transactions. But to do all this will require working across traditional regulatory and service sectors.”

Child & Youth Finance International Regional Meetings 2012

Day 2 Wednesday, October 24, 2012 9:30 – 11:00 10:00 – 11:00 Workshop 2.1 Workshop 2.2 13:15 – 14:45 15:00 – 17:00

National Strategies: Leadership by Central Banks and National Authorities How to Develop and Implement a National Strategy Education Curriculum Overview Child and Youth Friendly Banking Products: Development and Certification Region in Action: Accelerating the Child and Youth Finance Movement Concluding Session: Reshaping the Future of Finance

National Strategies: Leadership by Central Banks and National Authorities Speakers analyzed key challenges in designing and implementing national strategies, and also defined actions for ensuring a long-term commitment and impact evaluation.

Chair Dr Agatha Nzeribe, Education Specialist, UNICEF Nigeria Speakers  Mr Joseph A. Attah, Financial Education Officer, Central Bank of Nigeria (CBN)  Dr Wolday A. Desta, Executive Director, Association of Ethiopian Microfinance Institutions (AEMFI)  Mr Joseph M. Phiri, Project Coordinator, Financial Sector Development Plan (FSDP), Bank of Zambia Mr Joseph A. Attah, Financial Education Officer at the Central Bank of Nigeria gave an overview of Nigeria’s Financial Inclusion Strategy (FIS). He stated that the FIS established an overall target of reducing the number of Nigerians excluded from financial services from 46.3% to 20.0% by 2020. The CBN estimated that 39.2 million adult Nigerians, about 46.3% of the adult population of 84.7 million, do not have access to financial services or products that meet their needs. With the financial inclusion strategy, Nigeria will be able to pursue a range of coordinated interventions, with priority on financial education, consumer protection, customer services and transformation of regulations that posse barriers for new entrants into the formal banking system. The country financial regulator will also be able to assign roles and responsibilities for implementing specific policies and regulations on Financial Inclusion. Dr Wolday Amha Desta, Executive Director of the Association of Ethiopian Microfinance Institutions (AEMFI), presented financial education as a core component of Ethiopia’s Finance Chairing Committee’s responsibilities, within the framework of the country’s financial development strategy. Dr Desta then went on to address key challenges in promoting financial education in Ethiopia, notably, limited participation of the ministry of education in promoting financial education in schools; inadequate funds; and limited coordination among stakeholders. Mr Joseph M. Phiri, Project Coordinator for the Financial Sector Development Plan (FSDP) at the Bank of Zambia, introduced the FSDP as a national initiative to strengthen and broaden Zambia’s financial sector. The FSDP, which is in its second phase of implementation, aims at increasing financial inclusion from the (current) 7% to 50% by December 2012. It is coordinated through specialized working groups focusing on enhancing market infrastructure; increasing competition; and increasing access to finance as well as financial education. Mr Phiri elaborated on the design and implementation structure of the FSDP’s financial education strategy developed in partnership with FinMark Trust and the Financial Education Fund. He stated that a key component of a Zambia’s financial literacy program was the provision of personal financial education in schools. “People form attitudes to money early in life hence the need to ensure that students acquire responsible attitudes from an early age, to manage their finances well.”

Child & Youth Finance International Regional Meetings 2012

Education Curriculum: An Overview The session allowed education authorities to share their challenges and successes in revised national curriculum that includes elements of financial, social or livelihoods education.

Chair Dr Paul S.D. Mushi, Director General, Tanzania Institute of Education Speakers  Mr Sentumwa Remegious Baale, Financial Literacy Coordinator, National Curriculum Development Centre, Uganda  Mr Charles Ebenezer Otu, Curriculum Expert, Ghana Education Services  Mr Michael Erskine, SEED Program Manager, University of Stellenbosch, South Africa The Session Chair, Dr Paul Mushi, from the Tanzania Institute of Education, spoke about the experience in Tanzania. Leadership transition, within the Tanzanian Ministry of Education, has influenced plans to mainstream financial and livelihoods education in the country. The Central Bank has so far lead the Financial Literacy effort, but banks, schools and NGOs are also required for the implementation. He stated that the Tanzania Institute of Education is seeking to establish an East African Curriculum Module for Financial Education, bringing in the perspectives of different education authorities in the region. Mr. Sentumwa Remegious Baale, from the National Curriculum Development Center of Uganda, shared how the country is in a process of revising the Secondary Education Curriculum and that financial literacy will be one of the 13 Generic Baskets of Skills in the National Framework. He emphasized the point that financial literacy will be offered alongside entrepreneurship education, so youth can gain experience both in managing and generating money. The NCDC is currently working on translating curriculum material into as many local languages as possible and are placing a strong emphasis on teacher training and capacity building. Mr. Charles Otu, from the Ghanaian Education Service, described the role of the GES as the Ministry of Education branch responsible for Curriculum Research and Development. He emphasized the importance of creating regional and national Action Plans for Education that would unite many of the education experts in this area. Ghana promotes an interdisciplinary approach where financial education is a separate subject in secondary school. They believe that it is essential that new teachers receive training on how to deliver financial education in the classroom. Mike Erskine, from SEEDS South Africa, described how Financial/Economic Education in South Africa was integrated into existing courses such as “Environment and Social Sciences,” and “Economic and Management Sciences” The country is going through a curriculum review process at the provincial level, which is involving many new curriculum experts. He described how the private sector in South Africa got behind financial education through their CSR mandate He noted that it was not always easy to balance the interests and private sector language with that of the civil society and the government sectors, concerning the development of national strategies. Finally, he placed an emphasis on constructive pedagogy, and child centered learning.

Child & Youth Finance International Regional Meetings 2012

Child and Youth Friend Banking Products: Development and Certification Chair Ms Beth Porter, Policy Advisor for Financial Inclusion, UNCDF Speakers  Ms Edirin Akemu, Senior Manager, KPMG Nigeria  Ms Flavia Nakamatte, Project Manager at the Uganda Finance Trust  Mr Moses Githinji Njenga , Policy Analyst at KIPPRA Ms Beth Porter, Policy Advisor for Financial Inclusion, UNCDF stressed the need for consensus on global standards for Child and Youth Friendly Banking Products. She gave an overview of CYFI’s certification principles for ChildFriendly and YouthFriendly financial products and how they have been integrated to the Smart Campaign’s client protection initiative. Ms Edirin Akemu, Senior Manager, KPMG Nigeria, explained the rational behind the ChildFriendly and YouthFriendly Certification Guide and said that KPMG was working with CYFI on a Product Development Guide. The Guide, when completed, will assist financial institutions in the development of child and youth focused banking products. It will outline steps in the product development process. Ms Flavia Nakamatte, Project Manager at the Uganda Finance Trust, presented the characteristics of two youth savings accounts developed by Uganda Finance Trust. Ms Nakamatte noted that having a strong buy-in and well-trained staff was key in developing strategies for best reaching children and youth with financial services. She gave highlights of the promotional material developed for the youth saving accounts and emphasized the importance of having an appropriate regulatory framework to support the development of youth savings products. Ms Nakamatte stated that UNCDF was negotiating with the Ministry of Finance and Bank of Uganda on the possibility of allowing youth to withdraw a certain percentage of their savings without the co-signatory of their parents or guardians. Mr Moses Githinji Njenga, Policy Analyst at KIPPRA, presented highlights from the YouthSave research project in Kenya, which defined the characteristics of the local youth market, describing their financial needs, savings habits as well as preferred account features. The research provided useful information for the design and development of savings products for youth and for structuring a product that could be piloted in a local community. Mr Njenga stated that it was important to understand the needs of youths in order to come up with solutions that best suit their economic and financial needs.

Child & Youth Finance International Regional Meetings 2012

A Region in Action: Accelerating the Child and Youth Finance Movement in the Region Country and regional stakeholder platforms were formed to discuss and identify key challenges and actions towards the creation of national platforms. The session provided a unique opportunity for participants to share best practices and also explore how to influence policy concerning child and youth finance in the national levels. Key outcomes of this session included commitments to form country stakeholder committees to develop road maps for financial education and financial inclusion at the national level. The table below summarizes regional and country delegation commitment.

Concluding Session: Reshaping the Future of Finance The concluding session highlighted the declaration of support and commitment by national authorities and inter-regional agencies. Among these were commitments from Mr Awich Pollar, Member of the Committee on the Rights of the Child, who shared his commitment to include Child and Youth Finance topics on the general comments of the United Nations Convention on the Rights of the Child (UNCRC). The Secretary of State for Basic and Primary Education in the Republic of Cameroon shared his willingness to champion financial education in Cameroon and among the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) member countries.

West Africa

Southern Africa

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   

Financial literacy week celebrations Develop and mainstream financial. education curriculum in school curricula. Conduct baseline studies of what is currently being offered in within countries. Establish and coordinate national Financial Education Committees. Nominate focal points for CYFI within participating organizations

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East Africa

Nigeria

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Expand the CYFI Network within the region and create national platforms.  Initiate research and coordinate various initiatives within their countries.  Initiate dialogue with government and participate in policy formulation on education, gender, social development as well as finance.  Engage media outlets, parents and guardians in the CYFI Movement.

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Coordinate various initiatives on financial education and financial inclusion at national level. Advance consumer protection. Engage in research on financial literacy. Bring on board CYFI Movement national leaders . Generate greater resources in country. Work with the SADC and other regional bodies to promote the CYFI Movement.

Child & Youth Finance International Regional Meetings 2012

Formation of national council of civil society to provide input on Nigeria’s Financial Literacy Framework. Improve coordination amongst civil society and FSPs. Address lack of parent’s interest on issues of financial literacy and financial inclusion for children and youth. Generate data and create impact indicators for financial literacy for children and youth. Partner with CYFI to in the formulation of a civil society council for financial education and financial inclusion for children and youth. Media advocacy for CYFI activities (e.g CYFI Week/ Day). Integrate financial literacy into school curriculum by the year 2013. Monitor and document provinces offering financial literacy as well as banks offering childfriendly products for impact evaluation Develop CYFI impact indicators.

Mr Joseph Attah, the Financial Education Officer at the Central Bank of Nigeria retreated CBN’s commitment to the CYFI Movement in Africa, and expressed CBN’s willingness to work with organizations engaged in the field of financial inclusion, in order to create an all-inclusive economic system. Matilda Efua Mansa Nyagortey, a youth participant from Ghana, also shared her observations in the meeting. and on behalf of the children and youth in Africa thanked the participants who were working diligently towards creating a better future for children and youth in the continent. In her concluding remarks, Ms Billimoria stressed the importance of the Child Finance Movement in Africa and highlighted the necessity of cross-sectorial collaboration in taking the Movement forward. She urged participants to be ambassadors for the Movement in their respective countries and assured them for the CYFI Secretariat’s unflinching support.

Next Steps  

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    

Address the need for financial education and financial inclusion for children and youth at the national and regional level. Develop effective National Consultative Processes (NRCs) for the CYFI Movement and cooperation between government institutions, local stakeholders, regional bodies and the CYFI Secretariat. Engage in research initiatives and networking in an effort to compile, collate and disseminate Africa-specific information on financial education and financial inclusion for children and youth. Promote resources and institutional capacity building. Promote the development and implementation of national strategies on financial inclusion and financial education. Encourage mainstreaming financial education in national educational curriculum at basic, primary and secondary school levels. Coordinate Global Money Week Celebrations. Country participation in CYFI Annual Summit in Turkey in May 2013.

CYFI Regional Meetings 2012

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

Child & Youth Finance International Regional Meetings 2012

Executive Summary The first Child and Youth Finance Regional Meeting for Europe and Central Asia was held on November 6 and 7, 2012, in Brussels. This meeting, which featured a welcome address by HRH Princess Mathilde of Belgium, was hosted by the Belgian Financial Services and Markets Authority and organized in collaboration with EACB (European Association of Cooperative Banks), EBF (European Banking Federation), WSBI (World Savings Banks Institute) and with the active support of UNICEF. 120 representatives from 36 countries were present at the meeting, which highlighted the importance of Child and Youth Finance issues in the region and explored ides for moving such issue forward on national and regional levels. Children in Europe make up 28.15% of the population, and only 31.9% of those between the ages of 15 – 25 years hold accounts at formal financial institutions. Furthermore, the youth unemployment rate stands at 20.8 %. A concerning rate, especially when considering that approximately 2.45% of Europeans live on less than 1€ per day. The recent European Regional meeting had the objective of tackling these issues and strengthening the collaboration between European Institutions, civil society and country level governmental bodies. Meeting highlights and outcomes included:  This event gathered 120 participants coming from 36 countries  HRH Princess Mathilde of Belgium showed her support for The Movement and underlined the importance of financial education and inclusion issues at the meeting’s inaugural ceremony.  Mr. Herman van Rompuy, President of the European Council, expressed his support for the Movement  Vice-President of the EESC, Ms. Anna Aaria Darmanin expressed her interest in taking financial education and inclusion for children and youth on agenda of the EESC  Youth proposed actions to policy-makers to further the issues of financial education and inculsion in Europe  Mr. Philippe Lamberts, Member of the European Parliament, promised to support Child and Youth Finance related issues in the European Parliament  30 European countries committed to engage in CYFI week This meeting featured interactive sessions which saw the audience and debate and share their toughts on some of the more pertinent issues within the region. These include collaborations between public and private sector, their role in formulating National Startegies for financial education and inclusion, products offered to children and youth and the need for increased research on the issue.

Recommendations from the particiapnts included:  Inter-sectoral collaborations among national bodies  Greater focus placed on integrating financial education into national curricula  Greater effort to increase financial inclusion through Child and Youth Friendly Banking Products  The need for more regional-based research  The importance of forming or adjusting policies on these issues The meeting concluded with words of Mr. Jean Paul Servais, Chairman of the Belgian FSMA, who invited every country in the region to collaborate in furthering financial education and access for all children and youth in Europe and Central Asia. An overview of the program agenda can be seen below: Tuesday – November 6 Morning Afternoon

Evening

Inauguration and keynote speeches Ideas Lab  Financial Education  Financial Inclusion Dinner

Wednesday – November 7 A Region in Action Accelerate and Act Lead up to the Annual Meeting Reception

All presentations can be found on the Regional Meeting for Europe and Central Asia at http://europe.childfinanceinternational.org/

CYFI Regional Meetings 2012

About the Regional Meeting for Europe and Central Asia The CYFI Regional Meeting for Europe and Central Asia was one of five Regional Meeting organized by CYFI around the world in collaboration with national stakeholders. The Regional Meetings were conceived of as a space to gather diverse actors to discuss region-specific topics related to financial education and inclusion for children and youth.

Participants The European Regional Meeting brought together 120 participants coming from 36 countries. During the two days of the meeting, representatives from governmental organizations, financial services providers, financial regulators, NGOs, academia, and research institutions shared their experiences, innovations and commitments to ensure that 100 million children and youth have access to financial education and inclusion by 2015.

Meeting Highlights  This event gathered 120 participants coming from 36 countries.  HRH Princess Mathilde of Belgium showed her support for The Movement and underlined the importance of financial education and inclusion issues at the meeting's inaugural ceremony.  Mr. Herman van Rompuy, President of the European Council, expressed his support for the Movement  The Vice-Prime Minister and Minister of Finance of Belgium Mr. Steven Vanackere stressed the importance of financial education for Europe given the current economical climate.  Mr. Jean Paul Servais, Chairman of the Belgian Financial Services and Markets Authority highlighted the FSMA´s support to the Movement.

Child & Youth Finance International Regional Meetings 2012

Key Meeting Outcomes  Need of documenting and sharing innovations through online platforms and other media  Forming alliances between organizations and individuals in similar and/or different sectors  30 Countries willing to participate in the Global Money Week in 2013  Commitments for creation of sub-regional platforms within Europe and Central Asia  Vice-President of the EESC, Ms. Anna Maria Darmanin expressed her interest in taking financial education and inclusion for children and youth on agenda of the EESC  Youth proposed actions to policy-makers to further the issues of financial education and inclusion in Europe  Mr. Philippe Lamberts, Member of the European Parliament, promised to support Child and Youth Finance related issues in the European Parliament

Day 1 Tuesday 6 November, 2012 9:00 – 10:15 10:45 – 11:45 11:45 - 12:45 13:45– 15:15 15:45 – 17:15

Inaugural Ceremony The Importance of Child and Youth Finance in Europe and Central Asia Child and Youth Finance Movement in the Region Ideas Lab: Financial Education Ideas Lab: Financial Inclusion

Inaugural Ceremony Welcome Address In her opening address, HRH Princess Mathilde of Belgium expressed support for The Movement and underlined the importance of financial education and inclusion for youngsters. Princess Mathilde highlighted the importance of financial education and access for a safer and more empowered generation in Europe and throughout the world. HRH stressed the importance of these effort, not only in developing countries but also in more affluent societies. She encouraged different channels for reaching out to children and youth, including social media and peer learning and emphasized the roles of schools. HRH also called out to financial service providers to act in the interest of the child. Mr. Steven Vanackere, Vice-Prime Minister and Minister of Finance of Belgium highlighted the importance that the Ministry of Finance and the FSMA are giving to financial education. He stressed that governments must endure that financial products are easy to comprehend for consumers and that the reforms taken by the governments must go hand in hand with also strengthening the financial knowledge of all consumers from an early age. In addition, Mr. Jean Paul Servais, Chairman of the Belgian Financial Services and Marktes Authority recognized the urgency of providing consumers with access to quality financial education and solid financial systems. He announced that the FSMA intends to develop further its activities relating to financial education, notably by developing a website portal for financial education and also by collaborating with Belgian and foreign partners such as CYFI. Ms. Jeroo Billimoria, Managing Director of Child and Youth Finance International highlighted the hard work of the CYFI partners in raising awareness on the importance of financial inclusion and education for children and youth througout the region. Ms. Billimoria said that the present world economic situation demands that individuals learn, from an early age, “basic elements of financial culture” and that they have access to appropriate financial services. Youth Representatives from among those who had attended the first CYFI Youth Meeting in Amsterdam were invited to express their point of view on the financial issues which mattered to them and why they believed financial education and financial inclusion to be crucial for children and youth. 13 year old youth representative from Turkey, Lal, who had attended CYFI’s Youth Summit in 2012 said that from the Youth Meeting she learned the vital importance of money and of a proper management of finances. She call out to banks, governments, central Banks and other institutions in Europe to work together towards raising awareness on the importance of Child and Youth Finance. Besides, 17 year old youth representative from Ukraine, Yuliya stressed the active role that today’s youth can have in helping advancing the economic and social development of their communities and, therefore, of their countries. She went on to express that this is why youngsters must be given the tools that they need to optimize their contribution. Helping young people gain greater financial literacy as well as better access to services would be the way to raise employment, entrepreneurship and investing opportunities for the youngest generations.

CYFI Regional Meetings 2012

The Importance of Child and Youth Finance in Europe and Central Asia Representatives of the Organizing Committee members shared their reasons for supporting the Movement and emphasized the importance and relevance of the Movement in today’s economic environment.

Keynote Speakers:  Mr. Hervé Guider, General Manager, European Association of Cooperative Banks  Mr. Chris de Noose, Managing Director, World Savings Banks Institute  Mr. Viktor Nylund, Senior Advisor CSR, UNICEF  Mr. Guido Ravoet, CEO, European Banking Federation Mr. Guido Ravoet, CEO, European Banking Federation, pointed to the fact that the financial crisis was aggravated by low levels of financial literacy, particularly in customers who face dramatic over-indebtedness. Therefore, he stressed the responsibility of banks in ensuring that consumers have the resources they need to make appropriate financial decisions and on the need of financial service providers to re-gain consumers’ trust through clear and transparent information and responsible acting. These reasons are at the core of EBF’s strategy and its willingness to support financial education. Mr. Ravoet highlighted the necessity of joining private and public efforts in addressing financial education and inclusion for children and youth, and announced that EBF is ready to collaborate and sustain the CYFI Movement. Mr. Chris de Noose, Managing Director, World Savings Banks Institute stressed the importance of empowing individuals with the right tools to face the financial challenges of a sophisticated, fast-moving society. For children and youth, who are targeted as consumers since an early stage, it is of paramount importance to know how to manage personal finances. WSBI is very much in agreement with the CYFI’s core objectives of ensuring that every child in the world has both a savings account when graduating from primary school and the necessary financial knowledge to responsibly use it. He shared that WSBi is willing to collaborate with other players to meet CYFI objectives at a global level. Mr. Hervé Guider, General Manager, European Association of Cooperative Banks expressed his support for the efforts towards increasing financial education and inclusion for children and youth. Cooperative banks have tradition of responsibility and social cohesion that dates back to their creation in the 19th century. From this perspective, Mr. Guider stressed that the ultimate goal of financial education should not be seen as marketing, but rather the development tool kit for young citizens which will help them to integrate with the society. Cooperative banks promote and facilitate the financial capabilitites of children and youth in order to create the financially responsible citizens of the future. This building on the youth message has also been recently echoed by the United Nations at the International Year of Corporative Banks. Mr. Viktor Nylund, Senior Advisor CSR, UNICEF, shared the reasons behind UNICEF’s recent focus on the economic rights of the children and youth, as well as the way in which business can take action to advance children’s rights. UNICEF is looking forward to collaborating with CYFI to advance the Movement, and is excited at the possibilities to give to banks the tools to set up services in areas such as education. “We trust in the goal that you have set – 100 Million Children in 100 Countries – and we will collaborate, with quality, to reach that goal”, he said.

Child & Youth Finance International Regional Meetings 2012

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

Chair: Ms. Flore-Anne Messy, Senior Policy Advisor, Financial Education, OECD Speakers:  Mr. Sébastien de Brouwer, Executive Director, European Banking Federation  Mr. Steve Stillwell, Head of Financial Capability for Youg People, Money Advice, UK  Mr. Gary Tidwell, Senior Advisor, Education, Training and Regulatory Capacity Building, IOSCO Ms. Flore-Anne Messy, Senior Policy Advisor, Financial Education, OECD, underlined that cosumers can find empowerment through financial education, financial inclusion and financial consumer protection, making such issues key priorities for OECD. Following the first recommendations on financial education issued by OECD in 2005, financial education has entered the agendas of policymakers. OECD is working to spread awareness of the the importance of early financial education: through the education system, large numbers of the public can be reached, and inequalities between children and youth arriving from different contexts and family situations are minimized. In Europe, a significant number of consumers do not understand basic financial concepts, including the riskiness of their decisions. Many times, consumers overestimate their understanding of financial issues. Mr. Sébastien De Brouwer, Executive Director, European Banking Federation, agrees with the importance of empowering children and youth with the right tools to face financial concepts at a young age, sharing OECD’s views on the importance of implementing financial education in the school curricula. De Brouwer also shared examples of EBF members that are actively involved in providing financial education for children and youth. Mr. Steve Stillwell, Head of Financial Capability for Youg People, Money Advice, discussed the absolute necessity of coordinating initiatives at the country level, and of sharing experiences at the national and regional levels. The success of the UK’s financial education programs is due to good partnership and coordination between key stakeholders. In order to further the outreach in the country, Money Advice identified three focus areas. The 1st is the necessity of introducing financial education in the school curricula. The 2nd is the active involvement of parents and peers in programs for youngsters, since the messages that young people learn in school are reinforced by the family environment. Finally, financial education programs should have a special focus on vulnerable individuals in terms of potentially making poor decisions. As representatives of IOSCO, the leading international policy forum for security regulators (200 IOSCO members that oversee 150 juristictions), Mr. Gary Tidwell, Senior Advisor, Education, Training and Regulatory Capacity Building, IOSCO, expressed the organization’s goal of ensuring fair and transparent markets and reducing systemic risk. One of the core principles of IOSCO focuses on investor’s education, and therefore the preminent role that the regulators should play in investors’ and consumers’ education. Mr. Tidwell showcased some examples of IOSCO members, stating that child and youth investor and financial education in the coming years will be a priority for IOSCO.

CYFI Regional Meetings 2012

Ideas Lab: Financial Education Expanding the Reach to Financial, Social and Livelihoods Education Speakers in this panel discussed the importance of complementing financial education with components of social and livelihoods education.

Chair: Ms. Olya Ranguelova, Senior Advisor, Financial Services Policy Division, European Central Bank Speakers:  Ms. Maria Bercetche, Coordinator Strategy Department, PAU Education, Spain  Ms. Alodia Santos, Head of programs, Aflatoun  Ms. Katrin Kask, Head International and Public Relations Department, Bank of Estonia, Estonia  Mr. Christian Keller, CEO, My Finance Coach, Germany  Mr. Eric Leenders, Executive Director of Retail Banking at the British Bankers’ Association and Chairman of the Consumers Affairs Committee at the EBF, United Kingdom The European Central Bank considers financial education and consumer protection as playing a crucial role in the preservation of the financial stability of the financial system. Ms. Olya Ranguelova, Financial Services Policy Division, European Central Bank talked about both the challenges and the importance of complementing financial education with elements of social and livelihoods education. This process is especially relevant in the light of recent research in behavioural economics that shows how individual personal elements - such as inertia or lack of will power - can undermine the efficiency of financial education programs. The Aflatoun education curriculum responds to these requirements by integrating elements of financial, livelihoods and social education, and by adapting and contextulizing the core concepts for the national socioeconomic environment. Aflatoun programs, stated Ms. Alodia Santos, Head of Programs at Aflatoun, do indeed promote this kind of flexibility. The Aflatoun curricula are customized by age and social context, and are always accompanied by practical activities (like a savings activity or savings clubs) that provide pupils with opportunities to practice decision making process. A more country-focused approach is followed by My Finance Coach, a German NGO that developed a curriculum that includes seven core elements in line with the Child and Youth Finance Education framework. Mr. Christian Keller, CEO of the organization, said that one of the most important objectives of the organization is to teach children savings and to enable teachers feel confident providing quality financial education. The discussion centered on the necessity of introducing financial education complemented with elements of social and livelihoods education into school curricula, starting with elementary schools. Ms. Maria Bercetche, Coordinator, Strategy Department, PAU Education underlined the importance of the long-term approach when considering financial education and of ensuring that teachers have the appropriate tools and appropriate training to ensure high quality lessons. Ms. Bercetche underlined the necessity of policy makers in acknowledging the importance of financial education and promoting it as part of a global goal for sustainable development. Ms. Katrin Kask, Head of the International and Public Relations Department from the Bank of Estonia showed how the involvement of central banks is essential in raising awareness on the importance of financial education. Financial stability and economic growth are almost always the main objective of central banks, and financial education of consumers and investors is an important pillar in how to achieve those objectives. Some practical examples of the involvement of the Estonian Central Bank in promoting financial education include school visits, online games, and the organization of

Child & Youth Finance International Regional Meetings 2012

seminars and realization of materials for teachersMs. Kask underlined the importance of joining the efforts for collaboration towards the objective of promoting financial education at a nation-wide level. She said that in Estonia, a national strategy for financial education is likely to be launched in the coming months. Mr. Eric Leenders Executive Director of Retail Banking at the British Bankersâ&#x20AC;&#x2122; Association, explained why financial education, but more than this, financial capability, is very difficult for a lot of people. He stressed that the consequences of the lack of financial education are far-reaching and are made worse when considering that knowledge â&#x20AC;&#x201C;or lack of it â&#x20AC;&#x201C; is passed down through generations. Therefore he recommended that policy makers should think of promoting financial education that targets different age groups. In fact, significant benefits for the society would derive from inculcating budgeting, optimizing income, managing outgoings and becoming self-sufficient (or at least in control) in financial affairs starting at a young age.

CYFI Regional Meetings 2012

Ideas Lab: Financial Education Entrepreneurship, Children’s Rights and Policy Reforms Panelistis of this session discussed strategies for encouraging financial behavior change through entrepreneurship, policy change, and innovation. The framework set was the respect of children’s rights. Speakers and audience brainstormed on the key policy changes and projects for leading new generations to entrepreneurial attitudes.

Chair: Lluis Frederic Bohme, youth representative, Germany Speakers  Mr. Simone Baldassarri, Policy Officer, European Commission, DG Entreprise & Industry, Unit Entrepreneurship  Mr. Bjorn Becker, Information and Communication Officer, Eurochild, Belgium  Ms. Niamh Casey, Administrator, Department of the European Social Charter and the European Code of Social Security – Directorate General of Human Rights and Rule of Law, Council of Europe, Belgium  Mr. Lars Seynaeve, Public Affairs Officer, Head of Corporate Communications, Citigroup  Mr. Martin Schmalzried, Policy Officer, Coface, representing EESC The session was moderated by the 16-year-old Lluis Bohme, from Germany. He asked the panelist to try answering why the new generations will have to bear the burden of wrong or less-than-optimal decisions taken during the last years and how would they see a more active involvement of the youngsters in the political and decisional process. Also, he appealed to the panelist to brainstorm on the solutions for empowering children and youth to take actions upon their future. Lluis stressed on the importance of respecting children’s and youth’s rights but also giving them the tools and the possibility of deciding their future. In Europe, the economic rights of children and youth are recognized by the European Social Charter, the the European Coonvention of the Human Rights, and the fields of economic and social rights. Ms. Niamh Casey from the Directorate General of Human Rights and Rule of Law, Council of Europe, presented two articles of the charter that guarantee rights for children relevant to financial education and entrepreneurship: the right to education, which states that there must be established and maintained a free education system, and that education should be compulsory until at least 15. In addition, it should be free of charge and offer inclusive strategies for young workers. Eurochild is the European Network of children’s rights organizations, and focuses on promoting protection, participation and education for children accross Europe. Mr. Bjorn Becker, Information and Communication Officer, Eurochild, presented the work of Eurochild in furthering the rights of children and youth. He emphasized that, along with education and promotion of children’s rights, it is also essential to recognize that children and youth are active partners in decision that affect them as stated in article 12 of the United Nations Convention on the rights of the Child. Mr. Simone Baldassarri, Policy Officer, European Commission, DG Entreprise & Industry, stated that when talking about lack of entrepreneurial spirit in Europe’s young generations, the main cause identified is cultural. Mr. Baldassarri stressed the importance of education, and he reminded the audience that one of the objectives of the joint committee for financial education of the European Commission is to promote entrepreneurship education, along with financial education, for inclusion in the school curriculums. The European Commission’s role is as the promoter and catalyst of these efforts in the member states, as well as the supporter of organizations advocating for financial education – such as Child and Youth Finance International.

Child & Youth Finance International Regional Meetings 2012

From the corporate perspective, Mr. Lars Seynaeve, Head of Corporate Communications, from Citigroup highlighted the importance of financial inclusion for youngters and of consistent promotion of the entrepreneurial spirit. There are 7 key focus areas for the Citi foundation strategy, of which one addresses youth education and livelihoods. Ms. Seynaeve recognized that promoting programs and policies that provide youngsters with transferable skills (such as financial education, personal finance, communication) break barriers and enable them to access to the financial resources they need to succeed. “For successful systemic change,” he also stated, “there is the need to promote cross-sectoral approaches, therefore it is essential to create partnerships.” Mr. Martin Schmalzried presented, on behalf of Mr. Carlos Trias Pinto, the EESC’s stand on financial education and responsible consumption of financial products (ECO 297, issued in 2011). The European Commission supports the view that financial education should be taught as part of the school curriculum (Principle 3 of (COM(2007) 808), but that individual competencies are the responsibility of member states. The Committee called on the Commission to give serious consideration to developing legislative measures obliging the Member States to promote financial education in a systematic and effective manner. The EESC encourges both the European Commission and the financial industry to increase its sponsorship of financial education initiatives in the Member States, on the basis of good practices that have been identified.

CYFI Regional Meetings 2012

Ideas Lab: Financial Inclusion Sharing Good Practices from the field of Financial Education and Inclusion This session served to present, explore and review ways to reach children and youth in a coordinated and comprehensive way.

Chair: Mr. Zoran Djikanovic, Chairman of the Securtities Exchange Commission, Montenegro Speakers:  Ms. Tracey Bleakley, CEO, Personal Finance Education Group, UK  Mr. Jim Lally, National Advisor, Financial Education, Scotland  Mr. Wolfgang Newman, Director of the EU-representation of the German Savings Bank Association, Germany  Mr. Arthur Reitsma, Specialist on Financial Education, Dutch Banking Association, Netherlands The session, chaired by Mr. Zoran Djikanovic, Chairman of the Securtities Exchange Commission of Montenegro, focused on exploring different approaches for promoting financial education and sound financial behavior in young generations, given the cultural and socio-economic differences between European countries. Such education, he stated, is more a cultural issue than a mere technical one, highlighting the importance of complementing financial education concepts with elements of social and livelihoods education. The session featured good practices from Germany, the Netherlands, and the UK. In the UK, PFEG was founded with the purpose of embedding financial education in schools. Ms. Tracey Bleakley, CEO, Personal Finance Education Group, said that 96% of the children enrolled in PFEG programs believe that financial education should be part of what they learn at school, and 86% of them think that their schools should be doing more. Given these clear demands, Pfeg developed a 6 point plan to ensure that financial education will soon become integrated part of the school curricula in England. These include leveraging teacher’s training programs; show-casing goodpractices, holding My Money Week, and establishing evaluation and assessment procedures. In Scotland, financial education has already been introduced in the national curriculum, and aims at developing responsible citizens, effective contributors and confident individuals. Financial capability, however, involves changing attitudes, highlighted Mr. Jim Lally, National Advisor, Financial Education, Scotland. Therefore involvement of parents is of paramount importance, as well as multi-stakeholder collaboration, which involves certifying authorities, financial institutions, credit unions, the Minsitry of Education, and other stakeholders with direct and appropriate interests. For Mr. Wolfgang Newman, Director of the EU-representation of the German Savings Bank Association, financial education is a duty of the public sector, and therefore there is a clear need to make it part of school curricula. But, when doing so is impossible, private initiatives can also be of critical importance. Savings banks, he stated, are champions in promoting financial initiatives for young people through a wide range of materials tailored for teachers and for children of different ages. 55.000 pupils are reached through programs for young entreprenuers, and each year more than 200.000 pupils learn about the stock exchange and the economy more broadly through the German Savings Bank Association’s members. In the Netherlands, the Dutch Association of Banks has developed a strategy for reaching children and youth that engages stakeholders including the Ministry of Finance and the Ministry of Social Welfare. Due to political issues, Mr. Arthur Reitsma, Specialist on Financial Education, Dutch Banking Association, stated that financial education will likely not be soon included in the school curricula in the Netherlands. As a result, other activities have been coordinated by the Dutch Banking Association, including the Bankers in the Classroom program, through which classes on financial education for children and youth are given by bank employees in schools.

Child & Youth Finance International Regional Meetings 2012

Ideas Lab: Financial Inclusion Development and Certification of Products for Children and Youth This session served to present, explore, and review ways of developing and certifying Child and Youth friendly banking products. Speakers identified and analyzed key challenges and opportunities in designing and implementing Child and Youth friendly products.

Chair: Mr. Michel Vermaerke, CEO, FebelFin, Belgium Speakers:  Mr. Robert Boon, Director, Deloitte  Ms. Ines Garcia-Pintos, CECA (Confederation of Spanish Savings Banks), Spain  Mr. Angelo Gelsumino, Consumer Strategy and Growth, KPMG  Ms. Cinzia Sippelli, Product Manager, PattiChiari Consortium, Italy Various perspetives on Child and Youth Friendly Banking were presented. Mr. Robert Boon, Director, Deloitte, outlined the work done in tandem with CYFI on the development of a guide for the certification of Child and Youth Friendly Banking Produts. The Guide outlines how financial institutions can obtainthe certificate for financial products that fulfill the criteria of Child and Youth Friendly banking, including, for example, the integration of financial education, the maximum operational control for the child and a positive financial incentive. Mr. Angelo Gelsumino, Consumer Strategy and Growth, KPMG, presented the work that KPMG is doing with CYFI on the draft of the CYFI Product Development Guide. The Guide is aimed to support financial institutions in their development of child and youth focused banking products. The Guide seeks to so so by a practical integration of steps in the product development process with children’s rights and the UNICEF business principles. The Guide will offer a range of examples from around the globe. Ms. Cinzia Sippelli, Product Manager, PattiChiari Consortium, presented on the work of PattiChiari in Italy which has developed a free comparison engine on their website allowing customers to easily compare features and costs of bank account products offered. Many banking products are available and accessible to all children in Italy, and are characterized by positive financial incentives (low fees, interest rate, benefits as discounts), no minimal deposits, and child-friendly communication strategies. The PattiChiari strategy for moving these initiatives forward in the coming years include growing online services and mobile banking, and of prepaid cards, functioning as bank accounts. Ms. Ines Garcia-Pintos, CECA (Confederation of Spanish Savings Banks), presented the savings banks perspective of Spain. CECA sees a lot of importance of financial education, as improved financial decision making will lead to more customer loyalty, familiarity and access to financial products will increase banks’ market share, and better risk management will decrease the default rate. CECA offers various children and youth-focused initiatives that bring banking services and products under the attention of children and youth without marketing for specific institutions.

CYFI Regional Meetings 2012

Key Outcomes of the Day      

Importance of private and public sector synergy, key to the creation and development of financial education strategies Relevance of designing and developing financial education programs focused more on behavior change rather than acquiring knowledge Need to address policy changes to move forward in the inclusion of financial education in national curriculum Need of more youth-focused programs and directives from the European Institutions Importance of making use of existing tools and expertise to learn and innovate Encourage the creation of National policies that promote financial access

Child & Youth Finance International Regional Meetings 2012

Day 2 Wednesday, 7 November 2012 09:00 – 09:45 09:45 – 11:15 11:45 – 12:30 12:30 – 13:15 14:14 – 15:00 15:00 – 15:15

Child and Youth Finance International – who we are Developing an Integrating Strategy for child and youth financial education and inclusion Academia and Research Focus on the Region Can European Institutions listen to children and youth? Taking forward the movement: Global Money Week and Week Concluding Remarks

Developing an Integrating Strategy for Child and Youth Financial Education and Inclusion Panelists in this session described the challenges and opportunities encountered in their own countries in the development of a strategy for financial inclusion and education. Chair: Ms. Anna Maria Darmanin, Vice-President of the EESC Speakers:  Ms. Angela Cara, Chief of the Social Department, Institute of Educational Sciences, Ministry of Education, Moldova  Ms. Maria Lucia Leitao, Head of Conducts and Supervision Department, and Head of the Coordination Commission of the National Plan for Financial Education, Banco de Portugal, Portugal  Ms. Danièle Vande Espt, Head of Financial Education Department, FSMA, Belgium  Mr. Feyzullah Yegin, Head of Institutional Communication Department, Capital Market Boards of Turkey, Turkey Ms. Angela Cara, Chief of the Social Department, Institute of Educational Sciences, Ministry of Education, Moldova, shared that, in Moldova, financial education is a priority. Starting with the academic year 2010-2011, curriculum including financial education elements have been developed and reviewed by the Scientific Council of the Institute of Educational Sciences and by the National Body for Curriculum.In May 2012, social and financial education was introduced by the Ministry of Education in the national plan as an optional subject. In the coming years, the Ministry of Education is planning to continue building partnerships both across sectors and at the country level; they will also expand financial education programs at pre-school education and for youth with disabilities and out of school activities. In Portugal, a national strategy for financial eduation was launched in November 2011 as a joint decision of the three National Supervisors: the National Bank, the Securities Market Commission, and the Insurance and Pensions Supervisory Authority. Ms. Maria Lucia Leitao, Head of the Coordination Commission of the National Plan for Financial Education, Banco de Portugal, stated that the decision to have a national plan for financial education coordinated by the financial supervisors aimed to prevent conflict of interest between commercial and marketing purposes and genuine consumers’ financial education. The portal for financial education, launched in July 2012 by the Banco do Portugal, has a special session dedicated to the youngest. Ms. Danièle Vande Espt, Head of Financial Education Department, FSMA, acknowledged that for consumers there exists a great deal of suspicion as to whether banks can offer trustworthy neutral information on existing products. As a result, the FSMA was given the authority of coordinating financial education programs at Belgian national level. The strategy that has been developed is based on a long term approach to strengthen the attitudes and the skills of consumers when it comes to financial decisions. FSMA is a trusted partner for consumers, and is therefore planning to take the initiative in bringing stakeholders together to foster collaboration and scaling efforts. Financial education is of crucial importance in Turkey, stated Mr. Feyzullah Yegin, Head of Institutional Communication Department, Capital Market Boards of Turkey, a country that has been characterized by an inflationary period and little access to social security. The Capital Market Boards of Turkey took important steps for implementing and encouraging financial education initiatives, though many challenges had to be faced (particularly coordination between stakeholders, since no single authority has a complete authority on financial education initiatives).

CYFI Regional Meetings 2012

Academia and Research: A Special Focus on the Region Panelist discussed the methodology of assessing and evaluating current practices in financial education.

Chair: Dr. Jacques Zeelen, Professor, University of Groningen, Netherlands Speakers:  Dr. Brekki Karlsson, Founder and Director, The Institute for Financial Literacy, Iceland  Dr. Angela Romagnoli, Financial Education Unit, Bank of Italy, Italy The CYFI White Paper, released in April 2012 by the Child and Youth Finance Academic Working Group, focused on defining core concept for the Child and Youth Finance Movement. Professor Zeelen from the University of Groningen presented 3 of the most notable findings:  Innovation in the field is essential but is quickly surpassing the limits of established research.  There is a great deal of enthusiasm surrounding the topic of financial education but a lack of empirical evidence supporting its efficacy, as well as the causal relation between financial education and social and livelihoods education.  More experimental designs or RTC are not implemented, making conclusions difficult. Recommendations formulated by the Academic Working Group would help improve the assessment and evaluation of studies. Prof. Zeelen especially stressed the importance of contextualizing the approach of assessment and prioritizing practical solutions for impact evaluation. Despite the sound and friendly legal framework for financial education and inclusion, there is still hesitation as to whether it’s absolutely necessary to include financial education in school curriculums, stated Dr. Brekki Karlsson, Head and Founder of the Institute for Financial Literacy in Iceland. More research to assess the empirical efficacy of financial education programs would help in surmounting such barriers. Banca d’Italia (the National Central Bank of Italy), in collaboration with the Ministry of Education have implemented a pilot program to study and evaluate the impact of financial education on youth, with the aim of lastely incorporating financial education into school curriculums. Dr. Angela Romagnoli, Financial Education Unit, Bank of Italy. Some of the more relevant findings are: positive retention of knowledge, effectiveness of the program in increasing financial knowledge, gender specific issues, that support the necessity of introducing financial education in primary school to avoid any financial knowledge gap between boys and girls.

Child & Youth Finance International Regional Meetings 2012

Can European Institutions Listen to The Children and Youth Voices? Youth representatives interacted with the audience and representatives from the European institutions to tackle problems and questions such as unemployment, financial exclusion, lack of investment in youth policies and lack of coordination.

Chair: Ingrid Jones, Partnere per Femijet, Albania Speakers:  Ms. Anna Maria Darmanin, Vice President of the European Economic and Social Committee  Mr. Philippe Lamberts, Member of the European Parliament  Youth representatives Ms. Darmanin, Vice President of the European Economic and Social Committee, acknowledged the major impact on the society of financial education and expressed EESC’s support for youth guarantee schemes. She underlined that the Committee recognized the importance of the financial education and called the European Commission to take steps into developing legislative measures obliging the Member States to promote financial education in a systematic and effective manner. She furthermore aknowledged that financial education specifically for children and youth tough has not been tackeled and committed to take the issue on the Committee’s agenda. One of the most debated topics was the advocacy for Child and Youth Finance Movement at the European level. Some of the ideas explored were the Written declaration on Child and Youth Finance by the European Parlaiment and the Citizen’s Initiative by the European Commission. Both Mr. Lamberts and Ms. Darmanin suggested that the CYFI Secretariat should consider promoting a Citizen’s Initiative by the European Commission. Ms. Darmanin offered her logistic support for developing such an initiative. The 3 youth representatives, Lluis, Naomie and Yuliya, actively contributed to the discussion. They asked the policymakers and the audience to answer their questions and underlined the necessity for the young generations of actively being involved in the decisional process when it comes to policies that addresses them. They asked banks for more consideration and stressed that financial education and access are a crucial tool for ensuring that they will know how to manage their future decisions. Finally, the 3 youth representatives underlined that they are aware of the responsibilities that this process involves.

CYFI Regional Meetings 2012

What can I bring to the Movement: Global Money Week Youth representatives and the audience brainstormed on possible activities that can be implemented during the Global Money Week. Some of the suggestions will be coordinated by the CYFI Secretariat during the Global Money Week. Contributions included:         

Stock Exchanges globally opened to young people during Global Money Week Working with children’s channels to promote Global Money Week Radio shows with kids calling in Street performance and/or flashmobs for the Global Money Week Slogan for Global Money Week and week from the children Let kids teach other kids! Visits to money musuems Invite children and youth to be branch officers at banks Children and youth lead the board of financial regulatory institutions/ financial

Key Outcomes of the Day       

Need for different stakeholders to share information in order to spread and encourage research in the topics related to children and finance Quality impact evaluation assessment and further research necessary in the Region Promotion of quality teacher training as key element for improving financial education programs Importance of the multi-stakeholders approach in defining and implementing a long term national strategy for financial education Need for the revision of the current regulatory framework for fostering financial access and inclusion of financial education in the school curricula Relevance of sharing experiences, expertise and best practices at the regional and national level, to strengthen regional efforts.

Child & Youth Finance International Regional Meetings 2012

Closing Ceremony Closing the CYFI Regional Meeting for Europe and Central Asia, Jeroo Billimoria, Managing Director of Child and Youth Finance International, noted the importance of the Child and Youth Finance Movement in the region and highlighted the need for cross-sectorial collaboration in taking the Movement forward in Europe and Central Asia. She also pledged to advance the Movement in by actively encouraging the creation of joint national strategies for financial education and inclusion for children and youth and by promoting coordinated worldwide activities, like the Child and Youth Finance Week. Mr. Jean Paul Servais, Chairman of the FSMA and host of the Regional Meeting, expressed his belief in the strength of a network movement - such as Child and Youth Finance - that enhances the exchange of best practices and support at an international level. Mr. Servais stressed also the importance of continuing financial education at European level and reiterated his continued support for the Child and Youth Finance Movement.

Next Steps    

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Creation of country and sub-regional platforms for furthering the CYFI Movement 30 Countries celebrating the Global Money Week in 2013 Building a solid network of academics working on region specific issues related to child and youth finance Supporting a written declaration on child and youth finance at the European Parliament and submitting the Citizen’s Initiative at the European Commission Joining the CYFI Second International Summit to be held in Turkey the 7th-9th of May, 2013

CYFI Regional Meetings 2012

Middle East and North Africa 16-17 November, 2012 Beirut, Lebanon

Child & Youth Finance International Regional Meetings 2012

Executive Summary The first Child and Youth Finance Regional Meeting for the Middle East & North Africa took place on November 16-17, 2012, in Beirut, Lebanon. In the MENA region children and youth make up around 19% of the population and, at a time when innovations and policies related to children’s financial issues are gaining momentum, it is important to focus on the financial realities faced by an entire generation. The Regional Meeting was inaugurated by the H.E. Lebanese Prime Minister Mr. Najib Mikati and H. E. Lebanese Minister of Justice Mr. Shakib Kortbawi and was held as an integrated meeting along with the Annual Summit of the Union of Arab Banks. It brought together 350 participants from 15 Arabic countries (combined) to focus on expanding the Child and Youth Finance Movement in the region. Policymakers gathered to explore ways in which to increase financial education and financial inclusion for youngsters through the best policies and practices. Meeting highlights included: 

The documentation and sharing of best practices The formation of alliances of national and regional stakeholders  Unified support for regional cooperation  Commitments by national stakeholders to take on financial issues in their respective countries. 

The meeting concluded with words of support from H.E. Mr. Najib Mikati and Mr. Adnan Yousif, Chairman of Union of Arab Banks hosting the Annual Conference of the Union of Arab Banks conference in 2012 and a call for all countries in the region to collaborate in furthering financial education and access for all children and youth in the Middle East & North Africa. It also featured an Honoring Ceremony for International Organizations where Ms. Jeroo Billimoria, Managing Director of Child & Youth Finance International been awarded on her humanitarian and innovative initiative. The integrated program of the Child & Youth Finance International agenda on “Reshaping the Future of Finance” complimented the agenda of the Union of Arab Banks on “Economic Stability at a Time of Uncertainty”. Topics related to ‘The Role of Political Stability in Achieving Economy Stability and Development’ ‘Elements of reform in the Arab World and the Response to the Current Challenges’ and ‘Good Governance and Social Responsibility in the Financial and Banking Sectors’ were tackled during the meeting.

CYFI Regional Meetings 2012

An overview of the program agenda can be seen below: Time Morning

Day 1: Friday, November 16, 2012  Inauguration Ceremony  Honoring ceremony for Arab and International key figures (Honoring Ms. Jeroo Billimoria for the Child & Youth Finance International Initiative).

Day 2: Saturday, November 17, 2012  Elements of reform in the Arab World and The Response to the Current Challenges: The plans of Financial Authorities on the positive reform of youth leadership by promoting youth led enterprises, economic education and financial education and through the efforts of financial institutions

Afternoon

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2. 3. 

Evening

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Keynote Addresses For Regional and International Institutions: The collaboration on the Regional Meeting with UAB and strategic partnership for the region The UAB’s role in accelerating the CYFI Movement in the Middle East The role of Arab Banks in the Movement The Union of Arab Banks and its members in shaping future financial landscapes: The Role of Arab Banks in Child & Youth Financial Education Cultural event and Dinner

Good Governance and Social Responsibility in the Financial and Banking Sectors: The responsibility of the banking sector, including central banks, in furthering financial education and access through specific initiatives as part of their social responsibility, with an example of the international Global Money Week which engages central banks across the world  A Region in Action: Accelerating the Child and Youth Finance Movement in the Region: Commitments from the Region.

All presentations from speakers can be found in the website of the MENA Regional Meeting by following this link. Child and Youth Finance International would like to take this opportunity to express their gratitude to The Union of Arab Banks who made this event possible through their tireless efforts and dedication to the Child and Youth Finance Movement. Their commitment, knowledge and expertise were invaluable in helping to shape this regional event. There is no doubt that their continued support will see the Child and Youth Finance Movement reach beyond its target.

Child & Youth Finance International Regional Meetings 2012

About the Regional Meeting for the Middle East & North Africa The CYFI Regional Meeting for the MENA was one of five Regional Meetings organized by CYFI around the world in collaboration with different national stakeholders. The Regional Meetings were conceived as a space to gather diverse actors to discuss topics related to the financial education and inclusion of children and youth.

Participants This brought together 350 participants coming from 15 countries (combined). During the 2-day meeting representatives from government organizations, financial services providers, financial regulators, NGOs, academia and research institutions shared their experiences, innovations and commitments to ensure that 100 million children and youth have access to financial education and inclusion by 2015. Meeting Highlights  H.E. Prime Minister of the Lebanese Council Mr. Najib Mikati showed his support for The Child and Youth Finance Movement and commitment to the financial education and inclusion issues at the meeting’s inaugural ceremony.  The CYFI Regional Meeting for the MENA was held as an integrated meeting along with the Union of Arab Banks Annual Summit.  This event gathered 350 participants coming from 15 countries (combined)

CYFI Regional Meetings 2012

Day 1 Friday 16 November, 2012 09:30 - 10:45 10:45 - 11:00 11:30 - 12:30 12:30 - 14:00 15:30 - 16:00 16:00 - 18:00

Official Opening Ceremony & Welcoming Speeches Honoring ceremony for Arab and International Key figures (Honoring Ms. Jeroo Billimoria for the Child & Youth Finance International Initiative). Keynote Addresses for Regional and International Institutions The Role of Political Stability in Achieving Economy Stability and Development The role of The Union of Arab Banks and its members in shaping future financial landscape The Role of Arab Banks in Child & Youth Financial Education

Official Opening Ceremony & Welcoming Speeches Welcome Address H.E. President of the Council of Ministers in Lebanon, Mr. Najib Mikati expressed his support and commitment to the movement during the opening ceremony. H.E. also emphasized the importance of financial education for children & Youth in achieving economic stability and thus achieving political stability in the MENA region. Dr. Joseph Torbey, Chairman - World Union of Arab Bankers, President - Association of Banks in Lebanon stated that the Arab countries have all the resources and the potential to grow its economy in the midst of the current global financial crisis and that the Arab countries should invest in their human resources to ensure a stable and prosperous economy. Ms. Jeroo Billimoria, Managing Director of Child and Youth Finance International emphasized the importance of the collaboration with Union of Arab Banks and the role of its strategic partnership for the region. Ms. Billimoria addressed the UABâ&#x20AC;&#x2122;s role in accelerating the CYFI Movement in the Middle East & North Africa in addition to the role of Arab Banks in the Movement.

Honoring Ceremony This session sought to for Arab and International Key figures. Ms. Jeroo Billimoria has been honored for the Child & Youth Finance International Initiative. H.E. Prime Minister Mr. Najib Mikati and Mr. Adnan Yousif, Chairman of the Union of Arab Banks, handed the award to Ms. Billimoria for her innovative initiative about empowering children and youth in the region and worldwide. H.E. Mr. Mikati complimented the tremendous efforts Child & Youth Finance International is putting in order to achieve its goal by 2015. His Excellency expressed his willingness to support the movement to champion issues of financial education and financial inclusion for children and youth in Lebanon and the MENA region.

Child & Youth Finance International Regional Meetings 2012

Keynote Addresses for Regional and International Institutions The purpose of this session was to address current issues in the MENA Region. Speakers:  H.E. Mr. Nicolas Nahhas, Minister of Economy & Trade, Lebanon  Mr. Alfred Kammer, Deputy Director of MENA & Central Asia, IMF, USA  Ms. Jeroo Billimoria, Managing Director, Child & Youth Finance Int’l, the Netherlands  Dr. Omar Al Hafez, Secretary General, General Council for Islamic Banks & Financial Institutions, Bahrain Speakers from International organizations shared their visions and input regarding the current situation in the region and how the collaboration could benefit the Arab countries and helps creating economic stability by creating more job opportunities for young people and thus creating less chances to revolt and rebel against systems. In addition to the above, all speakers emphasized that Arab countries should take action to create more job opportunities by encouraging financial literacy and financial inclusion in order to help young people to build their future. Ms. Jeroo Billimoria, Managing Director, Child and Youth Finance International addressed during the regional meeting the importance of the collaboration with Union of Arab Banks and the role of its strategic partnership for the region. Ms. Billimoria laid emphasis on UAB’s role in accelerating the CYFI Movement in the Middle East & North Africa in addition to the role of Arab Banks in the Movement. Ms. Billimoria also illuminated the CYFI’s achievements up to today she showcased the movement’s journey so far in 2012 where for example five regional meetings were healed in five continents. The MENA regional meeting was the fourth among the meetings. Explaining the reason behind the foundation of the five regional meetings, Ms. Billimoria elaborated that the meetings came as a result upon the request of the participants of CYFI’s first International Summit. The International Summit brought leading experts, practitioners and innovators who are engaged in the issues of financial access and financial education for children and youth. The Summit; which took place on April 3 & 4, 2012 in Amsterdam, the Netherlands, brought together 346 participants from 83 countries to share their expertise and commitments for furthering Child and Youth Finance. She also explained that in order to reshape the future of finance we need to teach children and youth about finance and that the movement’s mission is to reach 100 million children and youth in 100 countries to be financially educated and to have savings accounts by 2015.

CYFI Regional Meetings 2012

The Role of Political Stability in Achieving Economy Stability and Development This session explored the topic of political stability and its impact on the nations also the positive impact of political stability on investments.

Chair: Mr. Tarek Amer, Chairman - Federation of Egyptian Banks, Chairman- National Bank of Egypt, Egypt. Speakers:  Dr. Gamal Bayyoumi, Secretary General, Federation of Arab Investors, Egypt  Mr. Mohamed Ali Beyhum, Executive General Manager, Bank MED, Lebanon  Mr. Luca Renda, Country Director, United Nations Development Programme  H.E. Dr. Marwan Awad, CEO & General Manager, Jordan Ahli Bank, Jordan  Mr. Mohammad Bin Youssef, General Manager, Libyan Arab Foreign Bank  Mr. Jean Francois Pons, Director of European & International Affairs, French Banking Federation, France  Mr. Bram Stoffele, Partnership & Certification Manager, Child & Youth Finance International, the Netherlands During this session speakers shed the light on the current events in the MENA region and its effect on the economic stability. They also addressed a number of issues that requires joint efforts from all Arab countries and particularly the banking sector to help the region recover from recent agitations and solidify its economy. Bram Stoffele, Partnership & Certification Manager discussed the crucial importance of youth financial literacy, access and empowerment for economic stability, and ultimately for political stability. Throughout the MENA region half of the population consists of children and youth, who, without access to life skills and livelihoods education, access to formal finance, and employment opportunities, can be powerful sources of social and political unrest. Throughout the MENA region, school dropout rates and youth unemployment are high, and youth financial literacy and access are low. By giving children and youth access to financial, life skills, and livelihoods education, they can build their capability to learn to deal with money and to build their own assets. Given the access to child and youth friendly banking products in the formal financial sector, children and youth get the opportunity to put theory in practice and build sound savings habits, personal responsibility, and invest in their own futures. Child and Youth Finance International (CYFI) support this by connecting stakeholders and good practice around financial education and access for children and youth throughout the world, and the MENA region. Financial institutions can join as partners to the global CYFI movement, and obtain a certificate for their child and youth friendly banking products, thus enabling children and youth’s safe economic inclusion, which will ultimately lead to more economic stability. Finally, CYFI provides resources supporting financial institutions in their development of child and youth friendly banking products aiming to boost safe financial inclusion for children and youth.

Child & Youth Finance International Regional Meetings 2012

The Union of Arab Banks and Its Members in Shaping Future Financial Landscape This session shed the light on the Child & Youth Finance International Movement, explored its mission and its collaboration with the Union of Arab Banks in reshaping the future of finance in the region.

Chair: Mr. Ali Zbeeb, Director of International Legal Affairs, UAB Speakers:  Ms. Farah Habbah, MENA Regional Coordinator, CYFI  Ms. Lubna Shaban, Advocacy & Communication Manager, CYFI  Mr. Bram Stoffele, Partnership & Certification Manager, CYFI

Ms. Farah Habbah, MENA Regional Coordinator explained the importance of creating a national platform and the role of the National Committee in steering the CYFI’s activities on a national level. She explained how the different sectors work to create a national platform, for example central banks collaborate with ministries of education to implement a national policy for providing financial education at schools and allow children and youth to open saving accounts. Mr. Bram Stoffele, Partnership & Certification Manager discussed the educational pillar under-pinning CYFI’s mission. In his presentation he discussed CYFI’s Financial Education Framework comprised of three components: financial education, social & life-skills education, and livelihoods education. The Framework has come together through the concerted efforts of CYFI, OECD, UNICEF, and several other leading NGOs, and serves as a benchmark for financial education curricula worldwide. Ms. Lubna Shaban, Advocacy & Communication Manager showed new features of the recently updated CYFI website, serving the work of stakeholders and partners worldwide through the provision of information on topics such as national platforms and initiatives, CYFI meetings, and a rich library of key resources and publications from the child and youth finance field.

CYFI Regional Meetings 2012

The Role of Arab Banks in Child & Youth Financial Education This session exhibited the importance of the collaboration between Arab banks and the different institutions in providing financial education in the region.

Prof. Badreldin Abdelrahim, President Microfinance Unit, Central Bank of Sudan chaired the Child and Youth Finance International session of ‘The Role of Arab Banks in Child & Youth Financial Education’. Professor Badreldin Abdelrahim provided statistics of the MENA region indicating that the MENA region has the highest unemployment rate worldwide (38%). That financial inclusion levels are the lowest as well. He emphasized that financial education is a crucial precondition for microfinance and financial inclusion and for that; the MENA region and particularly banks need strategy and statistics. Mr. Joseph Awad, CEO of YMCA and Board Member of Aflatoun Lebanon spoke about Aflatoun’s focus on social and financial education and how the organization is achieving its goals by combining social justice with self-awareness and essential life skills. He mentioned that Aflatoun believes that children & youth need to build knowledge and practice in savings and budgeting. Aflatoun also encourages entrepreneurship and financial management. Mr. Awad emphasized the importance of the collaboration of banks in order to facilitate financial education so that children & youth can become full-fledged economic citizens. He then focused on Aflatoun’s activities in Lebanon through: 1. Social & financial education, the goal is behavior change and empowerment 2. Concept & curricula developed through 5 core elements Mr. Awad spoke of Aflatoun’s key findings across the global network which included:  Changed savings preferences  Improved ability to deal with social & economic challenges  Increased openness and engagement in social & financial enterprises  Improved participation  Greater awareness of rights  More equitable relationships with teachers The above mentioned key findings were implemented in 91 countries, reached 1.3 million children/youth and as a result, 49% of children who participated in Aflatoun’s program save regularly. Mr. Justin Sykes, Director Microenterprise at Silatech-Qatar exhibited Silatech’s work through the Region in collaboration with different partners. Silatech’s activities focused on financial inclusion for youth age 16 and upwards. The initiative works primarily with financial institutions to develop business cases. Right now Silatech is working with 20 partners, including public and private banks, including large deposit taking institutions & money transfer companies. Sykes stated that there is a myth that youth in the MENA region wouldn’t be ‘investible’ and is rather risky investing in youth. Silatech looked at the actual risk of investment and they found that data doesn’t warrant this conclusion: investing in youth is just as safe as investing in later ages. Silatech has a youth fund with a large number of startups and is connected to Youth Entrepreneurship Investment Fund. “We also uncovered an equally big market for savings not just for credit” states Sykes. He continues “We’ve started a youth savings initiative together with GIZ, as we are also working with Al Barid Bank- Morocco and Mennonite Economic Development Associates (MEDA)”. Silatech focuses on developing products. They also developed financial literacy training programs in collaboration with Yemen, Morocco, PLAN Egypt, VISA, and Casablanca Stock Exchange. Silatech’s learning agenda: regional knowledge sharing through Sanabel, profile of MFI leadership, learning agenda through research (CGAP), and exploring policy implications.

Child & Youth Finance International Regional Meetings 2012

Mr. Nabil Badr, Director of Banking Supervision, Central Bank of Morocco showcased initiatives undertaken by the Central Bank of Morocco for Financial Education and Financial Inclusion for children and youth in Morocco. He elaborated on the initiative of the Central Bank of Morocco (CBM) saying that CBM based its activities on the following channels of communication: 1. The Museum of Bank Al-Maghrib: CBM organizes visits for children and youth to the museum of the CBM and to CBM itself as well as workshops on dealing with money. 2. Media: CBM organizes meetings with national media about financial services and also organizes meetings with universities and high schools. 3. CBM organizes (in coordination with private & public institutions) awareness-raising campaigns on financing small and medium-sized enterprises. On March 16th 2012, CBM, in collaboration with CYFI, organized the Global Money Week. The program focused on financial education for children and young people aged between 8 and 17 years, and introducing children and youth people to basic financial concepts. The collaboration included the following institutions:      

The Ministry of National Education The Ministry of Economy and Finance Directory of Insurance and Social Reserve Casablanca Stock Exchange The Association of Professional Banks in Morocco The Moroccan Association for insurance companies and reinsurance.

Dr. Hadeel Al-Asmar, United Nations Committee on the Rights of the Child (UN CRC) - Dr. Hadeel Al-Asmar addressed the importance of respecting children’s rights when offering financial products to children and youth. Dr. Al-Asmar focused on the practical application of the UN Convention on the Rights of the Child (UN CRC) regarding financial inclusion of children and youth:      

Provide training and awareness raising on the UN CRC for banking employees who work with children Training and awareness creation of children regarding their rights when engaging with financial institutions and products Implementing UN CRC provisions in the work of financial institutions and specifically in departments working with, or offering products to, children and youth Ensuring child friendly bank automation Creating and sustaining cooperation between the bank and the government Offering free banking services for children

Dr. Al-Asmar highlighted the importance of the above mentioned regulations as they play an significant role in protecting the rights of chidren and youth in the region to have a safe and reliable saving account. Ms. Rania Al-Jalkh, Executive Director, Injaz-Lebanon presentedInjaz’s achievements in the MENA Region with the focus on Lebanon. Injaz is a bridge between private sector needs and the skills of youth, turning challenges into opportunities for change. Injaz has reached more than 50,000 students through 600 trained volunteers. Private and public schools are targeted in the six Lebanese regions from 4 national offices and is supported by more than 100 local and multinational companies. Injaz’s program includes Financial Literacy, Work Readiness & Entrepreneurship.

CYFI Regional Meetings 2012

Day 2 Saturday 17 November, 2012 09:30 - 10:00 10:00 - 11:30 11:45 - 13:00 13:00 - 14:15

Opening Address by H.E. Lebanese Minister of Justice, Mr. Shakib Kortbawi Elements of Reform in the Arab World and The Response to the Current Challenges The Priorities of the Banking Sector and Financial Markets at a Time of Transition and Change Good Governance and Social Responsibility in the Financial and Banking Sectors

Elements of Reform in the Arab World and the Response to the Current Challenges This session identified key challenges in the region and actions towards the creation of National and Regional Platforms. It served as a platform for sharing of best practices as well as exploring the creation of substantial policy changes at the national levels on Child and Youth Finance issues. Chair: H.E. Dr. Ali Khashan, Former Minister of Justice, Palestine Speakers:  Dr. Makram Sader, Secretary General, Association of Banks in Lebanon  Dr. Shadi Karam, Consultant to the President of the Republic of Lebanon  Mr. Faisal Al Alwan, Chief Executive- International Banking Group, Dar Al-Maal Al-Islami Trust, Bahrain  Dr. Imad Shehab, Secretary-General, General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries  Dr. Fouad Moheisen, CEO, Alisraa for Islamic Finance and Investment, Jordan  Dr. Ashraf Gamal El-Din, Deputy Executive Director, Central Bank of Egypt, Egypt During this session speakers discussed the importance role of the law in stabilizing the region in these particularly turbulent times. Particular challenges lie in ensuring that after the toppling of the one dictatorship another is simply put in place. Speakers agreed that the revolutions are important and serve the purpose of empowerment. Dr. Ashraf Gamal El-Din, Deputy Executive Director, Central Bank of Egypt outlined the current situation in the MENA region in general and in Egypt in particular. He stated that the youth were at forefront of the revolution. They used a lot of social media tools to call for dignity. Dr. Gamal El Din Stated that the Egyptian Banking Institution (EBI)/Egyptian Central Bank (CBE) has been working since 2008 to support this kind of dignity by working on awareness through community outreach. The inspiration came in April 2012 during the Child & Youth Finance International Summit in Amsterdam - “The Revolution” - giving great momentum to the Egyptian Banking Institution. This led to a 2-step action plan: 1. Carrying out a research with PLAN Egypt: The research revealed that children are acquainted with banks but have very limited awareness about the products and services of banks and other ways in which they can contribute to their wellbeing.

Child & Youth Finance International Regional Meetings 2012

2. Carrying out banks survey: From a total of 39 banks, 14 replied and at the end 12 showed active interest & commitment, some from profit perspectives, some from Corporate Social Responsibility (CSR) perspective. EBI/CBE also gave an introduction meeting for interested banks and the outcomes showed: Potential benefits foreseen by banks as result of initiative:  Increasing awareness about banking products  Contribute to wellbeing of economy  Positive impact in children and youth in particular in rural communities  Promoting entrepreneurial spirit  Creating customer loyalty & increasing market share  Main products developed by banks are cards  Challenges faced are mainly legal, but EBI/CBE thinks it is mostly a state of mind  CYFI launch & product initiative kick-off event: January 2013 (2013 CYFI Year)  The EBI/CBE will act as a knowledge sharing portal: products, achievements, challenges and awareness campaigns.

CYFI Regional Meetings 2012

Good Governance and Social Responsibility in the Financial and Banking Sectors This session identified key challenges for the banking sector to face and the social responsibility they carry towards the region in general and youth in particular.

During this session extra attention was paid on the importance of social responsibility in the banking sector. Speakers agreed that banks should take more initiatives in bringing financial awareness in the region by including more campaigns, workshops to enlighten customers about financial products. Chair: Mr. Sarkis Youghourtdjian, Assistant Director- Board of Governors, Federal Reserve System, USA Speakers:  Ms. Hamdiyah Faraj, Chairman & General Manager, Trade Bank of Iraq  Ms. Alissa Amico, MENA Corporate Affairs Division, OECD - Paris  Dr. Omar Al Hafez, Secretary General, General Council for Islamic Banks & Financial Institutions, Bahrain  Mr. Jamal AbdulMalak, Chairman, Bank of Commerce & Development, Libya  Dr. Sadek Al Shammari, General Manager, National Islamic Bank, Iraq  Ms. Lubna Shaban, Communication & Advocacy Manager, Child and Youth Finance International, the Netherlands Ms. Lubna Shaban, Communication & Advocacy Manager, Child and Youth Finance International spoke about the Global Money Week and how countries can organize and how to engage multi-sectoral organizations in this activity. Ms. Shaban explained how Global Money Week (March 16) and Week (March 15 – 22) offers an excellent opportunity for financial institutions to shape their CSR agenda. Engaging their employees, customers, and wider network, financial institutions can organize local or national activities that raise awareness on the importance of financial literacy and capability for children and youth. Financial institutions can raise media attention for the issue; activate schools, community centers, etc. CYFI offers the opportunity to share these experiences internationally and to learn from activities in other countries and regions.

Child & Youth Finance International Regional Meetings 2012

Accelerate and Act! Closing Remarks Closing the CYFI Regional meeting for the Middle East & North Africa Jeroo Billimoria, Managing Director, Child and Youth Finance International mentioned the importance of the Child Finance Movement in the region and highlighted the importance of cross-sectorial collaboration in taking the Movement forward in the MENA. She also pledged to participants to take forward the Movement in their countries by actively encouraging the creation of joint national strategies for financial education and inclusion for children and youth.

Next Steps 

  

Building a solid network of Academics working on region specific issues related to child and youth finance, which should take into account the particular regional and different national realities. Creation of country platforms to take forward the CYFI Movement at a national level with the support of the CYFI Secretariat. Encourage the celebration of the Day/Week Child and Youth Finance 2013. Joining the CYFY Movement in the celebration of its Second International Summit to be held in Turkey the 7th- 9th of May, 2013.

CYFI Regional Meetings 2012

Asia and The Pacific 3-4 December, 2012 Manila, Philippines

Child & Youth Finance International Regional Meetings 2012

Executive Summary The Child and Youth Finance Movement aims to increase the financial protection and empowerment of all children and youth across the world. Asia and the Pacific play an important role in the Movement. Asia and the Pacific are the world’s most populace regions in the world, where more than half of the world's children and youth – approximately 650 million between the ages of 10 and 24 – live in Asia and the Pacific. In some parts of the region, children and youth account for nearly 20% of the population. There are approximately 12.8 million unemployed youth and young adults in East Asia, 8.3 million in South-East Asia & the Pacific and 15.3 million in South Asia. The Movement aims to ensure that human rights, and in particular the economic rights, of children and youth are respected. In efforts to proliferate the Movement in Asia and the Pacific, the 2012 CYFI Asia & Pacific Regional Meeting is intended to put Child & Youth Finance on the agendas of Asian entities and policy makers, and invite region-wide declarations by regional Policymakers on financial education and financial inclusion for children and youth. In efforts to reach this objective, particular attention was paid to the growing problem of youth unemployment and child labor across the region as well as the methods of tackling poverty through the development of financial infrastructure. The first Child &Youth Regional Meeting for Asia and The Pacific took place in Manila on the 4th of December. The meeting was hosted by the Central Bank of Philippines (Bangko Sentral ng Pilipinas), and took place in the BSP complex in Manila, where it was inaugurated by Mr. Amando M.Tetangco, Jr., Governor of Bangko Sentral ng Pilipinas. To foster dialogue, the meeting featured outcome oriented interactive sessions dedicated to create dialogue about the topics of implementing national strategies and the challenges involved with it, where the focus was put on; best practices of financial education in schools and how to best implement it; development and certification of ChildFriendly Banking Products; and the key challenges and recommendations for the formation of Child & Youth Finance programs and National Policies. The Child and Youth Finance Asia and The Pacific Regional Meeting received 90 representatives from 20 countries, and the meeting highlighted the importance of Child and Youth Finance issues in the Asia-Pacific Region. The meeting was concluded with encouraging remarks from Deputy Governor Mr. Nestor A. Espenilla of Bangko Sentral ng Pilipinas, and Secretary Ms. Imelda M. Nicolas of the Commission on Filipinos Overseas. During their remarks, the Secretary and the Deputy Governor announced the Kiddie Katapat Savings Program. This program is designed to enable parents to incentivize the children to save more, where parents can transfer amounts equal to the child’s savings, to the child’s account at no additional cost.

CYFI Regional Meetings 2012

About the Regional Meeting for Asia and The Pacific The Child & Youth Finance International Regional Meeting for Asia and The Pacific was one of five Regional Meeting organized by CYFI around the world in collaboration with national stakeholders. The Regional Meetings are realized as a space to congregate diverse actors to discuss region-specific topics related to financial education and inclusion for children and youth.

Participants The Asia and The Pacific Regional Meeting brought together 90 participants coming from 20 countries. During the meeting, representatives from governmental organizations, financial services providers, financial regulators, NGOs, academic institutions, and research institutions shared their experiences, innovations and commitments to ensure that 100 million children and youth have access to financial education and inclusion by 2015.

Highlights of the Regional Meeting      

The Meeting gathered 90 participants coming from 20 countries (17 APAC countries) Mr. Amando M. Tetangco, Governor of the Central Bank of Philippines showed his support for the Movement and underlined the importance of financial education and inclusion issues Mr. Nestor A. Espenilla, Deputy Governor of the Central Bank of Philippines expressed his support for the Movement Ms. Imelda M. Nicolas, Secretary of Commission of Filipinos Overseas announced the Kiddie Katapat Savings Program 25 participants attended the school field trip to observe the classes and interact with children, where the Governmental Savings Bank, Thailand gave gifts to the kids during class quizzes Teachers engaging their students in lessons on money management integrated in the social studies, values education, home economics and livelihood subjects were acknowledged and awarded by the Governor of the Central Bank of Philippines.

An overview of the meeting agenda as well as the presentation of speakers can be found on the meeting website which can be accessed by clicking here.

Child & Youth Finance International Regional Meetings 2012

Day 1 Monday 3rd of December, 2012 Experiencing the Filipino Kiddie Account Program 14:00 – 14:30 14:30 – 15:00 15:30 – 15:45 15:45 – 16:00 16:00 – 17:30 17:30 – 20:00

Welcome and Registration Field Visit to Aurora Quezon Elementary School Welcome Remarks by School Principle Dr. Elizabeth Arobang Presentation on the Kiddie Account Program by the Bank Marketing Association of the Philippines Observation of the classes and open discussion with the Children about the matter of saving and money management Cocktails at the BSP Money Museum

Field Visit to Aurora Quezon Elementary School The day before the Regional Meeting, 24 of the Participants were treated to a Filipino school visit, the Aurora Quezon Elementary School where they were greeted by rows children welcoming the participants with a song. The Aurora Quezon Elementary School is a public elementary school in which financial and life-skills education is integrated in the school curriculum.

Welcome Remarks of Principle Dr. Elizabeth Arobang Dr. Elizabeth Arobang, Principle of Aurora Quezon Elementary School, welcomed all the participants and expressed with all, the importance of Finance Education in Social Sciences. She explained the process applied in the teaching, which incorporated elements of social skills such as good manners and common sense. Furthermore, she shared with the attendees the school’s campaign to encourage thrifty and pro-saving behavior.

Kiddie Account Programs Ms. Fe M Dela Cruz, Director, Central Bank of the Philippines, thanking Dr. Elizabeth Arobang introduced three banks currently running programs fostering savings by Children. Additionally she shared that there are currently 12 banks in the Philippines which are running a program including Child savings initiatives. The three banks present at the school visit were RCBC Savings Bank, BDO Unibank Inc., and BPI. The overall theme of the banks’ initiatives included a low initial deposit (100PHP ≈ €2.00), interest accumulation at a 5,000PHP threshold, and accessibility features for hands on learning though participation. During the banks’ presentations the attendees were very involved and several topics relating to child inclusion were discussed, including but not limited to the following: inclusion of children not enrolled in schools, evaluation of the impact of the programs, involvement / requirement of parents in opening accounts, and more.

CYFI Regional Meetings 2012

Class Observation and Open Discussion with the Pupils After the presentation of the Kiddie Account programs, the attendees were able to observe the classes from the side line, during which they saw the methods applied by the school teachers to impart lessons about common sense, social skills, the benefits of saving and more. The teachers used an example / case based approach, where they described situations and ask the children what they would do in the given situations. The children were asked to motivate their answers, through which the teachers could confirm or correct them appropriately. The delegates were able to ask the students questions and interact with the children, which the delegates as well the children really enjoyed. As a pleasant surprise the delegation from the Government Savings Bank (Thailand) brought gifts for the kids which they handed out during the quiz part of the class. In conclusion the children as well the delegates enjoyed the school visit very much. The school visit is also featured in a Filipino newspaper the Daily Inquirer Philippines, the article is found here.

Child & Youth Finance International Regional Meetings 2012

Day 2 Tuesday 4th of December, 2012 Regional Meeting Asia and The Pacific 09:00 – 09:30 09:30 – 10:15 10:45 – 12:00 12:15 – 13:30

14:30 – 15:00 15:00 – 16:00 16:30 – 17:30 17:30 – 18:00

Inauguration Plenary: The Importance of Child and Youth Finance in Asia and The Pacific Region Plenary: National Strategies – Leadership by Central Banks and National Authorities Ideas Lab: How to put in motion the National Strategy? Workshop 1: Financial Education in Schools Workshop 2: Financial Institutions and Outreach of Children and Youth Workshop 3: Drafting Child and Youth Finance Programs and National Policies Promoting the Child and Youth Finance Movement Plenary: Innovations in the Field of Child and Youth Finance Plenary: A Region in Action Concluding remarks and teachers awards

Inauguration The first Child and Youth Finance Regional Meeting was inaugurated by Mr. Amando M. Tetangco Jr., Governor of the Central Bank of Philippines. Addressing Secretary Imelda Nicolas, Ms. Jeroo Billimoria, the youth representatives, and the attendees, the Governor expressed the importance of the Asia and The Pacific region, given it is home to approximately 60% of the world’s population. The Governor showed his support for the Movement and underlined the importance of financial education and inclusion issues. Furthermore, the Governor explained the usage of Child and Youth Friendly methods to impart learning, and instilling understanding and consciousness of financial issues. In conclusion, the Governor reported the success of the Kiddie Account Program, and while commenting on the colorful decorations in the Conference he noted that although Child and Youth Financial Inclusion and Education are serious issues, one should not forget that the Children and Youth should find it fun to grow and manage their own money. Ms. Jeroo Billimoria, Managing Director of Child and Youth Finance International, thanking the Governor, praised the hard work of the Child and Youth Finance International partners in raising awareness on the importance of financial inclusion and education for Children and Youth throughout the Asia and The Pacific Region. Ms. Billimoria shared that the present world economic situation demands that individuals learn from an early age “the basic elements of financial culture” and that they have access to appropriate financial services.

CYFI Regional Meetings 2012

The Importance of Child and Youth Finance in Asia and The Pacific Representatives of the Organizing Committee members shared their reasons for supporting the Movement and emphasized the importance and relevance of the Movement in today’s economic environment.

Chair: Mr. Diwa C. Guinigundo, BSP Deputy Governor, Monetary Stability Sector, Philippines Keynote Speakers:  Ms. Brandee McHale, Chief Operating Office & Managing Director, Citi Foundation, United States  Ms. Violeta S. Roson, Teacher Representative, Philippines Mr. Diwa C. Guinigundo, BSP Deputy Governor, Monetary Stability Sector, opened the session and welcomed the participants on behalf of the Central Bank of Philippines. He further stated the importance of Child and Youth financial inclusion, and the necessity of it becoming a point of the National Agendas of the Central Banks. Ms. Brandee McHale, Chief Operating Office & Managing Director, Citi Foundation, shared with the participants how Citi Foundations supported the Child and Youth Finance Movement since its beginning. Ms. McHale expressed that she is very happy about the success of the Asia and The Pacific Regional Meeting and recognized the role of Philippines as leader in the field of financial education and inclusion in the Region. Ms. McHale highlighted the paramount importance of Financial Education for Citi Foundation which has been their main motivation for holding the Citi-FT Financial Education Summit 2012 in Manila. Ms. McHale also emphasized the need to assess the effectiveness of Financial Education programs, which is a priority within the Citi Foundation when supporting organizations and projects. Ms. Violeta S. Roson, Teacher Representative, Philippines, shared that the role of the teachers more than just imparting knowledge. She elaborated that “it is a must for teachers to display positive behavior because we don’t only teach our subject, we teach life”. She further expressed the importance of a holistic and inclusive education, where teachers are personally engaged and lead the children with example. Furthermore, she emphasized to keep the education interesting and fun for the children. In closing, she reiterated the importance of exemplifying life instead of only teaching a subject.

Child & Youth Finance International Regional Meetings 2012

National Strategies: Leadership by Central Banks and National Authorities In this session the speakers as well as participants identified and analyzed key challenges in designing and implementing national strategies.

Chair: Ms. Fe Dela Cruz, Director, Central Bank of the Philippines Speakers:  Mr. Anand. Babu, Manager Financial Inclusion Division, Rural Planning and Credit Department, Reserve Bank of India, India  Ms. Abigail Chang, FinED Project Manager, UNCDF, Fiji  Mr. Herriman Budi Subangun, Researcher, Bank Indonesia, Indonesia Ms. Fe Dela Cruz, Director, Central Bank of the Philippines, welcomed the participants to the conference and thanked them for their participation. She expressed the importance of the Child and Youth Finance Inclusion and the role of the Central Banks as the leader for change. Ms. Cruz thanked the CYFI Secretariat for a successful collaboration. Mr. Anand Babu, Manager Financial Inclusion Division, Rural Planning and Credit Department, expressed the importance of a National Strategy, given that it leads to Universal Recognition, National Projects, and a unified and coordinated National Strategy involving all the stakeholders. Subsequently he elaborated on the importance of Financial Education, which fosters Social Inclusion, Knowledge and Skill development, and Freedom from Exploitation He also shared that a financially educated population is less dependent on government schemes for their social security. He shared the progress of several initiatives undertaken by the Reserve Bank of India, including but not limited to, Project Financial Literacy. In conclusion, Mr. Babu also reported that the Financial Stability and Development Council is focusing on Financial Inclusion, and that a National Strategy on Financial Education is being prepared. Ms. Abigail Chang, FinED Project Manager, UNCDF, supported that investing in Youth Finance is not only beneficial in terms of fostering saving behaviors, asset building, sustainable livelihoods; it also supports one of the Millennium Development Goals of halving the poverty by 2015. She shared the launch of the FinED program, which aims to reach 200,000 students by the end of 2013 through the collaboration of 910 schools. Furthermore, she shared the challenges that are faced, which included skepticism of key players, sustainability, and competing priorities within Ministry of Education. She also introduced solutions to these challenges, such as statistical evidence on linkages between FinED, Financial Inclusion and Equitable Economic Growth, commitment from Ministries and key governing bodies, and engaging pioneering stakeholders. In conclusion, she asserted the importance of a holistic and comprehensive approach to finance inclusion and education. Mr. Herriman Budi Subangun, Researcher, Bank Indonesia, stated the importance of Child and Youth Finance Education based on 2 reasons, the positive change in the financial behavior of the Child at an early stage of life, and the notion that Children and Youth will be the main actors of the economy in the future. The Financial Education Programs aims to, build interest in baking, educate about the rights and obligations of the customer, and foster prudential thinking and banking. Furthermore, Mr. Subangun expressed the necessity of a comprehensive approach to Child and Youth Finance Education.

CYFI Regional Meetings 2012

Ideas Lab: How to put in motion the National Strategy? Financial Education in Schools: Curricula Overview and Integration During this session the speakers shared best practices where the focus was put on the implementation of financial education. The discussion helped define action plans for the implementation of Child and Youth friendly financial education.

Chair: Mrs. Andie Dalziell, Chief Quest Officer, ChangeLabs, Australia Speakers:  Mr. Bat-Orshikh Erdenebat, Executive Director, Development Solutions, Mongolia  Mr. Ernesto “Ernie” Rebustillo, Asia Regional Training Officer, RightToPlay, Thailand  Mr. Alan Wang, Executive Director, Better Education Organization, China Mrs. Andie Dalziell, Chief Quest Officer, ChangeLabs, opens the session and points out the importance of a holistic approach to the formation of national curricula. Mr. Bat-Orshikh Erdenebat, Executive Director, Development Solutions, expressed the need for national curricula which include financial education as one of the central themes. He further explained the challenges faced in Mongolia while integrating financial education in the national curricula. He outlined that the governmental bodies need to fully support the change in order for it to be successful. Furthermore, he presented the FLAME (Financial Literacy Act for Mongolian Education), which focuses on children from peri-urban and rural areas, in addition to disadvantaged children. Mr. Ernesto Rebustillo, Asia Regional Training Officer, RightToPlay, emphasized the importance of using sports and playful activities to educate and empower children and youth to overcome the effects of poverty, conflict, and disease in disadvantaged communities. Furthermore, he expressed the importance of a holistic approach to the development of child and youth education curricula. Following this, he shared 3 key lessons learned; 1) life skills form the cornerstone of financial literacy; 2) caregiver / teacher engagement is crucial in the implementation of financial literacy; and 3) successfully leveraging CSR for financial literacy by creating employee engagement. Mr. Alan Wang, Executive Director, Better Education Organization, shared his experience of developing and implementing education programs in China, from which he concluded that the main challenges and as well advantages are the support of governmental bodies. Furthermore, he stated the importance of using online technology in the implementation of teaching. He noted that the involvement of online platforms can lead to a national standard which will be very hard to discontinue. In addition to this, he also expressed the importance of transparency in order to more easily involve (key) stakeholders.

Child & Youth Finance International Regional Meetings 2012

Ideas Lab: How to put in motion the National Strategy? Financial Institutions and Outreach of Children and Youth In the current session, the speakers explore the various dimensions of Child and Youth Friendly banking products; processes for the development of child and youth friendly banking products, examples and learning from the field.

Chair: Mr. Allan M. Tumbaga, Marketing Head, Banking Marketing Association of the Philippines Speakers:  Ms. Lasalette Gumban, Youth Program Officer, NATCCO, Philippines  Mr. Tim Nourse, President, Making Cents International, United States  Ms. Julie Peachey, Project Manager, Grameen Foundation, United States Mr. Allan M. Tumbaga, Marketing Head, Banking Marketing Association of the Philippines, shortly shared about the exciting “Kiddie Account Program” run under the auspices of the Bank Marketing Association of the Philippines in collaboration with the Central Bank of the Philippines and 12 Filipino financial institutions. Mr. Tumbaga emphasized the importance of financial inclusion and awareness of children and youth. Ms. Lasalette Gumban, Youth Program Officer, NATCCO, shared the work NATCCO is doing in the Philippines in combining social and financial education with offering cooperative savings accounts to children. Key success factors in offering this integral education and inclusion has been the full collaboration with local financial and educational entities in the promotion of economic rights of children and youth. NATCCO seeks to provide children and youth with a convenient and safe way to participate in saving. Parents and teachers are therefore both actively support of the parents is also very important. Moreover, in order to create a holistic approach to Child and Youth finance inclusion and education, the teachers need to be fully engaged and trained to impart the right teachings. In conclusion, Ms. Gumban shared NATCCO’s commitment to reach 750,000 children in the Philippines by the end of 2017. Mr. Tim Nourse, President, Making Cents International, shared that in order to create a successful financial product, the process needs to include the requirements of the youth, financial institutions, and the regulatory bodies. He explained that a process to ensure the inclusion of these parties interest, the product needs to be developed through an iterative method of, in-depth market research, product design and testing, and product, monitoring and support. Furthermore, he shared with the attendees the 8 Ps of Product Design, how these needs to be interpreted differently when considering Child and Youth Friendly financial products. Mr. Nourse concluded with sharing two successful examples, namely the BRAC’s Adolescent Girl Program, and the Hatton National Bank’s Student Banking Unit initiative. Ms. Julie Peachey, Project Manager, Grameen Foundation, shared key learning for promoting Financial Literacy among the Children and Youth, which included, making the process of learning fun and entertaining, getting parents engaged in the process, obtaining support from the schools, and keeping the process simple and transparent. Ms. Peachey also expressed the importance for a holistic and iterative design process, which includes good market research, concept testing, and pilot testing, which results in a program design. Furthermore, she shared the progress of 3 different programs, namely the Kiddie Savings Program, Maagap Savings Account program, and Financial Literacy Program Saving Caravans, all of which are done in association with CARD Bank.

CYFI Regional Meetings 2012

Ideas Lab: How to put in motion the National Strategy? Drafting Child and Youth Finance Programs and National Policies: Key Challenges and Recommendations The session highlighted processes and challenges in implementing child and youth financial education in school curricula and the importance of developing public-private partnerships in supporting child and youth finance educational programs at a school level.

Chair: Mr. Sushil Ram, Pacific Region Program Director, Commonwealth Youth Program Speakers:  Ms. Yangxia Lee, Director, Ministry of Education and Sports, Lao PDR  Ms. Halimahtun Pehin Sulaiman, Education Officer, Ministry of Education, Brunei Darussalam  Ms. Jeannie Foo Xinwen, Assistant Manager, Allianz4Good, Allianz Malaysia, Malaysia Mr. Sushil Ram, Pacific Region Program Director, Commonwealth Youth Program, welcomed participants of the session, highlighting the implementation of financial education in the school curriculum, which is becoming a key topic in the national agenda. Mr. Ram elaborated on the efforts that the Commonwealth Secretariat is making in promoting financial literacy to foster youth employment in commonwealth countries globally through the implementation of the Commonwealth Youth Program. Ms. Yangxia Lee, Director, Ministry of Education and Sports, shared how Social, Financial and Enterprise Education is integrated in the national curricula of Lao PDR. Ms. Lee emphasized how the Government of Lao PDR considers Education a basic and fundamental right, which can help achieve a country’s socio-economic development as well as development of its human resources; this is even more valid for the youngest segments of the population. It is from this perspective that the MOES has been incorporated in the National Strategy and Plan of Action on Inclusive Education (2011-2015) elements of social, financial and enterprise education (within both formal and non-formal education). Ms. Lee highlighted the key role of involving the teachers in the whole educational process and to train them accordingly in order to ensure appropriate development. Ms. Halimahtun Pehin Sulaiman, Education Officer, Ministry of Education, introduced to the participants the process of implementing financial education in the school curricula in Brunei Darussalam. Ms. Sulaiman shared that in January 2009 the Ministry of Education has embarked on the National Education System for the 21st century (SPN-21). The SPN21 led to the creation of new curricula contents both for primary and secondary school levels in Brunei. In this context financial education has been included in the curriculum by means of cross-integration in other subjects of the curricula. Ms. Sulaiman reported that this initiative has already helped students in Brunei in developing proper values and appropriate skills to become responsible dynamic citizens who are able to contribute positively to society. Ms. Jeannie Foo Xinwen, Assistant Manager, Allianz4Good, Allianz Malaysia, shared with participants the initiatives that My Finance Coach, a social corporate responsibility initiative of Allianz, is undertaking in the Asia region. My Finance Coach is a German NGO that promotes a holistic approach to financial education internationally and developed a curriculum which includes seven core elements in line with the Child and Youth Finance Education framework. My Finance Coach has developed a broad cross-curricular approach for simple local adaption with a three-tier approach, which balance scale and impact of the program through Class visits, teacher trainings, and extra-curricular activities. Ms. Foo reported that the program My Finance Coach is running successfully in the Region, namely in Malaysia, Thailand and Indonesia. Particularly the Indonesian experience, with the joint partnership between Allianz Indonesia and Bank Indonesia, demonstrated how synergies may be developed between private and public sector stakeholders in promoting financial education: Allianz Indonesia and Bank Indonesia committed to promote Financial Inclusion for youth education after meeting at 1st Child & Youth International Summit in Amsterdam (April 2012).

Child & Youth Finance International Regional Meetings 2012

Innovations in the Field of Child and Youth Finance In this session the speakers shared best practices of innovative solutions in reaching children and youth with appropriate Child and Youth Friendly financial products. Furthermore, different ways of including Children and Youth in financial activities were discussed.

Chair: Ms. Teresita Tan, President, BPI Globe BanKO, Philippines Speakers: ď&#x201A;ˇ Ms. Maja Cubarrubia, Country Director, Plan Thailand, Thailand ď&#x201A;ˇ Mr. Pisit Serewiwattana, Senior Executive VP, Government Savings Bank Thailand, Thailand Ms. Teresita Tan, President, BPI Globe BanKO, reported the launch the School Banking and Mobile Banking Programs. She shared with the participants the importance of finding synergies and complementary entities in the industry to create collaborative innovations. She shared with the participants the practice of collaboration between telecommunication provider companies and financial institutions, and how that can lead to successful results in innovative mobile banking. Ms. Maja Cubarrubia, Country Director, Plan Thailand, expressed the importance of hands-on financial education and the development of life skills. She shared the progress of the Student Bank program which is run by Plan International Thailand and is currently run in 17 schools in Thailand. Furthermore, the program has accumulated 10,000 student members, which is already halfway to the target. Ms. Cubarrubia also stated the importance of measuring the Social Return on Investment, using technology to reach more youth, and engage key policy forums to improve existing programs. Mr. Pisit Serewiwattan, Senior Executive VP, Government Savings Bank Thailand, reported the progress of SchoolBased Banking Project, which aims to, foster saving behavior in Children and Youth, teach them skills related to customer management, and encourage them to be more active in the society. The program has already reached 1.333.571 people through 733 member schools across Thailand. Mr. Serewiwattana also expressed the importance of sports and music activities in developing mature and responsible behavior.

CYFI Regional Meetings 2012

Closing Ceremony The meeting was concluded with encouraging remarks from Deputy Governor Nestor A. Espenilla of the Central Bank of Philippines, and Secretary Imelda M. Nicolas of the Commission on Filipinos Overseas. Deputy Governor Nestor A. Espenilla, greeting Ms. Jeroo Billimoria, Secretary Imelda M. Nicolas, the CYFI team, the speakers, and the esteemed participants praised the developments of the day. He pointed out that the future belongs to the youth, however for there to be a great future; the challenges of today must be faced, where one of the key challenges is the financial education and inclusion of the Children and Youth. He further expressed the importance of evaluating success, not in terms of quantity saved, but in terms of mindset and behaviors changed. The approach needs to be holistic, where savings accumulated are not an end itself, but the means to an end to the greater objective of learning a mindset of saving, and financially sound behaviors. In conclusion the Deputy Governor thanked the speakers and the chairs for their contributions, and the participants for their kind attendance. Secretary Imelda M. Nicolas in support of the Movement and the words mentioned by the Deputy Governor announced the launch of the Kiddie Katapat Savings program. This program is designed to enable parents to incentivize the children to save more, where parents can transfer amounts equal to the child’s savings, to the child’s account at no additional cost. Recognizing the importance of a long-term solution, this initiative is designed to foster a culture of saving. Looking positively at the future endeavors by the participants and the BSP, she thanked the participants, the speakers, and the CYFI team.

Teachers Awards Before the dinner, hosted by the Central Bank of the Philippines, the Filipino teachers were acknowledged for their efforts in engaging their students in lessons on money management integrated in the social studies, values education, home economics and livelihood subjects. Former Education Secretary Fe Hidalgo, who had led the panel of judges, chose the nine area awardees from the major islands and the National Capital Region. From these area awardees, 3 national winners were supposed to be named, however because of a tie, 4 national winners were awarded. Each of the national winners were awarded 100,000PHP (±2,000€), and their schools were given a technology suite of a computer set and a printer. Furthermore, the area winners were each given 50,000PHP (±1,000€).

Child & Youth Finance International Regional Meetings 2012

Key Outcomes of the Day 

Commitments - UNCDF committed to facilitate Child Banking in the Asia and The Pacific Region - Brunei Darussalam’s Ministry of Education committed to include Finance Education into the core and non-core subjects in Primary and Secondary education - Reserve Bank of India committed to reach 20 Million Children and Youth within India through its Financial Inclusion and Education Programs - NATCCO committed to reach 750,000 Children and Youth for Financial Education - Allianz Indonesia and Bank Indonesia committed to promote Financial Inclusion and Education in Indonesia  It was established that teachers need to play a central role in Child and Youth Finance Education  BPI Globe BanKO shared the best practice of Mobile Banking in collaboration with Telecommunications Companies  The Central Bank of Philippines, Commission on Filipinos Overseas, and the Land Bank announced the Kiddie Katapat Savings program  Teachers were awarded for their efforts in engaging their students in lessons on money management integrated in the social studies, values education, home economics and livelihood subjects

Next Steps     

Creation of country and sub-regional platforms for furthering the Child and Youth Finance Movement 25 Countries celebrating the Global Money Week in 2013 Building a solid network of academics working on region specific issues related to child and youth finance Gaining the support of the Regional bodies 25 Asian and Pacific countries attending the Child and Youth Finance Summit in Istanbul, Turkey during 7-9 May, 2013 CYFI Regional Meetings 2012

CHILD & YOUTH FINANCE INTERNATIONAL REGIONAL MEETINGS 2012 Child and Youth Finance International PO Box 16524 1001 RA Amsterdam Netherlands + 31(0)20 5203900 www.childfinanceinternational.org