2011 ─ CYFI Annual Report 2011 by Child & Youth Finance International

Child and Youth Finance International Annual Report 2011

Acknowledgements Child and Youth Finance International (CYFI) would like to thank all of its sponsors for their generous support in 2011. With the kind and generous support of these organizations, Child and Youth Finance International has been able to undertake the activities listed below during 2011.

Secretariat Funders CYFI would like to thank those funders that make the work of the Child and Youth Finance Secretariat Secretariat possible. Those listed below have provided the Secretariat with â&#x201A;ŹEURO 20.000 or more in support during 2011.

Pro-bono Supporters CYFI would like to thank all pro-bono supporters who have helped in different ways to make the Secretariatâ&#x20AC;&#x2122;s work more efficient and effective.

Child and Youth Finance International Annual Report 2011

Letter from the Secretariat Greetings from the Secretariat of Child and Youth Finance International (CYFI)! We would like to take a moment to welcome you to Child and Youth Financeâ&#x20AC;&#x2122;s first annual report for the year 2011. CYFIâ&#x20AC;&#x2122;s accomplishments were made possible by the participation and support of many individuals and organizations. We would like to give a warm thank you to all of those that contributed to 2011 being a successful kick off year for the organization and the Child and Youth Finance Movement, namely, our donors (financial and pro-bono), our fast growing network of stakeholders, volunteers and the Secretariat team. In 2011 Child and Youth Finance International was officially founded in July and saw the goals and milestones that have been developed by our stakeholder network cemented by the newly formed Supervisory Board. Throughout the year we have been actively engaged in expanding the Child and Youth Finance Movement, developing the Introduction to Child and Youth Finance Education document as well as the Certification document for Child and Youth Friendlyproducts, starting the process for creating national platforms for Child and Youth Finance in multiple countries and speaking on financial inclusion and financial education at multiple high-level conferences. This report will provide you with the information on the concept and origins of the Child and Youth Finance Movement, a discussion of our goals and strategic objectives, and how we have performed against them, and lastly the audited financial statements for 2011.

Child and Youth Finance International Annual Report 2011

About Child and YouthFinance International

Core Principles of the Child and YouthFinance Movement

The Core Principles of the Child and Youth Finance Movement are focused firmly on increasing the financial protection and empowerment of all children and youth across the world. The Movement works to ensure that the human rights, and in particular the economic rights, of children and youth are respected at all times. It builds upon the United Nations Convention on the Rights of the Child and The Universal Declaration of Human Rights. To that end, the Movement encourages the creation of systems in which the interest of children and youth are pushed to the forefront, in which children and youth are recognized as important stakeholders whose financial safety must be secured, and in which their risks of financial exploitation are minimized. Endorsers and contributors to the Child and Youth Finance Movement subscribe to the principles of the Movement as outlined below: 1. All children and youth have basic human rights and economic rights which must be respected by all institutions and individuals 2. Institutions must conduct their business in such a way as to protect children and youth, safeguard them from all forms of exploitation, particularly financial exploitation, and always promote the best interests of children and youth 3. All children and youth- regardless of their nationality, ethnicity, religion, environment, ability, gender or economic situation- deserve to have access to safe, appropriate financial services and quality financial, social and livelihoods education designed for their benefit. Institutions and policies must ensure their best effort to ensure all children and youth are included in these efforts 4. The movement is committed to ensuring that the experience of children and youth in social and financial enterprises remain a positive, safe and ethically responsible way of generating income, developing valuable skills and creating social impact. The Movement aligns its position to that of the UNCRC’s position which states that “no child or youth must be exposed to work that is likely to be hazardous or to interfere with the child’s education, or to be harmful to the child’s health or physical, mental, spiritual, moral or social development” 5. The Movement will remain open and collaborative to all stakeholders, including children and youth. Contributers within the Movement will engage in experience-sharing and collaboration with other contributors within the Movement to share innovations and strengthen activities and knowledge within the Movement The Child and Youth Finance Movement is committed to creating policies and conducting activities that are in accordance with these principles and which will respect the human rights and economic rights of children and youth at all times. Guided by these principles, endorsers of the Movement will work jointly to achieve the Movement’s goal of facilitating financial inclusion and Child and Youth Finance Education for 100 million children and youth in 100 countries by 2015.

Child and Youth Finance International Annual Report 2011

The Child and YouthFinance Movement

The Child and Youth Finance Movement is a global multi-stakeholder initiative whose mission is to ensure that children and youth have access to safe, trustworthy financial services, and that they have the skills, knowledge and opportunities required to use those services responsibly and prudently. The Movement aims to trigger and coordinate a collaborative approach towards reaching these goals, and works towards forming a global consensus on an integrated approach to facilitating financial inclusion and education for children and youth in all countries of the world. The Movement believes that the strongest impact will come about through the sharing of knowledge and expertise across countries and across sectors. It builds on innovations and thought leadership within the industry which already exists. It harnesses the power of unified efforts for reaching children and youth across the world. Partners within the Movement include financial regulatory authorities, multilateral and bilateral organizations, financial institutions and networks, NGOs and education service providers, foundations, academics, technology providers and other leading organizations. Each partner is committed to the ambitious goal of jointly reaching 100 million children in 100 countries by the year 2015.

Relevance of Child and Youth Finance Children and youth are the future economic actors whose financial decisions will dictate the state of world economies. Based on experience and research , experts within the Movement stressed that promoting a positive financial culture in children and youth is essential to ensuring a financially capable population, able to make well-informed decisions. Communities will benefit, as this generation of financially capable children and youth grow up to be responsible investors and entrepreneurs. Such important skills and experiences of managing financial resources at an early age can allow for lessened financial vulnerability thereby reducing the risk of poverty caused by debt. There is no better time than today to increase the financial capability and knowledge of individuals. The recent financial crisis has highlighted the need for savings and prudent financial management for all persons. This is especially true for children and youth, who are a particularly vulnerable age group. Promoting a positive financial culture in children and youth is essential to ensuring a financially literate population, capable of making well-informed decisions and of lowering their financial vulnerability. Introducing Child and Youth Finance activities contributes to the overall financial inclusion and education agenda. Promoting a holistic system of financial education linked with enhanced access to financial services increases young people’s knowledge of – and experience with – financial services, inculcating good financial habits at a time in their cognitive and personal development when

“It is better to learn from your mistakes when you’re younger. You can learn from your mistakes and develop your decision making skills. So when you make bigger decisions you can stop and ask yourself ‘is this the right thing?’.” -Child aged 17

they are most likely to translate them into permanent financial skills and behaviors. Studies suggest that

Child and Youth Finance International Annual Report 2011

financial education and access to financial services have an iterative relationship that results in positive economic and social effects, such as increased financial knowledge and increased financial functioning. Positive effects of such interventions also include improved economic and financial well-being through higher levels of savings, income and assets among children, improved health and mental health, academic achievement and expectation for the future . The goals and activities outlined below are a result of a collaborative and consultative process with experts and network partners from across various sectors and countries. The goals as set forth are in an on-going state of development, based on the needs and the realities of the network partners and the contexts in which they operate, as well as the availability of resources to carry out these activities.

The Child and Youth Finance Movement’s Vision and Mission Mission

Vision

Inclusion

Child and YouthFi-

•

Regulation

nance Education

•

Access

•

Targets by 2015

Financial

That all children and youth realize their full potential as

100 million children

Child&Youth

100 countries

responsible economic citizents Global Platforms Local Platforms

The Role of the CYFI Secretariat •

Promote and further the Child and Youth Finance Movement by involving an increasing number of members and contributors to the network

•

Coordinate and bring together the different contributors and stakeholders within the Child and Youth Finance Movement to ensure the dissemination of best practices and sharing of information. This is done through Expert Council meetings, The Child and Youth Finance Annual Summit and Award Ceremony and through the Child and Youth Finance website (www. childfinance.org)

•

Provide technical assistance to parties wishing to implement Child and Youth Finance activities

•

Advocate for savings products for children with commercial banks, microfinance institutions, and cooperative banks and other Financial Service Providers

•

Execute the ChildFriendly Product Certification process

•

Promote Child and Youth Finance Education in countries and to create a global framework for

“If you’re educated, money will follow”

educational curricula •

Promote research in the field of Child and Youth Finance

•

Generate global media momentum so that more

-Child Aged 8

attention is focused on the need for safe financial products for children and young people

Child and Youth Finance International Annual Report 2011

The Expected results of Child and Youth Finance International Through 2015 Enumerated below are the expected deliverables which will change based upon both the growth of Child and YouthFinance International and on feedback from the various stakeholders of Child and Youth Finance International. They are also subject to the availability of resources. As the movement is still in the initial phase and much work is being dedicated towards establishing systems, we expect to see slow growth in the initial two years followed by a period of steep growth. 2011 Establish Child and YouthFinance International organization Host an international meeting of Financial Regulators for country-level strategies on implementing Child and YouthFinance nationally 2012 First annual Child and YouthFinance International day celebrated (recurring event); First annual Partners Assembly meeting and awards ceremony (recurring events); Annual publication on the state of the movement (recurring publication); Certification processes for child and youth friendly banking and education established; 2013 Certification of Child and YouthFriendly Education in place in 10 countries/organizations; Certification of Child and YouthFriendly Banking Products in place for 25 banks in 25 countries; 2014 50 local platforms in place touching 50 million children and youth; Certification of Child and YouthFriendly Education in place in 25 countries/organizations; Certification of Child and YouthFriendly Banking Products in place for 35 banks in 30 countries; 2015 100 local platforms in place touching 100 million children and youth; Certification of Child and YouthEducation in place in 100 countries/organizations; Certification of Child and YouthFriendly Banking Products in place in 100 unique instances.

Child and Youth Finance International Annual Report 2011

Strategic Objectives

The goals and activities outlined in this section are a result of a collaborative processes of consultation with experts and network members from across various sectors and countries. The goals set are constantly evolving based on the needs and the realities of the network partners and their contexts, as well as the availability of resources to carry out these activities.

Inclusion Goal: To ensure that 100 million children and youth have access to appropriate financial products by 2015. Providing access to banking services to children and youth under the age of 18 is a critical component in the overall process of equipping them for financial and social security as adults. Research has shown that only providing children and youth education in financial and social skills without also providing appropriate financial services and inclusion in the financial system is not sufficient. Therefore Child and Youth Finance International has set up Inclusion as a critical part of its program. Inclusion involves the creation of the legal and regulatory environment as well as the development and delivery of banking services appropriate for children and youth from birth to adulthood. Child and Youth Finance International plans to support use of existing and new technologies such as biometrics and mobile banking by banks. ChildFriendly banking certification will also be implemented.

Education Goal: To ensure that 100 million children and youth have access to appropriate Child and Youth education by 2015. Through the Education workstream, Child and Youth Finance International will coordinate a diverse, multidisciplinary network of stakeholders to create a common framework for core curriculum content in Child and Youth financial education for children and youth throughout the world. Through such collaborative efforts, Child and Youth Finance International seeks to promote high quality, globally recognized standards for Child and Youth Finance education that will reach a large number of children and youth building on existing efforts by effective NGOs in this area. The overall goal for Education will be to provide a standardized but culturally flexible approach for

Child and Youth Finance International Annual Report 2011

curriculum linking financial, social and livelihoods education to help children and youth learn the skills to become competent economic citizens.

Global Platform Goal: To ensure that children and youth’s economic rights and economic citizenship are placed on global agendas and that 100 countries have an action plan for Child and Youth Finance and celebrate Child and Youth Finance day/week. On an international level, Child and Youth Finance International will continue to create alliances among policymakers and financial regulators to further increase financial education and access for children at national levels. Child and Youth Finance International has developed a framework for appropriate Child and Youth Finance country platforms at the national level for the delivery of Child and Youth financial education and access to safe and appropriate banking services. The execution of this framework in country will involve a coordinated effort to engage representatives from relevant government ministries, financial service providers/regulators/associations, corporations, civil society, teachers associations and academia. The global platform will link these actors and provide a basis for knowledge sharing to accelerate implementation and innovation. The aim is to have Child and Youth Finance become a regular topic of discussion amongst such global bodies as the G20 and the Basel Committee. Apart from this space provided, global platforms will deliver through three sub groups: communications and advocacy, technology and research with the overall goal to support increased awareness of the Child and Youth Finance Movement. Communications and advocacy will support by creating public awareness of and support for the importance of the Child and Youth Finance Movement. Technology will support by looking at new technologies that can assist in the development and delivery of financial inclusion. Research will support by building theoretical support for the goals, plans and execution of the Child and Youth Finance Movement based upon the Child and Youth Finance Theory of Change.

The Child and YouthFinance Movement’s Theory of Change Economic Citizenship

Outcomes • • • •

Socio-financial Capability

Empowerment

Financial Education

Reduced Poverty Sustainable Economic & Social Well-being Sustainable Livelihoods Rights for Self and Others

Social Education

Financial Inclusion/Asset Accumulation

Child and Youth Finance International Annual Report 2011

Activities in 2011 by Strategic Objectives

Child and Youth Finance International has three main strategic objectives which guide its decision making, activities, partnerships and investments: 1. Inclusion- The main objective of inclusion is to ensure that 100 million children and youth have access to appropriate Child and Youth Friendlyfinancial products by 2015. 2. Education- The main objective of education is to ensure that 100 million children have access to appropriate financial education by 2015 3. Global Platforms- On the international level continue to create alliances among policymakers and financial regulators to further increase financial education and access for children and youth at national levels. 4. The major activities since the founding of Child and Youth Finance International (CYFI) in July of 2011 have been focused on all three objectives, with a substantial amount of time and effort dedicated to all activities necessary for founding a new organization. While the concept of CYFI had been in development before the founding date, the last 6 months of 2011 represented a rapid growth in the engagement of key stakeholders from regulatory authorities, private financial institutions, NGOs, bilaterals and multilaterals and academia. 2011 was a year in which the strategic objectives were cemented through a collaborative process with the experts and stakeholders from the above mentioned sectors. The Secretariat also secured the necessary funding and support required to begin our work and realize our long term goals. Euros spent on Strategic Objectives:

Objectives

% of cost

Euro amount

Inclusion

28%

61.030

Education

12%

25.490

Global Platforms

27%

58.423

Operations

33%

71.275

Strategic Objective 1 - Inclusion Ensuring that 100 million children have access to appropriate financial products by 2015. Activities in 2011 related to this objective have been focused in two main areas: regulation and access. These two areas involve the creation of the legal and regulatory environment as well as the development and delivery of banking services appropriate for children and youth from birth to adulthood. a. Regulation- The Secretariat held the first Child and Youth Finance International Financial Authoritiesâ&#x20AC;&#x2122; Meeting, which took place in Amsterdam, The Netherlands, September 12th â&#x20AC;&#x201C; 13th, 2011. This meeting brought together senior representatives from central banks, regulatory authorities and other key policy makers from across all regions to brainstorm how the financial sector can play a key role in introducing Child and Youth Finance activities at a national level. More than 30 representatives from central banks and financial regulatory authorities in 25 countries attended this meeting in order to discuss ways in which to create a positive environment to allow for and encourage Child and Youth Friendlybanking products and practices. Key outcomes included: 18

Child and Youth Finance International Annual Report 2011

•

Country Implementation Manual: the existing draft of the Country Implementation Manual - which outlines proposed strategies for implementing Child and Youth Finance activities in countries- was considered comprehensive by the participants. It was suggested to include best practices on existing national levels already being undertaken in different countries as presented at the meeting.

•

Country Commitments: Participating country representatives reaffirmed their commitment to the Child and Youth Finance Movement and agreed to take implementation strategies forward at the country level. The commitments ranged from •

Inclusion of Child and Youth Finance in national policies

•

The establishment of national committees dedicated to financial inclusion and Child and Youth Finance education activities for children, or inclusion of these topics in existing committees

•

Reaching out to local financial service providers and banking associations to join the Child and Youth Finance Movement

•

Encouraging retail banks to create/certify Child and Youth FriendlyBanking products

b. Access- During 2011 most efforts around the development and delivery of Child and Youth Friendlybanking products were focused on building the network of financial institutions that would be willing to develop Child and Youth Friendlyproducts and the process for certifying those products as such. 1. Network building- 2011 saw strong growth in the number of financial institutions participating

“I think banks should bring it to the media that saving is good, saving is cool”

in the Child and Youth Finance network. The nunmber was less than expected, with many financial institutions citing the global financial crisis as the reason why they were unable to commit to the network at this time. The growth seen was greatly encouraged through the assistance of our banking network partners such as the EACB and WSBI. Staff from the Secretariat also traveled to the CEMLA and Union of Arab Banks conferences where staff presented the concept of Child and Youth Finance to high level representatives from the financial sector. 2. Partnership- To further the expansion and strengthen ties with the network of financial institutions, the Secretariat received pro-bono support from Deloitte to create a partnership structure for institutions looking to formally partner with Child and Youth Finance International. The Secretariat hopes that this will eventually help

Child and Youth Finance International Annual Report 2011

lessen the organizationâ&#x20AC;&#x2122;s reliance on donor funding. iii. Certification- Through the strong technical and strategic pro-bono support of partners KPMG, Deloitte and Houthoff Buruma, CYFI was able to create the stepby-step certification manual for financial institutions that will be certifying their products as child-friendly. The manual was thus made clear for public consultation in 2012, after which point it will be clear for implementation. A few key financial insititutions have already committed to be the pilot programmes for this certification during the second half of 2012.

Strategic Objective 2 - Education Ensuring that 100 million children and youth have access to appropriate financial education by 2015. Activities in 2011 for this objective have been focused in two main areas: network growth and the development of the Child and Youth Finance Education document. a. Development of the Child and Youth Finance Education document- Throughout 2011, the Secretariat has been developing an education document for organizations looking to implement an educational programme that adheres to the principles of Child and Youth Finance education. This document details key learning outcomes that should be seen in various lifestages of children and youth and is the direct result of input from over 50 NGOs, multilaterals and bilaterals. In December the Secretariat organized a working group meeting in New York composed of key stakeholders that were instrumental in developing the document. At this meeting the document was further refined and was approved for public

consultation in 2012, after which point it will be clear for implementation. 1. Network growth- CYFI has been heavily engaged with NGOs and multilaterals directly involved in financial education, social education, livelihoods and entrepreneurship. Some of the stakeholders include Plan International, Save the Children, OECD, UNESCO and Uncief. By focusing on international stakeholders rather than national level programmes, the Secretariat felt it is more effective and efficient to work with a higher level in order to see the principles of Child and Youth Finance education being taken up globally. Through these efforts, over 150 organizations have joined the Child and Youth Finance network and are very active. 2. Highlighting of efforts- During 2011, CYFI presented at three conferences: the OECD Financial Education Conference in Indonesia, the European Microfinance Platform Conference in Luxembourg and the Making Cents Conference in Washington D.C. 20

Child and Youth Finance International Annual Report 2011

3.3 Strategic Objective 3- Global Platforms On the international level continue to create alliances among policymakers and financial regulators to further increase financial education and access for children and youth at national levels. This objective has activities in three main areas for 2011: country platforms, research and communications and advocacy. a. Country platforms: During 2011 with the assistance of national policy makers and regulatory authorities from over 25 countries, the Secretariat created a national implementation guide for countries that are interested in arranging a country level platform for the delivery of Child and Youth financial education and access to safe and appropriate banking services. The execution of this framework in country will involve a coordinated effort to engage representatives from relevant government ministries (E.g. Finance, Education, etc.), financial service providers/ regulators/associations, private sector corporations, civil society organizations, teachers associations and academic institutions. These Country Platforms will develop and execute country specific programs to achieve overall goals. As a direct result of this, two countries, Palestine and Morocco, will be piloting their own â&#x20AC;&#x153;Child and Youth Finance Dayâ&#x20AC;? in 2012, and will serve as a strong test case for the concept. 1. In 2011, staff of the Secretariat met with government representative in 5 countries in Latin America and began discussions for creating country platforms throughout that region. As a direct result of these meetings, these countries will be sending representatives to the Child and Youth Finance Summit in April of 2012 to learn how they can begin forming their own country level platforms for Child and Youth Finance. 2. Highlighting of efforts- During 2011, CYFI presented at two conferences: i.

Financial Literacy Conference in Paraguay: CYFI presented the country implementation manual to central bankers and other financial regulators from multiple countries in Latin America. Multiple contacts were made and some of these are now in initial discussions about creating country platforms for Child and Youth Finance.

ii. Making Finance Work for Africa in Ethiopia: CYFI attended this conference which was primarily geared towards financial regulators but also for private financial institutions. At this conference multiple contacts were made with East African central banks and financial regulators, and the Secretariat is now in the beginning stages of discussion for creating country level platforms in the region. b. Research: 1. Network expansion: The Secretariat focused its efforts on expanding the network of Child and Youth Finance academics and researchers involved in the research working group. During 2011, the network grew by over 95%, from 50 academics and researchers involved in the group to 98 by year end. As the organization grows, it is the intention of the working group to focus many of these researchers and academics on studying the impact of the Child and Youth Finance Movement at both the macro and the micro levels. 2. White paper: With funding secured from the Citi Foundation, a small team from the working group has undertaken a state of the field analysis on what is currently occurring in the field and within academic research. The paper will examine the

Child and Youth Finance International Annual Report 2011

links between financial education, social education and financial access and how these impact empowerment of children and youth and their financial capability. The outcomes of this paper will be presented at the Annual Summit in April, 2012. c. Communications and Advocacy i. Communications: 1. Website: To increase our exposure and keep stakeholders abreast of the Movement’s activities, the Secretariat has launched its website as a key gathering point for stakeholders of the organization and as an eventual “knowledge center” for anyone looking for further resources on the Child and Youth Finance Movement. The Secretariat is also putting out a monthly newsletter that highlights the activities within the Secretariat and the activities of organizations involved in the movement. The Secretariat will also be looking to launch a website in the 1st first quarter of 2012 solely for children and youth that are looking for information on financial matters that are directly relevant to them. 2. Highlighting of Efforts: Staff of the Secretariat attended the Economist’s Innovations Awards Ceremony in London. As a direct result of this conference, the Secretariat has received assistance in developing a media strategy for the organization as well as creating contacts within the Economist.

Supervisory Board and Secretariat

Supervisory Board Child and Youth Finance International has been established as a not-for-profit Dutch foundation with a two-tier board governance structure. The Supervisory Board is comprised of representatives from banking networks, NGOs, development foundations, multilaterals, academic institutions and corporations. The Supervisory Board is primarily responsible for strategy and selection and oversight of the Managing Board members who will be responsible for the daily operation of activities coordinated through the Child and Youth Finance International Secretariat. The directors of the Supervisory Board do not receive a salary or any other compensation for their work. During 2011 the Supervisory Board met in-person twice and twice over the telephone. The Supervisory Board-in-formation met in May to agree upon the structure and goals of the organization, which were affirmed via a telephonic meeting at the founding on 30 June. The Board held a teleconference in October and met again in November. The purpose of these meetings was to review the overall progress and achievements of the organization and plan for the upcoming International Summit to be held in 2012. The Supervisory Board was made up of the following members in 2011:

General Supervisory Board *Andre LaBoul- André Laboul is the Head of

tute and, the network leader of savings banks

the Financial Affairs Division at the “Organi-

based in Brussels, Belgium.

sation for Economic Co-operation and Development” (OECD); This Division is responsible for financial markets, private insurance and private pensions issues and is servicing the eight OECD related financial Committees and Groups.

Founder and Chief Executive Officer at Making Cents International, a social enterprise dedicated to equipping youth and adults with the vision, confidence, and skills to find quality employment or to create and grow their own

*Beth Porter- Beth Porter is Policy Advisor at

businesses, based in Washington D.C., United

UNCDF where she provides policy guidance

States.

and support to the global team on financial inclusion. Beth previously launched and directed the YFS-Link initiative at Making Cents International to build the capabilities of financial services providers and youth-serving organizations in youth-inclusive financial services. Bob Friedman- Bob Friedman is general counsel, founder and chair of the board of CFED, based in San Francisco, United States. A recognized leader in economic development innovation, Bob has contributed to the development of the U.S. microenterprise field,

Henrik Naujoks- Henrik Naujoks is a Director and Partner at Bain & Company in Germany. He is heading the EMA Financial Services Practice. Henrik has also been instrumental in the World Economic Forum’s Young Global Leaders Programme. Herve Guider- Herve Guider is the Secretary General of the European Association of Cooperative Banks, the network leader of cooperative banks in Europe based in Brussels, Belgium.

flexible business networks, state and federal

Jaap Doek- Professor Jaap Doek is a global

entrepreneurial policy, and innovative bench-

authority in the field of Child Rights and was

marking tools, like CFED’s Assets and Oppor-

formally the Chairperson of the UN Com-

tunity Scorecard.

mittee on the Rights of the Child. Jaap is the

Chris de Noose- Chris de Noose is the Managing Director of the World Savings Bank Insti-

Fiona Macaulay- Fiona Macaulay is the

Chair of the Board of Aflatoun, based in The Netherlands.

Child and Youth Finance International Annual Report 2011

Jacques Buith- Jacques Buith is the Managing

specialized in corporate law. Michiel has

Partner of Deloitte Enterprise Risk Services

committed his firm’s resources to assist the

in The Netherlands. Jacques has committed

organization with any and all legal matters. In

his firm’s resources to strengthening internal

2011 Houthoff led CYFI’s legal foundation.

controls in Child and Youth Finance and also perform the internal audit.

*Mmantsetsa Marope- Mmantsetsa Marope is the Director of Basic Education based in the

Koen Vermeltfoort- Koen Vermeltfoort is

UNESCO Headquarters in Paris, France. She

a Partner at McKinsey & Company in The

is an educationist with 30 years of practice.

Netherlands. Koen began working with Jeroo

Her experience covers school teaching, school

Billimoria a few years ago and has since that

management team, ministry of education, uni-

point provided much assistance in strategic

versity teaching, managing regional research

consultancy.

networks.

Lew Mandell- Lew Mandell is a Professor

Monique Cohen- Monique Cohen is the

Emeritus of Finance and Managerial Econom-

Founder and President of Microfinance Oppor-

ics at the University of Buffalo in the United

tunities, a non-profit that supports an agenda

States. Lew has published 21 books on con-

for market-led microfinance. Monique is cur-

sumer finance and is considered one of the

rently focused on microinsurance and finan-

authorities in the academic study of financial

cial education for low income individuals.

education.

Nigel Chapman- Nigel Chapman is the Chief

Luis Felipe Derteano- Luis Felipe Derteano

Executive Officer of Plan International, located

is the President of Grupo ACP. Grupo ACP is

in London, United Kingdom.

a financial institution developing a range of complementary activities that provide entrepreneurs in small and micro businesses and emerging segments with the tools and access ways they need to successfully overcome their social and economic exclusions.

*Richard Morgan- Richard Morgan is the Director of Policy and Practice at UNICEF, based in New York, United States. He has published widely on household food security, social welfare policy, rural development and African development issues, as well as on develop-

Mary Hagerty- Mary Hagerty is the First Senior

ment strategies, human rights approaches to

Vice President and Global Chief of Financial

development, public spending reform, gender

Literacy at Operation Hope, an NGO working

and development.

to expand economic opportunity in underserved communities through economic education and empowerment located in California, The United States.

Sean Rush- Sean Rush is the President and CEO of JA Worldwide and is based in Colorado Spring, United States. Junior Achievement become known as the world’s

Michael Sherraden- Michael Sherraden is the

largest organization dedicated to teaching

Founder of the Center for Social Development

students about entrepreneurism, workforce

at the University of Washington at St. Louis

readiness and financial literacy.

located in Missouri, the United States. Michael is considered the authority in asset building and has been named one of Time Magazine’s 100 most influential people. Michiel Wesseling- Michiel Wesseling is a Partner at Houthoff Buruma law firm and is highly

Wissam Fattouh- Wissam Fattouh is the Secretary General of the Union of Arab Banks, a main referral center for the Arab financial and banking community based in Beirut, Lebanon. *special representatives

Child and Youth Finance International Annual Report 2011

Committees of the Supervisory Board The Supervisory Board created the following committees in 2011 to assist the Secretariat and provide greater oversight:

Executive Committee

Nominations Committee

Audit Committee

The Executive Committee has

The Nominations Committee

The Audit Committee has

been delegated the day-to-

has been tasked with looking

been tasked with approving

day tasks from the Supervi-

at board succession planning

the annual accounts of the or-

sory Board in assisting the

and as well as assisting with

ganization as well as assisting

Secretariat with running the

the development of key or-

with the internal and external

organization. The committee

ganizational documents. The

audit process. The committee

is composed of the following

committee is composed of

is composed of the following

members:

the following members:

members:

Henrik Naujoks

Beth Porter

Jacques Buith

Bob Friedman

Lew Mandell

Koen Vermeltfoort

Monique Cohen

Mary Hagerty

Michiel Wesseling

Personnel The Child and Youth Finance International Secretariat is staffed by a mix of persons with expertise in education, finance, research, communications and other areas. The listing in this annual report only includes staff working with Child and Youth Finance at the end of 2011. We would like to thank those staff that have left during the year and all volunteers and interns that have helped Child and Youth Finance International on its way to success throughout 2011.

Management Jeroo Billimoria, Managing Director and Founder of Child and Youth Finance International Jeroo is the founder and inspirational leader behind Child and Youth Finance International. Jeroo volunteers her time as Managing Director and does not accept a salary. She is a serial social entrepreneur who was named an Ashoka Innovator in 1999 and received the Schwab Fellowship for Social Entrepreneurs in 2001 among many other awards for her work. She was featured in David Bornstein’s book ‘How to Change the World’. She consults with the Indian Government on issues related to child protection and has written several educational books for children and published academic literature on the management of non-profit organizations. In 2011 she held the following positions with other organizations: Member of the General Board: Stichting Child Savings International (Aflatoun); Chair of the Supervisory Board: Stichting Child Helpline International, The Netherlands; President of the Board of Directors: MelJol, India; Founder Trustee: Childline India Foundation, India.

Child and Youth Finance International Annual Report 2011

The Team

Education

Staff

Jared Penner, Education Programme Manager,

The team operates all day-to-day activities in

1.0 FTE. Jared joined Child and Youth Finance

maintaining the Movement’s network, reach-

International on 01 July, 2011.

ing out to new stakeholders, developing our financial inclusion and education strategies and all materials, as well as all operational support. Child and Youth Finance International could not have achieved the above without

Global Platforms Lubna Shaban, Communications Programme Manager, 1.0 FTE. Lubna joined Child and Youth Finance International on 01 July, 2011.

strong help from the board, the Managing

Jie Xue, MIS Support Staff, 1.0 FTE. Jie or

Director and the commitment of the staff.

“Cici” joined Child and Youth Finance International on 01 September, 2011.

The following listing are employees as of 31 December, 2011.

Operations Bram van Eijk, Operations Programme Manager, 1.0 FTE. Bram joined Child and Youth

Inclusion Daniele Scauso, Regulation Programme Manager, 1.0 FTE. Daniele joined Child and Youth Finance International on 01 September, 2011. Bram Stoffele, Certification Programme Manager, 0.8 FTE. Bram joined Child and Youth Finance International on 01 September, 2011.

Finance International on 01 July, 2011. Marlies Rademakers, Financial Administrator, 0.2 FTE. Marlies joined Child and Youth Finance International on 01 August, 2011. Mart Scheepers, Operations Support Staff, 1.0 FTE. Mart joined Child and Youth Finance International on 01 December, 2011.

Interns During 2011 Child and Youth Finance International benefitted greatly from the work of interns. Thanks to the valued interns, who are mostly students, Child and Youth Finance International was able to accomplish much more than the staff otherwise would have been able to. The students were required by their universities to do an internship for the completion of their studies and clear goals and plans were created with them to help aid in their personal and professional growth. The Secretariat would like to wish a warm thank you to everyone that has interned at Child and Youth Finance International. Amilanda Polime, Netherlands. University of Amsterdam, Netherlands. Adriana Unzueta, Ecuador. IE Business School, Spain. Ashley Howe, United Kingdom. Chen Qi, China. University of Amsterdam, Netherlands. Eric Cuevas, Spain. IE Business School, Spain. Giovanni Piumatti, Italy. University of Amsterdam, Netherlands. Homme Delea, Netherlands. Huishuai Li, China. University of Amsterdam, Netherlands. Olga Saweri, Papua New Guinea. University of Utrecht, Netherlands. Raluca Voinea, Romania. University of Amsterdam, Netherlands Sheng Ng, Singapore. Wharton School of Business, United States. Siyuan Ding, China. University of Amsterdam, Netherlands.

Child and Youth Finance International Annual Report 2011

Annex 1 - Salaries Inclusion

FTE

Salary per Month

Bram Stoffele

0.8 FTE

€ 2.291,48

Daniele Scauso

1.0 FTE

€ 2.950,28

1.0 FTE

€ 2.950,28

Jie Xue

1.0 FTE

€ 1.609,80

Lubna Shaban

1.0 FTE

€ 2.780,92

Bram van Eijk

1.0 FTE

€ 2.699,93

Marlies Rademakers

0.2 FTE

€ 452,28

Mart Scheepers

1.0 FTE

€ 1.609,80

Education Jared Penner Global Platforms

Operations

Child and Youth Finance International Annual Report 2011

Annex 2 - Audit Report

Child and Youth Finance International Annual Report 2011