2013 CYFI Awards Ceremony Profile of Award Finalists 9 May 2013 Istanbul, Turkey
Executive Summary About CYFI Child & Youth Finance International (CYFI) leads the world’s largest Movement dedicated to enhancing the financial capabilities of children and youth. The Movement’s partners and supporters comprise the world’s most extensive child and youth finance network and include financial authorities, financial institutions, (international) NGOs, bi- and mult-ilateral agencies, foundations, leading academics, and children and youth. These partners have unified behind the Movement’s primary objective of empowering children and youth through Economic Citizenship Education and financial inclusion.
About the Summit The 2nd Annual Child and Youth Finance Summit and Awards Ceremony in Istanbul, Turkey provided the Movement’s partners with the opportunity to reconvene and celebrate their accomplishments. The Summit was held under the patronage of the Capital Markets Board of Turkey (CMB), in collaboration with Borsa İstanbul and with the contributions of the Central Bank of the Republic of Turkey (CBRT), İstanbul Takas ve Saklama Bankası, Central Registry Agency (CRA) and the Association of Capital Market Intermediary Institutions of Turkey (TSPAKB). The Summit featured 413 senior-level adult participants from 102 countries, and 101 young participants aged 8 to 25. The 2rd Annual Summit and Awards Ceremony had the following overall objectives; namely, to: • Promote awareness of the Child and Youth Finance Movement. • Create a common vision for CYFI by identifying regional challenges, goals, and opportunities. • Share innovations and thought leadership from diverse sectors worldwide. • Involve children and youth in shaping the Movement through engagement with policymakers.
In addition, by bringing together a diverse, multi-stakeholder group, the Summit aimed to achieve the following outcomes: • Declarations of commitment to the Movement by meeting participants. • Documentation of best practices and innovations, as well as recommendations from child and youth representatives. • Creation of national and regional platforms and action plans for Child and Youth Finance activities. • Formation of synergistic alliances between stakeholders. Summit highlights included: • Mr. Babacan, Deputy Prime Minister of Turkey expressing Turkey’s support for the Child and Youth Finance Movement. He stated “ Turkey will support CYFI during its G20 presidency” Similar notes of Support from Dr. Mehmet Yörükoğlu, Executive Chairman, Central Bank of the Republic of Turkey,Dr. Vahdettin Ertaş, Chairman, Capital Markets Board of Turkey, Mr. Ibrahim Turhan, Chairman and CEO, Capital Markets Board of Turkey, and Dr. Çiğdem Koğar, Executive Director of Banking and Financial Institutions, the Central Bank of Turkey. • A letter of support from the United Nations Secretary General Ban-Ki Moon. “I join you in celebrating the milestone of the Child and Youth Finance International Movement…I encourage you to exceed your target of providing 100 million children and youth with financial services that are both responsive to their needs and protective of their rights.” • An announcement from Jeroo Billimoria, Child and Youth Finance’s Executive Director, that the Movement has exceeded its first Milestone and reached 125 countries. • Notable addresses from The MasterCard Foundation’s Ms. Reeta Roy, the UN Envoy on Youth, Mr. Ahmad Alhendawi and Executive Secretary of the UN Capital Development Fund Mr. Mark Bichler. • Sessions featuring child and youth participants sharing with policymakers on the financial issues that most matter to them. • Recommendations from stakeholders in each of the five regions on creating collaborative efforts to further the Movement at the regional level. • An award ceremony that recognized the efforts and achievements from within the Movement. Notable outcomes of the Summit include:
• Commitments by stakeholders to undertake efforts to further the Movement. • Recommendations by children and youth to policymakers on increasing Economic Citizenship globally. • The formation of regional collaborations to take the Movement further at the regional level, and a request for
continued regional meetings.
• A highlight of the innovations which the Movement has taken and can continue to take in order to continue to
remain at the forefront of Economic Citizenship. • The current state of the Movement was presented by leading academics, as well as steps ahead to continue such type of academic research.
Celebrate After two days of learning and sharing, it was time to celebrate! BRAC USA’s Susan Davis led a celebration of the Movement’s accomplishments while spotlighting its future goals. Participants celebrated advances in knowledge creation from within the Child and Youth Finance Network, resource sharing among Network Partners, action in the form of innovative initiatives for furthering Economic Citizenship Education and financial inclusion, and the continued importance of multi-stakeholder organizing. Stakeholders were united in celebrating the continued growth of the Child and Youth Finance Movement, which has been made possible as a result of the combined power of their commitments.
Celebrate! Knowledge Creation The Movement provides a space for experts from different sectors to combine their knowledge and issue recommendations for Economic Citizenship Education and financial inclusion. By doing so, the Movement encourages innovation, resulting in continually updated best practices and standards for Child and Youth Finance worldwide. • The World Bank is set to publish a series of Findex Notes on a wide range of issues, such as gender and housing. They have launched a new Note on “Youth and Financial Education”, which was released in parallel with the 2nd Annual Child and Youth Finance Summit and Awards Ceremony. The complete Findex Notes can be found on the World Bank website. • Deborah Adams, Associate Professor at the School of Social Research at the University of Kansas, announced an initiative by the CYFI academic working group to answer pressing research questions regarding the relationship between financial access, financial education, and financial capability. The intent is to conduct three small-scale randomized controlled trials, for which additional funding is sought. 4
• Award-winning author Beverly Schwartz presented her book “Rippling”, which discussed the power of social ventures. In “Rippling”, she highlights the growing recognition for the importance of the Child and Youth Finance Movement.
Celebrate! Resource Sharing As the largest network dedicated to the promotion of Economic Citizenship Education and financial inclusion, it’s important for the Child and Youth Finance Network to help stakeholders avoid duplicating their efforts by promoting effective resource sharing. • In order to help the Movement’s Partners implement Child and Youth Finance activities, the newest versions of a number of guides and manuals have been released, including those concerning banking products, Economic Citizenship Education standards, national implementation plans, and more. iShares and Blackrock have created a ringtone that supports the Movement. For every download, a donation will be made to CYFI.
Celebrate! Action In order to help children become financially empowered, theory must be translated into actionable initiatives. In this spirit, the Celebrate session allowed the Movement’s stakeholders to come together and recognize both individual and shared accomplishments. • Mr. Robert Friedman, General Counsel, Founder & Chair of CFED shared a video that highlights the project “From Kindergarten to College”. This initiative of the Corporation for Enterprise Development (CFED) and the City of San Francisco aims to provide all of San Francisco’s schoolchildren with savings accounts. • Youthtech has launched! This was announced by Ms. Monique Cohen, founder and past president,
Microfinance Opportunities who is serving on Youthtech’s Review Committee. Youthtech is a blog which provides a place for Movement partners to share news concerning the rollout of technological innovations for financial education and financial inclusion. The announcement was made to develop fun tools to help children and youth learn about finance through technology.
• Representatives of the Central Bank of Zambia declared their support for the Movement and announced their plans to host Child and Youth Finance Regional Meeting for Africa in the last quarter of 2013.
Celebrate! Multi-Stakeholder Organizing “Many hands make light work.” The same holds true in the Child and Youth Finance Movement, where stakeholders with complementary abilities can connect. Such linkages can result in accomplishments that would not previously have been possible.
Awards Ceremony By coming together to recognize the many accomplishments of the Movement, delegates created media buzz and built additional global momentum. The Child and Youth Finance Awards were presented to those who made exceptional efforts in support of the Movement. These award recipients included pioneering financial service providers in the field of financial empowerment for children and youth, remarkable national efforts to promote the Movement, and outstanding young role models and entrepreneurs.
2) The School Award: how schools can become leaders in the Movement
The Awards acknowledge the work of an individual, institution, or nation that went “above and beyond” in championing the economic rights of children and youth. The awards were divided into the following categories:
Schools can launch initiatives to promote financial education, encourage students to examine levels of financial inclusion, and facilitate student-led projects to determine whether local banks provide child-friendly services. Feedback on the local causes of unemployment is invaluable to the Movement, and schools can offer specific recommendations as to how the Movement’s efforts can be leveraged to stimulate job creation.
1) The Global Money Week Award: a worldwide celebration to raise awareness of children’s financial rights Global Money Week is an exciting opportunity for the Movement’s stakeholders to hold events that simultaneously celebrate and advance the worldwide state of child and youth finance! Some examples of possible activities include art shows, essay contests, and school parties. Bank visits can provide an opportunity for children to learn about financial institutions, and bank representatives can give lectures to explain how banks work. Children can work towards a shared charitable goal with a savings drive, or issue statements about their financial needs. Most importantly, Global Money Week helps create conversation about child and youth finance issues, and the Global Money Week Award is intended to recognize those who do an incredible job of accomplishing this goal!
Schools are on the front lines of the Movement. Their efforts play a significant role in determining whether or not local communities receive the Movement’s message. As a result, schools that do an outstanding job of promoting financial education are recognized by the Child and Youth Finance School Award. But what does “outstanding” really mean?
For example, students can be provided with opportunities to acquire both the basic concepts of entrepreneurship and the capacity to successfully evaluate the financial opportunities and risks involved in launching enterprises. Schools can also encourage students with outstanding IT skills to develop fun tools to help children and youth learn about finance through technology.
3) The Youth Awards: recognizing young leaders in the Movement Children and youth themselves have a key role to play in the ensuring the success of the Movement. By taking on leadership roles early in life, they can simultaneously contribute to their own personal growth and improve the lives of their peers. These leadership roles can involve the promotion of financial education or projects to investigate the offerings of local banks.
They can offer suggestions to institutions for increasing youth employment opportunities, or propose exciting business ideas. And those who know how to create computer games, apps, or viral videos can help their friends and classmates learn about finance or improve their access to financial products!
The nominees are evaluated according to the following criteria:
4) The Country Award: empowering children and youth through collaboration
• Accountability - good governance and transparent financial management
The Movement is a collaborative effort, and will only succeed if diverse stakeholders come together to support a shared vision. The Child and Youth Finance Country Award recognizes the outstanding achievements of national authorities in promoting financial inclusion and Economic Citizenship Education for children and youth throughout their country. It is awarded to countries where multistakeholder platforms have been established to develop a financial inclusion strategy, design and rollout curriculum content, build the capacity of local teachers, and engage the public in a dialogue on the importance of financial capability and sustainable livelihoods for young people.
5) The Pioneer Award: innovation to support the unique needs of children and youth
• Excellency - outstanding character and reputation
• Creativity - the creative use of resources to deliver innovative and flexible programs • Partnerships - effective collaboration and partnership • Sustainability - contributions to the impact of children in the long term • Track record - the establishment of community initiatives • Outreach - impressive current and future initiatives • Cost-effectiveness - the innovative implementation of low-cost, high-return initiatives
Young people have unique needs, including when it comes to financial products. Such products. need to be appropriate, safe, and easy to use. The Pioneer Award recognizes financial service providers that have designed innovative child and youth friendly banking products. The Movement’s success depends on providers committing to deliver these products in a sustainable manner, reaching considerable scale while demonstrating positive impact on young clients.
2013 Award Winners Just as delegates were excited to celebrate the shared accomplishments of the Movement, they were also eager to see the individual accomplishments of exceptional stakeholders recognized. A fun and musical ceremony was hosted by Ms. Ozlem Denizem, a WEF Young Global Leader and Mr. Marc Birchler, Executive Secretary of the UN Capital Development Fund (UNCDF). An electrifying sense of energy filled the room as the following award winners were cheered for their successes!
1) The Global Money Week Award:
Regional finalists: Macedonia, Nepal, Palestine, Zambia Leading organizations: Central Bank of Colombia, ASOBANCARIA, SENA, Save the Children, Fundación Dividendo por Colombia, Ministry of Education. Participating organizations: Bancolombia, Citibank, BBVA, Banco de Bogotá, Helm Bank, Bancamía, Finamérica, Bancoomeva, Davivienda, Banco Agrario, Colpatria, Corficolombiana, Fondo Nacional del Ahorro, Fogafín Twenty Colombian organizations worked together to raise financial awareness. During the week’s celebrations, events were organized in all over 23 departments around the country. Among the activities was a fun and interactive savings presentation at schools and children and youth had the opportunity to open bank accounts in different hotspots around Bogotá. In addition, discussions with parents were organized to familiarize the community with the products offered by banks. Bank employees passed out balloons, chocolate coins, and marimbas in order to expand awareness of saving. Major activities were undertaken in Bogotá, Cali, Medellín, Cartagena, Bucaramanga and Barranquilla. In Bogotá, workshops were held on the importance of savings
for primary and high schools students. Workshops included educational activities such as games, presentations, theater performances, videos about the use of money, raffle books and a briefing on www.pesospensados.com
> The Global Money Week Youth
Award (two winners) (Tie) – Transylvania College & the Cambridge International School in Cluj, Romania and Centro de Divulgación del Conocimiento Económico, Colombia
Finalists: Atlantic International School, Russia; Institución Educativa San Felipe Neri, Colombia; International School Rheintal, Switzerland; Nyeri High School, Kenya Transylvania College – 13 inter-curricular activities were arranged, which were directed to kindergarteners all the way to business students. There was collaboration with other banks, city hall, NGOs, the Ministry of Education of Romania, and the private sector. The activities in Romania reached 90 teachers, 600 students, 1300 parents, and 32 children from 10 initial partner schools with more than 30 teachers. Centro de Divulgación del Conocimiento Económico – Worked to realize a project in collaboration with the Universidad Central de Venezuela, la Universidad de Carabobo, and the Universidad Bicentenaria de Aragua. 37 university students from the ages of 17 to 21 designed activities to increase the awareness of the importance of financial education among local secondary school students and the surrounding community. They also organized a radio program in cooperation with 15 schools from two different states. Many aspects of bank operations were displayed through several performances. For example, they explained how “reserves” in a bank work by performing a tale from One Thousand and One Nights, and used the Merchant of Venice to explain interest rates.
2) The School Award:
3) The Youth Awards:
Finalists: Colegio Aurelio Gomez Escolar (Financial Education), Spain; Junior Secondary School Airport Abuja (Technology), Nigeria; Luis Irisar Salazar (Entrepreneurship), Colombia; Merite International de la Jeunesse (Banking Services), Togo; Sultanâ€™s School (Entrepreneurship), Oman
Finalists: Aafia Shamin (Young Entrepreneur), India; Ellinor Maurstad (Youth Employment Investigator), Norway; Houda Mansouri (Financial Education Promoted), Morocco; Ivonne Viviana Yugcha Achig (Young Entrepreneur), Ecuador); Tebo Gobuiwang (Young Entrepreneur), Botswana; Thapelo Lesole (Young Entrepreneur), Botswana
King Fahad Academy, UK
The school started a catering business, which is run by students and donates its profit towards school charities. The school also organized a financial education unit in a local primary school.
Mahir Jethanandani, US
15-year-old Mahir visited banks in his community to conduct an investigative survey. He wrote an extensive conclusion in which he evaluated and ranked banks by their services for children and youth. In addition to these considerations, he also evaluated the promotional material of the banks. This led to the creation of an online petition to make American banks more child and youth friendly.
4) The Country Award:
5) The Pioneer Award:
Regional finalists: Mexico, Saudi Arabia, Uganda, the United Kingdom
Finalists: Cantilan, the Phillipines; PEACE MFI, Ethiopia
The Philippines were awarded the CYFI Country Award based on the outstanding leadership of the
The Postbank has developed products for children and youth. For example, the SMATA account is free of charge, provides tax-free interest, and can be opened with the equivalent of only $0.50 (USD). In 2 years, 11,000 accounts have been opened in 99 branches. Moreover, parents cannot access the savings of children, which works to protect young savers. The bank also works with Junior Achievement Kenya and Child Savings Kenya, takes part in financial education program in schools, and celebrates Global Money Week.
Central Bank of the Philippines in creating a policy environment that allows for financial education to be integrated into the national curriculum, and for helping financial service providers in the country offer Child and Youth Friendly banking products.
Kenya Post Office Savings Bank
Judges Chair: Baroness Valerie Howarth is the Chair of Children and Family Court Advisory and Support Service, and the former Chief Executive of ChildLine UK. She has also served in leadership roles in a number of other social initiatives. Prof. Tahira Hira is Senior Policy Advisor to the President at Iowa State University and a noted academic. She has conducted research in a wide range of finance-related subjects. Ozlem Denizmen Kocatepe is a financial literacy advocate, the President of Strategy at Dogus Holding, and a Young Global Leader of the World Economic Forum. Prof. Yanghee Lee is a former Chairperson of the UN Committee on the Rights of the Child and a prominent academic at Sungkyunkwan University. She participates in policy work and also received theKorean Woman of the Year award in 2007.
Dr. Henrik Naujoks is a Director at Bain & Company and a Young Global Leader of the World Economic Forum. He currently serves on the Board of Trustees of the Global Exchange for Social Investment. Shaun Mundy is a consultant who specializes in issues of financial capability and regulation. He has worked with CGAP, the OECD, the World Bank, and many other leading international organizations. Andrea Vogel is the Leader of Strategic Growth Markets (Europe, Middle East, India, and Africa) and a Partner at Ernst & Young, the Hague. Lauren Young is the Personal Finance Editor at Thomson Reuters and works closely with both Reuters.com and other Thomson Reuters platforms.
Moving Forward With the events of the Summit drawing to a close, it was important for the Movement to come together on a note that it would continue its exciting growth over the course of the next year. With both adult and young stakeholders present, Mr. Marc Bichler, the Executive Secretary of the UN Capital Development Fund, reminded participants that overcoming barriers requires a multi-stakeholders approach and that the voices of young people need to be at the center of this approach. With this in mind, the Chairman of the Capital Markets Board of Turkey, Dr. Vahdettin Ertaş, reminded participants that we have much to do for the financial education and inclusion of our children. He asked the Summit’s participants to spread the Movement’s key messages in their home countries. With new friends, new ideas, and a new perspective on the importance of the Movement (along with many declarations of support), delegates were ready to do just that.
Celebrate: Key Outcomes The Celebrate sessions served to build additional momentum for the Movement’s goal of providing financial education and financial inclusion for all children and to 100 million children in 100 countries by 2015. Both the shared accomplishments of the Movement and outstanding individual efforts were recognized. Winners in a number of categories were honored with Child and Youth Finance Awards, and a global media buzz was created. The tone for the Movement for the next year was also set in a pair of inspiring closing speeches. Participants called on Child and Youth Finance International to: • Continue to build momentum for the Movement’s goal of providing financial education and financial inclusion. • Create a global media buzz about the economic empowerment of children. • Promote recognition of leaders in the Movement and celebrate milestones and shared accomplishments.
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