2019 ─ CYFI Global Summit Report 2019

Child & Youth Finance International Global Summit Report 2019 19 – 20 June 2019

Supporters

SUPPORTERS Thisevent event is made possible This is made possible by: by:

In partnership with:

The overall work of CYFI is made possible by:

In partnership with

The overall work of CYFI is made possible by:

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Contents

Supporters

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Key Figures

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Agenda

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Summit Themes

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Inaugural Opening

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Celebrating the Movement

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Digital Opportunities for Economic Citizenship: Risks and Opportunities

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Financial Education and Inclusion for Young Women and Girls

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Why is Financial Inclusion and Education Important for Entrepreneurship?

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Monitoring and Evaluation: Methodologies at Hand

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Your Financial Inclusion and Education Strategies...What Comes Next?

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‘Building It Together’: The Role of Diverse Stakeholders in Youth Entrepreneurship

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Financial Education and Inclusion for Young Vulnerable Groups

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Data Collection on Youth Employment & Entrepreneurship

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SchoolBank: New Models for Implementation

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The Road from Global Money Week to a National Strategy on Financial Education

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Collaborative Systems Change for Youth Entrepreneurship

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Global Money Week Handed Over to OECD!

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Global Inclusion Awards 2019

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Key Figures

259 154 Attendees

3% 3%

9%

10% 75%

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Organizations

● Africa ● MENA ● Americas ● East Asia & Pasific ● Europe & Central Asia

Background

The 5th Child & Youth Finance International Summit was a very special one for the CYFI Movement. It marked an important milestone in the history of the Child and Youth Finance Movement, whereby the Movement’s Secretariat, Child and Youth Finance International (CYFI), announced the conclusion of its work in driving the Movement, and handed over Global Money Week to the OECD. The Summit video can be viewed on this link: www.youtu.be/Z0mPmxUkl30 This was a milestone the Secretariat had been working hard to build up towards, ever since it started. When CYFI was created, it had the aim of creating a global movement that was self-sustaining, self-propelling and impactful, so much so that it no longer needed a driver.

And for 8 years, this is exactly what happened. By bringing together multi-sectoral partners from across the world, CYFI co-created a Movement which helped increase awareness and action on the topics of Economic Citizenship and financial inclusion. Together, thousands of Movement partners formed frameworks to help guide the creation of Economic Citizenship Education curricula. They co-developed standards for child-friendly savings accounts. They launched pilots and innovations such as the SchoolBank Program. They joined under the flag of Global Money Week to raise awareness on the topic, reach over 32 million children and create national-level partnerships.

The result is that an extraordinary 70 countries created or amended policies aimed at furthering financial and livelihoods education, and financial inclusion for children and youth. In all of this, CYFI ensured that the Movement achieved momentum, by connecting partners, convening them in Summits such as this, ensuring co-creation amongst Movement players, calibrating the state of the movement and celebrating achievements.

The Summit was dedicated to celebrating the greatest achievement of all – the milestone of the Movement having now reached a point of critical mass. The Movement no longer needs the same level of coordination and support: it is selfpropelling and self-sustaining. For CYFI the time is right to conclude its role as the Movement driver.

We are extremely proud of what the Movement has accomplished, and what it will continue to accomplish through the efforts of every single person who has been involved in the Movement.

Over the course of the Summit, participants reflected on the journey of the Child & Youth Finance Movement, explored and learned from others about the successes, challenges and opportunities of providing Economic Citizenship for young people, and celebrated the joint efforts in bringing the Movement to where it is today and how all will jointly help it continue to grow.

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Program Overview

Day 1

19 June 2019

Morning

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

Afternoon

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

Evening

• The Global Inclusion Awards Ceremony 2019

Day 2

20 June 2019

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

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

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

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

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

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

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Inaugural Opening

Eleni Giokos, CNN Africa Business Correspondent and Master of Ceremonies of the opening session at the Summit, welcomed participants and shared with them the journey of the Child and Youth Finance Movement. She highlighted the important role of financial education and financial inclusion in Africa and around the world.

Mr. Cas Coovadia, Managing Director of The Banking Association South Africa (BASA) delivered the opening remarks. He stressed the importance of the global movement of partners to help support the financial well-being of young people, especially at a time of very high unemployment. He shared the work done

by BASA in furthering financial inclusion through the StarSaver™ program that is rolled out nationally by financial institutions and targets learners in Grades 7 to 9, and which is integrated within the Economic Management Science (EMS) subject of the school curriculum in collaboration with the Department of Basic Education.

These opening remarks were followed by a short discussion between Mr. Coovadia and Ms. Olaotse Mathsane, Chief Director Financial Sector Development at the National Treasury and Ms. Giokos. This was an opportunity for the speakers, as well as the Summit participants, to reflect on their own financial inclusion journey in their youth, and remark that while much has been done to improve financial inclusion, there is still work to be done towards this “moving goalpost”. In response to a question on the types of activities that can help support this, Ms. Olostse pointed out innovations in payment transactions and changes to the payment ecosystem.

Ms. Lubna Shaban and Mr. Bram van Eijk, Co-Directors of CYFI, congratulated and thanked the thousands of organizations which have been involved in the Child & Youth Finance Movement for Economic Citizenship over the years and spoke of the immense impact of the collaborative systems change approach in bringing Economic Citizenship to over 170 countries and more than 32 million children. They highlighted that this global movement, which was created 8 year ago, has reached a “critical mass”, whereby it is self-propelling and self-sustaining. They shared that CYFI will therefore conclude its role in this global movement with the certainty that the impact of the movement will continue to be brought about by all the institutions who are working to further financial literacy and inclusion in their countries.

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Celebrating the Movement

Kicking off the celebrations was a presentation of a video that showed the journey of the Movement over the past 8 years. The video can be viewed on this link: www.vimeo.com/342524151 Ms. Giokos took to the stage once again to invite participants to share their experiences of being part of this global movement, and how this has helped them further Economic Citizenship in their countries or in their sector. Taking the stage to share their experiences were: Mr. Diego Duarte Schussmuller, Board Member, Central Bank of Paraguay Mr. Felix Yao, Programme Coordinator, Ministry of Education Côte D’Ivoire Ms. Iman Elsherif, CSR Manager, Egyptian Banking Institute (EBI) Mr. Mihai Cosmin Curiman, Head of Division CSR Manager, National Bank of Romania Ms. Nurgul Myendu, Senior Specialist, Bank of Mongolia Mr. Roeland Monasch, Chief Executive Officer, Aflatoun International Ms. Adele Atkinson, Senior Policy Analyst, OECD Mr. Hasan Ripon, Executive Director, Bangladesh Skill Development Institute Ms. Laurie Dufays, Head of Institutional Relations Africa, The World Savings and Retail Banking Institute (WSBI) Ms. Mulemwa Moongwa, Founder, Infinite Learning Consultants Mr. Diego Duarte Schussmuller, Board Member, Central Bank of Paraguay Diego Duarte Schussmuller, of the Central Bank of Paraguay, shared how being part of the Movement proved an excellent opportunity to share best practices and innovations in sharing with other countries. For Paraguay, which has a large youth demographic, it is particularly important to be part of the Movement Mr. Felix Yao, Programme Coordinator, Ministry of Education Côte D’Ivoire Felix Yao, Ministry of Education Côte d’Ivoire, highlighted how being part of the Movement has been a key driver to furthering financial literacy and inclusion in Côte d’Ivoire. He took the opportunity to announce that by the end of that month, the Ministry of Eduation will have their first ever financial program integrated into their National School Curriculum. He emphasized the need to include children and youth into the Movement.

Ms. Iman Elsherif, CSR Manager, Egyptian Banking Institute (EBI) Iman Elsherif shared how being part of the Movement strengthened financial literacy initiatives in Egypt, through expertise-sharing among Movement players. They have seen an increase in the levels of financial awareness for children and youth and the spill-over effect this has had on increasing these levels among women as well.

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Mr. Mihai Cosmin Curiman, Head of Division CSR Manager, National Bank of Romania Mihai Cosmin Curiman shared his gratitude to the Movement for providing the opportunity to explore best practices, and inspiring those who work at the central bank in this field to see the bigger picture that exists worldwide on this topic. The Summit which was held in 2016 in Bucharest was a huge leap forward in helping them understand the needs and challenges in Economic Citizenship.

Ms. Nurgul Myendu, Senior Specialist, Bank of Mongolia Nurgul Myendu shared her views that CYFI Movement acted as a compass for Mongolia’s efforts on how to do financial education and how to improve inclusion and financial access, seeing the movement as “a global family”.

Last year, Mongolia saw their savings increased by 21.1%.

Mr. Roeland Monasch, Chief Executive Officer, Aflatoun International Roeland Monasch, expressed the positive experiences Aflatoun has seen from the Movement, seeing how it has changed the landscape and awareness. Where before, organisations advocating for financial education and inclusion were doing a “lonely job”, now there is increased belief among institutions around the works that financial education and financial inclusion are not a ‘nice-to-have’ but a necessity for every child.

Ms. Adele Atkinson, Senior Policy Analyst, OECD Adele Atkinson shared the OECD’s involvement in the movement has allowed for a deeper understanding on the realities and experiences of financial literacy around the world. The complimentary approach and the overlap in the OECD networks has made this a natural collaboration.

Mr. Hasan Ripon, Executive Director, Bangladesh Skill Development Institute Hasan Ripon, Executive Director of the Bangladesh Skill Development Institute, shared his experience with CYFI in the past 8 years. He stated that they reached 8,000 children with the Movement and have initiated school banking and mobile banking in collaboration with the Ministries of Finance and Education.

Ms. Laurie Dufays, Head of Institutional Relations Africa, The World Savings and Retail Banking Institute (WSBI) Laurie Dufays, Head of Institutional Relations Africa of the World Savings and Retail Banking voiced the opinion of the 100 members of the organization on their collaborative methods for creating awareness for money matters and having a platform to encourage conversation on policy issues. The Movement has made possible increased interest and action in savings as well as positive financial knowledge and behaviour by youth.

Ms. Mulemwa Moongwa, Founder, Infinite Learning Consultants Mulemwa Moongwa, Founder, Infinite Learning Consultants, talked about her own life experiences and how she learned why is it important to have financial services available at a young age. Now, she, through her organization, has developed and implemented many child and youth friendly banking products in 14 banks in Zambia. She concluded by saying, “We need to educate both the men and the women. The bottom line is the literacy. When we go into communities, we need to make sure people are leaving informed. Change is not an event, it is a process!”

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Digital Opportunities for Economic Citizenship: Risks and Opportunities Moderator: Mr. Robert Howgego, Partner, Bain & Company Panelist: Ms. Omoneka Musa Oyier, Operations Officer, IFC Panelist: Mr. Thiago Nascimento, Head of resource Mobilization & Government Relations, AEF Brasil Panelist: Mr. Luis Vaz, Head of Unit, Central Bank of Portugal Panelist: Ms. Gerda Piprek, Owner, Marketworx Africa The first session of the Child & Youth Finance International Global Summit 2019 began with talks on the digital opportunities for economic citizenship. The risks and opportunities involved with it were explored by the panelists.

Ms. Omoneka Musa Oyier, Operations Officer, IFC Omoneka Musa Oyier kicked off the session by talking about the challenges seen across the continent in driving inclusion and education. The difficulty concerning account activation is continuous, as activity plummets after a few months. This is the same story in every country. He added that phones are not as big a factor for financial exclusion as one would think, even though smart phone penetration is quite low in Africa.

Mr. Thiago Nascimento, Head of resource Mobilization & Government Relations, AEF Brasil “Teachers cannot do everything for financial education�, said Thiago Nascimento. He used the platform to talk about the importance of teaching children to save for retirement. Teaching them first can actually be a key to implementing financial education. Understanding what teachers want and what children want needs to be part of the discussion. Teachers are paid poorly. They are indebted and financially in some trouble. Teaching them first can actually be a key to implementing financial education for the youth, as the teachers need to understand and live what they are teaching.

Mr. Luis Vaz, Head of Unit, Central Bank of Portugal Luis Vaz further emphasized what needs to be done to protect children. A government institution can always support children, but to keep up with the modern times is crucial. It is critical to find a way to relate to students and make products relevant for young people. It is important to remember, however, that financial education is a way of thinking. For governments, it is hard to keep up in terms of protection, and it feels as if they are always many steps behind, but if students are made critical learners, they can at least navigate some of these issues on their own.

Ms. Gerda Piprek, Owner, Marketworx Africa Adding a different perspective, Gerda Piprek said that often outreach channel is chosen before even speaking to the target audience. This leads to a mismatch between the channel and the needs/wants of the target population.

She added that in order to change behavior, a message must be repeated often. Yet she pointed out that people are subjected to many adverts and messaging - yours needs to hit the mark. It must be well thought out and we need to take lessons from corporate marketing.

Conclusions 1.

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Digital is good, however face-to-face contact, especially in Africa, is critical.

There is a need for a blended approach.

Fraud is a challenge in digitalization, especially when dealing with agent systems.

Monitoring and supervision of agents has to be done.

Banks and non-banks are quite hesitant to actually step up for digitalization.

There have to be regulations, sending notices in the newspaper, and there is a need to inform where the people are.

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Financial Education and Inclusion for Young Women and Girls Moderator: Ms. Olaotse Matshane, Chief Director, Financial Sector Development, National Treasury of South Africa Panelist: Ms. Tintswalo Mashimbyi, Director of Community, Development Partnerships Fin.Health Africa Panelist: Ms. Mulemwa Moongwa, Founder, Infinite Learning Consultants Panelist: Ms. Flavia Nakamatte, Project Manager, Finance Trust Bank Uganda Panelist: Ms. Samkelisiwe Ngubane, Group Head of Finance and Human Resources, Nyukani Education Centre The financial education and inclusion for young women and girls touched a lot of areas - financial planning, good and bad debts, community financial strengthening and development of financial education curriculum from school to university level. The discussion also stressed the need for changing mindsets, both amongst families on the value of financial literacy for young women and girls and amongst financial institutions who must see the economic value of supporting women from a young age with the financial tools they need to be active participants in the formal economy.

Ms. Tintswalo Mashimbyi, Director of Community, Development Partnerships Fin.Health Africa Tintswalo Mashimbyi raised her view on how critical it is to have female volunteers in financial education programs.

She was confident that creating a community with mentors, community leaders, and financially active women will ensure that young girls feel comfortable and are willing to learn and engage. She discussed how Fin.Health Africa was born out of operation HOPE. When Operation HOPE stepped away from the space, Fin.Health Africa stepped up. Ms. Mashimbyi stressed the need for supporting young women and girls with a holistic approach to livelihoods education and noted that this should include them building confidence in their self-worth through conversations, playing sports, as well as learning about money. Believing in the positivity women can bring to each other’s life, Ms. Mashimbyi encouraged women to be a part of community organization. Currently Fin.Health Africa is focusing on an initiative called Enriching Conversations, bringing the community together to discuss tough issues.

Ms. Mulemwa Moongwa, Founder, Infinite Learning Consultants Voicing her concern, Mulemwa Moongwa said that women were still marginalized in the economic, social and political spheres. She stated that women are assumed to be vulnerable and have been commodified in African continent. She believes that women are an opportunity segment and the world is waking up to their value. 7 years ago, Zambia had 0 women-friendly products. Today, there are more than 87, displaying that banks are waking up to the potential opportunity in incorporating women. Yet, she explained that there remains a pressing need to develop products that value the unique needs of women. Banks must be sold on women as an opportunity, not a burden. Finally, she underscored that financial education and financial products should be created collaboratively.

Tough conversations must be had and this must include both genders, as she argued that if young boys do not also understand the value of women, then we are only addressing part of the problem.

Ms. Flavia Nakamatte, Project Manager, Finance Trust Bank Uganda Flavia Nakamatte represented Finance Trust Bank Uganda, a Bank which began as a women-centric microfinance NGO but has grown into a full-fledged financial institution with multiple innovative products for young girls and youth. Their Girl’s Choice product began in 2009 and couples an engaging platform, where young girls can ask questions, with a financial product. She stressed that any product must be created in tandem with educating consumers on how to use it. The product targets specific groups of women, both in and out of school, working or not working, and those in rural, peri-urban, and urban areas. What the bank has seen is that there is high demand for these products. Ms. Nakamatte also stressed that social pressure is very prevalent in communities in Uganda and an approach to build trust between the parents or guardians and the girls is required. These social barriers create additional challenges to working with young girls. To address this, the Bank organizes social events, bank visits, and

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internship programs where girls are given priority to break through these barriers and create trust. She stressed that without trust from the community and an understanding of the future value of educating girls understood by families along with trust in the institutions, progress cannot be made.

Ms. Samkelisiwe Ngubane, Group Head of Finance and Human Resources, Nyukani Education Centre Samkelisiwe Ngubane served as the youth voice on the panel. 27 years old and a recipient of an ABSA award, she was able to work one-on-one with a financial advisor who helped her to turn her life around and alleviate her debt.

Ms. Ngubane shared her life struggles with debts and how, until receiving the support of the financial advisor, she had only received sporadic information on how to manage her finances. Since getting a job, she struggled to budget well and manage her finances. She stressed how financial education, if is to be truly impactful, must continue from childhood throughout higher education and must be suited to whatever age of demographic, because at different ages, young women face different challenges and have different needs. As girls become older, they face a range of predatory companies, especially in South Africa, who want to sell them credit cards, Ms. Ngubane underscored that girls must be ready for this and equipped with the knowledge to make smart decisions. She argued that financial institutions should play a role in educating consumers about their products and how to use them. Finally, she stated that when young girls are educated and empowered financially it has a positive impact on all areas of their lives.

Conclusions 1. C reate more awareness about financial inclusion of young women and girls beyond CSR, as an opportunity for financial institutions.

2. Products must be tailored to girls at different stages of their lives.

3. Financial education must be holistic and coupled with livelihoods education, women’s empowerment, and wellbeing.

4. Financial institutions must understand their role and educate customers on their products in order to ensure trust between then institution and client. This will lead to higher client retention and trust from community.

5. Financial inclusion must continue to innovate solutions to face the challenge of the social, economic, political exclusion of young women and girls.

6. Supporting and encouraging initiatives for young women and girls is good for both genders and important for the entire country’s economic development.

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Why is Financial Inclusion and Education Important for Entrepreneurship?

Moderator: Ms. Frances Fraser, Regional Director, Positive Planet International Panelist: Dr. Trevor Rammitlwa, Chief Executive Officer, Banking Sector Education and Training Authority Panelist: Ms. Yogavelli Nambiar, Chief Executive Officer, Allan Gray Orbis Foundation Panelist: Dr. Kerrin Myres, Senior Lecturer, GIBS Entrepreneurship Academy Panelist: Mr. Sanjib Subba, Chief Executive Officer, National Banking Institute Nepal Panelist: Mr. Owen Muzambi, Co-Founder, Driven Advisory Panelist: Mr. Greg McDonald, Co-CEO, Edge Growth The session provided a platform for representatives from financial institutions and entrepreneurs to convey their thoughts on why financial inclusion and education is important for entrepreneurship. Everyone in the panel had one common belief, namely that young entrepreneurs are furthering the country in every aspect; social, economic and environmental.

Dr. Trevor Rammitlwa, Chief Executive Officer, Banking Sector Education and Training Authority Dr. Trevor Rammitlwa shed some light on how poverty and unemployment is creating a hinderance in the country’s growth. His view is that employment generation on its own cannot solve this and that there is a need for entrepreneurship development. Young entrepreneurs can bring a change in the economic condition of the country. He stated that skills, trainings, and financial education should be inculcated from a young age. When the youth is more aware about their finances, they make a better decision in their business avenues.

Ms. Yogavelli Nambiar, Chief Executive Officer, Allan Gray Orbis Foundation Adding to the dicussion, Yogavelli Nambiar, placed importance on how financial literacy and entrepreneurial success are interrelated. He emphasized that business skills and technical skills are not enough, and that there is a pressing need for a financial education curriculum in business schools. Entrepreneurs not only help in the economic development, but also help in the social and environmental prospects of the country.

Dr. Kerrin Myres, Senior Lecturer, GIBS Enterprise Development Academy Dr. Kerrin acknowledged the important relationship between financial literacy and entrepreneurial success and went even further to emphasize the critical role of financial literacy for entrepreneurial success. Entrepreneurship education should therefore be mandatory included in educational curricula in her view. She also stated the importance of business schools for the research and development regarding entrepreneurship success. Research has shown that personal initiatives and resilient are far more important for entrepreneurial success than technical skills. Dr. Myres therefore suggested to focus more on soft skill development especially for disadvantaged children at a young age. She also highlighted the important role of different stakeholders to incentivize social entrepreneurship rather than merely focusing on profit making.

Mr. Sanjib Subba, Chief Executive Officer, National Banking Institute Nepal Representing the banking sector among the panelists, Sanjib Subba said that banks survive because of entrepreneurial development. He stated that although they might work with many different sectors, entrepreneurs are the main stakeholders. He also mentioned how young students, farmers, and women’s groups are encouraged to be a part of the main stream.

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Mr. Owen Muzambi, Co-Founder, Driven Advisory As a practitioner of financial inclusion, Owen Muzambi said that financial education is not a choice anymore, it is imperative, especially in South Africa. He stressed how entrepreneurship acts as an entrance to sustaining a livelihood and how financial education is a facilitator for this. He referenced one of the case studies of a program called Flame on Micro Enterprise in South Africa. The findings proved that financial literacy is not only an end itself, but also impacts the financial inclusion of individual household and the management of family budget.

Mr. Greg McDonald, Co-CEO, Edge Growth Greg McDonald started off with asking a question, “What makes an entrepreneur investment ready?�. He said that this is a generalized thought, for which a right mindset is required, but it would be a right mindset only if it is linked with important tools. Youth have many assets, optimism is one of them. He appreciated the youth for how deeply they relate to their communities, and that they work with the aim of eradicating social problems.

He raised his concern over language barriers between venture capitalists and young entrepreneurs.

Conclusions 1. N eed of stimulus provided to both high level entrepreneurs and small entrepreneurs.

2. Negligence in short-term approach or long-term approach when processes become fragmentated. Need champions who work globally to spark important partnerships.

3. The best way to learn about businesses is to start one and go through the experience.

4. Entrepreneurship programs and small intervention can help to close the big disparities, to allow people to become entrepreneurs and sustain an enterprise. There is a need for a long-term integrated approach.

5. Collaborations are needed to further youth entrepreneurship.

6. Soft skills can act as a boost for the business.

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Monitoring and Evaluation: Methodologies at Hand Moderator: Ms. Ashleigh Fynn, Associate, Genesis Analytics Panelist: Ms. Ruth Benjamin Swales, CEO, ASISA Foundation Panelist: Ms. Charlene Lackay, Group CSI Manager, Momentum Panelist: Ms. Chloe Jacquin, Financial Education Coordinator, Positive Planet International Panelist: Mr. Bram van Eijk, Co-Director, Child & Youth Finance International Ms. Ruth Benjamin Swales, CEO, ASISA Foundation Ruth Benjamin Swales kicked off the session by pointing out the relevance and effectiveness of the ASISA Foundation for transferring financial knowledge to young adults, resulting in changes of attitude in a sustainable way. TVET programs provided the necessary infrastructure with a homogenous audience and the combination of online and offline involvement proved to be effective at reinforcing financial knowledge. She took the platform to discuss the lessons learned while working with young adults regarding financial literacy. In order to be successful with young adults we need to be at places where we can reach them, the content we offer to students needs to be addressing their challenges, and it is important to conceptualize the implemented programs and measure the impact through M&E frameworks.

Ms. Charlene Lackay, Group CSI Manager, Momentum Charlene Lackay presented the Motheo Financial Dialogues Facilitators manual. She emphasized the importance of this manual in explaining to young adults how to read their pay slips and understand the tax system. Current financial literacy programs have shown that partnering with grassroot organizations is essential in order to reach the youth at a bigger scale. Time constraints affect the frequency and the initial outcome of the financial literacy programs. Other barriers include not having enough infrastructural support, language barriers in content, and monitoring and evaluation tools.

Ms. Chloe Jacquin, Financial Education Coordinator, Positive Planet International Representing Positive Planet International, Chloe Jacquin pointed out that work has to be done to enhance access to financial entrepreneurship and access to value channels in Africa. The target should be micro-entrepreneurs and women to set up businesses in urban areas. She also mentioned the following outcomes of the Monitoring & Evaluation of the conducted financial literacy programs in Cameroon and Mali: • • •

40% increase in beneficiaries being able to spend less than they earn 32% reduction in beneficiaries being over-indebted (but absolute numbers are very low) 20% increase in beneficiaries managing to achieve their financial objectives

Positive Planet has been working to track attitude changes, online platforms with pre- and post- test for the last 3 years. They found that the beneficiaries are struggling with the tests and the team was able to address those challenges through their trainings. She concluded that finding the right balance between questions or tools that can be compared across countries and projects is essential, and that this balance needs to be contextualized and adaptable to all different contexts.

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Mr. Bram van Eijk, Co-Director, Child & Youth Finance International During the panel discussion, Bram van Eijk, Co-Director of CYFI, discussed various aspects of creating a diagnostic tool. He said that developing a diagnostic tool requires a study at the country level, to distinguish what policies are there for the youth. Countries that had interest in furthering Economic Citizenship also had an increase in: • • •

Financial inclusion: there was a 4% increase in children and youth with an account at a financial institution (as measured by the Worldbank Findex) Financial education: the participation of lower secondary-school increased by 2% (as measured by Unicef) Entrepreneurship: 3% higher scores on the global entrepreneurship index (as measured by GEDI.org)

Mr. Van Eijk also expressed his concern regarding the various challenges for monitoring and evaluation. Evaluation process is expensive, time consuming, and there is difficulty in finding reliable proxy measures for economic citizenship. Furthermore, recording all the efforts of systems actors in a given country is difficult, especially without being present on the ground.

Conclusions 1. G enesis Analytics helps to conceptualize financial education and financial inclusion programs and measure its impact.

The changes required are implemented via the monitoring & evaluation frameworks into the programs.

2. Time constraints affects the frequency and the initial outcome of financial literacy programs.

3. One of the major issues faced is the language barriers in content and in Monitoring & Evaluation tools.

4. Use of digital platform for beneficiaries with limited internet access and the current lack of digital numeracy of beneficiaries makes it difficult to capture data. Instead, search for other alternatives that are time and cost-efficient.

5. Understanding country level policies is required to make an effective diagnostic tool.

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Your Financial Inclusion and Education Strategies...

What Comes Next?

Moderator: Mr. Arun Babu, Digital & Technology Leader, Deloitte Consulting Africa Panelist: Ms. Adele Atkinson, Senior Policy Analyst, OECD Panelist: Mr. Roeland Monasch, CEO, Aflatoun International Panelist: Mr. Khulekani Mathe, Senior General Manager Financial Inclusion, BASA Panelist: Dr. Waleed Qasrawi, Head of Financial Consumer Protection, Central Bank of Jordan Panelist: Dr. Tukiya Kankasa-Mabula, Deputy Governor, Central Bank of Zambia Panelist: Mr. Diego Duarte Schussmuller, Board Member, Central Bank of Paraguay Panelist: Ms. Judit Pap, Senior Policy Expert, Central Bank of Hungary This session dealt with the approaches for what happens beyond the development of a financial inclusion and/or education strategy.

Ms. Adele Atkinson, Senior Policy Analyst, OECD Adele Atkinson explained the high-level principles and policy handbooks developed by the OECD. She stressed that financial inclusion does not work on its own. Instead it is a network, a community of practitioners. Financial consumer protection must be in place as financial education works on the demand side.

Mr. Roeland Monasch, CEO, Aflatoun International One of the major challenges was introduced by Roeland Monash and concerned the lack of training. According to him, the biggest task in implementing financial education strategies is that significant investments need to be made to train teachers. He presented Aflatoun’s 7-step guide for governments wishing to integrate financial education into the national curriculum.

Dr. Waleed Qasrawi, Head of Financial Consumer Protection, Central Bank of Jordan The Central Bank of Jordan has had a financial inclusion strategy since 2017, with an overall goal of increasing financial inclusion in the country from 33 to 41.5%. Youth are a relevant target group, as well as women and refugees. The Central Bank has been working with the Ministry of Education and the NGO INJAZ for a financial education program in the schools since 2015. Challenges have been seen around getting all of the different relevant organizations internally on board.

Ms. Judit Pap, Senior Policy Expert, Central Bank of Hungary The Central Bank of Hungary’s Judit Pap emphasized that practical knowledge is most important, for example what to do in case of lack of money and regarding budgeting. The financial skills of Hungarians do not match the economic cycles. More emphasis on business education will be placed in the new curriculum.

Mr. Diego Duarte Schussmuller, Board Member, Central Bank of Paraguay Diego Duarte Schussmuller discussed the challenges the Central Bank of Paraguay faces, namely lack of infrastructure and coordination of credit bureaus. There is a lack of political consensus at the implementation level of the total cost of finance. There is still preference for the old cash transactions, however, a greater expansion of electronic payments and digitalization is needed.

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Dr. Tukiya Kankasa-Mabula, Deputy Governor, Central Bank of Zambia Tukiya Kankasa Mabula shared that Zambia has both a national financial education and inclusion strategy. The strategies are embedded in a 2030 government vision to make Zambia in an upper middle-income nation. Every five years Zambia makes up a national development plan. The seventh version of this plan includes a national development policy which has a national financial inclusion and education strategy. On the one hand this strategy is aimed to provide for affordable and quality financial services so that all Zambians can reap the benefits of financial inclusion. On the other hand, it is aimed at creating knowledge, understanding, skills, motivation and confidence in relation to financial education. In implementation it is important to work together with a broad range of national and international stakeholders. Challenges have been finding funding for this implementation and organizing monitoring and evaluation.

Mr. Khulekani Mathe, Senior General Manager Financial Inclusion, BASA Khulekani Mathe spoke about the experience of BASA in implementing the start saving program in the last 11 years. He emphasized the power of networks related to this implementation; they started with 64 interested financial institutions. Despite that managing networks is not easy the implementation was largely successful due to committed practitioners. BASA is seriously looking at how to monitor and evaluate their implemented strategy for financial education and inclusion. In closing he said that we have to find a middle ground between working together with practitioners and a more centralized approach instead of choosing one or the other.without being present on the ground.

Conclusions 1.

2.

3.

4.

5.

6.

F inancial education works on the demands of the financial consumers.

Investment must be done based on the training of the teachers.

Emphasis should be on practical knowledge.

Stress on business education in the curriculum.

Advanced methods of payments should be initiated.

Careful strategy should be made to switch from banks as a mode of providing education to other mediums.

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‘Building It Together’: The Role of Diverse Stakeholders in Youth Entrepreneurship Moderator: Ms. Lisa van Eck, Regional Programme Associate, Aspen Network of Development Entrepreneurs Panelist: Mrs. Kabinda Kawesha, Specialist - Financial Sector Development, Bank of Zambia Panelist: Ms. Thandi Dyani, CEO, Impact Hub Johannesburg Panelist: Ms. Phumzile Chifunyise, Enterprise Development Manager, Africa Zone Panelist: Ms. Alexandra Hadfield, SME Sector Lead, Harambee Panelist: Mr. Josh Adler, Vice President, African Leadership Academy Mr. Josh Adler, Vice President, African Leadership Academy Josh Adler kicked off the session stating that parents are often not included as an important stakeholder but they have an important role in the decision making of youth. Collaborating with communities, parents, educators, and investors will help young entrepreneurs recognize their potential. The African Leadership Academy has created The Anzisha Prize that seeks to award young entrepreneurs and increase job generative entrepreneurs in Africa.

Bringing different stakeholders together during The Anzisha Prize will ignite collective success in creating a pipeline of entrepreneurs with the capabilities for scale.

Ms. Phumzile Chifunyise, Enterprise Development Manager, Africa Zone Phumzile Chifunyise introduced Africa Zone’s venture SAB Kickstart and its other projects while working with different stakeholders. They have started a micro-distributor program that aims to convert growing taverns into mini distribution facilities. The objective is to empower rural businesses with a focus on youth, by formalizing, converting, and capacitating informal outlets into formalized and growing businesses, so as to penetrate areas that are currently not serviced. Another accelerate program is the urban agriculture program that aims to invest in and grow young agripreneurs. It targets the young, black urban farmers, with the objective to invest in and help grow young agripreneurs, through business training that teaches the practice and commercial business of hydroponic farming. Africa Zone is also working online to accommodate young entrepreneurs through ‘BizOnTap’.

An online business learning series that provides virtual incubation from anywhere, anytime. It targets young South African entrepreneurs of all sectors. The objective is to have digital business development tools that provide practical steps for ideation and supply chain stage businesses. These projects have been aiming to create jobs, accessing the market, brand and business growth, and developing business knowledge.

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Ms. Alexandra Hadfield, SME Sector Lead, Harambee Alexandra Hadfield emphasized that working with different stakeholders is the key in solving youth unemployment. Only 1/3 of the youth find a job in formal employment and it is necessary to find solutions to accommodate the remaining 2/3. There is a need to implement policy on how to pathway people into employment, through an online platform helping young people to find a job. Redefining the young entrepreneurs is essential, as there is no informal sector engagement in the entrepreneurial ecosystem. She stated that the path of an entrepreneur is not linear.

Mrs. Kabinda Kawesha, Specialist - Financial Sector Development, Bank of Zambia Kabinda Kawesha added that thematic groups are working to integrate youth entrepreneurship into the business management curriculum, as it is now mandatory within school curriculum. There is a need to look into the family environment that a child is growing up in, and how parents can involve children during the savings program, so that children can use their savings as a startup capital.

Ms. Thandi Dyani, CEO, Impact Hub Johannesburg Thandi Dyani introduced the Accelerate 2030, a new accelerator program for young entrepreneurs. It is based on more education in entrepreneurship, which has been missing since now. Many programs running focus on pretyping and proto-testing the product in order to know what works.

Conclusions 1.

2.

3.

4.

5.

igh potential teens can be influenced to choose entrepreneurship as a career, and parents can be stakeholders.

H Entrepreneurship helps in job creation and business knowledge development.

There is a need of a collaborative approach to redefine the concepts around entrepreneurship and success.

Young people have the hunger to succeed, and the will to work to reach their highest potential.

Access to finance should be increased central banks should work collaboratively with financial institutions to see what obstacles there are and how to overcome them.

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Financial Education and Inclusion for Young Vulnerable Groups

Moderator: Mr. Eric Sile, Senior Expert GIZ, South Africa Panelist: Mr. Jannie van Belkum, Coordinator, Distance Education, National Institute for the Deaf (NID) Panelist: Mr. Benson N Wanyoike, Manager Marketing, Sales & Corporate Communications, Postbank Kenya Panelist: Dr. Reaan Immelman, Head of Education Citizenship, ABSA financial services group Panelist: Ms. Gerda Piprek, Director, Market Worx Africa The session engrossed the various aspects of financial education and inclusion for young vulnerable groups.

Mr. Eric Sile, Senior Expert GIZ, South Africa Eric Sile started off the session by presenting the linkage between financial inclusion and economic growth. He put light on the Remittance programs of GIZ, targeting forcibly displaced persons. He introduced the G20 Global Partnership on Financial Inclusion that has created a roadmap towards inclusion for forcibly displaced persons.

The session also discussed the importance of customer identification and data protection.

Dr. Reaan Immelman, Head of Education Citizenship, ABSA financial services group Representing ABSA – financial services group, Dr. Immelman shared his concerns on vulnerability and assumptions about the deaf. ABSA realized in 2017 that the deaf need more than workplace skills. ABSA has partnered with NID college, which is run by the ABSA Financial Education program. NID has adapted the curriculum of financial education to the needs of the deaf.

Mr. Jannie van Belkum, Coordinator, Distance Education, National Institute for the Deaf (NID) Mr. Jannie van Belkum presented data that showed that 85% of the deaf are unemployed and 80% do not go to school. With the ABSA Financial Education program, 1,000 students have been reached in rural areas. 95% of the targeted section was from non-privileged backgrounds and their financial knowledge was extremely limited.

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Ms. Gerda Piprek, Director, Market Worx Africa Gerda Piprek raised her concerns over the importance of segmentation within the vulnerable groups. She talked about the various segments that have to be looked at, namely adults, both young and mature, women, microentrepreneurs, small-scale farmers, and young affluent spenders. These are the impoverished and marginalized, the most vulnerable segment in Nigeria. She presented the data showing that, within this segment, less than 1% has had any type of education and includes many widows or people in arranged marriages. The intervention for these groupings needs to be much broader. The need of the hour is to address the problems, such as no income and no vocational skills. Displaced persons are often not included in the formal economy. Various issues were discussed about the person’s community, regulatory framework, work options, their banking options, which must be resolved from the top down.

Mr. Benson N Wanyoike, Manager Marketing, Sales & Corporate Communications, Postbank Kenya Benson Wanyoike, representative of Postbank Kenya, presented their program - SMATA Account. The goal of the program is to empower girls and boys from rural disenfranchised areas, teaching them that saving out-of-school is essential. He pointed out that when reaching out to vulnerable groups one needs to be aware of their barriers.

Organization CARE helps Postbank Kenya to synergize and better understand the barriers. He also answered questions on the exploitation of vulnerable groups.

Conclusions 1. I t is important to raise awareness for young vulnerable persons. Identifying and understanding the unique barriers they face for financial inclusion and education is crucial for their inclusion.

2. The panel featured insights about the different institutions and the approaches towards the financial inclusion of the target demographic, whilst also demonstrating the unique opportunities these young persons present.

3. There are models and approaches that effectively target young vulnerable groups and encourage their economic participation.

4. It is paramount that financial service providers understand the need for segmenting and adapting instruments, trainings and the mode of operation, in order to target these young vulnerable groups effectively.

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Data Collection on Youth Employment & Entrepreneurship

Moderator: Mr. Farai Murondai, Head Financial Inclusion Programme, FinMark Trust Panelist: Mr. Dumisani Dube, Head of Application Lab, FinMark Trust Panelist: Dr. Bernd Mueller, Employment Specialist, ILO Panelist: Ms. Malerato Mosiane, Manager: Content Development and Analysis, Statistics South Africa Data collection is a very important part of employment and entrepreneurship. This session’s focus was to learn about various aspects of this subject.

Ms. Malerato Mosiane, Manager: Content Development and Analysis, Statistics South Africa Malerato Mosiane cited that the unemployment rates were 27% in the first quarter in 2019. This is alarming, because even if the youth is employed, they lack skills. Another fact that gains attention is that women are less employed than men. Adult men have a better chance to be employed than experienced women. Most of the youth is likely to work in low skilled jobs and service sector, that is, the trade industry, followed by the services industry. There are a lot of constraints in youth employment, such as low level of education and lack of experience.

Mr. Dumisani Dube, Head of Application Lab, FinMark Trust Dumisani Dube considered that mix data can be seen as a challenge or as an opportunity. FinMark Trust’s focus is on data driven statistics. There are a lot of challenges faced by scalable businesses, like the access to skills, access to finance, but if the scalable businesses are not engaged, then the long-term connection becomes difficult.

FinMark Trust offers mentorship programs for data science-related matters for youth. Technical data assistance is given through academic institutions support and they connect youth with people who can assist them.

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Dr. Bernd Mueller, Employment Specialist, ILO Employment Specialist of the ILO, Dr. Mueller brought the panelists’ attention to another feature of the data collection process, namely that it is affected by how the youth is perceived. The entrepreneurs and the employees of the entrepreneurs are often confused as one and the same in statistics. There are urban myths related to African youth employment. Statistics do not show the complete picture. The younger the worker, the less likely the worker has a legal contract. This very fact shows the vulnerability of the young workers. There are various challenges that result from the low data quality from the survey design. These vary from systematic biases through survey design, timing and sampling, and not asking the right questions from the right people.

Dr. Mueller gave the panelists some ground level information about which jobs the African youth want. They are not interested in entrepreneurship. Rathe,r they want stable job in public service. There is a need to understand the labor market to get the right answers. It is essential to create awareness about youth employment and businesses that create wage employees.

This session was followed by a question and answers round about statistics, language used in data collection, training of the interviewers, unemployment, and labor market in Africa.

Conclusions 1. S tudy the youth to understand unemployment and the labor market.

2. Tackle the constraints in data collection like low levels of education and lack of skills with mentorship for data science related programs.

3. Work on the data quality of the survey designs.

4. Eliminate the systematic biases.

5. Create awareness about youth employment and businesses that create wage employees.

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SchoolBank: New Models for Implementation Moderator: Ms. Laurie Dufays, Head of Institutional Relations Africa, WSBI Panelist: Mr. Shaheen Adam, Acting Managing Director, Postbank South Africa Panelist: Mr. Lawrence Kupika, Head - Marketing and PR, People’s Own Savings Bank Panelist: Ms. Flavia Nakamate, Projects Manager, Finance Trust Bank Uganda Panelist: Ms. Anne Karanja, Managing Director, Postbank Kenya This session included experts talking about new models that can be implemented in SchoolBanks.

Mr. Shaheen Adam, Acting Managing Director, Postbank South Africa Shaheen Adam kickstarted the session with informing about the Postbank SOC Ltd.’s transactional and savings products. This offers secure, reliable, accessible and affordable banking, predominantly to the lower-end market or the under-banked/unbanked. Postbank is awaiting approval from the Reserve Bank for a banking license.

The license is expected to open a host of opportunities for the Bank to compete in the industry, whilst the core intention is to be the preferred bank for the South African Government.

A state bank is a driver for financial inclusion and that requires products that are affordable (cost-effective) and inclusive to accommodate all the country’s citizens. To achieve this, Postbank intends to explore partnering with strategic institutions that would support its response to the mandate of promoting financial inclusion.

Smart Save for Minors Overview: • Book-based accounts, which provide a customer with the ability to record all deposits, withdrawals and balances in the account in writing.

• Smart Save for Minors has very low fees on transactions.

• Tailor made for adults who want to teach their children saving habits.

• Minors can also use the account but need a guardian to help administer the account.

Product Features: • Learners or minors receive a savings-book when opening account.

• R10 is required as a minimum balance to activate the minors or learners account.

• No monthly fees to encourage savings.

• Various free transactions (e.g. free cheque deposits, balance enquiries and mini statements).

• A minimal fee is charged for deposits and withdrawals.

• Attractive interest rates payable.

• Funds transferable to other Postbank and external accounts.

• Book has built in security features to limit any possible fraud.

Postbank will be implementing a Pilot with the following specifics: • Customize the CYFI model to suit the South African situation.

• A college has agreed to implement the Pilot: over 100 learners to be involved from Grades 1 to 12; learners to be given Smartsave for Minors and Postbank will match savings of top 5 savers i.e. will deposit money into their accounts; parents to be involved; educators already involved; meetings already taking place.

• Monitor school and evaluate outcomes.

• Monitoring behavioral change of the learners is required.

• Pilot has a dedicated team for implementation.

Ms. Anne Karanja, Managing Director, Postbank Kenya Managing Director, Anne Karanja, shared the work of Kenya Postbank. It was established in 1910, with the core mandate to mobilize savings for national development and inculcating a savings culture among Kenyans. It serves over 1.6 million customers having a countrywide network of over 3,298 online touch points that include: 98 branches, agent locations, and access to over 2,700 ATMs.

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They have the Smata’ banking product for youth. Its main features are: • Designed for 12-18-year-olds; account operating balance of Kshs. 200 (2 USD); free debit card; minimum Deposit amount of Kshs. 50 (0.5 USD); withdrawal charge of 0.50 USD; identification Document (Birth Certificate); birth Notification/Baptism Certificate.

Mr. Lawrence Kupika, Head - Marketing and PR, People’s Own Savings Bank Lawrence Kupika, Head of Marketing and PR at the People’s Own Savings Bank spoke about financial literacy and youth banking. It has created a low-cost Youth Account and Junior Save product. They have been working towards this with their various projects: •

Zimbabwe Youth Council support; National Youth Games sponsorship; universities debate competition sponsorship; presentations for schools; school visits to the Bank; Best Students in Finance and Banking award sponsorship; digitalized Agent Based School Bank Model; School bank club concept – participation and access support; Financial Literacy via Digital Means - Online Financial Education Info; Sponsored Digital Access – POSB App and Internet Banking; Activity/Usage Based CSR Support - RevShare.

Ms. Flavia Nakamate, Projects Manager, Finance Trust Bank Uganda Finance Trust Bank Uganda has a “Puts Women First” approach, as stated by Projects Manager, Flavia Nakamate.

FTB started as a women’s NGO in 1984 and has transformed over the years. Ms. Nakamate believes that a school is an institution with many dependencies consisting of students, teachers, parents, suppliers, and non-teaching staff. School banking is an approach to target in school youth through the school system.

FTB focuses on the following: • Deposit mobilization through students’ savings and school fees collections; • Targets school boys and girls i.e. 8 to 24 years; • 3 products that are marketed during the school banking mobilization activities namely: Girl’s Choice, Teen Classic and Youth Progress; • There is a working relationship between FTB and the schools.

The SchoolBank started as an approach to reach out to students as part of several girls and youth projects (UNCDF*2, Nike Foundation, SPRING children projects fully funded by UNCDF). Now the program is fully funded by the Bank, which mobilizes and trains youth, who are still clients of the Bank even after they have left school.

Ms. Nakamate also presented that over 62,000 school accounts are active, with 6.6bn shillings (at an exchange rate of $1 = Ugx3750)

Conclusions 1. P artnerships are key for successful SchoolBank projects. Areas of partnerships with stakeholders include developing e-financial literacy models in line with government programs, incentive to save, and improved infrastructure.

2. Continuous product review, through market surveys to ensure product remains relevant to the changing environment.

3. Community engagement, including involving the adults, such as parents, opinion leaders, and influential persons in the society is seen as a major driver of the product.

4. Contributing to policy formulation. Information sharing to contribute to government policy formulation on the lowincome youth does not capture those during transition, youth in informal sector, and TVETS. 5. Financially independent youth can make informed financial decisions.

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The Road from Global Money Week to a National Strategy on Financial Education Moderator: Ms. Adele Atkinson, Senior Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD Panelist: Ms. Iman El Sherif, CSR Manager, Egyptian Banking Institute Panelist: Mr. Mihai Curiman, Head of Division, National Bank of Romania Panelist: Mr. Norman Mataruka, Director and Registrar of Banking Institutions, Reserve Bank of Zimbabwe Panelist: Mr. Juan Carlos Chong, Head of the Education and Financial Inclusion Department, Superintendency of Banking, Insurance and Private Pension Funds The purpose of this session was to understand how GMW has acted as a foundation for many organizations to initiate financial inclusion and financial literacy.

Ms. Iman El Sherif, CSR Manager, Egyptian Banking Institute Iman El Sherif represented the target sector in Egypt. EBI has been targeting women, children, small and mediumsized enterprises, and children with special needs. She shed some light on the financial sector in Egypt. She cited that financial literacy has been conducted in fin lit projects since 2008, and the first GMW was celebrated in 2014.

Mr. Mihai Curiman, Head of Division, National Bank of Romania Mihai Curiman took this platform to appreciate CYFI for motivating the National Bank of Romania to work towards the financial inclusion of children and youth. He explained how the Bank developed GMW into a National Strategy, with the help of their stakeholders. The barrier they faced was implementing the Strategy for it to be beneficial to SMES and entrepreneurs.

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Mr. Norman Mataruka, Director and Registrar of Banking Institutions, Reserve Bank of Zimbabwe “The GMW campaign is crucial for youth engagement by the Government, it is an opportunity for national institutions to engage them�, said Norman Mataruka. In his opinion, attaining appropriate skills will lead to appropriate jobs. If the education provided does not lead to the type of employment wanted, then it is not serving its purpose. He shared that the Reserve Bank of Zimbabwe has a section that focuses specifically on youth, supported by The World Bank and Financial Market Trust.

Mr. Juan Carlos Chong, Head of the Education and Financial Inclusion Department, Superintendency of Banking, Insurance and Private Pension Funds Juan Carlos Chong Chong discussed the national plan for financial education. He discussed financial education in the Peruvian context and the population pyramid, which showed that millennials are going to become the most important chunk of the population in the next 20 years, which is crucial to be considered. According to statistics, 66% of the population saves money, but a lot of them do not see the value in having accounts. Studies done in Peru revealed the necessity for a financial inclusion and education strategy. Banking, Insurance and Private Pension Funds collectively used the existing awareness and education campaigns and combined them all under the umbrella of Global Money Week.

Conclusions 1. G lobal Money Week fits in to the pillars of a National Strategy for Financial Inclusion and is an important tool to raise awareness and improve financial literacy on a national level.

2. Young populations today are the future of our global economy, as such it is crucial to reach them from an early age in order to ensure long-term economic well-being on a macro level.

3. Financial Inclusion initiatives, such as Global Money Week, play an important role in responding to the challenges being faced by the youth and other excluded demographics.

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Collaborative Systems Change for Youth Entrepreneurship

Moderator: Ms. Lubna Shaban, Co- Director, Child & Youth Finance International Panelist: Ms. Amira Elgharib, Co-Founder, Orcas Panelist: Mr. K.M. Hasan Ripon, Bangladesh Skill Development Institute, Daffodil University Panelist: Ms. Claire Sterngold, Ye! Community Manager, Child & Youth Finance International Panelist: Ms. Lwazi Wali, Head of Venture, Founder’s Factory Africa Ms. Lubna Shaban, Co- Director, Child & Youth Finance International Lubna Shaban, as moderator and Co-Director of CYFI, commenced the workshop by discussing youth entrepreneurship as a key vehicle for addressing youth unemployment. She stated that collaboration is necessary to increase support for youth entrepreneurs and employment initiatives. Systems change means no single organization will be able to solve the problem alone. Instead, multiple stakeholders must take on various parts of the problem and collaborate to tackle the broader issue of youth unemployment. To achieve long-term, accelerated change, organizations must address the problem at the core using the collaborative systems change approach. 5 objectives at the heart of youth entrepreneurship policy, which must be deeply ingrained in the system of each organization are: 1. Compatible Policies - regulations to simplify business registration and licensing procedures, implementing favorable tax regulations for young entrepreneurs, and improved regulations on labor laws for young entrepreneurs.

2. Access to finance – funds, financial products, the ability of youth entrepreneurs to be able to access that initial capital. The focus must also lie on the unbanked.

3. Access to networks – hubs, each other, mentors.

4. Education – to create entrepreneurial mindsets you must make it part of the national curriculum.

5. Enablers - government led research, data on youth entrepreneurship, impact measurements, and awards.

Ms. Lwazi Wali, Head of Venture, Founder’s Factory Africa Lwazi Wali shared that Garca Michel Trust and the Founder’s Factory Africa have been building and scaling tech startups across the African continent and supporting women entrepreneurs in partnership. She shared her insight of how entrepreneurs see access to finance and what is needed to continue to build up the capacities of entrepreneurs on the African continent specifically. She stressed, capital does not build products – there is a wider ecosystem in which different actors must collaborate. Focus should be on building and scaling, building businesses from scratch, identifying opportunities, and building from the ground up. When discussing the topic of capital, Ms. Wali mentioned that without collaborations, the gap, described as the missing middle, will continue to widen. To counter this, mixed financing options and innovative methods built on collaborations must be pursued. Furthermore, she suggested that accelerators are essential, where labs incubate and accelerate high growth startups and facilitate a stronger, more interconnected network. Additionally, capital and services need to be provided to startups. There is a need to engage the regulatory bodies, the banking sector, and traditional capital. All these bodies must be involved. Otherwise, if efforts are not collaborative and aligned, the gap will continue to widen.

Ms. Amira Elgharib, Co-Founder, Orcas The Co-Founder of Orcas, Amira Elgharib, began with pointing out how everyone, be it investors, banks, or startups, when together under one roof for an entrepreneurship awards, really provide a welcome sight for young entrepreneurs. She personally had never experienced something similar to the Ye! Awards, which brought together all these network partners, attending startup focused events. Since her win at the Ye! Awards Egypt in 2018, she has seen that the Ministry of Investment in Cairo has gotten involved and has started building their own incubator and funding programs. The perspective in Egypt is shifting. The private sector is no longer separate from the government and public sector. The ecosystem is growing and expanding to more rural regions, which includes building entrepreneurship education programs and expanding them into rural areas. She advises to continue to build the ecosystem: hold more events, have the government involved or lead the events, organize

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incubators and awards, and be sure to follow up. She closed by stating how positive it is to see these types of initiatives being undertaken at the national level.

Mr. K.M. Hasan Ripon, Bangladesh Skill Development Institute, Daffodil University Mr. K.M. Hasan Ripon from the Bangladesh Skill Development Institute, Daffodil University, also shared his concerns about unemployment. He stated that there are 160 million people in Bangladesh, and it is currently impossible to provide jobs for everyone. He is optimistic that entrepreneurship can help in this area. The Prime Minister of Bangladesh is continuing discussions on entrepreneurship, with an aim to create jobs. The idea is that one entrepreneur can provide at least 10 jobs. He specifically discussed the issues Bangladesh is facing, namely that the difference between a startup and a small business is not clear to many. A government program which has been put in place under a fund organized by the Central Bank mandates that every commercial bank in the country has a department that offers SME loans. This initiative is spurring the growth of small enterprises around the country and encouraging youth to take risks. The government in Bangladesh brackets its support into 4 stages: generate, start, improve, expand. Bangladesh currently provides the most at the generate stage.

Conclusions 1. M apping is the key to creating a national strategy.

2. Governments should create an enabling environment for capital providers to de-risk their investments and invest at a higher rate.

3. Angel investors or seed investors – a blended, capital-providing model. A mixed approach, traditional forms of capital coupled with innovative finance models. Sustainability bonds – debt security instrument.

4. Start early - introduce entrepreneurship at school level, encourage kidpreneurs.

5. Banks and universities should collaborate to bridge the gap between youth and employment 6. CYFI has built a cookbook based on its tried and true systems change methodology, outlining 10 steps that any government can take to enhance its entrepreneurship ecosystem.

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Global Money Week Handed Over to OECD!

In an exciting announcement at the celebratory closing of the Summit, the OECD committed to take the lead on Global Money Week under the mandate of the OECD’s International Network on Financial Education (INFE) as of 2020. This transition is an important step in increasing the reach of Global Money Week and its integration into national strategies across the world. CYFI is delighted and proud to hand over this wonderful global campaign to the OECD, who have been long-term supporters of Global Money Week and the Movement as a whole.

The handover of Global Money Week to OECD’s INFE network is a key element in CYFI’s transition. OECD has been a Movement partner since inception, with an MOU between the two organisations strengthening the partnership and OECD being a strategic partner of Global Money Week.

Global Money Week is the crown jewel of the Child and Youth Finance Movement. It is the first step in bringing national entities together for Economic Citizenship while also giving them a shared goal and purpose with global counterparts. It is the springboard that ultimately propels the creation of policy and implementation, and it enables the measurement of ongoing country level progress and impact.

Handing Global Money Week over to the OECD’s INFE network means that through Global Money Week the process from celebration to policy creation becomes institutionalized – a process that will become owned and directed by the national authorities of 119 OECD and non-OECD countries that make up the OCED’s INFE network.

This institutionalization of Global Money Week will ensure its continued growth, and by default the growth of the Movement and further increases interest in the topic. With the support of the OECD, more and more countries can develop and improve their policies on Economic Citizenship and Financial Education

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Global Inclusion Awards 2019

About the Global Inclusion Awards 2019

The 8th annual Global Inclusion Awards Ceremony was organized by Child & Youth Finance International, with the support of The Banking Association South Africa (BASA), the Financial Sector Conduct Authority, the National Treasury – South Africa,the Department of Basic Education – South Africa and FinMark Trust. It was held as part of the 5th Child and Youth Finance International Summit: “Economic Citizenship and Employment: A Future for All” agenda on 19-20 June 2019 at The Maslow Hotel in Johannesburg, South Africa.

The Global Inclusion Awards 2019, a CYFI initiative, recognize and honor those who achieve greatness in furthering the Economic Citizenship of children and youth at the national, regional and international level. The Awardees demonstrate innovation in financial, social and livelihoods education, financial inclusion, and entrepreneurial support for children and youth.

Goals of The Global Inclusion Awards 2019 • Develop high public awareness and understanding of the importance of financial inclusion and financial capability for children and youth.

• Encourage national authorities to strive for excellence in Economic Citizenship Education programs and thereby promote the advancement of their services.

About the Award Categories

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

(1) CYFI Country Awards 2019 The CYFI Country Awards acknowledge the accomplishments of government authorities (e.g. central banks, ministries of education) in building alliances among key national stakeholders, initiating child and youth friendly financial regulation, and expanding the reach of quality Economic Citizenship through formal and non-formal education channels. Countries were evaluated on the achievements in the year 2018.

The three CYFI Country Award 2019 categories included: (1) CYFI Sprinter Award, (2) CYFI Best Collaborator Award, and (3) CYFI Youth Engagement Award (2) Global Money Week Awards 2019 The Global Money Week Awards 2019 acknowledge the efforts and accomplishments of countries in implementing “Global Money Week 2019” held between 25-31 March 2019 at the national level. The Global Money Week Awards 2019 has three different award categories, which were awarded based on specific criteria.

The three Global Money Week Award 2019 categories included: (1) GMW Excellence Award, (2) GMW Best Collaborator Award, and (3) GMW Best Newcomer Award

Meet the winners and finalists of the Global Inclusion Awards 2019

29 inspiring finalists were brought forward by the CYFI Secretariat. The members of the Global Inclusion Awards Jury had a difficult decision in choosing the Award winners for the award categories from the impressive list of finalists.

CYFI is delighted to welcome representatives from all over the world to celebrate global efforts to economically empower young people.

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CYFI Country Awards 2019 Finalists and Winners

1. CYFI SPRINTER AWARD The winner of the CYFI Sprinter Award 2019 is Jordan – Central Bank of Jordan The finalists in this category are: • Azerbaijan | Central Bank of the Republic of Azerbaijan • Democratic Republic of Congo (DRC)| Central Bank of the Democratic Republic of Congo • Malaysia | Central Bank of Malaysia (BNM)

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2. CYFI BEST COLLABORATOR AWARD The winner of the CYFI Best Collaborator Award 2019 is Mongolia – The Central Bank of Mongolia The finalists in this category are: • Angola | National Bank of Angola • Argentina | Ministry of Finance; Central Bank of the Argentine Republic (BCRA) • Colombia | Central Bank of Colombia; Ministry of Finance • Morocco| Moroccan Foundation for Financial Education (FMEF) • Portugal | Bank of Portugal, Portuguese Insurance and Pension Funds Supervisory Authority (ASF), Portuguese Securities Market Commission (CMVM)

3. CYFI YOUTH ENGAGEMENT AWARD The winner of the CYFI Youth Engagement Award 2019 is Kyrgyzstan – National Bank of the Kyrgyz Republic The finalists in this category are: • Brunei Darussalam | Ministry of Education Brunei Darussalam, Monetary Authority of Brunei Darussalam (AMBD) • Côte d’Ivoire | Ministry of Education – Financial Education Program (PEF) • Lebanon |Ministry of Social Affairs - The Higher Council for Childhood • Mexico | Bank of Mexico (BdeM)

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Global Money Week Awards 2019 Finalists and Winners

1. GMW EXCELLENCE AWARD The winner of the GMW Excellence Award 2019 is Egypt – Egyptian Banking Institute (EBI) The finalists in this category are: • Brunei Darussalam | Ministry of Education Brunei Darussalam, Monetary Authority of Brunei Darussalam (AMBD) • Côte d’Ivoire | Ministry of Education – Financial Education Program (PEF) • Lebanon |Ministry of Social Affairs - The Higher Council for Childhood • Mexico | Bank of Mexico (BdeM)

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2. GMW BEST COLLABORATOR AWARD The winner of the GMW Best Collaborator Award 2019 is Peru – Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) The finalists in this category are: • Bhutan| Royal Monetary Authority of Bhutan (RMA) • Morocco| Moroccan Foundation for Financial Education (FMEF) • Romania | National Bank of Romania (NBR) • Saudi Arabia | Social Development Bank Saudi Arabia (SDB) • Uganda | Private Education Development Network (PEDN), National Curriculum Development Centre (NCDC), Bank of Uganda (BoU)

3. GMW NEWCOMER SPECIAL RECOGNITION The winner of the GMW Newcomer Special Recognition Award 2019 is Cape Verde – Bank of Cape Verde, Association for the Promotion of Financial Education (PROFIN), Stock Exchange of Cape Verde (BVC), Association of Young Economists (AJECON) The finalists in this category are: • Timor-Leste | Central Bank of Timor-Leste (BCTL) • Trinidad and Tobago | National Financial Education Committee (NFEC), Central Bank of Trinidad and Tobago

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StarSaver™ Awards

This year’s global inclusion awards also included a segment for the StarSaver™ Awards which were awarded by the Banking Association of South Africa. StarSaver™ is a national generic financial literacy programme that aims to establish a culture of saving in children and to foster volunteerism in the banking industry and broader financial sector. The Banking Association South Africa is the custodian of StarSaver™. The programme is endorsed by the Department of Basic Education (DBE) and aligned to the Economic Management Science (EMS), subject area of the school curriculum. Since inception in 2008, StarSaver™ has reached over 1 million learners in Grades 7 to 9 and many more through programme integration, in over 3500 schools nationwide.

Winners of the StarSaver™ Awards were: • • • •

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Special Recognition: Mr. Cas Coovadia, Managing Director of The Banking Association South Africa Special Recognition: Ms Fikile Kuhlase, Senior Livelihoods Associate at UNHCR. Special Recognition: The Department of Basic Education Awards: StarSaver participating institutions

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Child & Youth Finance International (CYFI) www.childfinanceinternational.org info@childfinance.org +31 20 520 3900 PO Box 16524, 1001 RA Amsterdam The Netherlands