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 Master of Global Inclusion Awards Ceremony 2019: ProVerb

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Global Inclusion Awards Report 2019 19 June 2019 | The Maslow Hotel, Johannesburg, South Africa

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LETTER FROM THE SECRETARIAT Dear all, 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. 29 inspiring finalists were brought forward by the CYFI Secretariat. The members of the Global Inclusion Awards Jury had the difficult task of choosing the Award winner for each category from the impressive list of finalists. We would like to congratulate all the finalists and winners of the Global Inclusion Awards 2019 and wish them continued success. A special thank you to the Banking Association South Africa (BASA) and their partners: Financial Sector Conduct Authority, the National Treasury – South Africa, the Department of Basic Education – South Africa and FinMark Trust. Your support for the work of CYFI has helped to make this event possible. We want to extend our thank you to all our partners across the Child and Youth Finance network for their efforts in empowering children and youth worldwide. We at CYFI are overjoyed to have the opportunity to interact and learn from leading practitioners, policymakers, innovators and visionaries that are working around the world to advance Economic Citizenship for children and youth. The organizations and individuals whose activities you find described in these pages represent some of the most committed and inspiring industry leaders. Their achievements serve as a powerful testimony to the incredible impact of Collaborative System Change. Every Award finalist in this book deserves to be honored for their many valuable contributions to building the Child and Youth Finance Movement worldwide. These Awards are a testimony to how far the Movement has come since it was launched 8 years ago and of the immense momentum that it has generated. The future of the Movement lies in the hands of all the institutions which form this global network, and which continue to strive to better the lives of children and youth. You are the Movement champions that will bring Economic Citizenship Education and Financial Inclusion to all the children and youth across the world. Sincerely, The Child & Youth Finance International Team

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CONTENTS LETTER FROM THE SECRETARIAT......................................................................................................................................................................................5 ABOUT GLOBAL INCLUSION AWARDS 2019...........................................................................................................................................................8 Introduction...................................................................................................................................................................................................................................................8 Global Inclusion Awards Ceremony 2019 .............................................................................................................................................................................8 Goals of the Global Inclusion Awards 2019..........................................................................................................................................................................8 About CYFI.......................................................................................................................................................................................................................................................9 ABOUT PREVIOUS GLOBAL INCLUSION AWARDS......................................................................................................................................10

2 AWARD CATEGORIS OF THE GIA 2019................................................................................................................................................................12

CYFI Country Awards 2019..............................................................................................................................................................................................................12 Global Money Week Awards 2019............................................................................................................................................................................................13

ABOUT APPLICATIONS...............................................................................................................................................................................................................14 General Criteria........................................................................................................................................................................................................................................14 Application Process.............................................................................................................................................................................................................................14 JURY OF THE GLOBAL INCLUSION AWARDS 2019......................................................................................................................................15 FINALISTS AND WINNERS....................................................................................................................................................................................................16 ❶ CYFI COUNTRY AWARDS 2019.................................................................................................................................................................................20 ❶

CYFI SPRINTER AWARD....................................................................................................................................................................................................22

• Azerbaijan | Central Bank of the Republic of Azerbaijan.....................................................................................................................................22 • Democratic Republic of Congo (DRC) | Central Bank of the Democratic Republic of Congo................................................23 • Jordan | Central Bank of Jordan............................................................................................................................................................................................24 • Malaysia | Central Bank of Malaysia (BNM)................................................................................................................................................................25 ❷

CYFI BEST COLLABORATOR AWARD.................................................................................................................................................................26

• Angola | National Bank of Angola.........................................................................................................................................................................................26 • Argentina | Ministry of Finance; Central Bank of the Argentine Republic (BCRA).........................................................................27 • Colombia | Central Bank of Colombia; Ministry of Finance.................................................................................................................................28 • Mongolia | The Central Bank of Mongolia......................................................................................................................................................................29 • Morocco | Moroccan Foundation for Financial Education (FMEF).............................................................................................................30 • Portugal | Bank of Portugal and partners........................................................................................................................................................................31

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CYFI YOUTH ENGAGEMENT AWARD.........................................................................................................................................................................32 • Brunei Darussalam | Ministry of Education Brunei Darussalam, Monetary Authority of Brunei Darussalam................32 • Cote d’Ivoire | Ministry of Education – Financial Education Program (PEF)...............................................................................................33 • Kyrgyzstan | National Bank of the Kyrgyz Republic........................................................................................................................................................34 • Lebanon | Ministry of Social Affairs – The Higher Council for Childhood......................................................................................................35 • Mexico | Bank of Mexico (BdeM).................................................................................................................................................................................................36 ❸

❷ GLOBAL MONEY WEEK AWARDS 2019...................................................................................................................................................................38 ❶

GMW EXCELLENCE AWARD...............................................................................................................................................................................................40

• Bhutan | Royal Monetary Authority of Bhutan (RMA)...................................................................................................................................................40 • Colombia | Central Bank of Colombia and partners........................................................................................................................................................41 • Egypt | Egyptian Banking Institute (EBI)...................................................................................................................................................................................42 • Hungary | Ministry of Human Capacities and partners................................................................................................................................................43 • Zambia | Bank of Zambia (BoZ).......................................................................................................................................................................................................44 ❷

GMW BEST COLLABORATOR AWARD.....................................................................................................................................................................45

• Bhutan | Royal Monetary Authority of Bhutan (RMA)...................................................................................................................................................45 • Morocco | Moroccan Foundation for Financial Education (FMEF)....................................................................................................................46 • Peru | Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS)...........................................47 • Romania | National Bank of Romania (NBR).......................................................................................................................................................................48 • Saudi Arabia | Social Development Bank Saudi Arabia (SDB)..............................................................................................................................49 • Uganda | Private Education Development Network (PEDN) and partners...................................................................................................50

GMW NEWCOMER SPECIAL RECOGNITION...................................................................................................................................................51 • Cape Verde | Bank of Cape Verde and partners................................................................................................................................................................51 • Timor-Leste | Central Bank of Timor-Leste (BCTL)...........................................................................................................................................................52 • Trinidad and Tobago | National Financial Education Committee (NFEC), Central Bank of Trinidad and Tobago............53 ❸

ABOUT THE STARSAVER™ AWARD CATEGORIES...............................................................................................................................................54 SUPPORTERS....................................................................................................................................................................................................................................59

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INTRODUCTION 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.

GLOBAL INCLUSION AWARDS CEREMONY 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 & 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.

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 CYFI Child & Youth Finance International (CYFI) is a global system change organization that coordinates the world’s largest movement dedicated to enhancing entrepreneurial capabilities, social and financial inclusion and to promoting Economic Citizenship of children and youth. Leveraging expertise and innovation from within its global network, the Child and Youth Finance Movement has spread to over 170 countries and has reached more than 32 million children and youth. 8


ABOUT GLOBAL INCLUSION AWARDS 2019

 Musical Performance by Abafazi Bengoma 9


ABOUT PREVIOUS GLOBAL INCLUSION AWARDS From the first CYFI Awards in 2012, the Global Inclusion Awards have celebrated the work of partners, stakeholders and active youth in their efforts in Economic Citizenship Education at the national, regional and international level.

2018

2017 │ Berlin, Germany The 6th annual Global Inclusion Awards Ceremony was held on 3 May 2017 at the historic Meistersaal in Berlin, Germany. The event was organized by Child & Youth Finance International (CYFI) and the German G20 Presidency/German Federal Ministry for Economic Cooperation and Development (BMZ).

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2018 │ Riyadh, Saudi Arabia The 7th annual Global Inclusion Awards Ceremony was organized by Child & Youth Finance International, the Argentina’s G20 Presidency and GPFI on 3 July 2018, with the support of the G20-2020 Saudi Secretariat. It was held as part of the GPFI Forum: “Technological Trends in Digital Financial Inclusion” agenda on 3-4 July at the Ritz-Carlton in Riyadh, Saudi Arabia.

2014 │ New York, US

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The 3rd Annual CYFI Award Ceremony took place on 23 May 2014. It was held as part of the CYFI Global Summit: “A Chance for Change: Child and Youth Finance and the Post-2015 Agenda” at the United Nations Headquarters in New York and supported by the UNCDF.


2016 │ Stockholm, Sweden

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The 5th Global Inclusion Awards Ceremony took place on 28 November at the Golden Hall in Stockholm City Hall, Sweden. Over 150 representatives from 45 countries gathered to celebrate global efforts to economically empower young people.

2015 │ London, UK The 4th Annual CYFI Award Ceremony was held on 10 December 2015 at The House of Lords, Houses of Parliament, in London and hosted by Valerie Howarth, Baroness Howarth of Breckland.

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2013 │ Istanbul, Turkey The 2nd Annual CYFI Award Ceremony took place on 8 May 2013. It was organized as part of the CYFI Global Summit that 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), Istanbul Takas ve Saklama Bankası, Central Registry Agency (CRA) and the Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) during 8-9 May 2013.

2013

2012

2012 │ Amsterdam, the Netherlands The 1st annual Awards Ceremony was organized on 4 April 2012 at the RAI Convention Center in Amsterdam, The Netherlands. The Ceremony was held as part of the 1st CYFI Global Summit: “Reshaping the Future of Finance” during 3-4 April 2012.

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❶ CYFI COUNTRY AWARDS 2019

*These awards were brought forward by the CYFI Secretariat. ABOUT The CYFI Country Awards 2019 acknowledged 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 nonformal education channels. Countries were evaluated on the achievements in the year 2018. The CYFI Country Awards 2019 had three different award categories, which were awarded based on specific criteria. AWARD SPECIFIC CRITERIA General criteria for all CYFI Country Awards 2019 were: • Demonstrate exceptional accomplishments and innovation in delivering financial education

and inclusion policies and programs for children and youth. • Demonstrate an exceptional strategy to implement Child and Youth Finance initiatives. ELIGIBILITY The CYFI Country Award was awarded to a government/national authority leading financial education and inclusion efforts at national level. Please note that previous winners of Country Awards dating back two years were not eligible for the Global Inclusion Awards 2019. THREE CYFI COUNTRY AWARD CATEGORIES  Please note, 1 winner was chosen for each of the following categories. ❶ CYFI SPRINTER AWARD AWARD SPECIFIC CRITERIA • Demonstrate substantial efforts in advancing financial education and financial inclusion policies and programs for children and youth at the national level. • Demonstrate exceptional

accomplishment and innovation in delivering financial education and inclusion policies and programs for children and youth. ❷ CYFI BEST COLLABORATOR AWARD AWARD SPECIFIC CRITERIA • Demonstrate strong alliance building between policymakers and financial regulators. • Demonstrate significant outputs in building alliances among local stakeholders from diverse industries. ❸ CYFI YOUTH ENGAGEMENT AWARD AWARD SPECIFIC CRITERIA • Demonstrate active efforts in engaging with youth in the creation, monitoring and evaluation of financial education and inclusion policies and programs for children and youth.

2 AWARD CATEGORIES OF THE GIA 2019

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❷ GLOBAL MONEY WEEK AWARDS 2019

*These awards were brought forward by the CYFI Secretariat. ABOUT The Global Money Week Awards 2019 acknowledged 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 had three different award categories, which were awarded based on specific criteria.

AWARD SPECIFIC CRITERIA General criteria for the Global Money Week Awards 2019 were as follows: • Demonstrate governmentally-led, diverse, efficient and innovative activities during GMW2019

• Diverse range of activities carried out • Nationally led GMW celebrations • Collaborating with different local stakeholders • Long duration of GMW Celebrations

ELIGIBILITY The Global Money Week Award were awarded to a governmental/national authority (or a group of governmental authorities) leading and coordinating the engagement of the country in the Global Money Week activities. Please note that previous winners of Country Awards dating back 2 years were not eligible for the Global Inclusion Awards 2019.

❷ GMW BEST COLLABORATOR AWARD

THREE GLOBAL MONEY WEEK AWARD CATEGORIES

❸ GMW BEST NEWCOMER AWARD

 Please note, 1 winner was chosen for each of the following categories.

AWARD SPECIFIC CRITERIA • Demonstrate meaningful efforts in organizing nationally led GMW celebrations for the first time

❶ GMW EXCELLENCE AWARD

AWARD SPECIFIC CRITERIA • Demonstrate substantial efforts in engaging and collaborating with different local stakeholders, including financial service providers and civil society organizations

AWARD SPECIFIC CRITERIA • Reach a remarkable number of children and youth, directly and indirectly. 13


ABOUT APPLICATIONS GENERAL CRITERIA The Global Inclusion Awards 2019 focus on national authorities that have excelled in the promotion of Economic Citizenship for children and youth. All applications submitted for the Global Inclusion Awards 2019 are evaluated on the following criteria: • Good Standing: Nominees must be of outstanding character and reputation. • Accountability: Nominees must demonstrate good governance and transparent financial management. • Creativity: Nominees must demonstrate creative use of resources to deliver flexible programs. • Partnership: Nominees must demonstrate that the spirit of effective collaboration and 14

partnership is integrated into their activities. • Sustainability: Nominees must demonstrate how their work continues to impact young people going forward. • Track record: Nominees’ initiatives must be embedded in the community. • Impact: Nominees must demonstrate how needs were addressed and demonstrate that the desired outcomes were achieved.• Outreach: Nominees must demonstrate current and future outreach initiatives. There are specific evaluation criteria for each award category.

APPLICATION PROCESS • The Awards were not open to application. The nominees were brought forward by the CYFI Secretariat, based on the diagnostics performed by CYFI in collaboration with the national governments over the year 2018 and the results of Global Money Week 2019. • The Global Inclusion Awards Jury selected this year’s winners from the pre-selected finalists.


INTRODUCING THE JURY Through their richly varied backgrounds, our jury members have years of professional experience as practitioners in the areas of finance, child welfare and/or non-profit development. The jury members of the Global Inclusion Awards 2019 included: • The Chair: Prof. Jaap Doek is emeritus professor of Law (Family and Juvenile Law) at the VU University (Vrije Universiteit) in Amsterdam. He is a member (since 2014) and the chairperson (since November 2016) of the Supervisory Board of Child Helpline International (CHI) and a member of the International Supervisory Board of Child and Youth Finance International (CYFI) since 2012. He has been and still is active as an advisor/consultant for, among others, the Special representative on Children and armed Conflict, the regional office of UNICEF for East and Southern Africa, a number of UNICEF country offices and some governments of States Parties to the Convention on the Rights of the Child. Previously, Prof. Doek was a member of the UN Committee on

the Rights of the Child’ (1999 - 2007) and a chairperson of that Committee (2001-2007). • Jeroo Billimoria is a CYFI Board representative of the Jury. She is the founder of Child & Youth Finance International and several other innovative and award-winning NGOs. She is a Skoll awardee, and an Ashoka and Schwab Fellow. Also, Jeroo has received a Royal Honor from the King of the Netherlands by being appointed Officer of the Order of Orange-Nassau in 2018. She is a globally respected speaker and advocate of economic empowerment for children, and her social and humanitarian work has reached the lives of millions of children around the world. • Tatiana Chopova is a private equity/ venture capital investor and advisor with 20 years of investment, strategy and finance experience. Previously, Tatiana was a Managing Director at AlpInvest Partners (Carlyle Group). Before that she worked at McKinsey & Company and Credit Suisse First Boston. Ms. Chopova is also pursuing a PhD in Social Psychology. • Gert Jan van der Hoeven is the Founder and Managing Partner of H2

Equity Partners. Gert Jan is Chairman of the Investment Committee and has 25 years of investing experience. Before H2 Gert Jan has worked with McKinsey & Company • Shaun Mundy is a consultant who specializes in the development and implementation of national financial education strategies and financial education programmes. He led the development and implementation of the UK’s national financial education strategy (which was the first such strategy anywhere in the world). As a consultant, he has worked with the World Bank, GIZ, SBFIC, the OECD and many other leading international organizations and has provided consultancy support to around twenty countries. • 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. • Lauren Young is the Personal Finance Editor at Thomson Reuters and works closely with both Reuters. com and other Thomson Reuters platforms.

JURY OF THE GLOBAL INCLUSION AWARDS 2019

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FINALISTS AND WINNERS

THREE CYFI COUNTRY AWARD CATEGORIES ❶ CYFI SPRINTER AWARD 2019 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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❷ CYFI BEST COLLABORATOR AWARD 2019 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)

❸ CYFI YOUTH ENGAGEMENT AWARD 2019 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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FINALISTS AND WINNERS

THREE GLOBAL MONEY WEEK AWARD CATEGORIES ❶ GMW EXCELLENCE AWARD 2019 The winner of the GMW Excellence Award 2019 is Egypt – Egyptian Banking Institute (EBI) The finalists in this category are: • Bhutan | Royal Monetary Authority of Bhutan (RMA) • Colombia | Central Bank of Colombia, AMV Colombia, Plan Colombia, Asobancaria, Financial Superintendence of Colombia (SFC), Fasecolda, Banca de las Oportunidades • Hungary | Ministry of Human Capacities, Ministry of Finance, Ministry for Innovation and Technology, Money Compass Foundation (The Central Bank of Hungary), Hungarian Banking Association, Junior Achievement Hungary • Zambia | Bank of Zambia (BoZ)

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❷ GMW BEST COLLABORATOR AWARD 2019 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)

❸ GMW BEST NEWCOMER AWARD

2019

The winner of the GMW Newcomer 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 TimorLeste (BCTL) • Trinidad and Tobago | National Financial Education Committee (NFEC), Central Bank of Trinidad and Tobago

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❶ CYFI Country Awards 2019 ❶ CYFI SPRINTER AWARD • Azerbaijan Central Bank of the Republic of Azerbaijan “Strategic Roadmap for Financial Education” • Democratic Republic of Congo (DRC) Central Bank of the Democratic Republic of Congo “The National Strategy for Financial Inclusion” • Jordan Central Bank of Jordan “National Financial Inclusion Strategy (NFIS)” • Malaysia Central Bank of Malaysia (BNM) “Financial Sector Blueprint (FSBP)” ❷ CYFI BEST COLLABORATOR AWARD • Angola National Bank of Angola “National Strategy for Financial Inclusion and Education” • Argentina Ministry of Finance; Central Bank of the Argentine Republic (BCRA) “Learning to Save”, “Financial Skills for Life” • Colombia Central Bank of Colombia; Ministry of Finance “National Strategy for Financial Education and Financial Inclusion” • Mongolia The Central Bank of Mongolia “The National Financial Literacy Strategy” • Morocco Moroccan Foundation for Financial Education (FMEF) “The National Financial Education Strategy” • Portugal Bank of Portugal, Portuguese Insurance and Pension Funds Supervisory Authority (ASF), Portuguese Securities Market Commission (CMVM) “The Portuguese National Plan for Financial Education” 2020


❸ CYFI YOUTH ENGAGEMENT AWARD • Brunei Darussalam Ministry of Education Brunei Darussalam, Monetary Authority of Brunei Darussalam (AMBD) “Financial Literacy Competency Framework” • Cote d’Ivoire Ministry of Education – Financial Education Program (PEF) “National Strategy for Financial Inclusion” • Kyrgyzstan National Bank of the Kyrgyz Republic “The National Financial Literacy Program” • Lebanon Ministry of Social Affairs - The Higher Council for Childhood “National Strategy for Financial Education” • Mexico Bank of Mexico (BdeM) “National Financial Inclusion Strategy; “Enlaces Universitarios”, “Libro del Alumno”

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| CYFI Country Awards 2019 – ❶ CYFI Sprinter Award

Azerbaijan Lead organization: Central Bank of the Republic of Azerbaijan Initiative Name: “Strategic Roadmap for Financial Education” Partners: Ministry of Finance; Ministry of Tax; Ministry of Education; Financial Market Supervisory Authority; Banking Association; Bank Training Center; Customs Comity; Ministry of Economics; Microfinance Association Bank, are offered to students, teaching them about saving money for the future. In 2018, the Central Bank started a 5-day Summer School, that will be organized yearly and adjusted based on the feedback given by students. The summer school is organized in collaboration with the Ministry of Education. The research department of the Central Bank ensures that all programs are monitored and evaluated, by conducting focus groups and teacher surveys.

INTRODUCTION Azerbaijan created a Strategic Roadmap (2017-2020) for Financial Education, which was approved in 2016 and implemented in 2018. The roadmap contains three categories: face-to-face events; promotions and campaigns, namely Financial Literacy Competitions for children; and electronic resources, namely a Financial Literacy Portal and a Virtual Education Platform. AN OUTSTANDING APPROACH The Central Bank of Azerbaijan started a yearly occurring event, titled BARAMA, which aims at teaching

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young people how to start up their own business. Aside from these entrepreneur-oriented events, workshops for university students on consumer rights and the importance of digital payments in the digital age are offered. In 2018, the Central Bank developed a Virtual Education Portal, which offers online courses on money management, savings, and digital payments. Users who have an end result of 75% or more, receive an online certificate. The platform is free to use for students and others. In addition to the portal, online saving games, developed by the Central

ACHIEVEMENTS • In 2018, a working group was established with 12 stakeholder representatives. • The 11 Strategic Roadmaps, which cover the development of financial services in Azerbaijan was approved by the Parliament in 2018. • The Virtual Education Portal currently has 27,000 online users. JUDGES’ THOUGHTS Azerbaijan took impressive steps forward in furthering Financial Education in their country, by creating a national strategy, implementing this strategy, and launching pre-pilot efforts to test and evaluate the national strategy.


Democratic Republic of Congo (DRC) Lead organization: Central Bank of the Democratic Republic of Congo Initiative Name: “The National Strategy for Financial Inclusion” Partners: Ministry of Finance; Ministry of Youth; Ministry of Planning & Budget; Ministries of Education; GIZ; UNICEF National Working Group has employed the help of GIZ to evaluate the current level of financial literacy in DRC, which will be used for the National Strategy.

ACHIEVEMENTS • The 5-year National Strategy for Financial Inclusion will be implemented in the country in June 2019. • The DRC has consistently participated in Global Money Week and the Campaign was first nationally celebrated in 2015. • The teacher training sessions, organized by the Central Bank, aims to train 22,000 teachers from rural and disenfranchised areas, in an effort to reach a large percentage of the population.

INTRODUCTION The DRC has continued its efforts to promote Financial Inclusion and Financial Education for children and youth. Steps towards the implementation of a national strategy started in 2015, when a pilot program for financial education was implemented. The Central Bank has had a department dedicated to Financial Education since 2015, which focuses on bringing financial education to rural areas in the country. The department has made efforts to promote Financial Education through different campaigns, such as Global Money Week.

JUDGES’ THOUGHTS Despite the political instability the implementation, ahead of the planned DRC has experienced, the country has NFIS Launch in June 2019. The overcome these hardships, to Ministries of Education are working on continue to advocate for the Financial integrating Financial Education into Education and Inclusion of children the national curriculum. Furthermore, and youth. The Central Bank created a the Central Bank has started teacher national platform, with multitraining sessions, and aim to train stakeholder representation and tested 22,000 teachers in rural and their pilot, to ensure that once the disenfranchised areas, in an effort to strategy will be launched, it will be scale-up their pilot program. The done correctly.

AN OUTSTANDING APPROACH In preparation for the arrival of the new government, the Central Bank ensured that the National Strategy for Financial Inclusion was ready to be presented. The NFIS is a 5-year strategy, and its objectives are to reach rural populations, children and youth, and women through accessible financial products and educational initiatives. Together with the Ministry of Finance and others, the Central Bank established a National Working Group, which has begun the strategy 23


| CYFI Country Awards 2019 – ❶ CYFI Sprinter Award

Jordan Lead organization: Central Bank of Jordan Initiative Name: “National Financial Inclusion Strategy (NFIS)” Partners: Ministry of Education; Ministry of Labor; Development and Employment Fund Employment and Technical and Vocational Education Training Fund (E-TVET); Ministry of Social Development; Ruwwad for Development; INJAZ; Alhusein Fund which has included a Financial Education program in the existing school curricula. CBJ started a pilot in 2018, introducing financial topics in universities.

INTRODUCTION After the launch of the National Financial Inclusion Strategy (NFIS) in 2017, the Central Bank of Jordan (CBJ) started with the implementation of the Strategy, with an action plan for 2018-2020. The NFIS consists of 5 pillars. CBJ has assigned a monitoring and evaluation department to monitor the results and to ensure that the goals within the Strategy are achieved. AN OUTSTANDING APPROACH The Central Bank, together with the Ministry of Labor and the E-TVET Fund, is developing Financial Literacy training kits for students. Additionally, an online portal was developed by the Central Bank, offering articles, videos, courses and guidelines on Financial Literacy, as part of the e-financial education efforts. CBJ aims to increase the Financial Inclusion access of 25,000 of Jordan’s youth before 2020. To achieve this goal, bank accounts are promoted for youth aged 15 to 20 years. These young people are more likely to be financially restricted, since they cannot open bank accounts without the supervision of their guardians. The Central Bank is 24

working on a regulation amendment to remove this obstacle. Together with youth empowerment organizations, the Central Bank educates youth on entrepreneurship and small-scale project management. To achieve this, trainings and programs building the financial capabilities of young entrepreneurs are implemented. A National Committee for Financial Literacy was established in 2018,

ACHIEVEMENTS • The overall Financial Inclusion percentage in Jordan went from 24% in 2016 to 35% in 2018. • By focusing on (young) women, a significant number of women have been able to open a bank account and apply for small loans. • The Central Bank aims to increase the Financial Inclusion access of 25,000 of Jordan’s youth before 2020. • The National Committee for Financial Literacy included a Financial Education program in the existing school curricula, which has been gradually rolled out since 2018, and will continue until 2020, covering all regions of the country. JUDGES’ THOUGHTS In 2018, Jordan created and implemented their national strategy. By incorporating Financial Education into curricula, the country will help to ensure that, in years to come, the great majority of students will have received the necessary education.


Malaysia Lead organization: Central Bank of Malaysia (BNM) Initiative Name: “Financial Sector Blueprint (FSBP)” Partners: Agensi Kaunseling dan Pengurusan Kredit; Suruhanjaya Sekuriti Malaysia; Perbadanan Insurans Deposit Malaysia; Kumpulan Wang Simpanan Pekerja; Ministry of Education; Credit Counselling & Debt Management Agency (AKPK)

INTRODUCTION The Central Bank of Malaysia (BNM) strategically focuses on driving Financial Inclusion policies. In advancing the Financial Inclusion mandate, a holistic framework has been formulated within the BNM’s Financial Sector Blueprint for 2011 to 2020, to improve the overall well-being of communities on aspects such as convenient accessibility, high take-up, responsible usage, and high satisfaction of financial services. The vision aims to establish a financial system that best serves all members of society. The strategies for the action plans are outlined in the FSBP, one of which is the establishment of a Financial Education Network (FE Network) to coordinate and drive the national Financial Education strategy in Malaysia. AN OUTSTANDING APPROACH In 2018, The Central Bank of Malaysia started a Financial Education Hub designed as an integrated education hub for financial services. The Hub will be used for the future development of education and training facilities and will focus on enhancing the technical capacities of talents in the financial industry. The Hub is envisioned to be a focal point for international learning

and research that will nurture a sustainable pool of local talents to support the development of the domestic financial services industry. BNM has an ongoing collaboration with the Ministry of Education to inculcate basic financial management as an essential life skill from an early age. Financial Education elements are being integrated into the school curriculum. BNM has created two online portals. The first is the POWER! Program is a Financial Literacy Seminar Series, designed to equip

young individuals with essential financial knowledge. The second is an online game, titled “Centsible Choice”, which simulates situations where the player needs to manage their money wisely.

ACHIEVEMENTS • Bank Negara Malaysia, together with the Ministry of Education and commercial banks, has been working on a pilot to implement cashless schools throughout the country, which was officially launched in 2018. • Currently, 15 schools are taking part in a pilot which offers banking products and debit cards for students in cashless schools and universities. JUDGES’ THOUGHTS Malaysia has had an impressive Financial Education program for some years. The country is in an advanced stage of the implementation of Financial Education, after starting its national pilot this year. They have taken several further important steps over the course of the last year, included integrating Financial Education elements into the school curriculum.

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| CYFI Country Awards 2019 – ❷ CYFI Best Collaborator Award

Angola Lead organization: National Bank of Angola Initiative Name: “National Strategy for Financial Inclusion and Education” Partners: Ministry of Finance; Capital Markets Committee; Ministry of Education; The Tax Institute; Various Insurance Institutions

INTRODUCTION Throughout the years, the National Bank of Angola has continued to make efforts to promote Financial Inclusion and Education. In 2015, after a national decree was declared, the National Bank and the Ministry of Education launched a Financial Education program that integrated Financial Literacy topics into school subjects, such as first language classes and mathematics. Angola has a National Board for Financial Education and the National Bank is also part of AFI. AN OUTSTANDING APPROACH The National Bank launched a new 5-yeas strategy for Financial Inclusion and Education in 2018 and are currently working on its effective implementation. The stakeholders involved in this strategy launch include the Ministry of Finance, the Tax Institute, several insurance organizations and the National Bank. Together, they make up the National Board of Financial Education. One of the key areas the National Board is tackling is capacity building in rural areas. When the Financial Education program was first implemented in 2015, trainings were carried out on a provincial level. After monitoring and evaluating the program, the Bank, in collaboration with the Ministry of 26

Education, developed training booklets for teachers and educational booklets for students, in addition to offering the trainings. As part of AFI, the National Bank joined the International Forum for Financial Inclusion and is using examples from other countries to make their own strategy more inclusive.

ACHIEVEMENTS • The Financial Education program launched by the National Bank and the Ministry of Education in 2015 has reached over 311,000 students and

over 3,300 teachers as of 2018. • Currently, the National Board of Financial Education is collaborating with the World Bank to establish clear targets and indicators for the NFIS.

JUDGES’ THOUGHTS While realizing that reaching rural areas with its National Program is a challenge, Angola has made an effort to ensure that all regions of the country are being targeted. Together with the World Bank, the National Bank is creating a clear roadmap for the country’s NFIS Strategy.


Argentina Lead organizations: Ministry of Finance; Central Bank of the Argentine Republic (BCRA) Initiative Name: “Learning to Save”; “Financial Skills for Life” Partners: Banco Itau and 15 other commercial banks; Ministry of Education; Various financial Institutions; The Chamber of Banks roles in designing the National Strategy. The Ministry of Finance has overseen the strategy’s implementation; the Central Bank is collecting data and research on how to best reach the target population; and the Ministry of Education is collaborating with non-governmental organizations to create a revised educational curriculum.

INTRODUCTION After establishing the Financial Inclusion Coordination Council, Argentina has taken big steps towards improving Financial Inclusion in the country. Efforts for Financial Inclusion and Financial Education are led by the Ministry of Finance and the Central Bank of the Argentine Republic (BCRA). After evaluating the outcomes of their first National Strategy for Financial Inclusion, the Central Bank concluded that they needed to adopt a different approach in order to impact rural communities, women, children and youth. The “Learn to Save” and the “Financial Skills for Life” programs were designed for this reason.

commercial banks that all lend their services free of charge, organizing bank visits and coming into classrooms to teach young people about how the country’s financial and banking systems work. The two programs are used to evaluate the level of Financial Literacy amongst youth. They are important monitoring and evaluation tools that serve in the design of the National Strategy for Financial Inclusion relaunch, which is set for 2019. The Ministry of Finance, the Central Bank, and the Ministry of Education have taken on the biggest

ACHIEVEMENTS • The knowledge of students, participating in the “Financial Skills for Life” program pilot, regarding Child and Youth Friendly banking products has increased from 24% to 68%. • The success of the programs has led to the Central Bank working with Banco Itau to create a Financial Education game. Currently, a competition is running, where young people are designing the game. The pilot for the game will be tested at the winning school in 2019, and a largescale launch is planned for 2020. JUDGES’ THOUGHTS In 2019, the Ministry of Finance plans to launch the National Strategy and integrate Financial education into the national curriculum, while the Central Bank has plans to launch their two programs in more provinces.

AN OUTSTANDING APPROACH The Central Bank has used its “Learning to Save” program and “Financial Skills for Life” program to analyze and understand the needs of the youth when it comes to Financial Literacy. The “Financial Skills for Life” program was piloted in 17 schools, and 12 local banks oversaw educating students on financial services. The Central Bank evaluated this program and noted a 10% increase in Financial Literacy of the participating youth. The “Learning to Save” program is conducted in collaboration with 15 27


| CYFI Country Awards 2019 – ❷ CYFI Best Collaborator Award

Colombia Lead organizations: Central Bank of Colombia; Ministry of Finance Initiative Name: “National Strategy for Financial Education and Financial Inclusion” Partners: Banca de las Oportunidades; IPOC; Ministry of Education

INTRODUCTION In 2014, Colombia launched a new strategy. The Central Bank of Colombia oversees the implementation of the Financial Education Strategy and the Ministry of Finance oversees the implementation of the Financial Inclusion Strategy. Together, they lead the National Working Group on Financial Inclusion, which features other government institutions and private banks. AN OUTSTANDING APPROACH The Central Bank is in charge of the monitoring and evaluating the Financial Education strategy. They carried out an evaluation in 2018, where they reviewed what the Financial Education providers around the country were delivering. The information gathered has been used to inform the Central Bank and the Ministry of Education, who have used this information to implement an updated version of the academic curriculum for the 2018/2019 academic year. Teachers were also consulted to give their input on the needs of their students regarding Financial Education. The Ministry of Education aim to launch a pilot program to make Financial Education a subject in selected schools. In 2018, the Central Bank launched their Digital Payments Proposition, with the goal of helping rural and disenfranchised group of the

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population to enter into the financial system. This was done in collaboration with Banca de las Oportunidades. The Central Bank consulted IPOC and the World Bank, to create a set of indicators that will allow them to measure the amount of participation in Colombia’s financial system and have designed a survey to measure the financial knowledge in schools.

ACHIEVEMENTS • The Central Bank’s collaboration with Banca de las Oportunidades led to the launch of the Digital Payments Proposition. • The current National Strategy will

come to an end in 2019. The Central Bank is currently evaluating the financial products and programs launched during the last 5 years, which will influence the new strategy.

JUDGES’ THOUGHTS Colombia has been working on Financial Education and Financial Inclusion for children and youth for quite some time. The National Strategy, implemented in 2014, will come to an end this year, highlighting how Financial Education and Inclusion has been on the agenda for many years, and for many more to come.


Mongolia Lead organization: The Central Bank of Mongolia Initiative Name: “The National Financial Literacy Strategy” Partners: World Bank; Ministry of Finance; Ministry of Education, Culture and Science; Financial Regulatory Commission; Mongolian Banks Association; Mongolian Insurers Association; Savings Insurance Corporation; Deutscher Sparkassenund Giroverband; Non-state Organizations; Universities; Rotary Clubs; National Radio Station

INTRODUCTION The Central Bank of Mongolia initiated the creation of the National Financial Literacy Strategy to build the financial market infrastructure and its institutions. The strategy’s key priority areas, objectives and operating plans were determined by taking not only global development trends and international experience into consideration, but also home country characteristics and levels of public Financial Literacy. The program will be implemented in two stages: the 1st stage from 2016-2019 and the 2nd stage from 2019-2021. AN OUTSTANDING APPROACH The Central Bank of Mongolia is

working together with Deutscher Sparkassen- und Giroverband on Financial Education campaigns and to develop saving games and micro business games. The content of the games has been translated and focuses on training trainers. The distribution of the games is planned for mid-2019. The Central Bank has a new strategy to reach out to the most rural areas of the country. Part of this strategy is training a new group of teachers on Financial Literacy topics. Additionally, the Bank, in collaboration with the Ministry of Education, introduced a new mandatory subject within vocational schools on personal finance and entrepreneurship.

Currently, schoolchildren are using their debit cards in various ways, including for bus transportation and for actual banking activities. Commercial banks offer products to the children after they have been approved by the Central Bank. Together with teacher consultants, the Central Bank created 10 short awareness videos on Financial Literacy topics, which are to be distributed on social media platforms. Additionally, comic books were created to inform children and their parents on the financial products offered by the Central Bank. The Central bank created a chatbot, where students can ask Financial Literacy experts financial related questions.

ACHIEVEMENTS • In 2018, 540 trainers were trained to teach in rural areas. • From the 3 million inhabitants in Mongolia, 2,000,800 of them currently have a bank account. • In comparison to 2016, there is a 20% increase in deposits and savings in 2018. JUDGES’ THOUGHTS Mongolia has strived towards a comprehensive and broad approach, working with an extensive range of different stakeholders. It has made impressive strides towards the implementation of a wide-ranging national Financial Education strategy.

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| CYFI Country Awards 2019 – ❷ CYFI Best Collaborator Award

Morocco Lead organization: Moroccan Foundation for Financial Education (FMEF) Initiative Name: “The National Financial Education Strategy” Partners: Ministry of Finance; Bank Al-Maghrib; National Agency for the Fight against Illiteracy; OFPPT; ILO; Casablanca Stock Exchange; Insurance companies; Schools and Universities

INTRODUCTION The Moroccan Foundation for Financial Education developed a three-year National Financial Education Strategy, which was revised in 2018 to continue for another 5 years. The strategy is implemented via awareness-raising and Financial Education programs, and awareness and information campaigns, which target all the different segments of Moroccan society, including children and youth. AN OUTSTANDING APPROACH The Strategy includes an action plan

designed to train 3,000 trainers, who in turn will train over 20,000 beneficiaries who dropped out of school in 2018. The Casablanca Stock Exchange launched a school to familiarize bank staff and the wider public with financial products and the workings of the stock market. To target low-income households and illiterate people, the FMEF partnered with the National Agency for the Fight against Illiteracy, to integrate Financial Education into literacy programs. The FMEF, through its digital platforms, aim to widen online awareness-raising activities. The FMEF, together with the ILO, set up a Financial Education program for

the migrant population in Morocco, focusing on their working conditions. Using their awareness building campaigns, the FMEF will identify the specific indicators and targets for the strategy. The FMEF focuses on children as young as 8 years old, and more than 220,000 children and youth will be impacted.

ACHIEVEMENTS • As of 2018, more than 600 trainers have been trained, who in turn trained 90,000 beneficiaries. • A radio campaign was broadcasted on the 2nd largest Moroccan radio station, which delivered messages on Financial Education, with the audience listening averaging on 1,000,000 listeners per day. JUDGES’ THOUGHTS The National Financial Education Strategy in Morocco prioritizes the most vulnerable groups of the population, namely the financially illiterate and excluded, ensuring that the Financial Education initiatives and programs target not just children, but also women, famers, low-income households, migrants, and entrepreneurs.

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Portugal Lead organizations: Bank of Portugal, Portuguese Insurance and Pension Funds Supervisory Authority (ASF), Portuguese Securities Market Commission (CMVM) Initiative Name: “The Portuguese National Plan for Financial Education” Partners: Ministry of Education; Ministry of Economy and Labor; Portuguese Insurance and Pension Funds Supervisory Authority (ASF); The Portuguese Securities Market Commission (CMVM); National Council of Financial Supervisors; Insurance and Pension Fund Supervisory Authority (ISP); 68 Municipalities; Association of Psychologists; Portugal Football Federation finances. Finally, the Central Bank launched a national campaign providing tips on how to use digital financial channels safely.

INTRODUCTION The Portuguese National Plan for Financial Education encourages the sharing and use of materials from various stakeholders. An annual general meeting takes place with stakeholders and is chaired by the National Council of Financial Supervisors. Bank of Portugal developed core competence frameworks for Financial Literacy with the Ministry of Education. AN OUTSTANDING APPROACH As part of the Strategy, an award for schools, which implemented Financial Literacy subjects into their school classes, was created, in order to incentive schools to adopt the guidelines offered by the Ministry of Education and the Bank of Portugal. In 2018, Bank of Portugal worked together with the National Institute for Vocational Training to train unemployed youth. Teacher training centers are being developed. Additionally, Bank of Portugal started working with the Association of Psychologists to train psychologists working in schools in disadvantaged communities, to help children and youth understand that social and integration problems often cause financial issues. The young people are provided with tips and tricks and will

be directed to places, where they can ask for help regarding money management. Furthermore, Bank of Portugal has been working with the Professional Football Federation, to educate young people in football academies, to teach them about financial matters, how to prepare financially for when they retire at the age of 35, and to create awareness on the importance of education. The National Awareness Campaigns are held with well-known Portuguese football players, who educate the young players on the importance of concentrating on their after-career

ACHIEVEMENTS • Over 1,000 unemployed young people are being trained in the training project, conducted by Bank of Portugal and the National Institute for Vocational Training. • In 2018, the 3rd version of the Financial Literacy schoolbooks were launched. • As of the 2018/2019 schoolyear, schools are obliged to offer Financial Literacy topics through the offered schoolbooks. The Ministry of Education is monitoring the implementation. JUDGES’ THOUGHTS The efforts of Portugal have not only advanced the Financial Education in the country, but also ensured that the best-practice examples in Portugal can be used in other countries. Brazil has contacted Portugal, to duplicate the awareness campaign in collaboration with the Professional Football Federation in Brazil.

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| CYFI Country Awards 2019 – ❸ CYFI Youth Engagement Award

Brunei Darussalam Lead organizations: Ministry of Education Brunei Darussalam, Monetary Authority of Brunei Darussalam (AMBD) Initiative Name: “Financial Literacy Competency Framework” Partners: Banking Association of Brunei; Brunei Insurance Association; Financial Planning Association of Brunei; Brunei Capital Market Association; Livewire Brunei; Youth Organizations; 2 Pilot Schools

INTRODUCTION In 2018, Brunei Darussalam established the National Financial Literacy Council, consisting of various ministries, the Banking Association of Brunei, Brunei Insurance Association, Financial Planning Association of Brunei, and the Brunei Capital Market Association. The National Financial Literacy Council is working on a Financial Literacy Competency Framework, focusing on early childhood to adulthood. The Ministry of Education conducted a survey in 2019 on the state of Financial Literacy in the country. AN OUTSTANDING APPROACH Workshops on Financial Literacy are conducted in schools, and a special emphasis is put on ensuring that underprivileged children are included. Next to the workshops, visits to banks and insurance companies are organized, to teach children how to use cash deposit machines and to see the processes of the banking system. Additionally, the Ministry of Education involved young people in the process of creating a pilot course on Financial Education and entrepreneurship. The pilot classes are used to acquire 32

feedback from the youth regarding these topics and to assess the impact of the classes on the overall level of entrepreneurial and financial knowledge of young people.

ACHIEVEMENTS • 400 children and youth, aged 8 to 25 years, were involved in the creation of the Framework. • 6 pilot workshops are conducted on

entrepreneurship and Financial Literacy topics in 2 schools.

JUDGES’ THOUGHTS Brunei has done lot to monitor and evaluate their pilot programs, and the Ministry of Education is making an effort to expand the pilot classes on entrepreneurship and Financial Education, to ensure that every child in the country is affected.


Côte d’Ivoire Lead organization: Ministry of Education – Financial Education Program (PEF) Initiative Name: “National Strategy for Financial Inclusion” INTRODUCTION Côte d’Ivoire has been active in the promotion of Financial Inclusion and Financial Education for quite some

time. The country first participated in Global Money Week in 2013, led by the Ministry of Education. Côte d’Ivoire launched a National Strategy for

Financial Inclusion that will span from 2017-2022. In 2017, PEF launched a SchoolBank Pilot, with 240 students aged 14 to 20 years. The program is now in its second year and PEF hopes to scale up the program to the national level by 2020. Côte d’Ivoire has been a leader of Financial Inclusion in the region. They held a regional meeting in 2017 and have worked closely with Benin and Togo to help implement SchoolBank in their respective countries. For GMW2019, they organized a collaborative campaign with Benin.

AN OUTSTANDING APPROACH PEF developed Messenka, an interactive chatbot, that is linked to the participating youth’s bank accounts and helps them save. After the launch of the National Strategy in 2017, the Ministry of Education and PEF designed the “Club D’Epargne” (Savings Club) initiative. Interactive consultations with young people were held to get their feedback on the importance of the initiatives. The youth participating in the saving clubs are taught about saving and money matters. Every month, the amount of money saved per club is counted and at the end of the school term, the club with the most money saved will be declared the winner of the pilot. The winning Saving Club will then present on the methods they used to save. ACHIEVEMENTS • 1,000 students, aged 10 to 17, are participating in 100 Saving Club Pilots. • The goal is to reach 3 million young people with the Saving Clubs by 2022. • Currently, Messenka, the Financial Education chatbot, has 4,000 users. JUDGES’ THOUGHTS Not only has Côte d’Ivoire advanced in the implementation of their own National Strategy, they have continued to help countries in the region to implement Financial Education and Inclusion initiatives, including SchoolBank and Global Money Week. 33


| CYFI Country Awards 2019 – ❸ CYFI Youth Engagement Award

Kyrgyzstan Lead organization: National Bank of the Kyrgyz Republic Initiative Name: “The National Financial Literacy Program” Partners: Ministry of Finance; Ministry of Education; Kyrgyz Academy of Education; Ministry of Agriculture; Youth organizations; IFC; OECD; GIZ; KIW; Union of Commercial Banks; Association of Microfinance

INTRODUCTION The National Bank of the Kyrgyz Republic has adopted the National Financial Literacy Program for 2016 to 2020. The school programs and trainings are developed and restructured after consulting teachers and youth leaders. A working group on Financial Literacy was established, led by the National Bank, which works on Financial Education materials based on OECD best practices. AN OUTSTANDING APPROACH In 2018, the National Bank conducted a pilot training for youth leaders, who are actively involved in youth centers across the country. Each of the youth leaders received a 6-day Financial Literacy training, that allowed them to conduct their own Financial Literacy workshop in their community. The National Bank, together with GIZ, developed an education curriculum for grade 10. Each year, schoolteachers are trained to teach Financial Literacy topics in their schools. The National Bank, together with the Ministry of Education, developed a national Financial Literacy curriculum for first year students of secondary schools. Schoolbooks were written and finalized in 2018. Additionally, the IFC, 34

supported by the Bank, trained 20 students as Financial Literacy consultants, who will then teach people in their communities. The Bank integrated this model into regional training centers.

ACHIEVEMENTS • 17 youth leaders, aged 16 to 24 years, were trained in the 2018 pilot. • 5,000 schoolchildren, aged 10 to 13 years, were involved in the 2018 pilot.

• 1,000 schoolteachers were trained to teach Financial Literacy topics.

JUDGES’ THOUGHTS Kyrgyzstan strives to invest time and effort into the training of children, youth leaders, and teachers, guaranteeing that the implementation of Financial Education and Financial Inclusion is tackled in different areas and in different ways.


Lebanon Lead organization: Ministry of Social Affairs - The Higher Council for Childhood Initiative Name: “National Strategy for Financial Education” Partners: Ministry of Youth and Sports; Banque du Liban; Fransa Bank; BLOM Bank; Injaz (Junior Achievement)

INTRODUCTION The Higher Council for Childhood created the national platform in 2015 and leads all efforts regarding Financial Education in the country. AN OUTSTANDING APPROACH The Higher Council, working together with Blom Bank and Fransa Bank, has created a Financial Literacy game. Youth groups were consulted during the 1st test phase of the game and the feedback will be incorporated when developing the final version of the game. The Injaz Project was launched in 2018 and conducted a competition on financial topics and entrepreneurship. Injaz trained children on how to pitch a business plan. The Higher Council is actively involved with children through competitions, which highlight their progress on Financial Education topics. The Higher Council has mapped out what banks can offer in terms of Financial Literacy workshops and financial products. They have met with several banks to figure out what they can offer to children and youth. ACHIEVEMENTS • In total, 200 children and youth, aged 10 to 16 years, were involved in the creation of the Financial Literacy game. • The Financial Literacy game is expected to be launched in 2019, • The conducted workshops improved the overall Financial Literacy level of children and youth involved. JUDGES’ THOUGHTS After creating the national platform in 2015, Lebanon has continued to take important steps towards the implementation of Financial Education in the country, including meetings with stakeholders, the launching of pilot programs and projects, and the expected launch of the Financial Literacy game in 2019.

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| CYFI Country Awards 2019 – ❸ CYFI Youth Engagement Award

Mexico Lead organization: Bank of Mexico (BdeM) Initiative Name: National Financial Inclusion Strategy; “Enlaces Universitarios”; “Libro del Alumno” Partners: Museo Interactivo de la Economia (MIDE) conferences, fairs, publish articles, and participate in the Bank’s social media strategy. The other program targeting primary students is titled “Libro del Alumno”. In this program, a book, developed by the Bank of Mexico and MIDE, teaches Financial Education in a fun and engaging way. Participating teachers were consulted to help the Bank understand what materials the students engaged with best, to ensure that the book was properly edited.

INTRODUCTION While the National Financial Inclusion Strategy has not yet been implemented, many different Financial Inclusion and Financial Education initiatives are happening in the country. For example, 7 organizations led events during Global Money Week 2018 and over 33,000 children and youth were reached directly. AN OUTSTANDING APPROACH As part of the Financial Education strategy, the Bank of Mexico launched

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2 educational programs in 2019, one targeting university students and one targeting primary school students. The university program, “Enlaces Universitarios” aims to bring university students closer to the Bank, by creating a communication channel between them. The students, picked for the program, are in charge of sharing general information about the Bank’s everyday activities and tailored education material with other students. Participating students are expected to organize video

ACHIEVEMENTS • 193 university students, aged 18 to 23 years, participated in the “Enlaces Universitarios” program. • 6,000 books were distributed to students aged 9 to 11 years, for the “Libro del Alumno” program. JUDGES’ THOUGHTS Mexico continues to ensure that children and youth are consulted at several stages of the implementation of the Financial Inclusion Strategy. This is highlighted in the two different pilot programs implemented in the country.


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❷ Global Money Week Awards 2019 ❶ GMW EXCELLENCE AWARD • Bhutan Royal Monetary Authority of Bhutan (RMA) • Colombia Central Bank of Colombia, AMV Colombia, Plan Colombia, Asobancaria, Financial Superintendence of Colombia (SFC), Fasecolda, Banca de las Oportunidades • Egypt Egyptian Banking Institute (EBI) • Hungary Ministry of Human Capacities, Ministry of Finance, Ministry for Innovation and Technology, Money Compass Foundation (The Central Bank of Hungary), Hungarian Banking Association, Junior Achievement Hungary • Zambia Bank of Zambia (BoZ) ❷ GMW BEST COLLABORATOR AWARD • Bhutan Royal Monetary Authority of Bhutan (RMA) • Morocco Moroccan Foundation for Financial Education (FMEF) • Peru Superintendency of Banking, Insurance and Private Pension Fund Ad ministrators (SBS) • 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)

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❸ GMW NEWCOMER SPECIAL RECOGNITION • 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) • 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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| Global Money Week Awards 2019 – ❶ GMW Excellence Award

Bhutan Lead organization: Royal Monetary Authority of Bhutan (RMA) Partners: Ministry of Education (MoE); Ministry of Agriculture and Forest (MoAF); Ministry of Labour and Human Resource (MoLHR); Ministry of Economic Affairs (MoEA); Bank of Bhutan Limited (BOBL); Bhutan National Bank Limited (BNBL); Bhutan Development Bank Limited (BDBL); Druk Punjab Bank Limited (DPNBL); T-Bank Limited (TBL); Royal Insurance Corporation of Bhutan Limited (RICBL); Royal Security Exchange of Bhutan Limited (RSEBL); Bhutan Insurance Limited (BIL); GIC-reinsurance Limited (GICL); National Pension and Provident Fund (NPPF); Credit Information Bureau (CIB); Financial Institution Training Institute Limited (FITI); Bhutan Association of Women Entrepreneurs (BAOWE); Rural Enterprise Development Corporation Limited (REDCL); Respect Educate Nurture Empower Women (RENEW); Tarayana Foundation; Bhutan Care Credit Limited (BCCL); Thimphu Tech-park Limited; Bhutan Chamber of Commerce and Industry (BCCI); Loden Foundation; Department of Cottage and Small Industry (DCSI); National Land Commission (NLC); Royal Education Council (REC); Royal Institute of Management (RIM); Youth Development Fund (YDF); College of Science and Technology (CST); Gedu College of Business Studies (GCBS); College of Natural Resources (CNR); Royal Thimphu College (RTC); Technical Training Institute (TTI); Vocational Training Institute (VTI); Bhutan Broadcasting Service Limited (BBSL); 512 Schools; 2 Media Organizations

INTRODUCTION The Royal Monetary Authority of Bhutan (RMA) has participated in Global Money Week since 2013 and has continuously outperformed itself. The RMA spearheaded all GMW2019 activities in coordination with several financial institutions, NGO, government agencies, schools, and other stakeholders, leading to a comprehensive and wide-reaching campaign. AN OUTSTANDING APPROACH GMW was formally recognized by the Ministry of Education, including the celebration into the national school curriculum, and it was celebrated in over 500 schools across the Kingdom. The RMA made a special effort to reach out those in rural areas. Not only did the Authority encourage all FSPs to share and independently organize events, they also organized their own

events, including an opening event, where the Youth Savers 1K milestone was launched. Other activities organized included a training of trainers on youth entrepreneruship Banking, Money box, speech bubble and story writing challenges, and

e-money sensitization sessions. Financial Literacy and bank account opening sessions were conducted at various schools throughout the nation.

ACHIEVEMENTS • Throughout the Week, 120,000 children were reached directly, marking 15% of the entire population. Additionally, 53,000 people were reached indirectly, representing 6.6% of the population. • The Royal Monetary Authority participated in all 7 days of the Week, making this the 7th nationally led GMW Campaign in the country. • Global Money Week is officially integrated into the National Strategy. JUDGES’ THOUGHTS Once again, Bhutan has done an amazing job during Global Money Week, ensuring that a high portion of the children were reached, with a collaboration between many different stakeholders.

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Colombia Lead organizations: Central Bank of Colombia, AMV Colombia, Plan Colombia, Asobancaria, Financial Superintendence of Colombia (SFC), Fasecolda, Banca de las Oportunidades Partners: Ministry of Finance; Ministry of Youth; Ministry of Planning and Budget; both Ministries of Education; GIZ; UNICEF

INTRODUCTION All leading organization are part of the Global Money Week Committee, which is part of Colombia’s National Strategy for Financial Inclusion. Every year, a different organization from the Committee is given the task to lead the GMW efforts in the country. This shared responsibility for the Campaign was an effort to have nongovernmental institutions and private banks become more involved and committed to the promotion of Financial Education in the country.

3 million people and brought awareness to the importance of saving and other valuable information on money matters. Furthermore, the organizations encouraged the participation in the GMW Countdown Challenge.

ACHIEVEMENTS • 2019 marked the 6th year that GMW has been nationally led in Colombia, as it has been integrated into the country’s national strategy. • Through the 597 activities organized,

over 226,000 children were reached directly, which represents 0.46% of the total population. • Over 3,000,000 people were reached indirectly, representing 6,29% of the total population.

JUDGES’ THOUGHTS The broad range of activities organized by Colombia did not go unnoticed. The Jury was especially impressed by the effort made to reach out to vulnerable groups, such as victims of armed conflict.

AN OUTSTANDING APPROACH As part of the GMW2019 celebration, close to 600 activities took place in 181 different cities across the country. A special effort was made this year to reach victims of armed conflict, with activities such as saving group sessions, trainings and workshops on money matters, and entrepreneur fairs. Furthermore, the leading organization, in partnership with NGOs, banks, schools, universities and corporations, organized different activities such as reading clubs, trainings, saving workshops, guided tours, conferences, piggy bank making sessions, games, and contests. The commitment of the organizations’ social media networks reached almost 41


| Global Money Week Awards 2019 – ❶ GMW Excellence Award

Egypt Lead organization: Egyptian Banking Institute (EBI) Partners: Central Bank of Egypt; Ministry of Education; Ministry of Youth and Sports; Ministry of Social Solidarity; Ministry of Planning and Administrative Reform; Ministry of Communication and Information Technology; National Council for Women; Cairo Book Fair; Suhag Chamber of Commerce; Suhag Governorate; Suhag Women Business Council; Egyptian Stock Market; Education Development Fund; Nile International Education System; Banque Misr; Arab African International Bank; Suez Canal Bank; Credit Agricole Bank; United Bank Upper Egypt; GIZ & ILO; Ashanek Ya Baladi; Wataneya Foundation; Ghabbour Foundation; Terous Foundation for Sustainable Development; Egyptian Banking Simulation Model; UNICEF; Positive Planet International; E-Youth; Association for Adult Education in Suhag ; Association for Health Improvement in Suhag; Association for Women and Children Improvement in Suhag; VISA; Rise Up; Entreprenelle; Pride Capital; Academy for Science and Training in Suhag; Cairo University; Ain Shams University; Helwan University; Minya University; Suez Canal University; Tanta University; Alexandria University; Arab Academy for Science; Technology, and Maritime transport; American University in Cairo; Mansoura University; Suez University; Fayoum University; October University for Modern Science and Literature; Aswan University; Asyut University; Suhag University; Beny Sueif University; Damanhur University; South Valley University; Zagazig University; Misr Open university; Future University; Schools and Vocational Centers ; Jupiter PR Agency; Initiative Company; Ministry of Youth and Sports Radio Network; Noqood Financial Services Application; Al Ahram News; AL Youm El Sabea; El Akhbar; Al Watan News; Veto news; Egypt Banks News; Petroleum News Room; Akhbarak News; El Bawaba News; El doctor News; Al Wafd News; Akhbar el Youm News; Al tabaa el Oula News orphanages, which conducts wise money management and entrepreneurship sessions to provide the orphans with the necessary knowledge to face labor market challenges.

INTRODUCTION The Egyptian Banking Institute (EBI) has participated in GMW since 2014 and continues to outperform itself. EBI has adopted a comprehensive approach for its GMW activities with Financial Literacy activities being organized for youth, women and adults, in addition to new target segments, i.e. orphans, vocational school students, students with specials needs, and entrepreneurs. AN OUTSTANDING APPROACH For this year’s GMW, the EBI focused on the impact entrepreneurship has on economic empowerment and prosperity. Many events organized during the Week therefore focused on entrepreneurship, including trainings, pitching events, competitions for potential entrepreneurs, and connecting potential entrepreneurs with financing opportunities. During the Week, EBI launched the first phase of “Shaping the Future Talks”, which 42

aims to provide a platform for youth the present their life and work challenges and how they overcome them with the use of proper financial planning. Additionally, a hackathon was conducted to give young entrepreneurs the opportunity to pitch their new project idea, which could benefit their local community. Together with NGOs, EBI focused on implementing a rehabilitation and work readiness program in Egyptian

ACHIEVEMENTS • Over 1880 organizations participated in GMW2019, ensuring that 3,000,000 children were reached directly, marking 3,14% of the total population. • This is the 7th year that GMW has been nationally led in Egypt. • In total, 17,500,000 people were reached indirectly, representing 18.29% of the total population. JUDGES’ THOUGHTS The EBI continues to organize impressive and comprehensive Global Money Week campaigns. The focus on different aspects of society and the multitude of events organized for entrepreneurs is extremely impressive.


Hungary Lead organizations: Ministry of Human Capacities; Ministry of Finance; Ministry for Innovation and Technology; Money Compass Foundation (founded by the Central Bank of Hungary); Hungarian Banking Association; Junior Achievement Hungary Partners: Ministry of Human Capacities; Ministry for Finance; Ministry for Innovation and Technology; The Central Bank of Hungary ; Money Compass Foundation; Hungarian Banking Association; Junior Achievement Hungary; Budapest Stock Exchange Ltd.; MKB Bank Ltd.; OTP Bank Plc.; ERSTE Bank Hungary Ltd.; K&H Group; Raiffeisen Bank Ltd.; Sperbank Ltd.; UniCredit Bank Hungary Ltd.; Budapest Bank Group; GRÁNIT Bank Ltd.; FHB Group; Magyar Cetelem Bank Ltd. / BNP Paribas Personal Finance ; MagNet Bank Ltd.; CIB Group /Bank of Intesa Sanpaolo Group; Cofidis Bank Ltd.; Fundamenta Ltd.; EXIM Bank Ltd.; Commerzbank170 Corporate companies; 2 Universities:; 1,328 Schools; 15 Media Organizations different banks and enterprises volunteered. Aside from the lessons, other activities, such as an online Stock Exchange game, contests, and quizzes were organized throughout the Week.

ACHIEVEMENTS • GMW2019 was the 5th year that the Campaign has been led nationally in Hungary. • Over 1,300 organizations participated in organizing over 12,000 activities. • Throughout the Week, 220,000 children were reached directly, and 605,000 people were reached indirectly, respectively representing 2,24% and 6,16% of the total population. INTRODUCTION Global Money Week has been celebrated in Hungary with the involvement of different governmental institutions since 2013. The Week has been celebrated through a diverse range of activities carried out by government institutions, NGOs, financial institutions, corporates, universities, and schools. The National GMW Committee in Hungary consists of the leading organizations and succeeded in integrating Global Money Week into the national agenda.

materials to join the initiative. The teaching materials were developed by the teachers, with interactive methodological elements added for four different age groups. The highlighted content of this year involved savings and investments. Over 700 representatives from

JUDGES’ THOUGHTS By conducting 14,000 lessons and providing teachers with interactive teaching materials, the leading authorities ensure that the impact of Global Money Week will be sustained beyond the Week itself.

AN OUTSTANDING APPROACH Hungary celebrated GMW2019 in order to encourage young people to handle their finances more consciously and to become familiar with the way the economy and the financial world functions. The government tried to achieve this goal by organizing approximately 14,000 lessons on subjects such as finance and entrepreneurship for school children. The teachers of the schools were provided with the necessary 43


| Global Money Week Awards 2019 – ❶ GMW Excellence Award

Zambia Lead organization: Bank of Zambia (BoZ) Partners: Bank of Zambia (BoZ), Bankers Association of Zambia, Pensions and Insurance Authority, Securities and Exchange Commission (SEC), Lusaka Stock Exchange (LuSE), Rural Finance Expansion Programme (RUFEP), Insurers Association of Zambia (IAZ), Savings Bank for International Cooperation (SBFIC - Germany), Financial Sector Deepening Zambia (FSDZ), IAZ; CMAZ; AMIZ; ZAPF; BAZ

INTRODUCTION Zambia’s Global Money week efforts have been consistently impressive. The Bank of Zambia, together with its partner organizations, have managed to pull in many participating organizations over the years, and, in doing so, have reached many children and youth year in year out. Zambia now has its own financial awareness campaign, the Financial Literacy Week, which is organized in sync with GMW and is part of the Bank of Zambia’s national agenda. The creation of the Financial Literacy Week was part of the National Strategy for Financial Inclusion. AN OUTSTANDING APPROACH The Week was opened with a public exhibition, hosted by the Bank of Zambia Governor and officiated by the Secretary to the Treasury. To promote the Arts and Culture during the Week, the program conducted compromised of poems and theater plays performed for the children, depicting vulnerable situations that children and youth might find themselves in, in relation to education, health, shelter and food. The theme of each activity was based on GMW2019 theme “Learn.Save. Earn. Invest: Be Money Smart, To Live a Better Life”. ACHIEVEMENTS • 35% of the total population was reached indirectly, namely 6,000,000 people. • GMW2019 marked the 6th year that the Week has been celebrated nationally. • 35,000 children were reached directly, which represents 0,205% of the total population. JUDGES’ THOUGHTS Throughout the years, Zambia has consistently made a great effort to celebrate Global Money Week in a festive and inclusive manner. 2019 was no exception. 44


| Global Money Week Awards 2019 – ❷ GMW Best Collaborator Award

Bhutan Lead organization: Royal Monetary Authority of Bhutan (RMA) Partners: Ministry of Education (MoE); Ministry of Agriculture and Forest (MoAF); Ministry of Labour and Human Resource (MoLHR); Ministry of Economic Affairs (MoEA); Bank of Bhutan Limited (BOBL); Bhutan National Bank Limited (BNBL); Bhutan Development Bank Limited (BDBL); Druk Punjab Bank Limited (DPNBL); T-Bank Limited (TBL); Royal Insurance Corporation of Bhutan Limited (RICBL); Royal Security Exchange of Bhutan Limited (RSEBL); Bhutan Insurance Limited (BIL); GIC-reinsurance Limited (GICL); National Pension and Provident Fund (NPPF); Credit Information Bureau (CIB); Financial Institution Training Institute Limited (FITI); Bhutan Association of Women Entrepreneurs (BAOWE); Rural Enterprise Development Corporation Limited (REDCL); Respect Educate Nurture Empower Women (RENEW); Tarayana Foundation; Bhutan Care Credit Limited (BCCL); Thimphu Tech-park Limited; Bhutan Chamber of Commerce and Industry (BCCI); Loden Foundation; Department of Cottage and Small Industry (DCSI); National Land Commission (NLC); Royal Education Council (REC); Royal Institute of Management (RIM); Youth Development Fund (YDF); College of Science and Technology (CST); Gedu College of Business Studies (GCBS); College of Natural Resources (CNR); Royal Thimphu College (RTC); Technical Training Institute (TTI); Vocational Training Institute (VTI); Bhutan Broadcasting Service Limited (BBSL); 512 Schools; 2 Media Organizations

INTRODUCTION The Royal Monetary Authority of Bhutan (RMA) has participated in Global Money Week since 2013 and has continuously outperformed itself. The RMA spearheaded all GMW2019 activities in coordination with several financial institutions, NGO, government agencies, schools, and other stakeholders, leading to a comprehensive and wide-reaching campaign. AN OUTSTANDING APPROACH GMW was formally recognized by the Ministry of Education, including the celebration into the national school curriculum, and it was celebrated in over 500 schools across the Kingdom. The RMA made a special effort to reach out those in rural areas. Not only did the Authority encourage all FSPs to share and independently organize events, they also organized their own

events, including an opening event, where the Youth Savers 1K milestone was launched. Other activities organized included a training of trainers on youth etnrepreneurship banking, money box, speech bubble and story writing challenges, and

e-money sensitization sessions. Financial Literacy and bank account opening sessions were conducted at various schools throughout the nation.

ACHIEVEMENTS • Throughout the Week, 120,000 children were reached directly, marking 15% of the entire population. Additionally, 53,000 people were reached indirectly, representing 6.6% of the population. • The Royal Monetary Authority participated in all 7 days of the Week, making this the 7th nationally led GMW Campaign in the country. • Global Money Week is officially integrated into the National Strategy. JUDGES’ THOUGHTS Once again, Bhutan has done an amazing job during Global Money Week, ensuring that a high portion of the children were reached, with a collaboration between many different stakeholders. 45


| Global Money Week Awards 2019 – ❷ GMW Best Collaborator Award

Morocco Lead organization: Moroccan Foundation for Financial Education (FMEF) Partners: Insurance and Social Welfare Supervisory Authority (ACAPS); Moroccan Capital Market Authority (AMMC); Bank Al-Maghrib (BAM); Casablanca Stock Exchange; Dar As Sikkah (BAM); National Federation of Insurance and Reinsurance Companies (FMSAR); National Federation of Microcredit Associations (FNAM); Banking Association of Morocco (GPBM); Ministry of Education and Vocational Training of Higher Education and Scientific Research (MENFPESRS); Money Museum (BAM); Office of Professional Training and Work Promotion (OFPPT); State Secretariat for Crafts and Social Economy (SECAES); Schools, vocational training centers and universities.

INTRODUCTION Once again, the Moroccan Foundation for financial Education (FMEF) led the GMW efforts in Morocco. FMEF managed to involve a variety of stakeholders representing numerous industries, including insurance companies, financial regulators, schools, universities, and governmental institutions. The Week has been nationally led since 2013 and has been integrated into the national agenda. The stakeholders unanimously agreed to extend GMW activities until April 30th, 2019 in order to accommodate the high demand of schools and universities. AN OUTSTANDING APPROACH GMW2019 was an extremely inclusive edition, integrating a variety of target groups, including schoolchildren of 46

each level, trainees from vocational training centers, as well as established entrepreneurs. During the Week, seminars were led by different public and private stakeholders, on subjects such as monetary policy, insurance, social welfare, and the avenues to finance micro, small and medium-sized enterprises. Additionally, visits to financial institutions, the Money Museum, the Stock Exchange, and insurance and banking associations were organized. There was a wide media coverage, especially through a digital campaign aimed at reaching young people who could not benefit from the offline activities. The digital campaign included practical information, quizzes, and explanatory videos.

ACHIEVEMENTS • Over 18 different events were organized throughout the Week, reaching 220,000 children directly (0,62% of the total population) • 2,000,000 people, or 5,67% of the total population, were reached indirectly, with over 7,000 activities organized. JUDGES’ THOUGHTS Morocco’s initiatives were recognized, as not just the amount of activities and people reached is impressive, but also the fact that the GWM Campaign has been celebrated consistently since 2013.


Peru Lead organizations: Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) Partners: MUCEN - Museo del Banco Central de Reserva (BCRP); Museo Numismático del Banco Central de Reserva (BCRP); Ministerio de Educación (MINEDU); Ministerio de Desarrollo e Inclusión Social (MIDIS); Fondo de Seguro de Depósitos (FSD); Superintendencia Nacional de Servicios de Saneamiento (SUNASS); Organismo Supervisor de la inversión en Energía y Minería (OSINERGMIN); Superintendencia del Mercado de Valores (SMV); Municipalidad Provincial de Arequipa, Región Arequipa; Municipalidad Provincial de Piura, Región Piura; Municipalidad de Jesús María, Región Lima; Dirección Regional de Educación de Piura (DREP); Municipalidad de Tacabamba, Región Cajamarca; Policía Nacional del Perú; Banco de la Nación; Banco Azteca; Banco de Crédito del Perú; MiBanco; Banco Falabella; Interbank; Financiera Confianza; Financiera PROEMPRESA S.A.; Financiera Efectiva; Financiera TFC; Compartamos Financiera; Caja Municipal de Ahorro y Crédito del Santa; Entidad de desarrollo de la pequeña y mediana empresa ; BNP Paribas Cardif; Insur; Mapfre Perú; Rigel Seguros; Chubb Seguros; Interseguro; Ohio National Seguros de Vida; Rimac; Crecer Seguros; La Positiva Seguros ; Pacífico Seguros; Secrex Cesce; HDI Seguros; Liberty Seguros; Protecta Security; Vida Cámara Seguros; Administradora de Fondos de Pensiones ; Cooperativa de Ahorro y Crédito Abaco; 64. Asociación de Administradoras de Fondos de Pensiones del Perú (AAFP); Asociación Peruana de Empresas de Seguros (APESEG); Asociación de instituciones de Microfinanzas del Perú (ASOMIF); Asociación de Bancos del Perú (ASBANC); Federación Peruana de Cajas Municipales de Ahorro y Crédito (FEPCMAC); Cuerpo de Paz Americano; World Vision Peru; Plan Internacional; Acción Emprendedora (ONG); CEDRO; Innovation for Poverty Action (IPA); ONG América Solidaria ; ONG AMA; Sparkassenstiftung für internationale Kooperation; BUSEM-Centro de Estudios Financieros de la BVL; Instituto TECSUP; Instituto Zegel IPAE; Instituto de Educación Superior Tecnológico Público (IESTP) República Federal de Alemania; Instituto Superior Tecnológico San Luis; Escuela Técnica Superior de la Policía Nacional del Perú - EST PNP; CETPRO Génesis; Banco Comunitario “Banco de Las Poderosas”; Banco Comunitario “Banco de Las Emprendedoras de Vista Alegre”; Clínica San Juan de Dios; Tasatop, Fintech de Ahorro; Comparabien; Fintech Perú; Tkambio Fintech; Agroinvesting; TuCambista; Ayllu Fintech; Afluenta Fintech; Parroquia Buenos Aires Sur; Vaso de leche de la Municipalidad de Chilca; Programa Lima Lee ; Club de Madres Santa Veronica; Comedores Distrito de Miraflores; IEP; GRADE; Arellano Marketing; Bolsa de Valores de Lima (BVL); Cámara de Comercio de Lima (CCL); Sociedad Eléctrica de Arequipa Ltda. (SEAL); VISA; Asociación Peruano Japonesa; Departamento Centro Recreacional Ryoichi Jinnai; Countdown Perú; Centro Cultural de Mosaj Pacha; Open Plaza Huancayo; 7 Libraries; 9 Universities; 206 Schools; 15 Media Organizations of both the public and private sector’s role in promoting Financial Inclusion and Financial Education in Peru.

INTRODUCTION Global Money Week in Peru was organized around the three key pillars of Peru’s National Financial Inclusion Strategy (NFIS), namely 1) awareness building and education; 2) dissemination of best practices; 3) facilitating access and use of financial products. The way SBS organized GMW around these pillars meant that the work done by the participating organizations was essential to the strategy, emphasizing the importance

AN OUTSTANDING APPROACH The GMW celebrations were organized according to the three pillars. The first pillar entails creating awareness and educating different groups on the value of money and saving. This was done through Financial Education lessons and workshops, as well as visits to the Central Bank, the Stock Exchange, and Savings and Loans Institutions. Under the second pillar, a high-level international conference was organized by the SBS, titled “How do young people save?”, highlighting young people’s preferences for financial services, saving habits, and digital financial services. The third pillar allowed financial institutions to promote the opening of formal savings accounts, focusing both on the responsible usage of traditional channels and digital channels. Throughout the Week, radio programs broadcasted several workshops with young people in schools and saving

fairs. All events and activities were shared via social media, where tips, interviews, live broadcasts, online competitions, hash tags, videos, and more were uploaded.

ACHIEVEMENTS • Under the activities of the second pillar, more than 27,000 saving accounts were opened nationwide. • Throughout the Week, over 212,500 children were reached directly, representing 0,67% of the population and more than 2,677,00 people were reached indirectly, marking 8,3% of the total population. • In total, over 350 organizations participated, organizing over 380 events and activities. JUDGES’ THOUGHTS The participation of the many different types of organization caught the jury’s eye. The differing types of organizations ensured that the impact of GMW reached many children across the entire country.

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| Global Money Week Awards 2019 – ❷ GMW Best Collaborator Award

Romania Lead organization: National Bank of Romania (NBR) Partners: Financial Supervisory Authority (FSA); Association for Performance Promotion in Education; Banca Comerciala Romana; OK Center Romania; 149 Schools Inclusion. The Week concluded with the “Financial Inclusion – From Words to Action” Conference at the NBR headquarters. The Conference was opened by the Governor of the NBR, whose presentation highlighted the importance of raising awareness for Financial Inclusion. Pupils and teachers also visited the Museum of the NBR and the NBR Museum from Tismana Monastery and its branches in the country.

INTRODUCTION The National Bank of Romania (NBR) has led the Global Money Week efforts in their country since 2014. Their comprehensive approach has helped them to involve schools across all regions with the involvement of a variety of stakeholders, including commercial banks, financial regulators, NGO’s, and Financial Education centers.

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AN OUTSTANDING APPROACH Throughout GMW2019, expert representatives from the NBR traveled throughout the country, to reach schools in the most remote areas. Children learned about coins and banknotes, the history of money, and the functions of the National Bank. Students were tested on their knowledge of currency and drawings were used to make the information accessible. Pupils and teachers were taught the necessity of Financial

ACHIEVEMENTS • Over 10,000 children, or 0,053% of the total population, were reached directly, through the 420 activities organized. • In the 5 days that NBR participated in GMW, over 26,500 people were reached indirectly, marking 0,14% of the total population. JUDGES’ THOUGHTS The consistent approach that the National Bank has taken to celebrate Global Money Week did not go unnoticed. Once again, many children and schools throughout the nation were involved in the celebrations, organized by the NBR and their partners.


Saudi Arabia Lead organization: Social Development Bank Saudi Arabia (SDB) Partners: Ministry of Labor and Social Development; Ministry of Education; 5 Educational Centers; 1 Local Shopping Mall; 2 Chambers of Commerce; 2 NGOs; 27 Schools and Universities

INTRODUCTION Throughout Global Money Week 2019, Social Development Bank Saudi Arabia and its partners tried to reach many children via different available resources and channels all over the country. Schools, universities, and public places were targeted to teach children about financial topics. Global Money Week has been celebrated since 2013 in Saudi Arabia with the involvement of a variety of government institutions throughout the years. AN OUTSTANDING APPROACH This year, the Social Development Bank managed to expand their activities to 5 different cities through educational centers, as well as by involving different NGOs, chambers of commerce and social development centers. During the Week, the Bank visited schools and universities, to conduct multiple activities, such as workshops, training courses, and exhibitions. Additionally, young children aged 4 to 12 were able to participate in different financial activities in a shopping mall, where they learned about the value of money, the importance of saving, and the difference between needs and wants. ACHIEVEMENTS • Throughout the Week, 500,000 people were reached indirectly, representing 1,55% of the entire population. • Over 3,000 children ((0,01% of the total population) were reached directly during GMW2019. JUDGES’ THOUGHTS Saudi Arabia thought outside of the box this year, involving not only their traditional partners, but also Educational Centers and Shopping Malls. By doing so, they ensured that many children, youth, and adults were reached as part of the celebrations.

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| Global Money Week Awards 2019 – ❷ GMW Best Collaborator Award

Uganda Lead organizations: Private Education Development Network (PEDN), National Curriculum Development Centre (NCDC), Bank of Uganda (BoU) Partners: Opportunity Bank; Equity Bank; National Social Security Fund (NSSF); NCDC -Savings and Credits Cooperatives Society (NCDC CS&CS Saccos) Limited; Junior Achievement-Uganda; 12,793 Schools were offered on topics such as saving, spending, the use of financial services, budgeting, investment, retirement, and insurance. NSSF and NCDC introduced e-libraries, digital literacy and Financial Literacy to selected secondary schools, using the NCDC Virtual Learn Classroom tablet.

ACHIEVEMENTS • During GMW2019, 1,235 children were reached directly, representing 0,03% of the total population. • Over 3,331,000 people, or 8,0% of the total population, were reached indirectly. • The leading organizations ensures that over 12,000 schools participated in the celebrations.

INTRODUCTION The National Curriculum Development Centre (NCDC) and the Bank of Uganda (BOU) have been key stakeholders in the implementation of Uganda’s National Strategy for Financial Inclusion (NSFI), since the strategy’s launch in 2011. They have worked together in the development of Financial Education materials and, in 2013, they collaborated to lead the first GMW in Uganda, during which the Private Education Development Network (PEDN) joined. PEDN is in the same “strategy strand” as the NCDC and, along with the BOU, the organizations worked closely to create Financial Education content and pilot programs. Global Money Week has been used as a platform to create a national working group on Financial Education and has had important strategic implications for Financial Inclusion on a national level. AN OUTSTANDING APPROACH NCDC reached many children, youth and adults by organizing an Educational Fair, banking visits, workshops on planning for retirement and investing, and by distributing a 50

Financial Literacy reader. Additionally, during the Week, two Financial Literacy topics, namely Agriculture and Entrepreneurship, were implemented in the Lower Secondary School Curriculum. Throughout the Week, Financial Literacy sessions

JUDGES’ THOUGHTS Uganda has continued throughout the years to ensure that Global Money Week is celebrated in the entire country. This was once again highlighted by the amount of participating schools, namely 27% of all primary schools and 25% of all secondary schools participated in this year’s GMW.


| Global Money Week Awards 2019 – ❸ GMW Newcomer Special Recognition

Cape Verde Lead organizations: Bank of Cape Verde, Association for the Promotion of Financial Education (PROFIN), Stock Exchange of Cape Verde (BVC), Association of Young Economists (AJECON) Partners: Associação Comunitária de Safende; Association for Consumer Protection (ADECO); Cabo Verde Woman´s Organization (OMCV); Centro de formação Profissional - CCFPO; Escola de Ciências Agrarias e Ambientais da Universidade de Cabo Verde (ECAA); Escola de Negócios e Governação da Universidade de Cabo Verde (ENG); Estudantes de quarto ano do curso de desporto da Universidade de Cabo Verde; Grupo de animação infantil Kutumbembem; Instituto Superior de Ciências Económicas e Empresariais (ISCEE); Instituto Superior de Ciências Jurídicas e Sociais (ISCJS); Municipality of Praia (SEPAMP); OEJJuventude (Youth Association); Radio Cidade; Radio Comunitária de Ponta d’água; Radio de Cabo Verde - RCV; Radio Praia FM; Universidade de Santiago (US); Universidade Jean Piaget de cabo Verde

INTRODUCTION The 2019 edition of Global Money Week was coordinated by the Bank of Cabo Verde (BCV), the Association for the Promotion of Financial Education (PROFIN), Cabo Verde Stock Exchange (BVC) and Association of Young Economists (AJECON). During the Week, Financial Literacy awareness sessions were offered to children, youth, families, and entrepreneurs. AN OUTSTANDING APPROACH The sessions organized during the week included school visits, trainings, workshops, lectures, visits to financial institutions, conferences, financial challenges, financial rallies, and much more. PROFIN organized Financial Education workshops for university students, concerning responsible money usage, the importance of saving, and strengthening financial capabilities. A conference on Financial

Education was organized, to commemorate National Women’s Day. After the conference, the university students offered awareness materials to female entrepreneurs, helping them manage their money wisely. The students furthermore organized training sessions for families. The Central Bank and the Stock Exchange received students, teaching them about the history of money and the importance of saving. AJECON organized a financial walk, to highlight the connection between being fit and healthy. All stakeholders helped organize the “Financial Education Olympics”. Radio stations engaged by spreading the GMW message across the country, creating awareness on the GMW initiative and the importance of money and managing it wisely.

ACHIEVEMENTS • Throughout the week, 2,500 children, or 0.46% of the population, were reached directly. • Over 7,000 people were reached indirectly in the 7 days that Cape Verde participated, marking 1.28% of the entire population. • Via the training sessions organized by the university students, approximately 300 families were affected, allowing them to learn about the importance of Financial Education. JUDGES’ THOUGHTS While GMW2019 marked the first year that Cape Verde participated in the Campaign, the judges were impressed with the number of children and organizations that participated and were excited to see how the celebrations could continue to grow in the country. 51


| Global Money Week Awards 2019 – ❸ GMW Newcomer Special Recognition

Timor-Leste Lead organization: Central Bank of Timor-Leste (BCTL) Partners: BNU Timor; PT. Bank Mandiri; Persero; PT. Bank Rakyat Indonesia; Ministry of Education; National Training Institution of Teachers; 39 Schools.

INTRODUCTION Timor-Leste launched their National Financial Inclusion Strategy in 2018, and Global Money Week was included in this. Because of the Strategy, GMW was celebrated nationally for the first time in 2019. AN OUTSTANDING APPROACH The Central Bank of Timor-Leste (BCTL) started the Global Money Week celebrations with a nationwide workshop, co-hosted by the Ministry of Education, Youth and Sports, and INFORDEPE. 39 schools from 12 different municipalities participated in 52

the Financial Literacy workshop. In addition, the Bank collaborated with 4 commercial banks and visited schools across the country, to teach about saving products (“Ha’u Nia Futute”: My Future) and financial budgeting. The students, teachers, and parents were all involved in these sessions.

ACHIEVEMENTS • During the 5 days that Timor-Leste participated, over 2,300 children, or 0.18% of the total population, were reached directly. • Over 3,400 people were reached indirectly, representing 0,27% of the total population.

JUDGES’ THOUGHTS While different organizations in Timor-Leste have participated in Global Money Week since 2016, GMW2019 marked the first year that the celebrations were led nationally. As a result, it was the most inclusive Campaign yet.


Trinidad and Tobago Lead organizations: National Financial Education Committee (NFEC), Central Bank of Trinidad and Tobago Partners: Ministry of Education; The Association of Trinidad and Tobago Insurance Companies; Bankers Association of Trinidad and Tobago ; Co-operative Credit Union League of Trinidad and Tobago; Tobago House of Assembly- Financial Literacy Secretariat (THA-FLS); Trinidad and Tobago Insurance Institute; Trinidad and Tobago Securities and Exchange Commission; National Financial Literacy Programme; Office of the Financial Services Ombudsman; Trinidad and Tobago Stock Exchange; Drama Making a Difference (DMAD); 21 Schools The final event was composed of a Financial Education exposition, where students learned about responsible financial behavior. The students also competed in the “Bring Your Lyrics and Come” competition, organized by the Banker’s Association of Trinidad and Tobago. The competition was on the theme “Learn.Save.Earn”, where children competed in spoken word, poetry, rap, and calypso.

INTRODUCTION The Central Bank of Trinidad & Tobago first led the GMW celebrations in 2018. In just one year, the Campaign has grown significantly. GMW2019 was organized by the National Financial Education Committee (NFEC) and the Central Bank. AN OUTSTANDING APPROACH Four main events were organized during the Week. The first event was hosted by the Tobago House of Assembly-Financial Literacy Secretariat (THA-FLS), and included a 45-minute interactive theater play, which highlighted responsible financial behavior. Following this, a Financial Education exposition was organized for youth, where students were given the opportunity to engage with committee members, representatives of financial institutions, and successful young entrepreneurs. The second event involved the Financial Literacy Team from Tobago visiting Trinidad for a tour of major financial business institutions. Students were exposed to the operations of local governments

and the Parliament. They furthermore visited the Central Bank’s Money Museum. During the third event, school students were invited by the National Financial Education Committee to visit the Central Bank, where they learned about the importance of good money habits, the evolution and security features of money, and other economic concepts.

ACHIEVEMENTS • During the Week, 600 children were reached directly, representing 0.044% of the total population. • 1,600 people, or 0.110% of the entire population, were reached indirectly. • 19 activities were organized, including 6 theatrical presentations, 5 museum tours, and 1 musical competition. JUDGES’ THOUGHTS The judges were impressed with the variety of stakeholders and different types of activities organized in the country. The use of music and theater allowed children to learn about Financial Education in a fun and interactive way.

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About the StarSaver™ Award Categories 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. ❶ StarSaver™ Awards ❷ StarSaver™ Special Recognition Award

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Recipient: Mr. Cas Coovadia Recipient: Ms Fikile Kuhlase Recipient: Department of Basic Education


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SUPPORTERS This event is made possible by:

In partnership with

The overall work of CYFI is made possible by:

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Profile for Child & Youth Finance International

2019 ─ Global Inclusion Awards Report 2019  

The Global Inclusion Awards 2019, a CYFI initiative, recognize and honor those who achieve greatness in furthering the Economic Citizenship...

2019 ─ Global Inclusion Awards Report 2019  

The Global Inclusion Awards 2019, a CYFI initiative, recognize and honor those who achieve greatness in furthering the Economic Citizenship...

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