MasterCard and Child & Youth Finance International (CYFI) have announced the publication of “Banking a New Generation: Developing Responsible Retail Banking Products for Children and Youth.”
The publication is timed to coincide with Global Money Week and will help financial institutions; NGOs and governments co-create appropriate and innovative banking and payment products for children and youth.
Of the 2.2 billion children in the world, on average only 37.9% of young people aged 15 – 25 have a traditional banking account such as checking, savings or card. MasterCard and CYFI share the belief that enabling financial inclusion and economic citizenship education for children and youth is critical for a more inclusive economy around the globe. Without this access, young people can’t save or invest in their future.
To help financial institutions and other stakeholders understand and use the guide, CYFI and MasterCard are conducting a webinar on Monday March 17th. The webinar will cover:
- The guiding principles for responsible financial products for children and youth;
- Why a financial institution should invest in the child and youth segment;
- Some key relevant features of the child and youth segment;
- What makes a good child and youth friendly product proposition; and
- Considerations regarding the product development process.
“Every child and youth has a right to safe, accessible financial services, and we need to empower them to grow into productive economic citizens,” said Anna Zanghi, Global Lead of Youth Segment Product, MasterCard. “Our goal in working with CYFI is to expand access to safe, secure and responsible financial products and services for young people that enable them to start to save for the future and pursue goals such as higher education and entrepreneurial ventures.”
“Roughly half of the world’s population is under the age of 25 – and building their financial capabilities requires a concerted effort from the public, private, and social sector,” said Jeroo Billimoria, CYFI Managing Director. “In working with MasterCard we have been able to translate children’s rights into the banking product development process resulting in what we hope is a useful resource for banks”
Global Money Week, celebrated in over 90 countries around the world, is the leading global celebration engaging young people in conversations about their (financial) future. It also serves as a rallying call for financial institutions to become more child and youth friendly and ensure that young people have access to the proper education and products they need to become empowered economic citizens.
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