news

#BankTheYouth: Smart Policies for Youth Financial Access

#BankTheYouth: Smart Policies for Youth Financial Access

March 20 , 2017
Dakar, SENEGAL - 

UNCDF is proud to announce a new exciting initiative for 2017! In partnership with Child and Youth Finance International (CYFI), UNCDF is embarking on an advocacy campaign titled “#BankTheYouth,” which seeks to increase access to responsible, accessible and affordable financial services for youth. To launch this campaign, UNCDF is sponsoring several events in 7 different countries during the Global Money Week (from 27 March to 2 April 2017) an annual celebration around the world aimed to inspire youth to learn about money, savings and financial inclusion.

Below you will find information on the campaign, ways to be involved, and how to get in contact with us. Please feel free to share this exciting news with your partners!

Enjoy the reading and #BankTheYouth!

Sincerely,

The #BankTheYouth Team

**********************

Overview

Given the increasing youth population in developing countries, the high levels of youth unemployment and limited economic opportunities for youth and governments are increasingly looking for proactive approaches to help youth realize their full economic potential.  In this context, access to financial assets and resources is gaining attention as a key contributing factor to help youth make their own economic decisions.  Yet youth face many barriers in accessing financial services, including restrictions in the legal and regulatory environment, inappropriate and inaccessible products and services and low financial capability.  The public policy opportunity—and imperative—is evident.

To overcome the barriers faced by youth to access decent employment and achieve successful youth financial inclusion, the international community has to adopt a multi-stakeholder approach that engages governments (including policymakers, regulators and line ministries), Financial Service Providers (FSPs), Youth Service Organizations (YSOs), other youth stakeholders, as well as youth themselves.  

 

#BankTheYouth Campaign’s messages

The #BankTheYouth Campaign wants to bring together all the stakeholders and promotes best practices in youth financial inclusion, including but not limited to:

  • Coordinate efforts among different regulatory bodies, FSPs and other youth stakeholders by developing closely aligned policies and activities that support financial inclusion for youth
  • Developing legislation and services consistent with the principles supported by the Smart Campaign and the Child Friendly Banking Principles of Child and Youth Finance International.
  • Facilitating the development of innovative, cost-effective and convenient delivery channels to increase youth access to financial services.
  • Advancing best approaches to financial education for youth by coordinating amongst government entities and collaborating with FSPs, YSOs other youth stakeholders.
  • Increasing resources and improving the support systems available to youth to participate economically.

#BankTheYouth Campaign’s actors

The Campaign will also seek the support of Impact Champions and Members to promote and disseminate Campaign’s messages.  Please note that the campaign does not ask for any financial contribution from either impact champions or members

Impact Champions are those individuals and organizations that share #BankTheYouth Campaign’s values and messages and have deep experience in youth financial inclusion. They will actively disseminate, through their networks, the knowledge products and messages produced by the campaign and its partners. They will actively recruit members for the campaign and also bring strategic thinking to the campaign. They will have the opportunity to participate in quarterly strategic meetings and will receive monthly progress reports.

Members are those individuals and organizations that share #BankTheYouth Campaign’s values and messages and want to help us promote best practices and want to share their experiences of youth financial inclusion—both within and beyond their own network.

#BankTheYouth Campaign’s events

The campaign will be officially launched during the Global Money Week (from 27 March to 2 April 2017) in 7 countries (Benin, Burkina Faso, DRC, Madagascar, Senegal, Tanzania and Uganda). The event will promote the debate with the aim of increasing access to responsible, accessible, and affordable finance for youth.  Representatives from government, the UN, FSPs, YSOs, other youth stakeholders, as well as youth themselves will actively participate at the event.   

Follow us on Twitter for receiving #BankTheYouth updates @UNCDF @UNCDFYouthStart @ChildFinance @GlobalMoneyWeek

Please contact banktheyouth@uncdf.org for further information. Discover the #BankTheYouth event in your country and join the campaign!

For more information, please contact
Maria Perdomo
Youth Finance Global Specialist
Additional Information
Maria Perdomo
Youth Finance Global Specialist