The World Savings and Retail Banking Institute (WSBI), a Switzerland-based association of approximately 1,000 financial intermediaries from 89 countries, and Child and Youth Finance International (CYFI), a Netherlands-based nonprofit organization that promotes youth financial access and education, have signed a memorandum of understanding to formalize their ongoing collaboration with the aim of empowering people around the world between the ages of 6 and 30, in particular by increasing their financial capabilities, helping them to develop livelihoods and improving their access to “appropriate” financial services.
The organizations will combine their resources on four main efforts: (1) SchoolBank, an initiative to increase the understanding and use of financial services by people between the ages of 6 and 25 by disseminating financial education via schools and mobile technology platforms; (2) Global Money Week, an annual series of events intended to promote “fun and interactive” activities to teach children and youth about personal finance, entrepreneurship and seeking and gaining employment; (3) research regarding new ways to promote financial literacy among children and youth; (4) and mutual promotion of each organization’s events and other initiatives.
CYFI’s organization’s budget for 2013 was EUR 1.2 million (USD 1.6 million).
By Makai McClintock, Research Associate
About World Savings and Retail Banking Institute (WSBI)
Established in 1924, World Savings and Retail Banking Institute (WSBI) is a Switzerland-based international banking association of approximately 1,000 financial intermediaries from 89 countries that represents savings and retail financial services organizations as of 2013.
About Child and Youth Finance International (CYFI)
CYFI is a Netherlands-based nonprofit organization that seeks to promote financial access and financial education among youth worldwide. The organization’s budget for 2013 was EUR 1.2 million (USD 1.6 million).
Sources and Additional Resources:
WSBI Press Release: “WSBI and CYFI establish partnership to promote financial inclusion and empower young people,” http://www.savings-banks.com/press/press-releases/Pages/WSBI-and-CYFI-establish-partnership-.aspx
MicroCapital Universe Profile: World Savings Banks Institute (WSBI)
MicroCapital Universe Profile: Child & Youth Finance International (CYFI)
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