MasterCard and Child & Youth Finance International (CYFI) have announced an initiative to to help financial institutions, NGOs and governments work to create appropriate and innovative banking and payment products for children and youth.[blockquote right=”pull-right” cite=”MasterCard”]Anna Zanghi, Global Lead of Youth Segment Product, MasterCard says that “every child and youth has a right to safe, accessible financial services, and we need to empower them to grow into productive economic citizens. 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.” [/blockquote]
Under the plan, they have also announced the publication of “Banking a New Generation: Developing Responsible Retail Banking Products for Children and Youth” a report refocusing youth banking.
According to MasterCard, only 37.9% of young people between the ages of 15 and 25 out of the 2.2 billion children in the world have a traditional banking account such as current, savings or card.
MasterCard and CYFI are of the opinion that financial inclusion and the economic education of children and youth are vital for a more inclusive economy around the world.
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Anna Zanghi, Global Lead of Youth Segment Product, MasterCard says that “every child and youth has a right to safe, accessible financial services, and we need to empower them to grow into productive economic citizens. 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.”
Jeroo Billimoria, CYFI Managing Director adds that, “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. “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”
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