Child and Youth Finance International (CYFI) was founded in 2011. CYFI is a global movement committed to ensuring financial education and inclusion for 100 million children in 100 countries by 2015. In order to achieve this ambitious goal, CYFI are promoting access to financial products and services through partnership with a global network from the social, corporate, financial and governmental sectors in order to build a movement focused on awareness and action. As part of this movement, CYFI is committed to global banking and education reform to include the provision and certification of ChildFriendly banking products, the creation and recognition of an international ChildFinance Day and incorporation of ChildFinance Education within the national curricula.

Problem

Relieving global poverty has long been a development focus of the social, corporate, financial and governmental sectors. However past efforts in this area have often over looked the role of children in both improving the present and future. Financial inclusion and access is key to building positive financial behaviour and lowering financial and social vulnerability. Yet while 50% of the world’s population live under the poverty line, 90% of children and young people do not have access to basic financial services. This is not just a problem for ‘poor countries’, access to financial education and services is a global issue and as such, requires a global solution.

Solution

Child and Youth Finance International held their first strategic meeting in 2010 at which a group of 140 experts from over 40 countries collaborated to produce the movement’s first draft strategy. Since that meeting, the movement has grown to include over 1000 experts who have contributed to shaping the strategy for CYFI and developing its key outputs.