At the beginning of December, Aflatoun International took over the responsibilities of the Child & Youth Financial International’s SchoolBank programme.
Background
Access to financial services is an important part of economic empowerment for children and young people.
Child and Youth Finance International (CYFI), created the SchoolBank programme to help introduce children to financial institutes and services so that they are better prepared to navigate the world we live in.
With the closing of CYFI in December 2019, Aflatoun International will now take over and lead the SchoolBank programme in collaboration with WSBI and the Union of Arab Banks.
The SchoolBank programme focuses on providing relevant and age appropriate access and information to banking products and provides the practical skills needed to use a bank account.
Set-up
Local banks offer child and youth friendly banking products and engage with local schools, under the supervision of the Ministry of Education and central banks.
Not only do children receive financial education, they are also able to practice what they learning because they have access to savings accounts and other relevant products.
Focus
The SchoolBank model aims to deliver three basic services to children and youth:
-Education: Consistent educational moments that focus on economic citizenship and generating financial awareness.
-Introduction to banking: Provide a savings account and other banking services attached to the account like ATM cards, check books, monthly statements, apps.
-Ongoing support: Provide a secure place to withdrawal and deposit money, overview of balance and savings calculations and incentives.
What’s next
Keep your eyes open for more on the SchoolBank programme in 2020!