Awards Booklet 2017.1.1 - Child & Youth Finance International

❶ CYFI Country Award REGIONAL FINALISTS Africa Burkina Faso, Ministry of Economy, Finance and Development “Program of Financial and Social Inclusion” Rwanda, National Bank of Rwanda “Draft of the National Financial Inclusion Strategy for Rwanda 2017-2020” Zambia, Bank of Zambia “National Strategy for Financial Education (2012-2015); Curriculum Integration Process” Americas & Chile, Central Bank of Chile, Superintendence of Banks and Financial The Caribbean Institutions “Central en tu Vida, Financial Inclusion Strategy” El Salvador, Central Bank of El Salvador “Financial Education Program” Peru, Superintendence of Banks, Insurances and Private Administrations of Pensions “Implementation of the Financial Education component of the National Strategy for Financial Inclusion” Asia & India, Reserve Bank of India, Ministry of Finance, National Centre for The Pacific Financial Education “National Strategy for Financial Education and Overall Country Child Financial Inclusion Advancements” Indonesia, Indonesia Financial Services Authority “Indonesia National Financial Literacy Strategy and Financial Inclusion Initiatives” Pakistan, State Bank of Pakistan “Children and Youth Financial Literacy Program, under Phase 2 of the Pakistan National Financial Literacy Program (NFLP)”

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Europe & Azerbaijan, Central Bank of Azerbaijan, Economic Education Service of Central Asia the Center for Research and Development “Financial Literacy” Georgia, National Bank of Georgia “National Strategy for Financial Literacy; SchoolBank project led by NBG; Curriculum integration process” Latvia, Financial and Capital Market Commission (National Coordinator for Financial Literacy Issues in Latvia appointed by OECD INFE) and Bank of Latvia “National Strategy for Financial Literacy in Latvia (2014-2020) and Diversity of Teaching and Learning Methodologies for Training Financial Literacy” Romania, National Bank of Romania, Authority For Financial Supervision, Ministry of Education of Romania “Financial Educational National Programs” Russian Federation, Ministry of Finance of the Russian Federation and partners “Increasing financial literacy of population of the Russian Federation” (Introducing financial literacy in Russian schools at the national level; national-level awareness-raising campaigns)

Middle East & Egypt, Egyptian Banking Institute North Africa “Shaping the Future Initiative” Lebanon, Central Bank of Lebanon, Ministry of Social Affairs “Financial education initiatives and pilots” Palestine, Palestine Monetary Authority “National Strategy for Financial Inclusion in Palestine”

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| CYFI Country Award

Burkina Faso | Africa Lead organization: Ministry of Economy, Finance and Development Program Name: “Program of Financial and Social Inclusion” Partners: Technical, financial and multilateral partners in Burkina Faso, commercial banks, decentralized financial systems of Burkina Faso and mobile phone companies

INTRODUCTION The Program of Financial and Social Inclusion in Burkina Faso aims to develop an integrated and viable mechanism to promote selfemployment through the setting up of specific support and financing schemes for low-income populations, micro, small and medium enterprises (MSME). The program places a strong emphasis on children and youth by, for example, developing financial products and credits for MSME founded by young people. The program was developed in 2016 and is meant to be implemented during 2017. AN OUTSTANDING APPROACH The program is based on a multistakeholder approach and intends to cover the 13 regions of Burkina Faso, with children and youth being identified as a specific target group, and aims to create a favorable frame 16

for the creation of micro enterprises as it is a lever to create employment. Thus, the program plans to facilitate access to credit for beneficiaries, including the youth willing or able to develop an income generating activity in any field. Another goal of the program is to develop financial products adapted to the needs of the poor such as micro-insurance and mobile banking. The program further strives to facilitate access to refinancing for Micro Finance institutions. These financial inclusion initiatives are combined with financial education projects, as the program plans to offer financial education trainings to promote the school enrollment of children. Financial education programs will also be developed for microcredit beneficiaries.

ACHIEVEMENTS • Over the course of 2016, tremendous work was put into the development of the national program of financial and social inclusion. • Five main programs to promote employability of young people were implemented between 2006 and 2012. • Throughout 2016, the Ministry of Economy, Finance and Development of Burkina Faso strived for Global Money Week 2017 to be the first nationally led campaign. JUDGES’ THOUGHTS Burkina Faso has been recognized for the elaboration of the financial and social inclusion program. The strong focus put on youth and children in the financial and social inclusion program is particularly impressive.

CYFI Country Award |

Rwanda | Africa Lead organization: National Bank of Rwanda Program Name: “Draft of the National Financial Inclusion Strategy for Rwanda 2017-2020” Partners: Access to Finance Rwanda, Econsult Bostwana, AFI and Imani Development

INTRODUCTION Throughout 2016, the National Bank of Rwanda, together with several partners, worked on the elaboration of the draft of the National Financial Inclusion Strategy for Rwanda. The impact ambition of this program is very wide; the National Bank of Rwanda, thanks to the strategy, aims to reach a 100% financial inclusion rate of adults by 2020, but also aims to target and increase the financial inclusion rate of youth as well in collaboration with CYFI. Rwanda has previously launched a national level effort to increase the financial literacy levels of its population, with the adoption and continued implementation of the National Financial Education Strategy for 2013 - 2017. AN OUTSTANDING APPROACH The National Financial Inclusion Strategy includes a wide range of stakeholders and action areas. These action areas include, for example, Saving and Credit Groups, Digital Financial Services and other semiformal organizations providing financial services to low-income and rural households. The draft of the

National Strategy also intends to develop interoperability, allowing for payments and transfers between accounts at different types of financial institutions, a nationwide retail payments infrastructure to make use of electronic money, as well as the facility for low cost cross-border transfers.

Strategy further covers the key aspects of financial inclusion by including data collection for monitoring and evaluation. The National Bank of Rwanda will continue to work with CYFI and other stakeholders to promote the financial inclusion of children and youth in the strategy implementation phase.

The Strategy will also cover regulation, insurance and consumer protection. As part of the program, financial inclusion is paired with financial education and literacy to improve financial understanding in relation to insurance, the management of credit and fees of financial products and services, and mobile money. Thus, the program aims to ensure that regulation remains consistent with innovation and does not restrict developments that can improve financial inclusion. In the document, a focus is also placed on long term saving, particularly through the establishment of an informal sector pension’s scheme, based on Digital Financial Services. In the strategy, certain action items will target children and youth directly. The draft of the National Financial Inclusion

ACHIEVEMENTS • The percentage of households with at least one saving account increased from 36% to 54% from 2010 to 2014. • 42% of the adult population and 23% of young adults own a bank account. JUDGES’ THOUGHTS Rwanda has been recognized for the elaboration of a very thorough draft of the National Strategy of Financial Inclusion, completing the National Strategy for Financial Education. The National Strategy for Financial Education was already an outstanding advancement, and the elaborated national strategy on financial inclusion is very promising for further advancement of financial education and inclusion of the children and the youth in Rwanda.

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Zambia | Africa Lead organization: Bank of Zambia Program Name: “National Strategy for Financial Education (2012-2015); Curriculum Integration Process” Partners: The implementation of NSFE is being led by the Government through the Bank of Zambia, Pensions and Insurance Authority, Security and Exchange Commission. Other partners include the financial services providers, civil society, donor partners, NGOs, Bankers Association of Zambia, Insurance Association of Zambia. Draft NFIS has been developed under the World Bank Financial Inclusion Support Framework, in collaboration with the Ministry of Finance, Bank of Zambia, Pensions and Insurance Authority, Security and Exchange Commission, and the Competition and Consumer Protection authorities.

INTRODUCTION Zambia has been one of the pioneers in Sub-Saharan Africa in the development of the nationally-led financial education. Although the implementation has not started right away after the adoption of the strategy, in the past years Zambia has achieved significant advancements in promoting financial education for children and youth. The National Financial Literacy Week that coincides with Global Money Week has been a big outreach and creative success for implementing partners, as well as the Worlds’ Savings Day. The inclusion of financial education questions in the final exams in Zambian schools has been also a key achievement. As a next step towards enhanced financial capability of Zambian population the NFIS will be adopted in 2017, where children and youth are emphasized as a major target group, and indicators related to the increased access and use of savings and current accounts are embedded in the strategy. AN OUTSTANDING APPROACH The NFES is based on the comprehensive principles that 18

emphasized the importance of stakeholder engagement and partnerships, maximizing costeffectiveness and inclusiveness; fostering sustainable changes integrating financial education in existing structures to increase long-term sustainability; client focused and need based approach and effective communication. In terms of financial inclusion, Zambia has been also one of pioneers in the region promoting the development of child friendly bank accounts by financial institutions and considering adjusting the regulation requirements in order to ease access to basic, safe and reliable financial products to children and youth.

ACHIEVEMENTS • In 2016 alone more than 100 financial education activities were held targeting the children and youth from different backgrounds. The activities emphasized the aspect of saving and the need to promote the saving culture among Zambian youth. Further, there was a nation-wide call to Open Accounts for all children and youths on the World Savings Day on 31

October 2016. As part of the launch event, the BoZ Governor with support from SBFIC & Bankers Association of Zambia hosted a Stakeholders Meeting for the CEOs from the financial sector to get consensus on the financial education sector in 2016. • Other activities of NFES implementation (with support of SBFIC) included Global Money Week implementation (more than 50,000 children reached), Money Box and Coin-a-thon competition, Savings Board Simulation Training of Trainers, MSME Business Simulation and other activities. • Since 2013 with the active support of BoZ and CYFI the number of child friendly products by commercial banks rose from 5 to over 30 and counting.

JUDGES’ THOUGHTS Zambia was recognized for the outstanding national efforts in relation both to financial education and financial inclusion of children and youth. The wide scope of the various project activities is not only particularly impressive and interesting, but innovative as well.


Chile | Americas & The Caribbean Lead organizations: Central Bank of Chile, Superintendence of Banks and Financial Institutions Program Name: “Central en tu Vida, Financial Inclusion Strategy“ Partners: SERNAC (Servicio Nacional del Consumidor) and FOSIS (El Fondo de Solidaridad y Inversión Social)

INTRODUCTION Financial inclusion and education in Chile is currently being led by the FIC (Financial Inclusion Commission). The organization is responsible for developing and monitoring the first Chilean National Strategy for Financial Education. As part of the FIC, the Ministry of Finance and the Ministry of Education, the Central Bank and financial regulators and supervisors, led by the Ministry of Finance, have decided that technical teams should consider students and women as priority groups. AN OUTSTANDING APPROACH In 2016, Chile carried out activities that will enable the expansion of financial inclusion and education in the country. Amongst the activities promoted in 2016 are the creation of the Department of Inclusion and Financial Education, which is developing a permanent financial education program for university students in the country, the celebration of the Financial Education Month led by SBIF, and the successful completion of the third Financial Education Fair, a public-private initiative of the President of the Republic, Michelle Bachelet. Furthermore, during 2016, technical teams of the FIC mapped the existing financial education initiatives. The FIC has also been examining financial

literacy as well as financial capacities of the Chilean population through the analysis of PISA and SBIF-CAF surveys. They have also analyzed the OECD’s financial education definition, aiming to adapt it to the country’s reality. Moreover, together with the Ministry of the Interior and the Association of Banks, the SBIF established a public-private working table to deal with the offenses of card cloning and updating security measures for ATMs. This allowed the “#CuidaTuTarjeta” campaign. The program was launched in 2013 with the purpose of teaching people more about economics and the role of the Central Bank in a simple, clear and entertaining way. The program has a series of educational resources that are displayed on the website or delivered physically to participants or beneficiaries of “Central en tu Vida”. An additional resource created is the application “Inflation in your life”, which can be downloaded for free from cell phones. The strategy strives to establish an integrated and organic educational program for teachers and students, one truly educating and not just raising awareness.

Bank must first complete at least one of the modules. Teachers who carry out the newly appointed activities will be able to access educational material (videos and printed pedagogical forms). In this way, it is intended that teachers interested in the subject participate in more than one activity, acquiring knowledge and skills through various educational resources and educational instances. Students are expected to participate in both the guided activities, the educational workshops of the play space, an economy contest, and to make use of the developed applications and the pedagogical resources designed for them (animations and a game dealing with inflation).

The strategy further aims to incorporate teachers into the distance learning course, which also includes a series of face-to-face workshops for participants, and teachers who request guided visits to the Central

JUDGES’ THOUGHTS Chile was recognized for developing strong initiatives in the field of financial education and inclusion in 2016, especially with the set-up of the Financial Inclusion Commission.

ACHIEVEMENTS • Financial education has been recently included into two elementary school grades and in one high school grade. • During 2017, the FIC will work with the Ministry of Education’s technical teams in order to achieve a solid implementation and evaluation of the impact of such critical changes.

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El Salvador | Americas & The Caribbean Lead organization: Central Bank of El Salvador Program Name: “Financial Education Program” INTRODUCTION Since the end of 2015, the importance of implementing financial education in the educational curricula of El Salvador has been an ongoing project. For this reason, the Ministry of Education (MINED) was part of the Financial Education Program of El Salvador (PEF). AN OUTSTANDING APPROACH While El Salvador does not yet have a national financial education strategy, there is a clear focus on young people and a process of including financial education into the school curriculum, with several initiatives carried out in 2016 focusing on achieving this goal. For example, one of the strategically implemented 2016 initiatives was a pilot project preparing professors (Training of Teachers), consisting of a 21-hour seminar given to 120 teachers. At the same time, the financial education material was incorporated into study books. These teachers then taught financial education material in 24 schools in the country for the first time, reaching 12,000 students in 2016, with an aim of reaching over a million children by 2019.

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Additionally, arrangements have been initiated so that the Commission of Financial Education from the Financial Education Program validates the start of this project. The new interinstitutional agreement, signed in 2016, allows other institutions to join in the efforts being made. Furthermore, this agreement allows for other institutions to join in the coordinated activities carried out within the program by a private financial institution and two foundations with the aim of promoting financial education. El Salvador also carried out a vast range of activities which promote the expansion of financial inclusion and education. Amongst these activities was a preparatory manual for teachers, which was based on simple concepts regarding financial education and consumer empowerment. The manual was tested in 2016, and is currently being evaluated. Furthermore, mathematics textbooks were also evaluated, meaning that financial education will be included in those textbooks as well.

ACHIEVEMENTS • During 2016, the Ministry of Education worked extensively on developing the books, the PEF trained several professors who are working on the project, and have been sharing material that served as a basis for the development of the topics. • Throughout 2016, El Salvador was working on other financial inclusion related activities such as developing a Training Manual for Professors, SchoolBank as well Global Money Week. • A strategic alliance was also outlined in 2016. This alliance, which is a new interinstitutional agreement, allows other institutions to join in the efforts of promoting financial education. JUDGES’ THOUGHTS El Salvador was recognized as having made innovative efforts to financially educate their youth population, including the creation of the alliance.


Peru | Americas & The Caribbean Lead organization: Superintendence of Banks, Insurances and Private Administrations of Pensions Program Name: “Implementation of the Financial Education component of the National Strategy for Financial Inclusion” Partners: Ministry of Education

INTRODUCTION With the support of the Ministry of Education (MdE), the Superintendent of Banks, the Insurance and Private Pension Funds (SBS) and the Central Bank of Peru, financial inclusion and education are now important areas of discussion in the country. Peru has consistently worked towards providing financial education, and continues striving to include adults, teenagers and children in this effort. AN OUTSTANDING APPROACH In 2016, the MdE approved a new national curriculum which incorporates a financial competence component for all basic education and approved curricular programs for elementary and high schools, with a roll-out beginning in 2017. Both curriculum versions establish a gradual and progressive process of cognitive achievement in each cycle (combination of 2 or 3 academic years), with the Curricular Programs presenting examples of outputs per year. The economic-financial competence Number 19, responsible management of economic resources, is divided in the following capacities: (i) understanding the functioning of the economic and financial system and (ii) making economic and financial decisions. This competence is

included in two curricular areas: “Social Personal – Citizenship” in Primary School Level and “History, Geography, and Economics” in Secondary School, and will be gradually implemented between 2017 and 2019. Furthermore, Peru has also managed to develop financial education in primary and secondary schools, with the PLANEF (the National Plan for Financial Education) as its main action point, so that students will be able to obtain knowledge, skills and confidence to manage their money well and to develop healthy financial habits by the time they leave school (basic education). Additionally, SBS, a member institution of the Multisectoral Commission on Financial Inclusion, has managed to re-design its financial education website, a website which is not only aimed at children and teachers but also at parents. The website includes new materials such as videos, lessons and other activities.

ATMs. These workshops were aimed, amongst others, at public school students from the 3rd, 4th and 5th grade (children between 8 to 12 years of age). • The Central Bank has been developing mobile banking days so that its users train how to use the system and become familiar with electronic money. • SBS conducted a mapping exercise of the financial education programs and initiatives in Peru. The purpose of the mapping exercise was to identify the more representative programs, highlighting the most relevant in terms of driving change in behaviors and attitudes, affordability, sustainability, replicability, and with the potential to be scalable. • SBS developed financial education initiatives targeted towards different populations. It has developed the program Mini-Finance “Mini Finanzas”, which teaches children about the importance of money and savings for the future by using educational games and theater. In 2015 and 2016, the program reached approximately 20,000 and 11,000 children, respectively.

JUDGES’ THOUGHTS Peru has been recognized for its comprehensive national strategy, and the innovation of the strategy in targeting young people as well as in targeting women. Peru is also recognized for the progress it has made in the region as compared to other countries as Peru has a broad and strong financial inclusion and education program.

ACHIEVEMENTS • In 2016, the Central Bank of Peru trained 11,618 beneficiaries in financial education and provided financial education workshops with an emphasis on cellular banking and 21


India | Asia & The Pacific Lead organizations: Reserve Bank of India, Ministry of Finance, National Centre for Financial Education Program Name: “National Strategy for Financial Education and Overall Country Child Financial Inclusion Advancements” Partners: Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Pension Fund Regulatory and Development Authority, Forward Markets Commission, Ministry of Human Resource Development

INTRODUCTION Since 2010, India, while not unified in its efforts, has been taking steps towards advancing overall levels of financial education and financial inclusion within the country through various stakeholders and partners. Recognizing the lack of coordination, the Financial Stability and Development Council (FSDC) was formed. Within this council, the Sub-committee and Technical Group on Financial Inclusion and Financial Literacy was then headed by the Reserve Bank of India who designed and launched the National Strategy for Financial Education (NSFE) in 2012. Since then, multiple initiatives have been executed to address the level of financial literacy throughout the country, but it was only in 2015 that the curriculum was finalized, and in 2016 when it was piloted and implemented in schools. These efforts were strengthened by innovative ways to incentivize implementers, such as free text books and certifications for teachers, which accelerated the goal of improving the levels of financial literacy in India. Beyond addressing financial literacy, India also pioneered a regulation that lowered the age to open and operate savings accounts to 10 years of age, clearly showing the commitment of the country to having an inclusive financial system for both adults and young people. AN OUTSTANDING APPROACH India has followed a structured approach towards implementing their national strategy. Prior to implementation, an assessment of the need for financial education was executed, whereby a sector and segment focused approach was drafted (e.g. urban vs. rural, adult vs. youth, etc.). Upon the completion of these assessments, the country chose to address the growing need for financial education through the integration of basic financial education into the national curriculum. 22

Through the leadership of the NCFE, the following initiatives were taken forward by the country: • National Financial Literacy Assessment Test (NFLAT) – The NFLAT is a financial literacy test for students, which helps to ensure the quality of the education materials and curriculum, as well as measure its impact on the financial literacy levels of youth. • Financial Education Training Program (FETP) – The FETP is the NCFE’s initiative to train trainers and teachers in gaining knowledge and confidence to deliver financial education materials. • Money Smart School (MSS) Program – The MSS initiative is NCFE’s program that encourages schools to integrate financial education into their curriculum in a faster and easier manner. The NCFE provides benefits to schools, teachers, and students that participate, hence accelerating the basic financial education integration process across the country. • Financial Education Website – All materials and updates are made easily accessible for the public on the NCFE website. • Financial Education Campaign for Students to Reach Parents – The MOF has taken the initiative in which banks are invited to adopt a school, giving the banks the opportunity to visit and deliver MOF-provided materials (without any bank marketing allowed) on financial education for children to learn about various financial systems and financial products.

ACHIEVEMENTS By the end of 2016, India achieved the following milestones in advancing financial literacy and financial inclusion of young Indians: • Largest Financial Literacy Assessment in the world – since 2014, the NCFLAT is the largest financial literacy assessment globally and has covered 150,000 students every year,

and increased to more than 200,000 in 2016. • Financial Education Training Programs Delivered Across all Zones – a total of 50 Financial Education Training Programs for teachers and trainers have been delivered across India, with about 2,500 Money Smart Teachers certified as masters of training other trainers or teachers on the subject. This translates to being able to cover almost all states of India. • Successful Pilot of Money Smart Schools – Money Smart Schools are receiving support on full integration of the basic financial education integration is underway. There are currently 250 schools implementing the integrated financial education into the school curriculum. • Financial Education Website Available in 7 Regional Languages – the NCFE’s website has been put online, where all the financial literacy study materials have all been made available in seven regional languages. • Pioneering Regulation on Opening of Bank Accounts for Minors –the Reserve Bank of India’s regulatory innovation on allowing minors from age 10 and up to open and operate their savings account independently remains a ground-breaking regulation on recognizing children and youth as socio-economic actors in a country.

JUDGES’ THOUGHTS India was recognized for having an impressive broad approach towards implementing financial education in the country. Its pioneering role in setting a regulation that’s unheard of has also provided a strong platform to bring to light the discussion that children and youth could also make socio-economic decisions for themselves and their community.


Indonesia | Asia & The Pacific Lead organization: Indonesia Financial Services Authority Program Name: “Indonesia National Financial Literacy Strategy and Financial Inclusion Initiatives” Partners: Ministry of Economic Affairs, Ministry for Human Development and Cultural Affairs, Ministry of Education and Culture, Ministry of Research, Technology and Higher Education, Ministry of Finance, Ministry of Manpower, Ministry of Communication and Informatics, Bank Indonesia, financial industries, universities, schools, NGOs

INTRODUCTION As a commitment to increasing financial literacy and inclusion of the Indonesian population, the Indonesia Financial Services Authority (Otoritas Jasa Keuangan or OJK) issued a regulation in 2013 to support consumer protection, whereby financial institutions are mandated to annually conduct an education program. In addition, OJK released the National Financial Literacy Strategy (NFLS) in 2013, which included young Indonesians as a target group. The strategy takes a Life Cycle Program approach, wherein a framework is adapted to address a person’s life stage (i.e. youth, working ages, pensioners, and women). With the launch of the implementation of NFLS in 2014, the youth segment took priority at the end of 2015. By 2016, financial education was structurally integrated into curriculum for Senior High School Students. In September 2016, the country’s President also launched its National Financial Inclusion Strategy (NFIS). Within this strategy, OJK furthered their efforts in December 2016 by issuing regulation aimed at improving not only financial literacy, but financial inclusion as well through the financial services sector for all (including youth), signaling the country’s recognition that access to financial services for young people is a cornerstone towards the economic empowerment of its citizens.

AN OUTSTANDING APPROACH Indonesia has partnered extensively to achieve a cross-sectoral development and implementation of NFLS and NFIS, with multiple governmental agencies and stakeholders to ensure involvement from all sectors, and sustained support in its implementation. Innovations have also made Indonesia stand out in its drive to economically empower young people:

• Explicit funding model outlined – collaboration and compliance from financial institutions (FIs) are encouraged through the regulation to conduct financial education. • Clearly defined strategy for urban outreach – the action plan implemented included effective ways to reach urban population through an education website, social media campaigns, and lectures for university and high school students. • Clearly defined strategy for rural outreach – the action plan implemented included effective ways to reach the rural population through specific outreach programs designed to reach formal and non-formal education system students, as well as year-long advertisements both on local and national TV and radio as well as financial literacy cars (SiMOLEK). • Financial literacy access through minisite and mobile app – the Sikapiuangmu (“Manage your Money Wisely”) mobile application for Android and iOS platforms. • Student Savings Account Program –The SimPel program is a savings account specifically designed for students with easy, simple requirements and provides features in the framework of education and financial inclusion. It is aimed at building healthy savings habit and to introduce banking products and services from an early age. • National Savings Movement (Gerakan Nasional Menabung) – the National Savings Movement (GNM) has been used at a broader scope to increase national awareness about financial literacy and improving savings habit.

ACHIEVEMENTS • To be able to ensure that long-term impact is measured amongst the population, OJK has instituted the National Financial Literacy survey, which have been and will be conducted every 3 years, showing

that M&E is integrated into the country’s efforts. • In 2016, there were 276 SimPel bank participants registered, which reached 30,967 schools, and 3,005,992 accounts opened with a total saved amounting Rp842,7 billion (approx. US$ 63 million). • In 2016, SIMOLEK Financial Literacy Cars had 252,209 visitors in 2,093 financial education activities throughout the year.

JUDGES’ THOUGHTS Indonesia was recognized for its tailor-made framework and diversified approach to financial literacy, exhibited primarily through their use of the Life Cycle Program approach, separate strategies for urban and rural outreach, and highlighting youth as a special target group – ensuring better effectiveness of their impact. Indonesia also has a highly structured program and relatively higher outreach when calibrated to the percentage of its population covered.

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Pakistan | Asia & The Pacific Lead organization: State Bank of Pakistan Program Name: “Children and Youth Financial Literacy Program, under Phase 2 of the Pakistan Nationwide Financial Literacy Program (NFLP)” Partners: Ministry of Federal Education and Professional Training, Ministry of Finance, Chain of Campuses in Pakistan (public and private), banking sector, civil society organizations implementation. The various stages and activities taken for the implementation of the program are as follows:

INTRODUCTION In 2011, the State Bank of Pakistan (SBP) released its first-ever Nationwide Financial Literacy Program (NFLP), launched together with the support and collaboration of the Asian Development Bank (ADB), Pakistan Banks’ Association (PBA), Pakistan Microfinance Network (PMN), Pakistan Poverty Alleviation Fund (PPAF) and Bearing Point. The primary target group for the initial plan was adults and the rural population of the country. In mid-2015, SBP then released their National Financial Inclusion Strategy (NFIS), which complemented the NFLP and explicitly mentioned targeting the entire Pakistani population, including youth. At the end of 2015, these efforts were concretized through the launch of the Children and Youth Financial Literacy Program, which was housed under Phase 2 of the existing Nationwide Financial Literacy Program (NFLP). Furthermore, at the end of 2015, SBP released a project and call for proposal to fund the roll-out of effective financial literacy programs for young people, especially those in rural areas. This effort has since expanded to the creation of a more organized national platform across governmental agencies. The structured approach of Pakistan led to the implementation of a pilot project in 2016, expected to be further scaled in the coming years. Interestingly, the 24

SBP has also been open to the idea of integrating a component on access to financial services products for youth.

AN OUTSTANDING APPROACH The key objective of the literacy program is to provide basic financial education to children and youth, and to train them for their future roles as social and economic actors. The program aims to provide a holistic learning experience that embraces knowledge and skills harnessed from both inside and outside of the classroom. Moreover, the SBP has stressed that this will provide the base to target youth at early stage, increasing financial inclusion in long run. For 2016, the program highlighted two areas to pursue: initiation of Children’s and Youth Financial Literacy program under the umbrella of NFLP, and the institutionalization of Financial Education for Children and Youth in a sustainable manner. The program has taken a very structured approach, starting with mapping the financial literacy landscape in the country before it has gone through with the implementation of the pilot. Through a holistic and structured approach, the program expects significant momentum from the various stakeholders involved, as well as a better understanding of the financial literacy landscape for youth in the country before it was further rolled-out to nationwide

1. Pre-project surveys and profiling 2. Pre-launch consultation - conduct focus group discussions/ consultative workshops with the relevant stakeholders 3. Formalizing partnerships and alliances: a. Identify potential partners, having a chain of campuses across Pakistan b. Develop an effective strategy to partner with banks 4. Development of curriculum, campaign roll-out and creation of progress tracking system 5. Capacity-building stage for trainers and teachers 6. Pilot launch 7. (Eventual) Roll-out to population

ACHIEVEMENTS At the end of 2016, clear outcomes that were achieved include: • Schools that will participate in the pilot and the first round of roll-outs were identified. • A working group on the implementation was established with stakeholders. • A structure for trainers and teachers monitoring was established. • There were approximately 20,000 kids already under the umbrella and test scores are being evaluated. • In addition to teaching financial education, actions for facilitation of access to financial services was being drafted. JUDGES’ THOUGHTS Pakistan was recognized for its significant progress in relation to financial education in the country, from launching a strategy to piloting a program focused on children and youth within a short time-span. Pakistan’s engaged and broad approach in addressing children and youth demonstrates how a country could centrally address its youth segment.


Azerbaijan | Europe & Central Asia Lead organizations: Central Bank of Azerbaijan, Economic Education Service of the Center for Research and Development Program Name: “Financial Literacy” Partners: International Finance Corporation, Savings Banks Foundation for International Cooperation, Azerbaijan Banks Association, Azerbaijan Bank Training Center and Azerbaijan Micro-Finance Association

INTRODUCTION In terms of financial education, 2016 was an outstanding year for the Economic Education Service of the Center for Research and Development of the Central Bank of Azerbaijan. The country-wide strategy on financial literacy (2016-2020) was accepted by the Central Bank of Azerbaijan (CBAR), and the Economic Education Service began implementing financial literacy activities based on this document. One of the first steps taken by CBAR was the establishment of the Financial Literacy Council. AN OUTSTANDING APPROACH The activities carried out by the partners in Azerbaijan are varied and unique at the same time. Besides activities such as school visits, teacher training and material development, the partners in Azerbaijan have had very active participation in Global Money Week, but also created innovative projects such as summer schools on financial

education, TV and Radio shows on financial education, as well as financial literacy camps for journalists and trainings on financial education for interns working at the CBAR. Furthermore, SBFIC and CBAR sent text messages to 100,000 mobile phone users on the International Savings Day (October 31st), highlighting the importance of budget planning and drawing people’s attention to the mobile apps and/or calculators available on play markets, both free of charge, on the Financial Education portal (www.bizimpullar.az) developed by CBAR. Azerbaijan was also part of a joint project led by CYFI and funded by the Visegrad Fund, thanks to which two trainings were organized in the country: “Active Learning Methods for Financial Education” and “Product Development” workshops. The participants of these workshops included employees of the CBAR Economic Education Service, relevant staff members of partner

organizations and commercial bank representatives.

ACHIEVEMENTS • The President of Azerbaijan approved Strategic Road Map for the prospects of the national economy of the Republic of Azerbaijan (http:// www.azernews.az/nation/106144. html), which includes special strategic objectives for increasing the level of financial literacy of the population. JUDGES’ THOUGHTS Azerbaijan was recognized for the impressive list of activities within the country and for the support from the President which shows the highest commitment from the country to take financial education seriously.

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Georgia | Europe & Central Asia Lead organizations: National Bank of Georgia Program Name: “National Strategy for Financial Literacy; SchoolBank project led by NBG; Curriculum integration process” Partners: Steering Committee comprised of the representatives from the public (e.g. Ministry of Education), private (e.g. commercial banks) and civil sectors (e.g. universities, donor organizations). SchoolBank project partners include CYFI, Ministry of Education and Science, National Youth and Children Palace, Bank of Georgia and other FSPs

INTRODUCTION In 2016, Georgia achieved major progress in the promotion of financial education and financial inclusion for children and youth on the national level. The National Financial Literacy Strategy was adopted in mid-2016, with the aim of establishing effective collaboration amongst stakeholders to achieve common objectives. The integration of financial education in the compulsory school curriculum was seen as one of the key strategic elements in order to reach one of the main target groups – pupils and students. NBG continues to closely cooperate with the Ministry of Education on developing approaches and resources for successful integration of financial education in the school curriculum. Moreover, the National Bank of Georgia worked extensively on the promotion of an integrated approach to financial education and access to formal savings products for school children in Georgia over the course of 2016. AN OUTSTANDING APPROACH The objective of NBG is to construct

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the National Strategy of Financial Education into a public-private partnership (PPP), allowing for stakeholders from private and civil sectors to be as active and as entitled as the representatives from the public sector. This approach is quite innovative and is well reflected in the composition of the Steering Committee. Further, in the process of incorporating financial education in the mandatory school curriculum, NBG and the Ministry of Education are involving the financial sector representatives – an approach that promises to result in dynamic, real-life educational resources for children.

ACHIEVEMENTS • In 2016, NBG began close cooperation with the Ministry of Education in introducing financial education in the mandatory school curricula. In the first stage, the changes will address the civics education in classes VII – IX, for which the framework has already been prepared. NBG and the Ministry of Education are working on developing educational resources for

classes I-VI and X-XII as well. • NBG closely cooperates with local commercial banks on the SchoolBank project, helping them to design child-friendly financial products, as well as with CYFI, the Ministry of Education and Science and the National Youth and Children’s Palace. The objective is to implement the educational component of SchoolBank project at schools and informal educational centers countrywide, and, in parallel, encourage local banks to “adopt” schools and educational centers to provide financial services for the children.

JUDGES’ THOUGHTS Although in the early stages of development in relation to the development of the nationally-led efforts on financial education and financial inclusion agenda, Georgia has been recognized for its structured approach, and the variety of stakeholders involved is noteworthy for the foreseen advancements of efforts within the country.


Latvia | Europe & Central Asia Lead organizations: Financial and Capital Market Commission (National Coordinator for Financial Literacy Issues in Latvia appointed by OECD INFE) and Bank of Latvia Program Name: “National Strategy for Financial Literacy in Latvia (2014-2020)” and “Diversity of Teaching and Learning Methodologies for Training Financial Literacy” Partners: National Centre for Education, Consumer Rights Protection Centre, BA School of Business and Finance, Riga Technical University and University of Economics and Culture, JA-YE Latvia, the associations of professional service providers – the Association of Commercial Banks of Latvia and Latvian Insurers Association • Development of single standards for financial literacy competences for all sectors of society (based on OECD INFE Framework approved in 2016).

INTRODUCTION In 2012, the agreement on cooperation in the area of financial education was signed between the FCMC and the National Centre for Education (NCE), providing for the exchange of information regarding the development of content of training programs for financial education. In 2014, the National Strategy for Financial Literacy in Latvia was launched, with specific objectives for financial education in schools such as enhancing the general education curriculum regarding financial literacy, providing advisory support and expertise in developing training material for the National Centre for Education and promoting programs for the professional teacher qualification in financial literacy issues (for teachers of all subjects).

literacy –teachers and talented pupils are participating to creating such trainings. • Constant development and introduction of new materials, including on e-security, FinTech progression and others - FCMC educational portal www.klientuskola. lv. • FCMC has developed a new measurement system – the index of financial literacy (Index) for Latvian residents. The result of Index is the score calculated using an individual methodology during the first national financial literacy survey, or the average mark for seven financial literacy topics.

ACHIEVEMENTS • The PISA results showed that Latvian students performed above average, thanks to the continued support to the teachers and the students in financial education. • In 2016, a new tool was introduced regarding the Index – an individual testing tool to compare personal Index with the average in Latvia: http:// www.klientuskola.lv/lv/petijumi/ finansu-pratibas-indekss.html. • Although one of the biggest challenges encountered in Latvia was the creation of the content of the studies for the new generations of teachers, the focus that the partners in the country have put to address this challenge is seen through the outstanding achievement of the students (in Latvia, 80-90% of the teachers recognize now financial literacy as a key competence). JUDGES’ THOUGHTS Latvia has been recognized for including financial education in school curricula, and has several interesting innovations to propel financial literacy efforts nationwide.

AN OUTSTANDING APPROACH Several outstanding, innovative activities have been carried out by partners in Latvia including: • Information exchange in e-environment as well as development of e-environment trainings (portals, interactive tools, tests and worksheets). • Self- made trainers for financial 27


Romania | Europe & Central Asia Lead organizations: National Bank of Romania, Authority for Financial Supervision, Ministry of Education of Romania Program Name: “Financial Education National Programs” Partners: National Council of Rectors; Schools; Universities; Financial Studies Institute; Bucharest Stock Exchange (BVB/BSE); Professional Associations senior practitioners, innovators and young people from Romania and 50 other countries around the world, benefitting from the international experience presented by CYFI and other countries’ participants.

INTRODUCTION Financial education in Romania is carried out by the national regulators as well as the representatives of the private sector and civil society. In 2016, the most outstanding achievement in terms of financial education for young people was the approval of financial education as a mandatory subject in the secondary school curriculum (for students 14 years of age). The Ministry elaborated the curriculum, the competencies framework and the teaching methodology, which was approved for this subject, and recognizes GMW and SchoolBank as possible projects to be implemented by schools during the school year. Financial education has already been part of the primary school curriculum, with an optional subject for fourth-grade students, which reached more than 200,000 children across the country. Furthermore, Small Bankers Olympics is also held annually, involving pupils 10 years of age. In 2016, a SchoolBank pilot was launched in Cluj, one of Romania’s main cities, in collaboration with local schools, the National Bank fo Romania, the Ministry of Education and Banca Transylvania. AN OUTSTANDING APPROACH Financial education is taught through games and competitions in Romania. One example of such an innovative approach is the workshops led by the Authority for Financial Supervision. In order to explain the main principles of the non-banking financial markets to 28

children, FSA has used informal and humorous words in order to adapt childhood stories to the current day financial context. For example, LEGO was used in the private pensions market presentations as part of “Let’s talk about the non-banking financial markets” program for 7th grade students, in order to make it easier for students to understand how each person contributes to pension funds. For the capital market presentation, part of the same financial educational program, a game using “Super-lei” & “Spider-lei” (“lei” = the national currency) was played in order to illustrate the concepts of capital market mechanisms. At the end of June, NBR, FSA, the Ministry of Education and the FSI were partners of CYFI in organizing Child and Youth Finance International Summit 2016 held in Bucharest. The meeting gathered governmental officials,

ACHIEVEMENTS Through all of the programs and activities developed during 2016, the partners reached: • More than 245,000 children and youth. • More than 2,800 young students. • More than 3,500 trainers (both teachers and parents) from different cities. • More than 11,000 children and youth (directly and indirectly) through FSA Facebook page and FSA educational site. • More than 35,000 adults (parents, teachers, general population) through online tools and dissemination of printed materials. JUDGES’ THOUGHTS Romania was recognized for the energy channeled into the engagement and progress within the country in relation to financial education. Not only is financial education part of the compulsory school curriculum, but there are several initiatives running, resulting in an innovative initiative and integrated approach.


Russian Federation | Europe & Central Asia Lead organizations: Ministry of Finance of the Russian Federation and partners Program Name: “Ministry of Finance and World Bank project “Increasing financial literacy of population of the Russian Federation” (Introducing financial literacy in Russian schools at the national level; national-level awareness-raising campaigns) Partners: National and regional educational authorities, Ministry of Education and Science, leading Russian universities as well as wider financial sector community. Financial and private sectors are largely involved in national awarenessraising campaigns.

INTRODUCTION In 2011, the Ministry of Finance of the Russian Federation launched the project on financial literacy and financial education in the country, aimed at raising the level of financial literacy of the population as a whole. However, financial literacy for children and young people is one of the main pillars of this national project. AN OUTSTANDING APPROACH The project’s ambition is quite unique and wide-reaching. Integration of financial education elements are present in different levels of the Russian educational system, thus equipping Russian youth with the necessary skills and knowledge to make sound financial decisions when entering adult life. Moreover, the project aims to increase a larger amount of private sector partners to the awareness campaigns and other activities of the project. Additional key pillars include the establishment of the nationwide system of teacher trainings in financial literacy, with federal and regional methodological hubs, and improving financial literacy of parents and teachers through financial education in schools. Furthermore, the project approach is holistic and systematic, and includes the development of materials, piloting, training trainers and implementation in schools.

ACHIEVEMENTS • The project has instigated a variety of financial education initiatives, projects and partnerships in the field in Russia. • In 2016 alone, piloting and the evaluation of educational programs in 5 pilot regions of Russia was conducted; more than 5,000 students, 3,000 parents and 200 teachers from 131 educational organizations participated in this evaluation. • In order to pilot, teacher trainings were conducted and educational materials for students, parents and teachers were tested. • A revision of these materials (version 2.0) is currently underway, as well as creation of electronic versions including infographics, cartoons and interactive educational elements. The Ministry of Finance is planning to print the materials and send them during 2017-2018 school year (about 6

million books). However, teachers have already begun using these materials in 2016 in various regions as part of the regional curriculum. Moreover, all training materials are available on the official website of the Ministry for public use (http://minfin. ru/ru/om/fingram/directions/ programs/). • Results of the mid-term evaluation showed that more than 70% of children in grades 8-10 who participated in testing wish to continue this course, and believe that it has practical importance and will help them to make right financial decisions in the future. Furthermore, 80% of teachers commended the developed materials and reported that financial literacy courses have great educational potential. • Results of PISA 2012 were used as a baseline for educational programs. The results of PISA 2015 are not publicly available yet, but, according to the preliminary report, the level of financial literacy of the Russian children has improved.

JUDGES’ THOUGHTS Russia was recognized for its holistic and systematic approach in advancing financial literacy nationwide (addressing children, youth, parents and teachers), and for the integration of finance into the various levels of the education system. 29


Egypt | Middle East & North Africa Lead organization: Egyptian Banking Institute Program Name: “Shaping the Future Initiative” Partners: Banque Misr, VISA and Modern Education Schools

INTRODUCTION During 2016, Egypt moved several steps forward in the “Shaping the Future” program through the drafting of the National Strategy. The strategy is currently being reviewed by the Central Bank of Egypt and will be published in 2017. As of 2016, the Central Bank of Egypt is leading the development of the financial inclusion strategy, while the Egyptian Banking Institute (EBI) is leading the strategy on financial literacy. These two strategies are key to providing a national framework to coordinate the efforts towards promoting financial inclusion and financial literacy. The development of the new Unit for Financial Inclusion, recently established within the Central Bank of Egypt, is a clear example of the evolvement of Egypt’s commitment to promoting financial inclusion. This unit will aim to promote financial inclusion on the policy level, as well as to work with the banking sector to develop child and youth friendly products. Likewise, the EBI continues to work on promoting financial education and financial literacy to children and youth. Furthermore, 2016 marked a

shift in the strategy, moving towards ensuring the sustainability of the financial literacy and financial education efforts exerted, during and beyond its annual participation in the Global Money Week.

AN OUTSTANDING APPROACH The ambition of the Shaping the Future program is two-fold. First, the program aims to create an impact on the larger eco-system of the Egyptian economy through the development of a national strategy on financial literacy. Additionally, it aims to create a direct impact on the entire population of Egyptian children and youth through financial awareness sessions and financial education in order to develop a generation of economic citizens capable of making sound financial decisions. The program strives to create a platform for all citizens to become more aware of their financial rights, helping them to make conscious financial decisions. Shaping the Future adopts a sustainable, inclusive approach that promotes sustainable public-private partnerships as well as partnerships with local and international relevant

bodies. Through bringing together stakeholders, an by coordinating and managing multi-lateral projects, the EBI builds on the individual expertise and resources of its partners to maximize impact and ensure the sustainability of its projects and activities. One of the projects developed in the framework of the project is the first pilot SchoolBank project in the Middle East and North Africa region, collaborating with Banque Misr and Modern Education Schools and thanks to the strategic partnership with CYFI. Another project, in partnership with VISA, National Bank of Egypt, and Banque Misr, aims to develop and implement a financial awareness campaign to public sector employees on the use and benefits of using their payroll cards. These two projects are a prime example in the shift of strategy that occurred after 2015, towards more sustainable projects, that will unite various stakeholders to maximize impact and ensure the sustainability, replicability, and scalability of these partnerships.

ACHIEVEMENTS • The Central Bank of Egypt in 2016 issued new regulations for mobile and digital payments. • The new regulations are part of the Central Bank of Egypt’s efforts in developing sustainable financial services in the perspective of a cashless society. JUDGES’ THOUGHTS Egypt was recognized for laying out a broad and centralized program, showcasing their dedication to and effort in increasing financial literacy and capability of youth in the country.

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Lebanon | Middle East & North Africa Lead organizations: Central Bank of Lebanon, Ministry of Social Affairs Program Name: “Financial Education Initiatives and Pilots”

INTRODUCTION The aim of the Lebanese financial education initiative is to raise awareness on financial education for children and youth, to increase the level of commitment of banks and the public sector to financial inclusion initiatives, and to help contribute to a national strategy for financial education for children. AN OUTSTANDING APPROACH There are increased efforts from both the Central Bank of Lebanon and the Ministry of Social Affairs (MOSA) when it comes to financial literacy and inclusion of the youth in Lebanon. Lebanon is not working on national strategies for financial inclusion and education yet, however, MOSA began mapping the financial education initiatives in the country in 2016 and both the Central Bank of Lebanon and the Ministry of Social Affairs are piloting small scale financial education initiatives in the country, with Global Money Week being one of the key initiatives. In 2016, the Central Bank of Lebanon held seminars on Financial Literacy concerning financial statements,

managing cash and savings, using consumer loans, investing in shares and bonds, and investing in managed funds. Various individuals from the private and public sectors, the Central Bank of Lebanon employees and university students attended the seminar. In addition, the UK Lebanon Tech Hub, whose mission is to develop and support small-to-medium size enterprises, to promote entrepreneurship and to bolster Lebanon’s knowledge economy, participated in the training sessions for the second time. During the event, young entrepreneurs had the opportunity to pitch their digital ideas in front of potential funders. Furthermore, over the course of 2016, the Central Bank of Lebanon organized eight student field visits to the Bank, where high school and vocational students participated in workshops where they learned about the role of the bank, monetary policy and cash circulation. In addition, students visited the money museum, library and the clearing house.

ACHIEVEMENTS • Global Money Week was led by the

Ministry of Social Affairs and had a strong public-private approach, with various banks and NGOs participating. • For the first time, Fransabank participated to GMW in 2016, organizing several bank visits for kids. During their visits, the Secretary General of the Higher Council for Childhood gave a presentation on Global Money Week concept. • The children received a simplified but complete banking overview, before they saw and experienced the check clearing process. • After the Global Money Week, the MOSA conducted a media campaign on TVs, radios, social media in partnership with Fransabank about the importance of the Global Money Week and the importance of saving money and planning for the future.

JUDGES’ THOUGHTS Lebanon was recognized for its interest and effort in increasing financial literacy and capability of its youth population, despite the current lack of a centralized effort, and for the individual activities organized by the Central Bank and the Higher Council of Childhood as a strong start for collaborative efforts. 31


Palestine | Middle East & North Africa Lead organization: Palestine Monetary Authority Program Name: “National Strategy for Financial Inclusion in Palestine”

INTRODUCTION Throughout 2016, the National Strategy for Financial Inclusion (NFIS) in Palestine was drafted and it is now in the process of receiving an official approval from both the cabinet and the President of the Palestinian Monetary Authority (PMA). The strategy is expected to be launched for implementation in the second half of 2017. AN OUTSTANDING APPROACH One of the main strategic objectives of the strategy is to improve financial capability amongst students in schools, universities and community colleges. Moreover, the purpose of formulating a National Financial Inclusion Strategy is to harmonize and unite the numerous efforts that are currently being independently initiated, to improve financial inclusion in a more systematic manner and to focus on addressing the binding constraints on advancing financial inclusion. The overarching goals and strategic objectives of the national strategy were determined based on a thorough 32

analysis of the landscape of financial inclusion and an exercise to identify the binding constraints on accelerating the level of financial inclusion in quantitative and qualitative terms. The constraints, identified through the diagnostic study that was underpinned by comprehensive demand and supplyside surveys, were further analyzed through a series of brainstorming sessions by the technical group and working group members. The strategic measures were formulated through a consultative and collaborative process to address the identified key constraints in a systematic and effective manner. Furthermore, the Palestinian Monetary Authority has implemented other activities and initiatives around youth finance in the last two years, such as financial education workshops for students in schools, universities and community colleges and field visits for the above students to the PMA headquarters. In addition, the Palestinian Monetary Authority prepared a concept paper regarding the youth “Banking Week” and

presented it to the Arab Monetary Found in 2015; the paper has been approved by the central banks governor’s cabinet and published to all Arab countries to be implemented.

ACHIEVEMENTS • Palestine started providing financial education lessons as part of a smallscale pilot. • Palestine set up a monitoring and evaluation system for its financial inclusion strategy. • The Palestinian Monetary Authority finalized planning to implement the “Arab Financial Inclusion Day” in 2017. The launch was set as the 27th of April and it was the same for all Arab countries. JUDGES’ THOUGHTS Palestine was recognized as its financial inclusion plans are aimed at increasing the financial education and inclusion of children and youth to better the financial landscape of the country and the region as a whole.