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> Posted by Center Staff
Unless you’re with one of the few organizations working to combat youth financial exclusion, you probably don’t hear much about the issue. A few weeks ago, the world celebrated Global Money Week, which is gaining encouraging participation and engagement. Sadly, aside from this annual blitz of activity, there isn’t much in the airwaves on expanding financial access to this hugely underserved client segment. According to the Global Findex, in higher-income countries, 42 percent of youth save in financial institutions. The next highest regions are East Asia & Pacific and sub-Saharan Africa, where this rate is 19 and 9 percent respectively. During our youth, financial services and financial education help us save for the future, form good money management behaviors, and navigate life transitions like getting an education and starting a family.
The MasterCard Foundation, as spotlighted in a recently released report, has been quietly busy these past seven years working to address this shortcoming. Since 2008, the Foundation in partnership with six organizations has worked with over 30 financial services providers and non-profits to expand youth access to banking services. The new report, Financial Services for Young People: Prospects and Challenges, reviews the MasterCard Foundation’s youth financial inclusion projects for insights and learning to inform future industry efforts.
> Posted by Center Staff
This week the global financial inclusion community saw a mini-milestone: with the newly signed-on Nepal, 40 countries have committed to the Maya Declaration. The Maya Declaration is a global and measurable set of commitments by developing and emerging country governments to greater financial inclusion.
When a country commits to the Maya Declaration, they make measurable commitments in four financial inclusion areas: create an enabling environment to harness new technology that increases access and lowers costs of financial services; implement a proportional framework that advances synergies in financial inclusion, integrity, and stability; integrate consumer protection and empowerment as a key pillar of financial inclusion; utilize data for informed policymaking and tracking results.
Nepal announced its Maya Declaration commitment on Tuesday. In the commitment, Nepal Rastra Bank (NRB) vowed to increase the country’s financial literacy through the development of a national-level Financial Literacy Strategy by mid-2014. The bank also committed to conducting a financial literacy program for students, “NRB with Students,” and widely disseminating financial literacy materials to promote public awareness. To strengthen the country’s mobile money services, the commitment includes provisions to improve the quality of existing mobile money services and to introduce new services before the end of 2014. Also before the end of 2014, Nepal’s commitment outlines that NRB will direct a national-level survey on rural credit and create a Financial Sector Development Strategy. Other recent country commitments came from Belarus this past May and El Salvador this past March.