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> Posted by Meghan Greene

Today marks the first annual celebration of International ChildFinance Day, an initiative launched by Child & Youth Finance International (CYFI). Child & Youth Finance International is a collaborative effort among banking networks, NGOs, multilaterals, private sector partners, and academics to build a movement toward appropriate financial products and services that help children and youth build assets and more secure futures. The organization is in its infancy itself, having been founded only in July of last year. Despite its young age, though, CYFI has big ambitions: by 2015 it hopes to extend to 100 million children and youth in 100 countries access to quality financial products and services, as well as financial education.

Having worked on the Financial Access at Birth (FAB) program, we’re quite familiar with ambitious goals that are at once daunting and exhilarating. FAB’s concept is to extend financial inclusion by offering every child born a unique identification number and a $100 savings account, accessible via mobile and electronic branchless banking.  It’s an exciting idea that would build on the power of incentives to achieve scale, sustainability, and impact, and it’s founded on many of the same ideals and ideas that motivate CYFI’s leaders and collaborators. Over the past several months, FAB has explored partnerships with a variety of experts who have the knowledge and skill sets to make this big idea a reality, and we continue to be impressed by the breadth of knowledge and generous spirit of our peers. Read the rest of this entry »