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Brussels, 6 May 2015 – WSBI, the global voice of retail and savings banks, and CYFI, the world's largest movement dedicated to enhancing the financial capabilities of children and youth, have signed a memorandum of understanding to formalise their ongoing collaboration. The partners will work together to empower children and youth aged 6-30 years around the world, particularly those who are vulnerable and marginalized, by increasing their financial and social capabilities, developing livelihoods, and improving their access to appropriate financial services – enabling them to build their assets and invest in their own futures.
WSBI and CYFI believe that by bringing together their combined experience, global networks, and commitment they can greatly increase young people's capabilities and inclusion, thus enhancing their social and financial empowerment.
The partners will initially combine their efforts in four areas:
Chris De Noose, Managing Director WSBI, lauded the partnership as "an exciting development that will combine WSBI members' commitment to financial inclusion and responsible approach to business with the proven track record of CYFI in empowering and enhancing the financial capabilities of children and youth," and emphasized that it "will bring great benefits to both partners and to the young people WSBI and CYFI want to empower."
Jeroo Billimoria, Managing Director CYFI, noted that the partnership "will benefit both organizations and, more importantly, young people all around the world. Together with WSBI we will work to increase youth inclusion in the formal financial system, empower them with knowledge and skills, and create a bright future."
For more information, contact:
Dirk Smet, WSBI, on +32 2 211 11 90 or at firstname.lastname@example.org, or
Anastasia Loginova, CYFI, on +31 20 520 3900 or at email@example.com.
Notes to editor:
WSBI – The Global Voice of Savings and Retail Banking
WSBI represents the interests of 6,000 savings and retail banks globally, with total assets of $14tn and serving one billion customers in 80 countries (as of 2013). WSBI focuses on international regulatory issues that affect the savings and retail banking industry. It supports the aims of the G20 in achieving sustainable, inclusive, and balanced growth, and job creation, whether in industrialised or less developed countries. WSBI favours an inclusive form of globalization that is just and fair, supporting international efforts to advance financial access and financial usage for everyone.
CYFI – Empowering Youth with Financial Access, Knowledge and Skills
Child and Youth Finance International (CYFI) is an Amsterdam-based international NGO which aims to empower all children and youth around the world, particularly those who are vulnerable and marginalized, through an enhancement of their economic citizenship. This entails increasing their financial capability, improving their awareness of social and economic rights and their access to appropriate financial services in order to build their assets and invest in their own futures.