The Child and Youth Finance International Annual Report 2011

Child and Youth Finance International Annual Report 2011



4 Child and Youth Finance International Annual Report 2011

AcknowledgementsChild and Youth Finance International (CYFI) would like to thank all of its sponsors for their generous sup-

port in 2011. With the kind and generous support of these organizations, Child and Youth Finance Internation-

al has been able to undertake the activities listed below during 2011.

Secretariat FundersCYFI would like to thank those funders that make the work of the Child and Youth Finance Secretariat Sec-

retariat possible. Those listed below have provided the Secretariat with €EURO 20.000 or more in support

during 2011.

Pro-bono SupportersCYFI would like to thank all pro-bono supporters who have helped in different ways to make the Secretariat’s

work more efficient and effective.

Child and Youth Finance International Annual Report 2011 5

Letter from the Secretariat

Greetings from the Secretariat of Child and Youth Finance International (CYFI)! We would

like to take a moment to welcome you to Child and Youth Finance’s first annual report for

the year 2011. CYFI’s accomplishments were made possible by the participation and sup-

port of many individuals and organizations. We would like to give a warm thank you to all

of those that contributed to 2011 being a successful kick off year for the organization and

the Child and Youth Finance Movement, namely, our donors (financial and pro-bono), our

fast growing network of stakeholders, volunteers and the Secretariat team.

In 2011 Child and Youth Finance International was officially founded in July and saw the

goals and milestones that have been developed by our stakeholder network cemented by

the newly formed Supervisory Board. Throughout the year we have been actively engaged

in expanding the Child and Youth Finance Movement, developing the Introduction to Child

and Youth Finance Education document as well as the Certification document for Child

and Youth Friendlyproducts, starting the process for creating national platforms for Child

and Youth Finance in multiple countries and speaking on financial inclusion and financial

education at multiple high-level conferences.

This report will provide you with the information on the concept and origins of the Child

and Youth Finance Movement, a discussion of our goals and strategic objectives, and how

we have performed against them, and lastly the audited financial statements for 2011.

7

About Child and YouthFinance International


The Core Principles of the Child and Youth Finance Movement are focused firmly on increasing the

financial protection and empowerment of all children and youth across the world. The Movement

works to ensure that the human rights, and in particular the economic rights, of children and youth are

respected at all times. It builds upon the United Nations Convention on the Rights of the Child and The

Universal Declaration of Human Rights.

To that end, the Movement encourages the creation of systems in which the interest of children and

youth are pushed to the forefront, in which children and youth are recognized as important stakeholders

whose financial safety must be secured, and in which their risks of financial exploitation are minimized.

Endorsers and contributors to the Child and Youth Finance Movement subscribe to the principles of the

Movement as outlined below:

1. All children and youth have basic human rights and economic rights which must be respected by all

institutions and individuals

2. Institutions must conduct their business in such a way as to protect children and youth, safeguard

them from all forms of exploitation, particularly financial exploitation, and always promote the best

interests of children and youth

3. All children and youth- regardless of their nationality, ethnicity, religion, environment, ability,

gender or economic situation- deserve to have access to safe, appropriate financial services and

quality financial, social and livelihoods education designed for their benefit. Institutions and

policies must ensure their best effort to ensure all children and youth are included in these efforts

4. The movement is committed to ensuring that the experience of children and youth in social and

financial enterprises remain a positive, safe and ethically responsible way of generating income,

developing valuable skills and creating social impact. The Movement aligns its position to that of

the UNCRC’s position which states that “no child or youth must be exposed to work that is likely

to be hazardous or to interfere with the child’s education, or to be harmful to the child’s health or

physical, mental, spiritual, moral or social development”

5. The Movement will remain open and collaborative to all stakeholders, including children and youth.

Contributers within the Movement will engage in experience-sharing and collaboration with other

contributors within the Movement to share innovations and strengthen activities and knowledge

within the Movement

The Child and Youth Finance Movement is committed to creating policies and conducting activities that

are in accordance with these principles and which will respect the human rights and economic rights of

children and youth at all times. Guided by these principles, endorsers of the Movement will work jointly

to achieve the Movement’s goal of facilitating financial inclusion and Child and Youth Finance Education

for 100 million children and youth in 100 countries by 2015.

Core Principles of the Child and YouthFinance Movement


The Child and YouthFinance MovementThe Child and Youth Finance Movement is a global multi-stakeholder initiative whose mission

is to ensure that children and youth have access to safe, trustworthy financial services, and that

they have the skills, knowledge and opportunities required to use those services responsibly

and prudently. The Movement aims to trigger and coordinate a collaborative approach towards

reaching these goals, and works towards forming a global consensus on an integrated approach

to facilitating financial inclusion and education for children and youth in all countries of the world.

The Movement believes that the strongest impact will come about through the sharing of

knowledge and expertise across countries and across sectors. It builds on innovations and

thought leadership within the industry which already exists. It harnesses the power of unified

efforts for reaching children and youth across the world. Partners within the Movement include

financial regulatory authorities, multilateral and bilateral organizations, financial institutions and

networks, NGOs and education service providers, foundations, academics, technology providers

and other leading organizations. Each partner is committed to the ambitious goal of jointly

reaching 100 million children in 100 countries by the year 2015.

Relevance of Child and Youth FinanceChildren and youth are the future economic actors whose financial decisions will dictate the

state of world economies. Based on experience and research , experts within the Movement

stressed that promoting a positive financial culture in children and youth is essential to ensuring

a financially capable population, able to make well-informed decisions. Communities will benefit,

as this generation of financially capable children and youth grow up to be responsible investors

and entrepreneurs. Such important skills and experiences of managing financial resources at

an early age can allow for lessened financial vulnerability thereby reducing the risk of poverty

caused by debt.

There is no better time than today to increase the financial capability and knowledge of

individuals. The recent financial crisis has highlighted the need for savings and prudent financial

“It is better to learn from your mistakes when you’re younger. You can

learn from your mistakes and develop your decision

making skills. So when you make bigger decisions

you can stop and ask yourself ‘is this the right

thing?’.”

-Child aged 17

management for all persons. This is especially

true for children and youth, who are a particularly

vulnerable age group. Promoting a positive financial

culture in children and youth is essential to ensuring

a financially literate population, capable of making

well-informed decisions and of lowering their

financial vulnerability.

Introducing Child and Youth Finance activities

contributes to the overall financial inclusion and

education agenda. Promoting a holistic system of

financial education linked with enhanced access

to financial services increases young people’s

knowledge of – and experience with – financial

services, inculcating good financial habits at a time

in their cognitive and personal development when

they are most likely to translate them into permanent

financial skills and behaviors. Studies suggest that


financial education and access to financial services have an iterative relationship that results

in positive economic and social effects, such as increased financial knowledge and increased

financial functioning. Positive effects of such interventions also include improved economic

and financial well-being through higher levels of savings, income and assets among children,

improved health and mental health, academic achievement and expectation for the future .

The goals and activities outlined below are a result of a collaborative and consultative process

with experts and network partners from across various sectors and countries. The goals as set

forth are in an on-going state of development, based on the needs and the realities of the network

partners and the contexts in which they operate, as well as the availability of resources to carry

out these activities.

The Child and Youth Finance Movement’s Vision and Mission

The Role of the CYFI Secretariat• Promote and further the Child and Youth Finance Movement by involving an increasing

number of members and contributors to the network

• Coordinate and bring together the different contributors and stakeholders within the Child

and Youth Finance Movement to ensure the dissemination of best practices and sharing of

information. This is done through Expert Council meetings, The Child and Youth Finance An-

nual Summit and Award Ceremony and through the Child and Youth Finance website (www.

childfinance.org)

• Provide technical assistance to parties wishing to implement Child and Youth Finance activ-

ities

• Advocate for savings products for children with commercial banks, microfinance institu-

tions, and cooperative banks and other Financial Service Providers

• Execute the ChildFriendly Product Certification

process

• Promote Child and Youth Finance Education in

countries and to create a global framework for

educational curricula

• Promote research in the field of Child and Youth

Finance

• Generate global media momentum so that more

attention is focused on the need for safe finan-

cial products for children and young people

That all children and youth

realize their full potential as

responsible economic citizents

100 million children

100 countriesChild&Youth

Inclusion

• Regulation

• Access

Child and YouthFi-

nance Education

• Financial

Global Platforms

Local Platforms

Vision Targets by 2015

Mission

“If you’re educated, money will follow”

-Child Aged 8


The Expected results of Child and Youth Finance International Through 2015Enumerated below are the expected deliverables which will change based upon both the

growth of Child and YouthFinance International and on feedback from the various stakeholders

of Child and Youth Finance International. They are also subject to the availability of resources. As

the movement is still in the initial phase and much work is being dedicated towards establishing

systems, we expect to see slow growth in the initial two years followed by a period of steep

growth.

2011

Establish Child and YouthFinance International organization

Host an international meeting of Financial Regulators for country-level strategies on im-

plementing Child and YouthFinance nationally

2012

First annual Child and YouthFinance International day celebrated (recurring event);

First annual Partners Assembly meeting and awards ceremony (recurring events);

Annual publication on the state of the movement (recurring publication);

Certification processes for child and youth friendly banking and education established;

2013

Certification of Child and YouthFriendly Education in place in 10 countries/organizations;

Certification of Child and YouthFriendly Banking Products in place for 25 banks in 25 coun-

tries;

2014

50 local platforms in place touching 50 million children and youth;

Certification of Child and YouthFriendly Education in place in 25 countries/organizations;

Certification of Child and YouthFriendly Banking Products in place for 35 banks in 30 coun-

tries;

2015

100 local platforms in place touching 100 million children and youth;

Certification of Child and YouthEducation in place in 100 countries/organizations;

Certification of Child and YouthFriendly Banking Products in place in 100 unique instances.

Strategic Objectives

13


The goals and activities outlined in this section are a result of a collaborative processes of

consultation with experts and network members from across various sectors and countries. The

goals set are constantly evolving based on the needs and the realities of the network partners

and their contexts, as well as the availability of resources to carry out these activities.

Inclusion

Goal: To ensure that 100 million children and youth have access to appropriate financial products

by 2015.

Providing access to banking services to children and youth under the age of 18 is a critical

component in the overall process of equipping them for financial and social security as adults.

Research has shown that only providing children and youth education in financial and social skills

without also providing appropriate financial services and inclusion in the financial system is not

sufficient. Therefore Child and Youth Finance International has set up Inclusion as a critical part

of its program. Inclusion involves the creation of the legal and regulatory environment as well as

the development and delivery of banking services appropriate for children and youth from birth

to adulthood. Child and Youth Finance International plans to support use of existing and new

technologies such as biometrics and mobile banking by banks. ChildFriendly banking certification

will also be implemented.

Education

Goal: To ensure that 100 million children and youth have access to appropriate Child and Youth

education by 2015.

Through the Education workstream, Child and Youth Finance International will coordinate a

diverse, multidisciplinary network of stakeholders to create a common framework for core

curriculum content in Child and Youth financial education for children and youth throughout the

world. Through such collaborative efforts, Child and Youth Finance International seeks to promote

high quality, globally recognized standards for Child and Youth Finance education that will reach a

large number of children and youth building on existing efforts by effective NGOs in this area. The

overall goal for Education will be to provide a standardized but culturally flexible approach for


curriculum linking financial, social and livelihoods education to help children and youth learn the

skills to become competent economic citizens.

Global Platform

Goal: To ensure that children and youth’s economic rights and economic citizenship are placed

on global agendas and that 100 countries have an action plan for Child and Youth Finance and

celebrate Child and Youth Finance day/week.

On an international level, Child and Youth Finance International will continue to create alliances

among policymakers and financial regulators to further increase financial education and access

for children at national levels. Child and Youth Finance International has developed a framework

for appropriate Child and Youth Finance country platforms at the national level for the delivery

of Child and Youth financial education and access to safe and appropriate banking services. The

execution of this framework in country will involve a coordinated effort to engage representatives

from relevant government ministries, financial service providers/regulators/associations,

corporations, civil society, teachers associations and academia.

The global platform will link these actors and provide a basis for knowledge sharing to accelerate

implementation and innovation. The aim is to have Child and Youth Finance become a regular

topic of discussion amongst such global bodies as the G20 and the Basel Committee. Apart from

this space provided, global platforms will deliver through three sub groups: communications

and advocacy, technology and research with the overall goal to support increased awareness of

the Child and Youth Finance Movement. Communications and advocacy will support by creating

public awareness of and support for the importance of the Child and Youth Finance Movement.

Technology will support by looking at new technologies that can assist in the development and

delivery of financial inclusion.

Research will support by building theoretical support for the goals, plans and execution of the

Child and Youth Finance Movement based upon the Child and Youth Finance Theory of Change.

• Reduced Poverty• Sustainable Economic & Social

Well-being• Sustainable Livelihoods• Rights for Self and Others

OutcomesEconomicCitizenship

FinancialEducation

Social Education

Financial Inclusion/Asset Accumulation

EmpowermentSocio-financial

Capability

The Child and YouthFinance Movement’s Theory of Change

17

Activities in 2011 by Strategic Objectives


Child and Youth Finance International has three main strategic objectives which guide its decisi-

on making, activities, partnerships and investments:

1. Inclusion- The main objective of inclusion is to ensure that 100 million children and youth

have access to appropriate Child and Youth Friendlyfinancial products by 2015.

2. Education- The main objective of education is to ensure that 100 million children have ac-

cess to appropriate financial education by 2015

3. Global Platforms- On the international level continue to create alliances among policyma-

kers and financial regulators to further increase financial education and access for children

and youth at national levels.

4.

The major activities since the founding of Child and Youth Finance International (CYFI) in July

of 2011 have been focused on all three objectives, with a substantial amount of time and effort

dedicated to all activities necessary for founding a new organization. While the concept of CYFI

had been in development before the founding date, the last 6 months of 2011 represented a ra-

pid growth in the engagement of key stakeholders from regulatory authorities, private financial

institutions, NGOs, bilaterals and multilaterals and academia. 2011 was a year in which the stra-

tegic objectives were cemented through a collaborative process with the experts and stakehol-

ders from the above mentioned sectors. The Secretariat also secured the necessary funding and

support required to begin our work and realize our long term goals.

Euros spent on Strategic Objectives:

Strategic Objective 1 - Inclusion

Ensuring that 100 million children have access to appropriate financial products by 2015.

Activities in 2011 related to this objective have been focused in two main areas: regulation and

access. These two areas involve the creation of the legal and regulatory environment as well as

the development and delivery of banking services appropriate for children and youth from birth

to adulthood.

a. Regulation- The Secretariat held the first Child and Youth Finance International Financial

Authorities’ Meeting, which took place in Amsterdam, The Netherlands, September 12th

– 13th, 2011. This meeting brought together senior representatives from central banks, re-

gulatory authorities and other key policy makers from across all regions to brainstorm how

the financial sector can play a key role in introducing Child and Youth Finance activities at a

national level. More than 30 representatives from central banks and financial regulatory au-

thorities in 25 countries attended this meeting in order to discuss ways in which to create a

positive environment to allow for and encourage Child and Youth Friendlybanking products

and practices. Key outcomes included:

Objectives % of cost Euro amount

Inclusion 28% 61.030

Education 12% 25.490

Global Platforms 27% 58.423

Operations 33% 71.275


• Country Implementation Manual: the existing draft of the Country Implementation

Manual - which outlines proposed strategies for implementing Child and Youth

Finance activities in countries- was considered comprehensive by the participants.

It was suggested to include best practices on existing national levels already being

undertaken in different countries as presented at the meeting.

• Country Commitments: Participating country representatives reaffirmed their com-

mitment to the Child and Youth Finance Movement and agreed to take implementa-

tion strategies forward at the country level.

The commitments ranged from

• Inclusion of Child and Youth Finance in national policies

• The establishment of national committees dedicated to financial inclusion

and Child and Youth Finance education activities for children, or inclusion

of these topics in existing committees

• Reaching out to local financial service providers and banking associations

to join the Child and Youth Finance Movement

• Encouraging retail banks to create/certify Child and Youth FriendlyBanking

products

b. Access- During 2011 most efforts around the development and delivery of Child and Youth

Friendlybanking products were focused on building the

network of financial institutions that would be willing

to develop Child and Youth Friendlyproducts and the

process for certifying those products as such.

1. Network building- 2011 saw strong growth in

the number of financial institutions participating

in the Child and Youth Finance network. The

nunmber was less than expected, with many

financial institutions citing the global financial crisis as the reason why they were

unable to commit to the network at this time. The growth seen was greatly encou-

raged through the assistance of our banking network partners such as the EACB

and WSBI. Staff from the Secretariat also traveled to the CEMLA and Union of Arab

Banks conferences where staff presented the concept of Child and Youth Finance to

high level representatives from the financial sector.

2. Partnership- To further the expansion and strengthen ties with the network of

financial institutions, the Secretariat received pro-bono support from Deloitte to

create a partnership structure for institutions looking to formally partner with Child

and Youth Finance International. The Secretariat hopes that this will eventually help

“I think banks should bring it to

the media that saving is good, saving is cool”


lessen the organization’s reliance on donor funding.

iii. Certification- Through the strong technical and strategic pro-bono support of

partners KPMG, Deloitte and Houthoff Buruma, CYFI was able to create the step-

by-step certification manual for financial institutions that will be certifying their

products as child-friendly. The manual was thus made clear for public consultation

in 2012, after which point it will be clear for implementation. A few key financial in-

sititutions have already committed to be the pilot programmes for this certification

during the second half of 2012.

Strategic Objective 2 - Education

Ensuring that 100 million children and youth have access to appropriate financial education by

2015. Activities in 2011 for this objective have been focused in two main areas: network growth

and the development of the Child and Youth Finance Education document.

a. Development of the Child and Youth Finance Education document- Throughout 2011, the

Secretariat has been developing an education document for organizations looking to

implement an educational programme that adheres to the principles of Child and Youth

Finance education. This document details key learning outcomes that should be seen in

various lifestages of children and youth and is the direct result of input from over 50 NGOs,

multilaterals and bilaterals. In December the Secretariat organized a working group meet-

ing in New York composed of key stakeholders that were instrumental in developing the

document. At this meeting the document was further refined and was approved for public

consultation in 2012, after which point it will be clear for implementation.

1. Network growth- CYFI has been heavily engaged with NGOs and multilaterals

directly involved in financial education, social education, livelihoods and entrepre-

neurship. Some of the stakeholders include Plan International, Save the Children,

OECD, UNESCO and Uncief. By focusing on international stakeholders rather than

national level programmes, the Secretariat felt it is more effective and efficient to

work with a higher level in order to see the principles of Child and Youth Finance

education being taken up globally. Through these efforts, over 150 organizations

have joined the Child and Youth Finance network and are very active.

2. Highlighting of efforts- During 2011, CYFI presented at three conferences: the OECD

Financial Education Conference in Indonesia, the European Microfinance Platform

Conference in Luxembourg and the Making Cents Conference in Washington D.C.


3.3 Strategic Objective 3- Global Platforms

On the international level continue to create alliances among policymakers and financial

regulators to further increase financial education and access for children and youth at national

levels. This objective has activities in three main areas for 2011: country platforms, research and

communications and advocacy.

a. Country platforms:

During 2011 with the assistance of national policy makers and regulatory authorities from

over 25 countries, the Secretariat created a national implementation guide for countries

that are interested in arranging a country level platform for the delivery of Child and Youth

financial education and access to safe and appropriate banking services. The execution of

this framework in country will involve a coordinated effort to engage representatives from

relevant government ministries (E.g. Finance, Education, etc.), financial service providers/

regulators/associations, private sector corporations, civil society organizations, teachers

associations and academic institutions. These Country Platforms will develop and execute

country specific programs to achieve overall goals. As a direct result of this, two countries,

Palestine and Morocco, will be piloting their own “Child and Youth Finance Day” in 2012,

and will serve as a strong test case for the concept.

1. In 2011, staff of the Secretariat met with government representative in 5 countries

in Latin America and began discussions for creating country platforms throughout

that region. As a direct result of these meetings, these countries will be sending

representatives to the Child and Youth Finance Summit in April of 2012 to learn

how they can begin forming their own country level platforms for Child and Youth

Finance.

2. Highlighting of efforts- During 2011, CYFI presented at two conferences:

i. Financial Literacy Conference in Paraguay: CYFI presented the country im-

plementation manual to central bankers and other financial regulators from

multiple countries in Latin America. Multiple contacts were made and some

of these are now in initial discussions about creating country platforms for

Child and Youth Finance.

ii. Making Finance Work for Africa in Ethiopia: CYFI attended this conference

which was primarily geared towards financial regulators but also for private

financial institutions. At this conference multiple contacts were made with

East African central banks and financial regulators, and the Secretariat is now

in the beginning stages of discussion for creating country level platforms in

the region.

b. Research:

1. Network expansion: The Secretariat focused its efforts on expanding the network of

Child and Youth Finance academics and researchers involved in the research work-

ing group. During 2011, the network grew by over 95%, from 50 academics and

researchers involved in the group to 98 by year end. As the organization grows, it is

the intention of the working group to focus many of these researchers and academ-

ics on studying the impact of the Child and Youth Finance Movement at both the

macro and the micro levels.

2. White paper: With funding secured from the Citi Foundation, a small team from

the working group has undertaken a state of the field analysis on what is currently

occurring in the field and within academic research. The paper will examine the

links between financial education, social education and financial access and how these impact

empowerment of children and youth and their financial capability. The outcomes of this paper

will be presented at the Annual Summit in April, 2012.

c. Communications and Advocacy

i. Communications:

1. Website: To increase our exposure and keep stakeholders abreast of the Movement’s

activities, the Secretariat has launched its website as a key gathering point for

stakeholders of the organization and as an eventual “knowledge center” for anyone

looking for further resources on the Child and Youth Finance Movement. The Secre-

tariat is also putting out a monthly newsletter that highlights the activities within the

Secretariat and the activities of organizations involved in the movement. The Secre-

tariat will also be looking to launch a website in the 1st first quarter of 2012 solely

for children and youth that are looking for information on financial matters that are

directly relevant to them.

2. Highlighting of Efforts: Staff of the Secretariat attended the Economist’s Innovations

Awards Ceremony in London. As a direct result of this conference, the Secretariat has

received assistance in developing a media strategy for the organization as well as

creating contacts within the Economist.

23

Supervisory Board and Secretariat


Supervisory BoardChild and Youth Finance International has been established as a not-for-profit Dutch foundation

with a two-tier board governance structure. The Supervisory Board is comprised of representa-

tives from banking networks, NGOs, development foundations, multilaterals, academic institu-

tions and corporations. The Supervisory Board is primarily responsible for strategy and selection

and oversight of the Managing Board members who will be responsible for the daily operation of

activities coordinated through the Child and Youth Finance International Secretariat.

The directors of the Supervisory Board do not receive a salary or any other compensation for

their work. During 2011 the Supervisory Board met in-person twice and twice over the tele-

phone. The Supervisory Board-in-formation met in May to agree upon the structure and goals

of the organization, which were affirmed via a telephonic meeting at the founding on 30 June.

The Board held a teleconference in October and met again in November. The purpose of these

meetings was to review the overall progress and achievements of the organization and plan for

the upcoming International Summit to be held in 2012. The Supervisory Board was made up of

the following members in 2011:

General Supervisory Board

*Andre LaBoul- André Laboul is the Head of

the Financial Affairs Division at the “Organi-

sation for Economic Co-operation and Devel-

opment” (OECD); This Division is responsible

for financial markets, private insurance and

private pensions issues and is servicing the

eight OECD related financial Committees and

Groups.

*Beth Porter- Beth Porter is Policy Advisor at

UNCDF where she provides policy guidance

and support to the global team on financial in-

clusion. Beth previously launched and directed

the YFS-Link initiative at Making Cents Inter-

national to build the capabilities of financial

services providers and youth-serving organi-

zations in youth-inclusive financial services.

Bob Friedman- Bob Friedman is general

counsel, founder and chair of the board of

CFED, based in San Francisco, United States.

A recognized leader in economic develop-

ment innovation, Bob has contributed to the

development of the U.S. microenterprise field,

flexible business networks, state and federal

entrepreneurial policy, and innovative bench-

marking tools, like CFED’s Assets and Oppor-

tunity Scorecard.

Chris de Noose- Chris de Noose is the Manag-

ing Director of the World Savings Bank Insti-

tute and, the network leader of savings banks

based in Brussels, Belgium.

Fiona Macaulay- Fiona Macaulay is the

Founder and Chief Executive Officer at Making

Cents International, a social enterprise dedi-

cated to equipping youth and adults with the

vision, confidence, and skills to find quality

employment or to create and grow their own

businesses, based in Washington D.C., United

States.

Henrik Naujoks- Henrik Naujoks is a Director

and Partner at Bain & Company in Germany.

He is heading the EMA Financial Services

Practice. Henrik has also been instrumental

in the World Economic Forum’s Young Global

Leaders Programme.

Herve Guider- Herve Guider is the Secretary

General of the European Association of Coop-

erative Banks, the network leader of coop-

erative banks in Europe based in Brussels,

Belgium.

Jaap Doek- Professor Jaap Doek is a global

authority in the field of Child Rights and was

formally the Chairperson of the UN Com-

mittee on the Rights of the Child. Jaap is the

Chair of the Board of Aflatoun, based in The

Netherlands.


Jacques Buith- Jacques Buith is the Managing

Partner of Deloitte Enterprise Risk Services

in The Netherlands. Jacques has committed

his firm’s resources to strengthening internal

controls in Child and Youth Finance and also

perform the internal audit.

Koen Vermeltfoort- Koen Vermeltfoort is

a Partner at McKinsey & Company in The

Netherlands. Koen began working with Jeroo

Billimoria a few years ago and has since that

point provided much assistance in strategic

consultancy.

Lew Mandell- Lew Mandell is a Professor

Emeritus of Finance and Managerial Econom-

ics at the University of Buffalo in the United

States. Lew has published 21 books on con-

sumer finance and is considered one of the

authorities in the academic study of financial

education.

Luis Felipe Derteano- Luis Felipe Derteano

is the President of Grupo ACP. Grupo ACP is

a financial institution developing a range of

complementary activities that provide entre-

preneurs in small and micro businesses and

emerging segments with the tools and access

ways they need to successfully overcome their

social and economic exclusions.

Mary Hagerty- Mary Hagerty is the First Senior

Vice President and Global Chief of Financial

Literacy at Operation Hope, an NGO working

to expand economic opportunity in under-

served communities through economic educa-

tion and empowerment located in California,

The United States.

Michael Sherraden- Michael Sherraden is the

Founder of the Center for Social Development

at the University of Washington at St. Louis

located in Missouri, the United States. Michael

is considered the authority in asset building

and has been named one of Time Magazine’s

100 most influential people.

Michiel Wesseling- Michiel Wesseling is a Part-

ner at Houthoff Buruma law firm and is highly

specialized in corporate law. Michiel has

committed his firm’s resources to assist the

organization with any and all legal matters. In

2011 Houthoff led CYFI’s legal foundation.

*Mmantsetsa Marope- Mmantsetsa Marope

is the Director of Basic Education based in the

UNESCO Headquarters in Paris, France. She

is an educationist with 30 years of practice.

Her experience covers school teaching, school

management team, ministry of education, uni-

versity teaching, managing regional research

networks.

Monique Cohen- Monique Cohen is the

Founder and President of Microfinance Oppor-

tunities, a non-profit that supports an agenda

for market-led microfinance. Monique is cur-

rently focused on microinsurance and finan-

cial education for low income individuals.

Nigel Chapman- Nigel Chapman is the Chief

Executive Officer of Plan International, located

in London, United Kingdom.

*Richard Morgan- Richard Morgan is the Di-

rector of Policy and Practice at UNICEF, based

in New York, United States. He has published

widely on household food security, social

welfare policy, rural development and African

development issues, as well as on develop-

ment strategies, human rights approaches to

development, public spending reform, gender

and development.

Sean Rush- Sean Rush is the President

and CEO of JA Worldwide and is based

in Colorado Spring, United States. Junior

Achievement become known as the world’s

largest organization dedicated to teaching

students about entrepreneurism, workforce

readiness and financial literacy.

Wissam Fattouh- Wissam Fattouh is the Sec-

retary General of the Union of Arab Banks, a

main referral center for the Arab financial and

banking community based in Beirut, Lebanon.

*special representatives


Committees of the Supervisory BoardThe Supervisory Board created the following committees in 2011 to assist the Secretariat and

provide greater oversight:

Executive CommitteeThe Executive Committee has

been delegated the day-to-

day tasks from the Supervi-

sory Board in assisting the

Secretariat with running the

organization. The committee

is composed of the following

members:

Henrik Naujoks

Jacques Buith

Koen Vermeltfoort

Michiel Wesseling

Nominations CommitteeThe Nominations Committee

has been tasked with looking

at board succession planning

and as well as assisting with

the development of key or-

ganizational documents. The

committee is composed of

the following members:

Beth Porter

Bob Friedman

Monique Cohen

Audit CommitteeThe Audit Committee has

been tasked with approving

the annual accounts of the or-

ganization as well as assisting

with the internal and external

audit process. The committee

is composed of the following

members:

Jacques Buith

Lew Mandell

Mary Hagerty

PersonnelThe Child and Youth Finance International Secretariat is staffed by a mix of persons with exper-

tise in education, finance, research, communications and other areas. The listing in this annual

report only includes staff working with Child and Youth Finance at the end of 2011. We would

like to thank those staff that have left during the year and all volunteers and interns that have

helped Child and Youth Finance International on its way to success throughout 2011.

ManagementJeroo Billimoria, Managing Director and Founder of Child and Youth Finance International

Jeroo is the founder and inspirational leader behind Child and Youth Finance International. Je-

roo volunteers her time as Managing Director and does not accept a salary. She is a serial social

entrepreneur who was named an Ashoka Innovator in 1999 and received the Schwab Fellowship

for Social Entrepreneurs in 2001 among many other awards for her work. She was featured in

David Bornstein’s book ‘How to Change the World’. She consults with the Indian Government

on issues related to child protection and has written several educational books for children and

published academic literature on the management of non-profit organizations.

In 2011 she held the following positions with other organizations: Member of the General Board:

Stichting Child Savings International (Aflatoun); Chair of the Supervisory Board: Stichting Child

Helpline International, The Netherlands; President of the Board of Directors: MelJol, India;

Founder Trustee: Childline India Foundation, India.


The TeamStaff

The team operates all day-to-day activities in

maintaining the Movement’s network, reach-

ing out to new stakeholders, developing our

financial inclusion and education strategies

and all materials, as well as all operational

support. Child and Youth Finance International

could not have achieved the above without

strong help from the board, the Managing

Director and the commitment of the staff.

The following listing are employees as of 31

December, 2011.

Inclusion

Daniele Scauso, Regulation Programme Man-

ager, 1.0 FTE. Daniele joined Child and Youth

Finance International on 01 September, 2011.

Bram Stoffele, Certification Programme Man-

ager, 0.8 FTE. Bram joined Child and Youth

Finance International on 01 September, 2011.

Education

Jared Penner, Education Programme Manager,

1.0 FTE. Jared joined Child and Youth Finance

International on 01 July, 2011.

Global Platforms

Lubna Shaban, Communications Programme

Manager, 1.0 FTE. Lubna joined Child and

Youth Finance International on 01 July, 2011.

Jie Xue, MIS Support Staff, 1.0 FTE. Jie or

“Cici” joined Child and Youth Finance Interna-

tional on 01 September, 2011.

Operations

Bram van Eijk, Operations Programme Man-

ager, 1.0 FTE. Bram joined Child and Youth

Finance International on 01 July, 2011.

Marlies Rademakers, Financial Administra-

tor, 0.2 FTE. Marlies joined Child and Youth

Finance International on 01 August, 2011.

Mart Scheepers, Operations Support Staff,

1.0 FTE. Mart joined Child and Youth Finance

International on 01 December, 2011.

Interns

During 2011 Child and Youth Finance International benefitted greatly from the work of interns.

Thanks to the valued interns, who are mostly students, Child and Youth Finance International

was able to accomplish much more than the staff otherwise would have been able to. The stu-

dents were required by their universities to do an internship for the completion of their studies

and clear goals and plans were created with them to help aid in their personal and professional

growth. The Secretariat would like to wish a warm thank you to everyone that has interned at

Child and Youth Finance International.

Amilanda Polime, Netherlands. University of Amsterdam, Netherlands.

Adriana Unzueta, Ecuador. IE Business School, Spain.

Ashley Howe, United Kingdom.

Chen Qi, China. University of Amsterdam, Netherlands.

Eric Cuevas, Spain. IE Business School, Spain.

Giovanni Piumatti, Italy. University of Amsterdam, Netherlands.

Homme Delea, Netherlands.

Huishuai Li, China. University of Amsterdam, Netherlands.

Olga Saweri, Papua New Guinea. University of Utrecht, Netherlands.

Raluca Voinea, Romania. University of Amsterdam, Netherlands

Sheng Ng, Singapore. Wharton School of Business, United States.

Siyuan Ding, China. University of Amsterdam, Netherlands.


Annex 1 - Salaries

Inclusion FTE Salary per Month

Bram Stoffele 0.8 FTE € 2.291,48

Daniele Scauso 1.0 FTE € 2.950,28

Education

Jared Penner 1.0 FTE € 2.950,28

Global Platforms

Jie Xue 1.0 FTE € 1.609,80

Lubna Shaban 1.0 FTE € 2.780,92

Operations

Bram van Eijk 1.0 FTE € 2.699,93

Marlies Rademakers 0.2 FTE € 452,28

Mart Scheepers 1.0 FTE € 1.609,80


Annex 2 - Audit Report
























The Child and Youth Finance International Annual Report 2011

Documents

youth finance movement

secretariat of child

youth friendlyproducts

youth finances

financial education

financial inclusion

donors financial

financial protection