MasterCard and Child & Youth Finance International announced a partnership on Tuesday aimed at improving the financial inclusion of children and youth.
According to CYFI, less than one percent of children worldwide have access to any form of financial education. The partnership seeks to enable financial inclusion through education to promote the economic and social livelihood of youth around the globe.
“We share CYFI’s vision that every child and youth has a right to safe, accessible financial services and are honored to bring our expertise and experience to this partnership, empowering the young generation to grow into productive economic citizens,” MasterCard President and CEO Ajay Banga said.
MasterCard and CYFI have developed guidelines for responsible financial products for children and youth, built around UNICEF’s Children’s Rights and Business Principles, that are designed to provide a benchmark for banks that seek to serve a younger demographic.
The guide will be published in the spring and will be available to non-governmental organizations, government entities and financial institutions.
“Roughly half of the world’s population is under the age of 25— and it takes a broad effort to building up their financial capabilities,” CYFI Managing Director Jeroo Billimoria said. “We are delighted that MasterCard, a trail-blazer for financial inclusion, is supporting us in our goal to reach 100 million children and youth in 100 countries by 2015.”