MasterCard and Child & Youth Finance International announced on Wednesday the publication of a guide for financial institutions and other entities on developing retail banking products for children and youth.
“Every child and youth has a right to safe, accessible financial services, and we need to empower them to grow into productive economic citizens,” Anna Zanghi, the global lead of youth segment product at MasterCard, said. “Our goal in working with CYFI is to expand access to safe, secure and responsible financial products and services for young people that enable them to start to save for the future and pursue goals such as higher education and entrepreneurial ventures.”
The guide’s publication will coincide with Global Money Week, which is celebrated in 90 countries worldwide.
According to MasterCard, only 38 percent of youths ages 15-25 worldwide have a traditional banking account. The company said it, along with CYFI, expects that expanding financial inclusion and providing economic education to youths will be crucial in developing a more inclusive world economy.
“Roughly half of the world’s population is under the age of 25—and building their financial capabilities requires a concerted effort from the public, private and social sector,” CYFI Managing Director Jeroo Billimoria said. “In working with MasterCard, we have been able to translate children’s rights into the banking product development process resulting in what we hope is a useful resource for banks.”