Youth and Financial Services Working Group
The MasterCard Foundation
The MasterCard Foundation advances microfinance and youth learning to promote financial inclusion and prosperity. Through collaboration with committed partners in 48 countries, The MasterCard Foundation is helping people living in poverty to access opportunities to learn and prosper. An independent, private foundation based in Toronto, Canada, it was established through the generosity of MasterCard Worldwide at the time of the company’s initial public offering in 2006.
The Field of Youth Financial Services
There are many organizations already doing fantastic work in the field of youth and financial services. Below are a few organizations that are represented in the Youth and Financial Services Working Group membership.
Aflatoun began working with schools to bring rich and poor children together to learn about each others’ lives. They seek to harness the early period in a child’s life and give them an educational experience that leaves them with positive associations of money and social change. By teaching basic social and financial skills, and providing children with practical experience, Aflatoun hopes that they will believe in themselves and their ability to make a difference in their lives and in the lives of people around them. Aflatoun currently works in 83 countries, and has reached over 1.3 million children.
World Vision is a Christian humanitarian organization dedicated to working with children, families, and their communities worldwide to reach their full potential by tackling the causes of poverty and injustice. World Vision’s projects strive to meet the physical, emotional, psychological, and spiritual needs of the most vulnerable children, focusing on activities that prevent them from falling into deeper crisis; protect children who are already vulnerable through care, protection, and provision of immediate needs; and restore children by helping them gain skills they may have lost and reintegrating them with family and community when possible and appropriate. World Vision (WV) invests more in its education programs than any other sector, focusing on increasing access to quality learning opportunities for all children, especially children from disadvantaged backgrounds. WV’s goal is for children to attain functional literacy and numeracy and develop essential life skills
One of MEDA´s objective is linking unemployed, under-skilled youth with financial services and practical skills development that will support them in securing meaningful employment or entrepreneurship opportunities. With years of experience in product design and workforce readiness, MEDA is at the leading edge of a rapidly growing field, providing innovative youth programming in Egypt, Morocco and Afghanistan. MEDA is a recognized leader for establishing best practices in financial services, investment fund development, market development and solving poverty by responding to each population’s unique needs.
Save The Children
Save the Children is an organization focused on creating lasting change in the lives of children in need in the United States and around the world. Grounded in its shared vision of a world in which every child attains the right to survival, protection, development and participation, Save the Children’s new mission is to inspire breakthroughs in the way the world treats children and to achieve immediate and lasting change in their lives. Save the Children serves impoverished, marginalized and vulnerable children and families in more than 120 nations. Its areas of work are: Child Protection, Education and Child Development, Health and Nutrition, HIV/AIDS, Livelihoods.
Aga Khan Foundation
The Aga Khan Foundation (AKF) focuses on a small number of specific development problems by forming intellectual and financial partnerships with organizations sharing its objectives. The AKDN works in 30 countries around the world. It offers many microfinance services, like agricultural lending, microsavings, among other.
Freedom From Hunger
Freedom from Hunger, a recognized expert in integrated financial and non-financial services for the chronically hungry poor, launched the Advancing Integrated Microfinance for Youth (AIM Youth) initiative to address the financial needs and preferences of young people with appropriate and locally adapted financial education curricula integrated with customized microfinance products—beginning with savings products. Freedom from Hunger is an international development organization dedicated to bringing innovative and sustainable self-help solutions to the fight against chronic hunger and poverty. Together with local partners in Africa, Asia and Latin America, Freedom from Hunger equips families with resources they need to build futures of health, hope and dignity.
The mission of FINCA International, Inc., is to provide financial services to the world's poorest families so they can create their own jobs, raise household incomes, and improve their standard of living. FINCA's aim is to deliver these services through a global network of locally managed, self-supporting institutions. FINCA works through microfinance to serve over 900,000 working poor clients through 21 wholly-owned subsidiaries in Latin America, Africa, Eurasia, and the Greater Middle East. FINCA programs work closely with our low-income clients, providing them with the tools to raise their incomes and enter the global economy. They offer an array of microfinance services, and tailor those services to local circumstances and to what clients say they want, including youth clients.
Making Cents International
Making Cents understands that youth are important assets in the development of prosperous, sustainable communities. They are dedicated to stimulating, supporting, and developing the entrepreneurial spirit, business skills, and financial literacy of young people through their specialized training and consulting products and services.
Catholic Relief Services is among the major players in the microfinance world, with a network of over 36 country programs supporting both formal microfinance institutions and a range of community-based savings-led initiatives. An emphasis is put on establishing long-term relationships between group members and the microfinance institution. This ensures that the borrowers can successfully reimburse the institution, and that their businesses grow and develop through the prudent use of these loans. CRS introduced two microfinance methodologies: the savings and internal lending community and the self-help group. Members of these groups typically save on a regular basis, contribute to a voluntary emergency fund, and engage in small-scale internal lending with loans of $5 to $30.
ChildFund International is an organization driven by the potential of all children to thrive and become leaders and champions of positive change. They work with children and their families, as well as local organizations and communities to create the environments children need to thrive. ChildFund International currently works in 31 countries, assisting about 13.5 million children and their family members.
Reach Global's innovative approach to education transforms a shady spot under a village tree into a powerful learning opportunity. Reach education can be delivered easily by a wide variety of local organizations serving the rural poor. Reach's education extends to adolescent girls, who join their mothers and mothers-in-law in savings groups, or form groups of their own. By integrating adolescent girls, groups bring the opportunity to save and learn to the next generation of women. Together, girls and their mothers become the most enthusiastic agents of change, igniting even broader social transformation within their communities.
Street Kids International is a charitable organization with the sole purpose to provide the 700 million youth worldwide living below the poverty line with sustainable opportunities to earn a living. Street Kids teams with youth workers worldwide to engage youth through innovative and interactive workshops, animations and tools about entrepreneurship, sexual health, and drug use. Having reached more than two million street kids in more than 60 countries, they have been recognized by the United Nations as a global best practice leader in youth work.
In community with the local Church, World Relief envisions the most vulnerable people transformed economically, socially, and spiritually. Children are frequently the most vulnerable, overlooked group on the planet. To join them in their time of need World Relief implements Child Development programs, where children of all backgrounds are placed in clubs with trained mentors to learn valuable lessons about life, identity, health, hygiene and safety. In addition, utilizing the power of Agri-business, Microfinance and Savings Groups, World Relief equips small business owners with the skills, capital and resources necessary to develop successful, self-sustaining businesses.