Youth Savings Accounts
By Nicole Tosh, New America Foundation
On August 23rd, the YouthSave Consortium convened a Multi-Stakeholder Meeting, entitled “Youth & Their Money: Insights into the Financial Lives of Youth” in Kathmandu, Nepal. In addition to the intriguing discussion with the expert panelists—including YouthSave Director Rani Deshpande and YouthSave Project Coordinator in Nepal Jaya Budathoki—two youth from Bhaktapur discussed their experience with Bank of Kathmandu’s (BoK) Chetansil Yuwa Bachat Yojana (CYBY) youth savings account and the benefits of saving in their own lives.
By Rani Deshpande and Zebedee Mkala, Save the Children
On July 12 YouthSave partner Kenya Postbank officially launched its new “SMATA” youth account with festivities at the Ofafa Jericho high school in Nairobi. The event was presided over by Canada’s Deputy High Commissioner to Kenya, with close to 500 youth in attendance. Participating youth were treated to a comedy show and dance competition where the winners were awarded with T-shirts and had a SMATA account opened for them. In total, about 130 accounts were opened during the launch.
By Alexis Saffran and Anjana Ravi, New America Foundation
Originally posted on nextbillion.net
With a third of the global population today under the age of 19 and 90 percent of these young people living in developing countries – 45 percent living on less than $2 a day—there is an urgent need to create easy and efficient savings mechanisms for the young.
By Rodrigo Sermeno, New America Foundation
The YouthSave Consortium is pleased to announce that on April 25th, the Bank of Kathmandu (BoK) launched its “BoK Chetanshil Yuwa Bachat Yojana (CYBY)” (meaning ‘Conscientious Youth Savings Plan’) – a savings account tailored for low-income youth aged 10 to 22. The product, which was earlier piloted through its branches in Attariya, Surkhet, Bhaktapur and Gongabu, will now be available at all of its 43 branches across Nepal.