CYFI are pleased to release the final version of the report “The Regional Financial Inclusion Landscape of Youth Bank Accounts: Selected country cases from Central and Eastern Europe”, written by Karina Avakyan, Bianca Isaincu and Floor Knoote.
The report presents and analyses the findings of the study conducted by CYFI Secretariat and its network partners in 2014-2015 on the availability and features of banking products for children and youth in five selected countries of Central and Eastern Europe – Armenia, Belarus, Croatia, Czech Republic and Moldova. More than 60 financial service providers (FSPs) from these countries responded on a comprehensive survey on the existence, features, integration of financial education component and characteristics of current and savings accounts that they are offering for children and youth.
Findings indicate that more than 80% of FSPs do offer a bank account for young people, but a far less percentage of these products comply with Child and Youth Friendly Banking Principles, created by CYFI, Mastercard and CYFI network partners. The current report is the first attempt to collect and analyze this kind of data, and CYFI Secretariat aims to develop and deepen the analysis when replicating the study in other regions and countries in the future.
CYFI Network partners supported data collection from the banking institutions between September 2014 and May 2015 – Union of Banks of Armenia, the National Bank of the Republic of Belarus, Croatian National Bank, Ministry of Finance of Czech Republic and the National Bank of the Republic of Moldova. The report was also peer-reviewed by Ms. Olga Tomilova, Regional Representative for Europe and Central Asia of CGAP (the Consultative Group to Assist the Poor), who also provided valuable advice and guidance on the structure, format and data analysis of the project.
A special thank you goes out to CYFI interns - Veronika Shevchenko, Alexandra Nabilskaya and Stanley Nosten for their invaluable help in analysis and design of this publication.Please read the full report here and the Russian summary of the report here.