Microcredit Summit Campaign and Child & Youth Finance International Partner to Fight Poverty and Promote Financial Inclusion for Millions
11 October 2013
AMSTERDAM, THE NETHERLANDS/WASHINGTON, D.C., THE UNITED STATES – In a commitment to bring about financial inclusion and facilitate the journey out of poverty of children, youth and their families in some of the world’s most vulnerable communities, Microcredit Summit Campaign and Child and Youth Finance International (CYFI) are entering a partnership. The partnership acts to strengthen the work of both organizations, and together they aim to give families and their children and youth the tools to lift themselves out of severe poverty and indebtedness. The two organizations have separate, but complementing, goals of financial inclusion and poverty alleviation.
The objective of a partnership between Microcredit Summit Campaign and CYFI is to strengthen the goals of both organizations and make microfinance more inclusive to children, youth and families; identify and reach out to children in the most vulnerable communities; and combine both organizations’ resources to reach out to as many young people and their families as possible.
Jeroo Billimoria, Founder and Managing Director at CYFI, expressed her enthusiasm for the partnership declaring:
“We are eager to join this global movement to demonstrate with others the power of partnerships against poverty and also to inspire new collaborations with those committed to supporting the movement of millions out of severe poverty.”
Microfinance Summit Campaign Director Larry Reed was equally enthused, stating:
“I am pleased to confirm that the Microcredit Summit Campaign supports the core values of Child and Youth Finance International (CYFI). With this commitment, we express our intent to advance these principles within our sphere of influence, and will make a clear statement of this commitment to our stakeholders and the general public.”
The similarities between the organizations and their respective goals make them natural partners and their partnership allows a combining of innovations and resources to achieve their ultimate goal of helping vulnerable children and youth. The Microcredit Summit Campaign’s two goals are to reach 175 million of the world’s poorest families (defined as those who live on less than US$1.25/day) with microfinance and to help 100 million families lift themselves out of severe poverty. Similarly, CYFI recognizes that, “1 billion of the world’s children are living in poverty. Repercussions of poverty are decreasing education and healthcare and increasing instances of homelessness and abuse.” To tackle this issue, CYFI aims to reach 100 million children and youth in 100 countries with access to financial education and appropriate financial services by 2015.
In addition to a shared commitment to combine innovations and resources, both organizations will streamline dimensions of their data collection to build a globally integrated data set. The Campaign will incorporate child and youth-inclusive indicators in the Institutional Action Plan, through which the Campaign collects client outreach data each year, and will make that data available to CYFI. In exchange, CYFI will include the collection of client poverty measurement data from partners in its annual data collection process and share the data with the Campaign.
Partnership Officially Declared During “2013 Partnerships against Poverty Summit”
The partnership will be solidified through CYFI’s involvement in the 2013 Partnerships against Poverty Summit, co-hosted by the Microcredit Summit Campaign and the Microfinance Council of the Philippines, Inc., which will take place in Manila, Philippines, October 9-11. The Summit event will specifically focus on cross-sector collaboration, a topic well in line with CYFI efforts. During the Summit, CYFI will be leading two sessions on “How Can Microfinance Be More Inclusive to Children and Youth?” and “Child and Youth Finance as a Catalyst to National Collaboration.” The first session looks at the deeper burning issues in child and youth microfinance and supplies participants with concrete case studies on effective child and youth finance programs. The second CYFI session will focus on presenting a structured way to achieve integrated national-level initiatives on the importance of economic citizenship education, financial education, and livelihood skills as well as sharing best practices and cross-sector strategies for future regulatory synergy for financially inclusive initiatives.
About the Microcredit Summit Campaign
The Microcredit Summit Campaign (the “Campaign”), a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of severe poverty. The Campaign convenes a broad array of actors involved with microfinance to promote best practices in the field, to stimulate the exchange of knowledge and to work towards alleviating world poverty through microfinance.
About Child and Youth Finance International (CYFI) and the Movement
CYFI is a non-profit organization that aims to increase financial inclusion and financial education for children and youth, and ultimately break the cycle of poverty and indebtedness. The global Movement of CYFI was launched in 2012 and targets to reach 100 million children in 100 countries by 2015 with access to appropriate financial services in combination with the knowledge and skills to operate these through financial and social education. Together with over 1000 partners and stakeholders the CYFI Movement works towards reducing financial vulnerability, increasing financial responsibility and make sure that the adults of tomorrow are equipped to lead financially stable and responsible lives.