| Child & Youth Friendly Banking Award
Commonwealth Bank of Australia Program Name: School Banking Project and YouthSaver account | Country: Australia Partners: Staff Community Fund, Karrikins Group, behavior change experts, schools and volunteers
INTRODUCTION The Commonwealth Bank is Australia’s leading bank. The School Banking project is run by participating primary schools and is currently present in half of all Australian primary schools. It encourages children to regularly deposit money into their YouthSaver account and earn silver Dollarmites tokens, which can then be redeemed through an exciting Rewards Program. The YouthSaver product is a tailored savings account specifically designed to teach and reward children for regular savings. Teenagers 14 years and over can apply by themselves by dropping into a branch. A parent/ guardian is required to open an account on the child’s behalf if under 14 years of age. By making one deposit of any amount and no withdrawals each calendar month, the account will earn bonus interest. There are no monthly account fees and no withdrawal fees. In addition, participating schools receive 5% of every individual deposit made at school (up to $10), along with other benefits.
AN OUTSTANDING APPROACH The Commonwealth Bank has proven its commitment to children and youth over many years with an extensive network of schools taking part in the SchoolBanking initiative. This network has been built up over 85 years, engaging children in learning important money skills. The YouthSaver product encourages savings amongst youth through a reward program as they save. In addition, the School Banking program offers free financial education for children. This program is available to all primary schools nationwide, regardless of location or commercial banking arrangements. Both School Banking and Start Smart (a free financial education program) are delivered nationwide. Between 15% and 20% of School Banking and Start Smart customers are in low socioeconomic areas. Commonwealth Bank 58
respects children and the laws that protect them. Child serving employees and bank representatives all undergo “Working with Children” police checks and laws relating to parental/ guardian consent are adhered to. School Banking Specialists are connected with Co-ordinators (volunteers who run the program in schools) to monitor on-the-ground satisfaction. Two annual Customer Experience Surveys are run across all participating School Banking schools each year to get feedback on all aspects of the program.
ACHIEVEMENTS • The Commonwealth Bank has reached 1,600,000 children through its YouthSaver program and 330,000 through its SchoolBanking program respectively. Its StartSmart financial education program is one of the largest of its kind in the world. • In 2016 Commonwealth Bank launched a pilot program to test a new approach to financial education with a virtual reality headset and storybook to teach kids about money. The trial was so successful that Commonwealth Bank is rolling the program out to all Grade 1 and 2 students who participate in Start Smart in 2017. • The Commonwealth Bank’s commitment to innovation has also included a significant project to reimagine School Banking for the digital age with the results due to be launched shortly. The evaluations of Start Smart consistently show that students have high levels of satisfaction with the program and find it relevant and valuable. In addition, follow up surveys find evidence that students do indeed apply something they learnt in the workshop. JUDGES’ THOUGHTS The product has a very well balanced profile on all dimensions. It shows a strong and innovative commitment to financial education, and provides tangible rewards and benefits to savers. Moreover, it was able to achieve a high participation rate and,
more importantly, high satisfaction levels, which are illustrated by active monitoring activities. Finally, Commonwealth Bank of Australia has a long-standing history of promoting youth financial education in Australia. Its wealth of experience could serve as a role model for other institutions.
Child & Youth Friendly Banking Award |
Diamond Bank Plc Product Name: Diamond Cool-Teens | Country: Nigeria Partners: Women’s World Banking, Mindsmith Consult, CBN & Junior Achievement Nigeria, Code Camp Africa, Helena Frey, Gr8jobsng, JOBRED, strategic partnerships with 44 schools
INTRODUCTION Diamond Bank Plc is Nigeria’s fastest growing retail bank. Through innovation and technology, Diamond Bank enhances customer experiences and financial inclusion (called ‘Beyond Banking’) across retail, business and corporate banking segments. Its people, community and physical banking environment are the core constituents of its value system. Internally, the core value drivers of the Bank are embedded in the acronym I-CLAP, which stands for Integrity, Competence, Leadership, Accountability and Passion. The Diamond Cool-Teens product offers youth over 13 years old access to a bank account that requires a low minimum opening balance of N500. Diamond runs a multi-channel acquisition. Accounts are acquired via walk-ins at branches, Direct Sales Agents, online, through referrals and at schools. A major pipeline into the proposition includes the thirteen year olds from the Diamond Future account (for zero to 12 year olds). Upon attaining 13 years, notifications are sent to parents who visit the branches with their minors for a customer information update and selection of debit card type which is free. The Diamond Cool-Teens account is part of a broader youth proposition, which includes Diamond Future, a parentcontrolled account, and Diamond SWAG, an account for youth who are 18+ years. This approach ensures long-term sustainability by ensuring smooth migration within and beyond the proposition as youth age out of the products. AN OUTSTANDING APPROACH The Diamond Cool-Teens offers a free debit card in a teen’s name. The teens have 100% control of their transactions on their debit card subject to the daily limit set by their parents or guardians. The parent or guardian can monitor teens’ account transactions and contribute to teens’ saving goals. Youth over 17 years old can own and operate the account independently. Moreover, the teens
can deposit funds into their account without a parent or guardian and have the opportunity to choose between two trendy Debit Card designs. The Diamond Bank Plc also offers nonfinancial services, such as access to financial education tools and games via newsletters, access to essay competition and annual contests, access to “Teens Week Fridays” when children visit the banking hall. During the World Savings Day, Diamond Bank adopts a minimum of two public schools in distant communities across the six geo-political zones and use radio, the more prevalent media channel in the north of the country.
ACHIEVEMENTS • The Diamond Bank Plc has achieved a high rate in acquisition of 37,000 teens and 341,111 students members accounts in less than three years. • In 2016, 3,000 students participated in the various education programs of the Diamond Bank Plc. JUDGES’ THOUGHTS The strategic focus and investment thus far in the development of the youth program has been commendable. The product was deliberately designed to be youth and girl-friendly and to drive inclusion and engagement (low opening balance, free debit cards, supporting financial capabilities, and trained staff personnel on youth banking). The Non-financial services component with financial literacy, essay contests, discounts and sponsorship activities has also helped to cater to the financial needs of young Nigerians
| Child & Youth Friendly Banking Award
Finance Trust Bank Limited Product Name: Girl’s Choice Savings Account – Teen Classic Savings Account – Trust Junior Savers Account | Country: Uganda Partners: Non-governmental and community-based organizations
INTRODUCTION Finance Trust Bank Limited offers three different products that target children and youth: Girl’s Choice Savings Account, Teen Classic Savings Account and Trust Junior Savers Account. The Girl’s Choice Savings Account targets in and out of school girls aged 10 to 19, whereas the Teen Classic Savings Account is designed for 12 to 17 year old. The Trust Junior Savers Account is an affordable and secure account that enables parents to save for their children’s needs and teach them the benefits of early savings. When the child turns 18, the account is converted to Trust Savers Account Both Girl’s Choice Savings Account and Teen Classic Savings Account have no bank fees, offer interest, and have a low minimum deposit. When withdrawing money, a signature from a financial mentor is required. The Teen Classic Savings Account allows teenagers to deposit extra money whenever they can and save for their future whereas the Girl’s Choice Savings Account offers financial literacy education and provides training in sanitation, personal hygiene and many other life skills. The Trust Junior Savers Account enables parents/guardians to save for their children’s needs and teaches them the benefits of early savings. Some of its key features include attractive interest rates, affordable account opening and minimum balances, no ledger fees or transaction charges. Children have access to their accounts whenever they need to make deposits or withdrawals at any Finance Trust branch.
AN OUTSTANDING APPROACH The products are offered to all children regardless of their race, religion or beliefs and distinctly try to reach young clients in rural areas. Finance Trust Bank Limited runs special contest where outstanding clients are sponsored to attend youth camps and leadership conferences such as the Girls Arise Conference 60
organized by Uganda Women’s Network. In addition, the Bank has a team of direct sales officers that move out to rural areas offering financial literacy and opening youth accounts. 80% of its network branches are located in upcountry/rural areas. To evaluate performance, the Bank carries out surveys and focus group discussions to obtain feedback on services offered. In addition, the Bank performs social performance monitoring that helps measure the impact of its operations or services offered on the social welfare of the children and the youth served. As for banking innovations, Finance Trust has enabled easier access to financial services for its youth segment through use of mobile account opening, where account opening is completed in the field using mobile handsets. This has given the bank a competitive advantage with instant account opening on site as compared to other banks where the process takes over 48 hours to be completed. In addition, the Bank uses a mobile van that helps to collect savings for the youth on specific days, thereby allowing them to access a personalized service agent in the remote communities where they are located.
ACHIEVEMENTS • Finance Trust Bank has reached 13,796 girls through its Girl’s Choice Savings Accounts, 9,296 youth through its Teen Classic Savings Accounts and 2,925 children through its Trust Junior Savers Accounts. JUDGES’ THOUGHTS The products are targeting youth in general, but also include a specific focus on vulnerable groups (in this case, girls). Moreover, parents have the possibility to save for their children’s futures. In regards to outreach, both rural and urban areas are covered, this way making the products more widespread throughout the country. The Bank has demonstrated strong alliances with
development partners, civil society and government in ensuring financial inclusion, education and livelihood enhancement for the youth segment.
Child & Youth Friendly Banking Award |
JSC Bank of Georgia Product Name: sCool card | Country: Georgia Partners: The Bank of Georgia University, the Ministry of Education and Science
INTRODUCTION JSC Bank of Georgia (BOG) is the leading Georgian bank that offers a broad range of retail banking, corporate banking and investment management services. BOG served approximately 2 million client accounts through the largest distribution networks in Georgia, with 266 branches, the largest ATM network, comprising 746 ATMs, 2,589 Express pay (self-service) terminals, a remote banking platform and a modern call center. It offers sCool cards that are free of charge to all public and private school students above 6 years old. With the sCool Card, children can save money on their account by using an electronic wallet and pay for lunch at school canteens. BOG also offers free trainings at sCool Card business school and discounts by paying with sCool cards at bookshops and entertainment centres. School attendance is also tracked using the sCool Card. AN OUTSTANDING APPROACH sCool Cards give control to children and reward them with bonus points as they save. The children make transactions themselves and can always check their account, providing them with a first-hand experience in financial culture. What’s more, children learn to save and use banking products, and can make use of mobile and internet banking. In its outreach activities, BOG uses flyers, posters and presentations, while organizing meetings with students, parents, and teachers at schools. Also, BOG uses its websites, such as “scoolcard.ge”, “bog.ge” as well as banners, TV adds, and sms messages to promote the product. It has expanded its geographical reach and already offers sCool Card in rural areas. The evaluation of the educational component of sCool Card is conducted by using questionnaires designed in collaboration with CYFI and the
National Bank of Georgia.
ACHIEVEMENTS • Through its program, BOG has reached 110,000 children. • At present, almost 70% of schoolchildren in Tbilisi use sCool Card. • The pilot training programs offered by the free sCool Card business school have been successfully completed at 10 public and private schools involving 175 students. . • The representatives of the bank held presentations for parents and teachers at a special school for partially deaf children. As a result, 40% of these children have already recieved a sCool Card. JUDGES’ THOUGHTS The program is very broad and highly innovative. The card has indeed a very wide range of uses and benefits, empowering children and youth in their financial lives. Moreover, the program was able to reach a great number of youth, especially in Tbilisi. This helps children get accustomed to a financial culture and teaches them to save money and to use banking products.
| Child & Youth Friendly Banking Award
Kerala Gramin Bank Product Name: Junior Savings Account | Country: India Partners: National Bank for Agriculture and Rural Development (NABARD), the Reserve Bank of India (RBI), Mr. Gopinath Muthukad and Rajagiri Outreach
INTRODUCTION Kerala Gramin Bank is a regulated financial institution in Kerala with 602 branches. This is the largest Regional Rural Bank of India in terms of total business. Most of its clients are agriculturists and small & medium entrepreneurs. Children aged 10 and above can open and operate Junior Savings Accounts independently. The documents required for opening the accounts are a photograph & a proof of identity of the child and a declaration from one of the parents. Junior Savings Account holders are eligible for Junior Debit Card (JDC). Children can use this card for withdrawing cash from their account through ATMs at a daily withdrawal limit of INR 5000 per day ($75 USD). The card could also be used at Remote Points of Sale (POS) and online transactions up to INR 2000 per day. The account is linked with the mobile number of a parent, who receive SMS alerts of every transaction made on the account. AN OUTSTANDING APPROACH The Junior Savings Account is designed to encourage children to save through incentives such as eligibility for free accidental insurance and preferential educational loans to eventually pursue higher studies. Through the program, Kerala Gramin Bank provides Financial Literacy Clubs where children can meet frequently and exchange their ideas. It has also developed an app (“Little KGB”) for teaching children the basics of banking. By using the app, children can check their account balance and generate mini statements. Under its novel [email protected]
program, each branch ties up with at least one school in the locality for financial inclusion. Students are being trained by seasoned bankers. After the trainings, camps are arranged at schools to open accounts. Custom-made financial literacy booklets are also distributed to the participants. Bank observes that once a child is guided towards banking and savings, the child will definitely plan for his/her 62
ACHIEVEMENTS Through the Junior Savings Account, Kerala Gramin Bank has reached 309,531 children. • Being a socially committed bank, it has a strong presence in rural areas and has devised a novel project to reach out to one of the most neglected sections of the society, the children. • The financial literacy program for school children “[email protected]
” is offered across 602 branches of the bank. Up until now, the bank has already reached out to over 50,000 children and the program is still growing. JUDGES’ THOUGHTS The product gives great control to children and youth. Furthermore, it has been able to reach a great number of people. The Bank has demonstrated a commitment and dedication towards grooming a financially literate and financially included generation.
Child & Youth Friendly Banking Award |
National Savings & Credit Bank Product Name: Girls Dream Account & YAPASA Youth Empowerment Programme & Minor Savings Product | Country: Zambia Partners: The International Labour Organization, the Food and Agricultural Organization, Palabana fisheries, Vyazala crops, Population Council
INTRODUCTION National Savings and Credit Bank is a government bank with a core mandate of providing reasonably priced financial services to low income populations. The Bank’s mandate is to increase financial inclusion by banking the unbanked. The Bank currently has in place well designed savings and credit products that are child focused and youth friendly. These interventions have produced various impacts such as an improvement in the culture of savings, improvements in the loan repayment culture, a financially educated rural and youth population resulting in improved financial acumen along with reduced vulnerability and increased incomes. The products offered to children and youth include: • The Girls Dream Account, which is offered to vulnerable girls aged 10 to 19 years. Adolescents receive financial education and are encouraged to save. • The YAPASA Youth Empowerment Programme, which is offered to 16-35 year olds. It is a tailored microfinance product for youth involved in agriculture in both rural and urban Zambia. • The Minor Savings Product, which is offered to children under 16 years of age. The product allows parents/ guardians to open an account on behalf of their child. Using this account, minors are allowed to deposit money into their accounts.
AN OUTSTANDING APPROACH Through the three different programs, the Bank facilitates financial access to children, girls and young farmers. Young people are also awarded on the World Savings Day based on the frequency of usage, amount saved and consistency in making savings. Piggy bank and coin competitions are also organized in schools to encourage children to save. The Bank uses schools and community centers to
reach out to young clients through financial education campaigns, educating youth and their parents/ guardians on various financial issues. In addition, the Bank carries out visitations to project areas to interact directly with children and their parents or guardians. The Bank has set up a wide network of branches in rural areas, with a large number of agencies and remote Points of Sale available. Child friendly signage and branded material, and various promotional channels such as drama, plays, road shows, cocktail parties and events are used to effectively communicate to children and adolescents as well as promotional materials such as calendars, brochure, leaflets and Magazines.
ACHIEVEMENTS • The National Savings and Credit Bank has reached a total of 2550 children and youth through its three different programs. • Natsave (Girls Dream Account) partnered with the Population Council and implemented the AGEP program which targeted about 10,000 vulnerable girls with the goal to help vulnerable girls avoid early marriage, sexually transmitted infections, and unintended pregnancy. Furthermore, the program provided child friendly savings products to over 2000 adolescent girls who also received training in financial literacy. This product received the best innovation award by the Central Bank during the 2016 Financial Literacy Week Awards. JUDGES’ THOUGHTS The Bank has embarked on strategies to ensure constant growth, improved market position, innovation, effective management and staff skills development because it feels these are key in capturing more youth and adolescents in the future. 63