4.1 Policy and Regulation

Last year’s chapter on youth-inclusive financial services and capabilities in the “State of the Field” publication discussed the different policy and regulatory limitations, including age and identification requirements limits (http://www.youtheconomicopportunities.org/book/200/81-policy-and-regulation-play-critical-role-increasing-youth-access-financial-services#.UGsUFK7objU),  confronting financial service providers (FSPs) as they serve young people.  This year, Consultative Group to Assist the Poor (CGAP) 1and UN Capital Development Fund (UNCDF)-YouthStart 2share their experiences responding to these limitations via focused policy discussions. They provide recommendations for engaging different government and private sector stakeholders as well as guidelines for leading a productive discussion. Child and Youth Finance International (CYFI) 3provides some innovative policy examples from the Philippines and Namibia that can serve as useful examples for policy-makers and regulators as they grapple with how to most effectively increase youth access to appropriate financial services.

  • 1. CGAP is an independent policy and research center dedicated to advancing financial access for the world's poor. It is supported by over 30 development agencies and private foundations who share a common mission to alleviate poverty. Housed at the World Bank, CGAP provides market intelligence, promotes standards, develops innovative solutions and offers advisory services to governments, financial service providers, donors, and investors.
  • 2. YouthStart, a UNCDF initiative established in partnership with The MasterCard Foundation, aims to increase access to financial services for low-income youth in sub-Saharan Africa, with an emphasis on savings and financial education. The programme helps to design, test and scale up sustainable services tailored to the needs of young people, while helping to create an enabling regulatory environment for young people to access the right financial and other services they need to make sound financial decisions, build a strong asset base, and create sustainable livelihoods for themselves.
  • 3. This global community is dedicated do to children and youth’s financial inclusion and education. The Child and Youth Finance Movement exists to initiate, leverage and coordinate a global, multi stakeholder approach to child and youth financial issues and provide financial education and protection for children in all the countries of the world.