Nov. 2, 2010
This press release was originally distributed by Save the Children
Kathmandu, Nepal - An agreement was signed between Save the Children and Bank of Kathmandu Ltd. today; formally launching the YouthSave project in Nepal. Mr. Brian J. Hunter, Country Director of Save the Children, and Mr. Ajay Shrestha, Chief Executive Officer of Bank of Kathmandu Ltd., signed on the agreement.
YouthSave is a multi-country learning project to encourage low-income young people aged 12-18 in developing countries to save through formal sources for a better future. “Through the project, we want to demonstrate that when the right facilities are made available, even poor and vulnerable youth can accumulate savings and put to productive investments,” said Save the Children Country Director Brian J. Hunter.
Supported by The MasterCard Foundation, the project will be implemented in four countries including Nepal by a consortium of four organisations led by Save the Children. The Center for Social Development (CSD) at Washington University, the New America Foundation (NAF), and the Consultative Group to Assist the Poor (CGAP) are members of the consortium. The project is being implemented in Nepal, Colombia, Kenya and Ghana from 2010 through 2014.
In Nepal, Save the Children has partnered with Bank of Kathmandu Ltd. to develop and roll out a savings product across the country that will encourage engagement of low-income youth in thebanking system. During the first phase of the project, a savings product will be developed by the bank based on an assessment of savings demand and business analysis of the product.
“As a financial partner in the project, we want to prove that low-income youth are viable clientele for commercial banks when there are cost-effective products and delivery systems to serve them,” said Ajay Shrestha, Chief Executive Officer, Bank of Kathmandu Ltd.
The bank, which has been promoting savings habits among wider strata of society through tailored products and accessible channels, will bring the marginalized and unbanked youth segment into the mainstream financial sector through its partnership with YouthSave.
During the project period, research partner New Era will study the uptake and usage of the bank’s product to assess its potential for promoting youth development and financial inclusion, especially in developing regions of Nepal.
For more information:
Sudarshan Shrestha, Director - Information and Advocacy, Save the Children; Mobile: 985-100-4575