Shaping the Future is a National initiative designed in 2012 by the Egyptian Banking Institute (EBI), under the auspices of the Central Bank of Egypt, dedicated to the enhancement and implementation of Financial Literacy and the development of Friendly Financial Products for Children and Youth in Egypt and the Middle East.
“Shaping the Future has been EBI’s means of serving its Community. Our vision is to reach a state of financial well-being for all the Egyptians,” Dr. Mona El Baradei – Executive Director.
In 2013, EBI started the National Committee for Developing a Strategy for Financial Literacy in Egypt. Working under the auspices of the Central Bank of Egypt, the committee holds the membership of diversified influential stakeholders: Financial Regulators, Ministries & Governmental Bodies, Financial Institutions & Banks, Academic Institutions, Community Service Organizations and Contributors.
Throughout the years, ‘Shaping the Future’ has led EBI to develop a sustainable model approach for implementing Financial Literacy which relies on engaging all related stakeholders, building up the capacities of all involved stakeholders and creating a saving culture within schools. The elements of the Financial Literacy Ecosystem are:
- Strategy Formulation: Creating a national framework for financial literacy and providing the Egyptian steering committee with the best practices.
- Education: Ensuring that the financial education stakeholders have the capacity to deliver the national financial literacy curriculum to different target segments.
- Implementation: Develop and apply a wide range of Financial Literacy activities that cater to the needs of different age and social segments
- Measure Impact: Evaluate through different techniques the influence of the implemented Financial Literacy activities.
Shaping the Future initiative aims to create a platform for the best practices and empower the national decision-making processes through a series of activities. These activities rely on two pillars: Financial Education and Awareness which targets delivering financial education and awareness to children and youth; and Friendly Financial Products which targets supporting banks in promoting financial literacy as well as child and youth friendly financial products. These activities include:
- Encouraging banks to develop Child and Youth Friendly Financial Products
- Encouraging the Training of the Trainer (TOT) program to create niche financial education teachers
- Building a financial education curriculum in partnership with international partners and developmental agencies
- Arranging visits to banks & financial institutions to teach children and youth about the different functions occurring inside a bank
- Participating in Global Money Week annually; a global annual money awareness celebration initiated by the Child and Youth Finance International (CYFI)
- Conducting financial literacy sessions & interactive presentations in universities & schools in coordination with the Ministry of Education, Ministry of Youth and Sports and International Schools.
Throughout 2015, EBI has been enlarging Shaping the Future scope to target other segments in underprivileged areas and to execute National Projects:
- SchoolBank Project: designed by Child and Youth Finance International (CYFI) to increase financial inclusion of children & young people between 6 and 25 years of age, through the school system.
- Civil Society Projects: executing projects aiming to raise the financial awareness & financially educate individuals and households in underprivileged areas.
- Governmental Employees Projects: a financial awareness campaign targeting the education of government employees on how to efficiently use their bank account in e-payments.
Being aligned with international best practices, EBI is a board member in Child & Youth Finance International (CYFI), a dedicated movement for Financial Inclusion and Literacy of Children and Youth. CYFI is also the initiator of Global Money Week (GMW), a worldwide annual event held on the second week of March of each year, dedicated to raising the financial awareness of children and youth. Furthermore, EBI is also a member in the International Network on Financial Education (INFE) which serves as a platform to collect data on financial literacy, develop analytical and comparative reports, research, and develop policy instruments.
Egypt, led by EBI efforts, was announced the winner of the MENA Region Global Money Week 2014 Award in CYFI world summit in the United Nations, New York. The award was a result of EBI and its partners conducting 15 out of 20 proposed activities by CYFI. These activities included delivering financial awareness sessions to more than 360,000 children and youth, implementing TOTs for volunteers, arranging student visits to banks, Central Bank’s Money Museum and the Stock Exchange opening session.
Organizations and individuals can participate in Shaping the Future Initiative. Organizations such as Banks & Financial Institutions can develop friendly financial products that serve Children and Youth or sponsor/ develop a Financial Literacy/ Financial Education project e.g. adopt areas, execute awareness campaigns. Non-governmental organizations and schools can also participate by providing a curriculum for financial education, encourage volunteers to offer TOTs on financial literacy and arrange for Children and Youth visits to banks and money museums.
Individuals can also volunteer by becoming our certified trainers in providing financial literacy awareness sessions.
For further inquiries, you can get in touch with Shaping the Future team through:
Telephone: (202) 240 544 72, Ext. 575