Education and well mastered financial skills drive economic empowerment and social mobility. Fransabank youth education initiatives aim at improving access to quality education in general, and financial education in particular. It supports young people through education-led projects that help to raise aspirations and confidence, develop core academic and life skills, and improve access to opportunities towards further education and employment.
Accordingly, Fransabank participates on a yearly basis, in the Global Money Week (GMW), an initiative raising the financial literacy among the youth. The GMW initiative is launched annually in collaboration with; Children Youth Finance International (CYFI), the United Nations Development Program (UNDP), and the Higher Council for Childhood under the Ministry of Social Affairs. It stimulates the learning process of the youth in terms of; money saving, generating livelihoods, employment, entrepreneurship and corporate social responsibility.
Students from different schools with ages ranging from 15-18 years old, participate in our annual mimic of the GMW as a demonstration of how a bank operates. Throughout the day, a tour around different departments takes place, including a visit to the coffer. The department visits are structured with real-world simulations where students adopt the role of tellers, customers, relationship officers… Furthermore, students are taught how to properly formulate a safe signature and informed about the proper conduct of a bank, from the attire, to workplace behaviors. At the end of the day, students engage in a financial literacy game, “Fransabank Big Bank Challenge”, through which they apply the knowledge learned including questions regarding; current and saving accounts, credits and debit cards, loans and money transfers, among others.
About Fransabank Big Bank Challenge©
Fransabank Big Bank Challenge is a fun game where kids between 13 and 17 years can gain a basic understanding of banking products and services. In the game, they are challenged to earn money and decide themselves to save it up by opening a new account in the bank, and the winner is the first one who ends up saving 10 million Lebanese pounds. Players face challenging situations and dilemmas, thus the game provides these young people with better knowledge of clients rights and duties, on the types of banking transactions they might need to undertake and a simple understanding of banking products’ benefits or disadvantage to achieve a financial target. This will give them the opportunity for planning their future life and stimulates their capacities to reach their financial dreams.
Other youth initiatives include university and school competitions and awards targeting Lebanese students across the country. Rewards are divided between internships, scholarships, and cash prizes. These initiatives create a shared value in our society. They contribute to the production of a rich and diversified national fabric. Working toward financial inclusion and financial capability for children and youth will help them in their capacity to find employment or undertake entrepreneurship and become economically active members of society.
