Savings Message to Reach Nearly 500 Young Minds at TCF
Citi Foundation, the philanthropic arm of Citi, has extended a grant of US$ 45,000 (PKR 3.5 million) to The Citizens Foundation (TCF), a nation-wide network of 455 schools providing free or heavily subsidized education in low income settlements.
The grant, in line with Citi Foundation’s commitment to enhance economic opportunities for underserved communities, will be used to share Citi’s financial education program titled “Citi Young Investors Initiative” with 500 high school students aged 16 to 18 years.
A small ceremony at TCF’s head offices commemorated this partnership between TCF and Citi. The event took place in the presence of senior Citi and TCF representatives and included Citi’s Country Officer & Managing Director Arif Usmani and TCF CEO Asaad Ayub.
The Citi-TCF Young Investors Initiative seeks to impart basic financial management skills through a series of interactive and 'competitive' day-long seminars on subjects ranging from money management, cash-flows, introduction to business cycles, the why's & how's of banking to the importance of savings. Moreover a section on microfinance will be included with 'guest lectures' from Microfinance practitioners as well as Citi employees to provide an introduction to financial services available to low income communities.
The program will be rolled out as one-day interactive seminars to 17 senior schools, targeting 500 students. It will be specially developed and evaluated by independent third-party consultants ECI (Pvt.) Ltd. TCF. Citi will access and approve the curriculum, monitor the seminars and obtain feedback from participants.
To provide incentive for receiving this financial education, a winning and runner-up team will be awarded prizes, and the operational cost for the winning school will be awarded. The winning team will also get its members’ names inscribed on the prestigious “supporter board” on the school premises. This award aims to foster civic responsibility by encouraging students to participate in giving back to the community and achieving TCF’s mission to create agents of positive social change within society.
“We commend Citi for organizing and funding a program that seeks to address the future of these children,” said Asaad Ayub of TCF. “As young people from underprivileged backgrounds, TCF's senior students can benefit from a program that inculcates prudent spending in addition to providing information on formal options such as the National savings program and microfinance opportunities. Moreover, interacting with Citi employees will create positive role models.”
“Based on the belief that knowledge is your greatest asset,” Arif Usmani, CCO & MD of Citi Pakistan, said closing the ceremony, “we are hoping to help these young adults take control of their financial future and help not just themselves, but also their families and the communities they are a part of. By developing a special curriculum we intend to make this a regular feature not just at the TCF but also with other schools”.
Citi has been present in Pakistan for 47 years and has taken an active role in the expanding educational opportunities with a view to economically empower households and increasing the ability of young people to contribute positively to the broader economy. Citi has awarded sizeable grants to Sanjan Nagar Public Education Trust (SNPET), TCF, Lahore University of management Sciences, Institute of Business Administration, Institute of Business Management besides organizing volunteer activities for children enrolled in TCF, SOS Children’s Village Sindh and Development in Literacy Schools.