Citi-FT Financial Education Summit in Jakarta Focuses on Key Role of Financial Education to Boost Financial Inclusion Efforts
28 November 2011
Jakarta, INDONESIA - Senior policy-makers and financial education experts from around the world gathered today in Jakarta for the eighth annual Citi-FT Financial Education Summit, the leading international forum on financial literacy and capability. Discussions will center on how financial education can be used to boost financial inclusion and better protect the most vulnerable at a time of global economic uncertainty.
Held in Indonesia for the first time, and featuring an opening address by Muliaman Hadad, Deputy Governor of Bank Indonesia, the theme of the 2011 Summit is ‘Empowering the Disadvantaged: Inclusive and Innovative Approaches to Financial Capability’. The two-day international conference will share experiences in developing, implementing and measuring some of the most progressive and effective financial education initiatives in Asia Pacific and beyond.
The Citi-FT Financial Education Summit 2011 – organized by the Citi Foundation, the Pearson Foundation and the Financial Times and co-sponsored by IFC, Prudential and Visa – will convene more than 270 representatives of non-profit organisations, financial institutions, government agencies/regulators, multilateral institutions, microfinance institutions, consumer advocacy groups, educational organisations and private business – from 33 countries.
Speakers include senior representatives of Bank Indonesia, China Banking Regulatory Commission, International Labour Organization (ILO), IFC, World Bank, ACCION International, Microfinance Opportunities, Women’s World Banking, BTPN, UKM Center FEUI, ASKI Global, ERA Consumer Malaysia, Habitat for Humanity International, Monitor Inclusive Markets, Plan Indonesia, Prudential and Visa.
“In Asia alone, an estimated 1.5 billion people do not have access to basic financial products and services, and many more lack the knowledge and skills to make the best use of these services even they are available. That is why we decided to focus this year’s Summit on building the financial capability of people at the Base of the Pyramid, and empowering the most disadvantaged in society,” said Shirish Apte, CEO Asia Pacific, Citi.
The Jakarta Summit will showcase innovative financial education programs that support key
segments, such as microentrepreneurs, migrant workers, low-income youth, Islamic communities
and people in disaster-prone areas. In addition, the conference will highlight methodologies
and tools for financial ‘edutainment’ strategies through TV and multimedia channels.
“Citi Indonesia is honored to host the eighth annual Citi-FT Financial Education Summit 2011. Citi is a long-term supporter of financial inclusion in Indonesia through both microfinance and financial education. We see this summit as a great opportunity to highlight how financial education can help people who are disadvantaged, especially those who are excluded from the formal financial sector. This summit also presents the opportunity for various stakeholders to come up with actions on how financial education efforts should be expanded in different regions,” said Tigor M. Siahaan, Citi Country Officer, Citi Indonesia.
“Sharing perspectives and learning first-hand the best practices of organizations driving financial inclusion across the Asia Pacific region is a key component of the Citi-FT Financial Education Summit,” said Mark Nieker, Pearson Foundation President and CEO. ”We also plan to share the summit proceedings on the internet so that financial education leaders everywhere can have access to best practice.”
The topics discussed are also in line with Citi’s commitment to support the microfinance sector in Indonesia, philanthropically and commercially. Through the Citi Microentrepreneurship Awards (CMA) program, which has been run annually since 2005, Citi and the Faculty of Economics at the University of Indonesia have reached more than 3.800 Indonesian microentrepreneurs and provided more than IDR 4 Billion (US$442,233) in funds to support entrepreneurs with the greatest potential.
Citi has been a pioneer in financial education in Indonesia by supporting programs for the disadvantaged, youth and the general public. All these programs come under Citi Peka – Citi Indonesia’s long-term corporate citizenship campaign. Since 2009, Citi Peka has committed close to US$2 million in Citi Foundation funding for programs focusing on microfinance, financial capability and asset building, enterprise development, and youth education and livelihoods. More information about the Citi-FT Financial Education Summit 2011 can be found at: www.FinancialEducationSummit.org.
Citi, the leading global financial services company, has approximately 200 million
customer accounts and does business in more than 160 countries. Citi provides consumers,
corporations, governments and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and investment banking,
securities brokerage, transaction services, and wealth management. For further information
please visit www.citigroup.com.
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About the Citi Foundation
Citi Foundation is committed to the economic empowerment and affordable banking services for individuals and families in need, which are in the communities where we work so as to improve their lives. Globally, the Citi Foundation’s purpose is to focus on providing into several areas: microfinance, enterprise development, education for young generation and livelihoods, as well as financial capability and asset development. Citi Foundation cooperated with several partners in the micro finance and business development to support environment program and innovations. For further information please visit www.citifoundation.com.
About the Financial Times
The Financial Times Group, one of the world’s leading business information companies, aims to provide a broad range of business information and services to the growing audience of internationally minded business people. The FT has a combined paid print and digital circulation of 592,390 (Deloitte assured, 4 July 2011 to 2 October 2011). This is made up of the FT newspaper’s daily circulation of 345,077 (ABC figures October 2011) and 250,000 paying FT digital subscribers. The FT has a combined print and online average daily readership of 2.1 million people worldwide (ADGA, PwC assured, May 2011).The FT newspaper is printed at 23 print sites across the world and has a global print circulation of 354,077 (ABC, October 2011). FT.com has over 4 million registered users. For more information, please visit www.ft.com.
About the Pearson Foundation
The Pearson Foundation, a 501(c) (3) nonprofit, extends Pearson's commitment to education by partnering with leading nonprofit, civic, and business organizations to provide financial, organizational, and publishing assistance across the globe. The foundation aims to make a difference by sponsoring innovative educational programs and extending its educational expertise to help in classrooms and in local communities. More information on the Pearson Foundation can be found at www.pearsonfoundation.org.