Global digital payments platform Visa has partnered with Plan International to improve the financial and business literacy of girls and young people in the Philippines and Indonesia.
The partnership aims to boost financial education among youth and young entrepreneurs from disadvantaged backgrounds and build on the combined strengths of both organizations to help girls take better control of their careers, lives and future.
Patsian Low, vice president of inclusive impact and sustainability at Visa, said the partnership with Plan International would impact the lives of thousands of young people by providing them with education and skills, enabling them to become financially independent adults who contribute meaningfully to their families and communities.
“At Visa, we believe empowering young people, especially girls, with knowledge of formal financial systems has significant economic benefits. This is just one way we are delivering on our purpose to uplift everyone, everywhere by being the best way to pay and be paid,” Low said.
As the key to unlocking economic growth in many developing markets, young people need to master crucial financial knowledge to maximize and create their own opportunities.
Financial literacy has proved to be a core life skill for individuals to participate in an increasingly complex society, to better manage their money and improve their quality of life.
However, low levels of financial literacy can hinder this potential. Improving awareness and skills on financial management, especially among young people transitioning from school to wage employment and small-scale entrepreneurship, therefore is essential.
Girls and young women especially need useful financial literacy, namely how to manage their finances, pursue income opportunities, pay for expenses, and plan for the future, to facilitate their transition into living independently and boost their capacity to make decisions for themselves.
Plan International executive director for Asia Pacific Bhagyashri Dengle said the company strongly believes that its partnership with Visa would contribute significantly to strengthening market-driven skills, promoting financial inclusion, and building resilience that enable young women to compete in a 21st century labor market.
“Having access to useful and affordable financial products and services that meet their needs, delivered in a responsible and sustainable way ensures that vulnerable and excluded young people, especially young women, are resilient and are actively engaged in decent work of their choosing,” Dengle said.
