MyBnk
MyBnk is an award-winning educational charity that promotes financial and enterprise education among young people. The London based charity was founded in 2006 by Lily Lapenna and reaches out to teenagers and other young people to help them manage their money effectively and make enterprising choices throughout their lives by delivering a range of educational programmes. Through its work MyBnk raises awareness of the need for financial and enterprise education at an early age.
How it started
MyBnk was established in June 2006 by Lily Lapenna after witnessing first-hand the positive impact of micro-financing systems in Bangladesh. Since then MyBnk has reached over 20,000 young people across London and the South-East and now consists of a team of seven full-time staff as well as numerous volunteers and supporters. In June 2008 CEO Lily Lapenna was awarded the Edge Upstarts Award “Young Social Entrepreneur of the Year 2008” by Ed Balls, the UK Secretary of State for Children, Schools and Families. Although MyBnk is based in London, it aims at expanding its programmes to the rest of the UK and other countries.
MyBnk’s Work
MyBnk’s flagship service is the first FSA-approved, youth-led banking scheme – MyBnk-in-a-Box. The scheme allows a group of young people to take complete ownership of their own independent bank, and enables them and their peers to open savings accounts and take out small interest-free loans to set up enterprising activities.
MyBnk Learning Programme – a 6-week participatory project which takes young people on the journey of turning their enterprise idea into reality
Money Twist Workshop – a one-day workshop covering a range of practical money matters
Ideas Generator Workshop – an inspiration-building workshop where students to work together and develop creative enterprise ideas
Savvy Savings Assembly – a high-energy informative assembly which gets young people thinking about saving and what banks do with their money
Uni Dosh Workshop - a one-hour workshop relevant to young people who are about to leave school or college, and move onto university or independent living.
Quotes about MyBnk
"MyBnk is a brilliant idea for encouraging enterprise and financial literacy. It deserves to succeed!"
Michael Norton, author of 365 Ways to Change the World
"I'm very proud to be a patron of MyBnk as it is an organisation built on a fantastic idea on how to increase financial literacy and enterprise skills among young people. I'm convinced that MyBnk will help to foster many new entrepreneurs and eliminate financial exclusion and poverty - and thus assisting in laying a foundation for sustainable growth in the countries in which it operates."
K Johan Pearson, CEO of H&M & MyBnk Patron
"The trustees welcomed MyBnk’s approach to personal finance education for young people and were impressed by its development so far. They liked how young people are involved as MyBnkers, savers and borrowers, the independence of MyBnk, the attention to cultural and ethical issues around banking. They noted that the work rightly fulfils many National Curriculum objectives. They were particularly keen to ensure MyBnk continues to reach young people from low-income backgrounds."
Catriona Slorach, Grants Manager, The Tudor Trust
"When you have money, and you know how to deal with it, then your choices are made freely. You are not alienated anymore. I support and encourage MyBnk because it is about independence, choice and education."
John Bird MBE, Founder & Editor in Chief of the Big Issue
Funders
The Esmée Fairbairn Foundation
The Tudor Trust
UnLtd
Awards for All
The Funding Network
CIVA
Charity Bank
Deutsche Bank
The Worshipful Company of Actuaries
Chartered Accountants Livery Charity
The Worshipful Company of International Bankers
Coutts & Co
N M Rothschild & Sons
Golden Bottle Trust
Newcommen Collett Foundation
Press Archive
“Pupils Get Lesson in Finance” Islington Gazette. July 16, 2009.
“Youth Investment” The Big Issue. July 6, 2009.
“Finding the Fun in Finance” Society Today. July 1, 2009.
“FD Focus- Melanie Robinson” Third Sector Magazine. June 23, 2009.
“MyBnk” Children & Young People Now. April 23, 2009.
“Bird’s Eye View” The Big Issue. April 1, 2009.
“Students Get Credit by Starting a Bank” London Evening Standard. January 6, 2009.
“Pupils Beating Credit Crunch” Newham Recorder 24. November 26, 2008.
“Early Earning” The Big Issue. August 1, 2008.
“The Penny Is Dropping” etc. Magazine. June 2, 2008.
“Microfinance for a New Generation” Positive News. May 1, 2008.
“Pupils Bank on Finance Lessons” SecEd. May 1, 2008.
“Youngsters to Get Financial Education” Social Enterprise. April 30, 2008.