“I love the idea that we set up and run our own bank. There are some great incentives for those that save and it’s a great way for young people to show they can be responsible and look after their money”. (Year 9 MyBnker)
Whoop, there it is, our first new MyBnk-in-a-Box of the school year.
The Deputy Mayor of Waltham Forest, Cllr Nadeem Ali, helped our fresh MyBnkers cut the tape at Walthamstow School for Girls, along with some friends from the local Credit Union.
Young savers banked an amazing £70 in just one lunch break!
Now in its third year, the schools youth-led microfinance scheme is being run by Year 9 students – trained by us, mentored by their teachers.
Soon they’ll be offering interest free enterprise loans. They have started to link the lending element of the bank to some of their GCSE lessons and a selection of Year 10 girls have produced business plans and are pitching them to the MyBnkers this term.
One Year 8 student was back for more after saving last year:
“I saved over £70 with small amounts every week. This year I’m saving for a new phone and whatever I save my dad will match…. We also got some great saving rewards and my friend even won a mini-iPod”.
“It is fantastic to see the girls burst with pride and confidence as they show off their bank to our visitors. I am proud of how hard they have worked and would like to personally thank the Deputy Mayor, the MyBnk team and Michelle and Victoria from Waltham Forest Credit Union for their support and efforts in making this event such a success”.