MyBnk was founded in July 2006 by Lily Lapenna after she witnessed the positive impact of micro-finance and saving services in Bangladesh. On her return to London Lily, along with a group of young people, set about creating a project that would allow them to benefit from the same principles - and so MyBnk-in-a-Box was born. Since its inception MyBnk has blossomed, creating a range of workshops and assemblies to complement the banking scheme.
91% of British adults have never been taught how to manage their money – undeniable evidence that there is a lack of financial education in the UK leaving many people, both young and old, financially excluded or unable to manage their money effectively. MyBnk addresses this issue and helps young people avoid debt and become informed financial consumers.
By teaching young people about business and developing their enterprise skills, MyBnk provides practical experience and knowledge that will better prepare them for today’s ever changing and ultra-competitive job market.
This academic year (starting September 2009) MyBnk will work with over 80 schools, colleges and youth centres in and around London and the South East, and plan to go nationwide within the next three years.
Our programmes cater for anyone between the age of 9 and 24 and we have worked with a range of young people from the formerly homeless and teenage mothers to Scouts and sixth formers.
MyBnk-in-a-Box is the first ever FSA-approved, youth-led banking scheme that gives young people hands-on experience of organising, managing and using a real bank with real money. MyBnk branches are set-up and provide a convenient place for young people to save regularly and take out small interest-free loans to launch enterprising activities.
Banks are run by the young people themselves (known as MyBnkers) with the support of a MyBnk mentor (a teacher or youth worker) and MyBnk staff who provide the initial training and support and monitor the bank on an ongoing basis.
This is very much up to the individual school or centre hosting the bank, but loans tend to range from £5 to £20 per person, and young people can team up to borrow more for joint activities.
Yes we have case studies and footage from a range of schools and youth centres that are available on request.
Teachers, participants and supporters are available for interview, as well as MyBnk’s Founder & CEO Lily Lapenna.
MyBnk has a team of seven full time staff as well as numerous volunteers and interns who are all passionate about MyBnk’s cause – click here to meet the team.
MyBnk’s funding comes from a range of sources including payment for our services from schools, colleges, youth organisations and local authorities, as well as charitable donations from grant making trusts, private donations and donations from companies. We are very grateful to all of our supporters who enable our work to continue – click here to see more.
To build young people's knowledge, skills and confidence to manage their money effectively and make enterprising choices throughout their lives.
What’s not?! We run youth-led, fun and interactive programmes that young people engage with, helping them to understand finance, become better prepared for independent life and encourage them to make a positive contribution to their community.