MyBnk is a micro-bank set up in a school, foyer or community setting run by young people with the following functions:

  • Encouraging saving and holding young people’s money safe
  • Making small loans to young people for enterprise projects within their communities and towards their personal development
  • Encouraging charitable giving, both collectively and individually.
  • Holding and lending money on behalf of school clubs, charitable appeals and special school funds

MyBnk is aimed primarily at young people aged 11 to 18, but they are now looking into the possibility of workingin junior primary schools for young people aged 8 to 11. MyBnk has obtained approval from the Financial Services Authority to operate as a young person’s bank.

The first pilot project was established in 2007 in Tower Hamlets. Today MyBnk runs 9 different programmes with titles including MyBnk-in-a-Box, UniDosh, Business Battle, and MoneyWorks and has reached over 46,000 children.

Lily Lapenna who runs it has received these awards: Young Social Entrepreneur of the Year, Global Young Leader and Ashoka Fellow.