MyBnk founder named young global leader

The founder of a social enterprise helping young people manage their money has been named as a Young Global Leader by the World Economic Forum (WEF).

MyBnk boss Lily Lapenna, aged 31, who is also an Ashoka fellow, was given the honour this week for her work wth young people in the deprived London borough of Tower Hamlets.

In MyBnk, she created the UK’s first ever FSA friendly, independent, peer-led, online youth banking scheme. In three years, it has reached 30,000 youngsters, giving them the financial skills, knowledge and confidence to deal with money effectively and make enterprising decisions.

The bank, inspired by microfinance institution Grameen, offers young people a place to save and apply for interest-free loans of up to £100 to set up enterprising activities in the capital's most deprived areas.

The Young Global Leader accolade recognises the most distinguished young leaders below the age of 40.

Lapenna was picked by a distinguished panel, chaired by Queen Rania Al Abdullah of Jordan, and selected over thousands of young leaders from around the world and from varying sectors. Of these, 197 were chosen from 72 countries in business, civil society, politics and government, arts and media.

The WEF said Lapenna’s award was ‘in recognition of your record of professional accomplishments, your commitment to society and your potential to contribute to shaping the future of the world through your inspiring leadership’.

Lapenna said: ‘This is an incredible honour, I am in total disbelief.

‘Encouraging enterprise and having a financially literate society has never been so important. While our generation works longer for lower pensions and incurring more debt – the next face high tuition fees and a shrinking job market, they can’t afford to learn about money the hard way.

‘By forging a generational shift in attitudes to money we can break the debt cycle, build a new enterprise economy and avoid the mistakes of the past.’

Lapenna joins five UK winners including MP for Streatham Chuka Umunna, executive director of conflict prevention group Crisis Action Gemma Mortensen and Pete Cashmore of social media news site Mashable.

The UK winners now join the Forum of Young Global Leaders forming a unique global network of peers from diverse backgrounds and fields, with a highly visible opportunity to significantly impact world affairs and shape the global agenda.

Find out more at www.mybnk.org