For Immediate Release
December 1, 2010

The Bayelsa State Government in Nigeria has officially launched its Child Development Account: Savings, Training And Rewarding Savers (CDA STARS) Project, designed by Columbia University and the Global Assets Project at the New America Foundation with technical support from the World Bank. As the first child savings policy pilot in a developing country, CDA Stars will open bank accounts for 1,000 junior secondary students from public schools spanning eight local government areas.

The Bayelsa State Government will encourage and incentivize savings among students and their parents by offering financial education, seeding the savings accounts as well as matching deposits every quarter. Jamie Zimmerman, Director of the Global Assets Project and Co-architect of the CDA STARS policy pilot's design added, "the savings are intended to provide Bayelsan youth with new social and economic opportunities, like continued education or vocational practice upon graduation from secondary school."

"Evaluations from the CDA Projects in other nations have revealed a reduction in anti-social behavior amongst participating children," said Fred Ssewamala, Principal Investigator and Co-architect of the pilot and Professor at Columbia University. "The objective of the Bayelsa CDA STARS is to prevent these young students from gravitating towards militancy by amassing assets and providing them with foundational assets once they graduate."

The 1,000 students to participate in this pilot project have been randomly selected by the team in Columbia University and the accounts are about to be open for these students. The project was formally introduced on November 30, 2010 in Yenagoa, Bayelsa State with His Excellency, the Executive Governor of Bayelsa State and the Chief Launcher presiding. Join the Bayelsa State Government as it makes future STARS today. To learn more about CDA Stars, visit: www.bayelsacdastars.com.ng or call 08030863770 for further inquiries.