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Beyond the Transaction: Every Transaction Has a Story

Eradicating Poverty through Financial Inclusion

As The Economist points out in “Poverty: Not Always With Us, much has been accomplished in the last 20 years to reduce the number of people living in extreme poverty and the prospect of eliminating it by 2030 is actually within reach.   Working with the Center for Financial Inclusion (CFI) at Accion, we are looking at how shifting demographics and rising incomes are creating opportunities to advance financial inclusion.  Through the Mapping the Invisible Markets project we have started to unlock insights that are critical to creating local solutions that have an impact.

FInancial Inclusion : Mapping the Invisible Market

In fact, on June 11 MasterCard and CFI are releasing a new report and hosting a webcast on Growing Income, Growing Inclusion: How Rising Incomes at the Base of the Pyramid Will Shape Financial Inclusion that underscores the progress made and implications.

And as The Economist points out, new technologies are transforming the landscape.  Programs like the one we announced in Nigeria that is bringing National Identity Cards with MasterCard prepaid payment functionality, our work with SASSA in South Africa, and our partnership with the World Food Program enable governments and humanitarian organizations to better identify, target and distribute benefits and aid.

Nobody should have to live on less than $1.25 a day, and eradicating extreme poverty by 2030 should be on everyone’s agenda.