Did you know 2.5 Billion people around the world are financially under-served or completely unbanked? And financial services companies are in a perfect position to partner with public and private entities to bring those people into the financial mainstream. Recently, MasterCard and the Center for Financial Inclusion at ACCION held a global webcast, talking about their research project called Mapping the Invisible Market, out of which came a paper called, Growing Income, Growing Inclusion. The project and the paper are both part of the FI2020 campaign.
The basic idea is that as everyone’s incomes rise, those at the bottom 40% of the pyramid are going to need guidance on how to use savings and debit accounts; how to invest for the future. They’ll need access to financial services for the first time in their lives. And this is where public and private partnerships can make a big impact . We’ve already seen this start to happen, with our work on the continent of Africa as well as the World Food Program.
In this edition of Morning Brew, see highlights of the webcast and hear about the Center for Financial Services Innovations forum in Miami that we were a part of. A rising tide lifts all boats, and we want to leverage our technology to empower more people to take control of their finances.
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