At the MasterCard Innovation Forum held in Kuala Lumpur recently, Daniel Monehin, division president, Sub Saharan Africa, and Sacha Polverini, SeniorProgramme Officer, Global Policy and Regulation, Financial Services for the Poor, Bill & Melinda Gates Foundation, were among a panel that spoke on the need for innovation in the area of financial inclusion, and the role it plays towards the development of robust, modern and smart economies.
This is a world that is very connected for some, but not for all. When economies grow, not everyone benefits. Currently, 2 billion adults live on the fringes of the financial services industry, lacking access to the most basic of services such as a bank account and insurance. MasterCard has pledged to reduce that number to 500 million by the year 2020.
Innovative technologies, according to Monehin, will allow MasterCard to deliver fast, cost-effective solutions that will help speed up that goal. The ability to ideate quickly enables MasterCard to deliver swift, amenable technologies that are relevant to underserved communities. Similarly, MasterCard’s Labs for Financial Inclusion serves to develop long term plans and solutions for such communities.
Indeed, strong partnerships are an essential strategy to improving financial inclusion, according to Sacha Polverini, with public-private collaborations being the key to unlocking financial inclusion for the poor.
Watch the video below to hear more from Daniel and Sacha on this topic.
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