As part of an ongoing dialogue on the importance of public-private partnership to deliver on the goal of full financial access by 2020, MasterCard CEO and president Ajay Banga joined World Bank President Jim Yong Kim, UNSG Special Advocate for Inclusive Finance for Development Queen Maxima, Secretary General of the United Nations Ban Ki-moon for a live webcast during the World Bank Spring Meeting.
During this event, MasterCard made a bold commitment to financial inclusion – to reach 500 million people previously excluded from financial services by 2020. In making this commitment, MasterCard highlighted that reaching full financial inclusion by 2020 requires the active engagement and commitment of the private sector, working in partnership with governments and international development organizations. Read the full World Bank press release here.
To date, MasterCard has over 500 programs in more than 50 countries that have already reached over 150 million people previous financially excluded. Take a look at this infographic with examples of these programs.
MasterCard announced a joint partnership with the IFC, a member of the World Bank Group, to create a $250 million risk-share facility. This represents a new and creative approach to addressing the needs of emerging market banks that will allow them to access and participate in the MasterCard network and offer electronic payment services to millions of people previously excluded from financial services.
Recognizing the opportunity for public-private partnership to promote smart financial inclusion policies, MasterCard announced a partnership with the Alliance for Financial Inclusion that will provide regulators in AFI’s network with unique knowledge, resources and technical expertise critical to addressing regulatory challenges around financial inclusion.