MasterCard commits to 40 million micro, small merchants’ inclusion

MasterCard

MasterCard set a goal to connect 40 million micro and small merchants to its electronic payments network within five years. This expands on the company’s universal financial access 2020 commitment made last year.
To date, financial inclusion has been predominantly centered on providing the underserved and the unbanked with tools and transaction accounts.
This remains a critical need with two billion unbanked people forced to operate in a cash economy.
Since 2013, MasterCard has delivered programs and services to more than 200 million people. The company is committed to reaching at least 500 million by 2020.
Through broad-based collaboration with public and private sector entities, MasterCard is bringing the benefits and security of electronic payments to the unbanked around the world.
In Rwanda, MasterCard is collaborating with the government to fast-track the country’s move to include 90 percent of its citizens in the financial mainstream as set out in its Vision 2020 strategy.
In Egypt, MasterCard is helping the government roll out a digital ID program.
In Bangladesh, bKash, Western Union, BRAC Bank and MasterCard launched an international remittance service.
In the United States, the Direct Express program, a partnership between the US Department of Treasury, Comerica Bank and MasterCard, delivers federal benefit payments electronically and recently launched a mobile app to help people easily access account information.
Across five countries, Vodaphone, HomeSend and MasterCard expanded the real-time, mobile receipt of remittances by M-Pesa users in Congo, Ghana, Lesotho, Mozambique and Albania.
“Real financial inclusion happens when people can use their new financial accounts to do what many of us take for granted,” said Ajay Banga, president and CEO of MasterCard.”
Earlier this month, MasterCard announced an expanded effort with the IFC, a member of the World Bank Group, to broaden the use of electronic payments by micro, small and medium enterprises.