This archive report was first published on 20 May 2020.
On May 20, 2020, Mastercard announced its commitment to digitally include 1 billion people and 50 million micro and small businesses in the global economy by 2025. This ambitious plan aims to address the health and economic consequences of COVID-19, which have disproportionately impacted vulnerable populations.
As part of this effort, Mastercard will focus on providing solutions to 25 million women entrepreneurs to help them grow their businesses. This commitment builds on Mastercard's ongoing efforts to address the COVID-19 related health and economic challenges facing individuals worldwide, including in Kenya.
“Financial inclusion remains key to unlocking the potential of Sub-Saharan Africa and will become crucial as we support Governments in driving long-term, sustainable economic recovery,” said Raghav Prasad, Mastercard’s Division President for Sub-Saharan Africa. “Digital transactions are both safe and efficient, and giving access to these for as many people as possible, is an important part of supporting the most vulnerable parts of the population through the current situation.”
Mastercard has a history of commitment to financial inclusion, having achieved its goal of bringing 500 million excluded individuals into the financial system in 2015 through over 350 innovative programs across 80 countries. In Kenya, Mastercard has expanded its partnership with Unilever to create Jaza Duka, a digital program for micro-merchants with over 18,000 duka owners already registered.
Mastercard's Lab for Financial Inclusion, which has an innovation hub in Nairobi, is committed to empowering millions of Africans through public-private partnerships and the innovation of locally relevant technology solutions. One such solution is the Mastercard Farmer Network, a mobile platform that improves market access, increases price transparency, and digitizes payments to connect small farmers in Kenya, Uganda, and Tanzania.
Mastercard's efforts to support an inclusive recovery include providing up to $25 million in seed funding to establish the COVID-19 Therapeutics Accelerator, committing $250 million in financial, technology, product, and services support to small businesses, and leveraging its network to provide support to governments in various areas.
