Mastercard builds on COVID-19 response with commitment to connect 1 billion people to the digital economy by 2025
"In this time of crisis, Mastercard has expanded its worldwide commitment to financial inclusion by pledging to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025. As part of this effort, there will be a direct focus on providing 25 million women entrepreneurs with solutions that can help them grow their businesses.
The impact of COVID-19 has made it even more pressing to support inclusive growth in Asia Pacific, which is home to 60 percent of the world’s population and the fastest-growing economic region. In an update in April, the World Bank said 24 million fewer people will escape poverty across the East Asia Pacific region this year than would have without the pandemic.
“If we’re going to recover in any sort of long-term, sustainable way, we have to make sure that everyone is included. Getting people access to the digital economy is a critical part of that,” said Ajay Banga, Chief Executive Officer at Mastercard. “This is so much more than philanthropy. This is an opportunity to develop commercially-sustainable and scalable social impact with government and private sector partners – and to do it in a way that helps society-at-large thrive.”
Ade Soekadis, Executive Director, Mercy Corps Indonesia
“Today – with the challenges we are experiencing due to COVID-19 – the need for businesses to be included in the financial system is even more important. Without access to savings, credit, and insurance, small businesses are more susceptible to economic fluctuations. Indonesia’s vibrant and burgeoning e-commerce market underscores the need to financially include micro and small entrepreneurs, as this is often a steppingstone to enable businesses to unlock the full benefits of the digital economy.”
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