Global Reach, Enlightened Self-Interest: Meet the New Visa Foundation
Monday, November 13, 2017
Visa or MasterCard? Both brands are ubiquitous, but only one is associated with large-scale philanthropy. The independent MasterCard Foundation has $9.6 billion in assets and is a leading funder of global development work.
Meanwhile, Visa only recently launched its philanthropic arm, the Visa Foundation. The move is reportedly part of the company’s “larger social impact strategy,” which prioritizes helping small and micro enterprises grow so that individuals, families, and economies can thrive. While it’s surprising that Visa hasn’t had a foundation until now—particularly given its size and global presence—it’s not wasting any time making financial commitments. The first is a larger pledge to the Women’s World Banking (WWB) initiative.
Investing in women’s banking is a safe bet for Visa. There’s huge interest right now in empowering women in developing countries, with estimates suggesting that greater gender equity could add trillions of dollars to global GDP.
Photo courtesy of John Twohig.