NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, July 4, 2016

PURCHASE, N.Y.– Today, 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, the majority of whom are women, forced to operate in a cash economy. In order for financial inclusion efforts to truly have an impact, there needs to be an equal focus on both access and usage.

Since 2013, MasterCard has delivered programs and services to more than 200 million people previously excluded from the financial mainstream. 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.