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9th November 2018
Mastercard and Accion to unlock growth for millions of underserved microbusinesses
Mastercard and global non-profit Accion have announced a first-of-its-kind partnership to bring their worldwide networks and resources together to transform millions of underserved micro and small businesses around the world. Through insights, innovations and investments, the organisations will power microbusinesses to successfully operate in, and benefit from, the digital economy, leading to greater financial inclusion, economic growth and job creation.
Micro-merchants, such as grocers and ‘mom and pop’ stores, operate largely in cash rather than safe and secure digitally enabled transactions. And often these businesses and the financial services providers that serve them are constrained by onerous, manual processes that are slow and expensive. Without automated tools to accurately record business interactions store owners struggle to build valuable credit history. This potentially leads to higher default rates, restricted lending, and presents obstacles for the individuals hoping to expand their businesses one day.
By introducing digital technology, services and training, Mastercard and Accion will help high potential microbusinesses increase revenues and achieve greater financial security for the individuals and families who depend on them, catalysing greater economic opportunities for the communities they serve.
Michael Froman, vice chairman and president of Strategic Growth, Mastercard said: “This partnership is the start of something priceless. The digital transformation of financial services leads to faster, smarter and safer transactions, providing people around the world with the tools they need to achieve financial security, grow their businesses, create jobs, and improve quality of life for all.”
Michael Schlein, president and CEO of Accion said: “Mastercard’s unrelenting focus on innovation and inclusion is helping to unlock opportunity for millions of people to build a brighter future for themselves, their families, and their communities. We are thrilled to take our partnership to a new level. Together we will work hard to ensure that today’s digital transformation of financial services benefits those who have been left out or underserved by the global financial system.”