MasterCard, a US-based payments and technology company, and the Alliance for Financial Inclusion (AFI), a network of 124 financial policymaking institutions from developing and emerging economies, recently announced a partnership within AFI’s Public-Private Dialogue Platform (PPD) to promote financial inclusion [1]. As part of the agreement, MasterCard will provide technical support on risk management, emerging payment systems and other technology innovations in Africa, Latin America and the Asia-Pacific region; perform research to inform policy dialogue; and engage in discussions of national-level public-private engagement strategies [1]. PPD, launched in 2014, is a collaboration between the public and private sectors intended to encourage knowledge sharing and incentivizing increased financial inclusion.
Ajay Banga, the CEO and president of MasterCard, said, “This partnership will provide regulators in AFI’s network with unique knowledge, resources and technical expertise critical to addressing regulatory challenges around financial inclusion.”
As of March 2015, MasterCard operates in approximately 210 countries and territories and it reported total assets of USD 14.6 billion and 2.2 billion payment cards in circulation.
By Caroline Zhu, Research Associate
About MasterCard
Headquartered in the US city of Purchase, New York, MasterCard is a payments and technology company that connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of March, 2015, MasterCard reported total assets of USD 14.6 billion and 2.2 billion payment cards in circulation.
About Alliance for Financial Inclusion (AFI)
The Alliance for Financial Inclusion (AFI), founded in 2008, is a network of policy making and regulatory institutions from developing and emerging economies that aims to increase access to financial services for poor people. AFI uses a “peer-to-peer” model that enables member institutions to share knowledge and identify policy solutions for their home countries. AFI also provides grants to members to help support policy implementation. As of April 2014, AFI’s 124 member institutions represent 95 countries. AFI’s headquarters are located in Kuala Lumpur, Malaysia.
Sources and Additional Resources:
[1] MasterCard Press Release, “MasterCard and Regulators in the AFI Network Partner to Advance Financial Inclusion,” http://newsroom.mastercard.com/press-releases/mastercard-and-regulators-in-the-afi-network-partner-to-advance-financial-inclusion/
MicroCapital Universe Profile: MasterCard
MicroCapital Universe Profile: Alliance for Financial Inclusion
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