Financial Literacy and Financial Inclusion Remain Key to MasterCard’s Global Growth Strategy

by | 06/16/14 | Commentary, Uncategorized

Financial education serves as a vital role in financial inclusion and the growth of both have been widely acknowledged in both developed and developing countries during the last several years. Multinational corporations have been at the forefront of the fast-growing trends fueling the advancement of financial literacy and financial inclusion – and none has been more active than MasterCard.

MasterCard’s focus on financial services technology and innovation, as well as the company’s partnerships with foundations, governments and research entities is enabling the payments powerhouse to secure a leadership role in the areas of financial education and financial inclusion. Industry experts commend MasterCard not only for its general focus on the importance of financial education, but importantly, also on the company’s actions. Specifically, MasterCard has rolled out financial inclusion and financial literacy initiatives to more than 350 million people globally, while promulgating that the private sector should take a leading role in ensuring greater access to financial services for the 2.5 billion individuals without bank accounts.

MasterCard’s focus on financial literacy is further powered by the notion that without financial literacy, individuals and families will not adequately understand the financial products to which they may gain access through financial inclusion programs and services. For that reason, even if financial inclusion continues to gain ground, its impact on those who lack access to traditional banking products and services will be limited. As a result, MasterCard is devoting substantial business and philanthropic resources to the development, execution and funding of financial literacy efforts.

While MasterCard has stated that financial literacy is a key strategic focus for the company’s own business purposes, it also understands the benefits of its status as a leading multinational company helping to take financial education to the next level of success. As the industry watches closely, many contend that MasterCard’s financial literacy efforts will continue to spur other major corporations to follow suit, which bodes very well for the growth of the financial education industry in the months and years ahead.

Become a Member

Join financialcorps today to get access to exclusive content, networking community, and inside information to the world of financial literacy.

Subscribe

to the top financial literacy news from the world’s leading financial education funders, news sources, analysts and commentators, e-mailed to you FREE.