Mastercard

, a member of the World Bank Group focused on the private sector, to accelerate inclusive economic growth by extending digital payments and financial services to underserved populations. This builds on the recent announcement by the IFC to support the growth of secure, accessible financial services in emerging markets. Building on the organizations’ prior collaborations, the launch reflects a broader joint ambition to launch scalable models that connect capital, technology, and distribution capabilities to bring more people into the formal economy, support micro-, small and medium-sized businesses, and accelerate digitalization.

The facility will help financial institutions in emerging markets participate in the Mastercard network seamlessly. It’s designed to enable cost-effective access to modern payment infrastructure while maintaining strong risk management standards. “At a time when economic uncertainty, digitization and shifting global dynamics are widening the gap between those connected to the digital economy and those still left outside it, expanding access to trusted financial services has never been more urgent,” said Jon Huntsman, vice chairman and president, Strategic Growth at Mastercard.

“Mastercard’s strategy is grounded in the belief that inclusive, sustainable, digital-driven growth depends on giving more people and small businesses the tools to participate, prosper and build resilience. ” Electronic payments can expand access and opportunity for underserved individuals and small businesses by enabling participation in the formal economy and supporting more resilient commerce. Extending financial services requires addressing the barriers that can limit financial institutions' ability to scale access and meet demand. “Expanding digital payments in emerging markets is one of the most powerful tools to create jobs and bring people into the formal economy,” said IFC's Managing Director Makhtar Diop.

“When a small business owner or woman entrepreneur accepts a card payment, it opens the door to more customers, more revenue, and a foothold in the digital economy.