Mastercard is committed to bringing 500 million people globally into the financial mainstream by 2020 and connecting 40 million micro and small merchants to its electronic payments network by 2021. The Mastercard Center for Inclusive Growth works closely with the business to advance equitable and sustainable economic growth and financial inclusion around the world. Mastercard’s goal, through its Mastercard Center for Inclusive Growth, is to make a total grant contribution of INR 1 Crore over three years, and to partner with Industree Foundation to help foster a more inclusive society through awareness and availability of financial solutions.
Speaking on the partnership, Shamina Singh, president, Mastercard Center for Inclusive Growth said, “Connecting women artisans to the networks that power the modern world – like financial services – unlocks their economic potential and accelerates a cycle of equitable and sustainable economic growth. Micro entrepreneurs drive the local economy and through our partnership with Industree Foundation, we look forward to empowering artisans with the tools and training to grow their businesses and advance the lives of their families and communities.”
As part of the partnership with Industree, Mastercard will be the preferred partner for payments to facilitate loans and financial assistance to micro-entrepreneurs. It will also provide support towards building a digital platform and facilitate the adoption of cashless payments to enhance artisans’ business and operational efficiency.
Neelam Chhiber, Co-founder and Managing Trustee at Industree Foundation said, “It is a privilege for us to be partnering with Mastercard. We have been consistent in elevating the condition of artisans in India and with this partnership, we aim to add to our capabilities. Mastercard’s expertise and experience in payments technology coupled with their financial support would go a long way in bolstering support for women artisans.”
2,000 women artisans have already been brought on board and trained across Tamil Nadu and Karnataka as part of this initiative. Each one of these women has a success story to tell as they stand testimony to the positive impact created by public-private partnership to promote financial inclusion.
Across the globe, Mastercard has been working with governments and the industry to empower the marginalized and bring to them the benefits of digital inclusion. To date, Mastercard has over 500 programs in more than 50 countries that have already connected 310 million people to formal financial services.
About Industree Foundation
Established in 2000, Industree Foundation is a non-profit with a mission to foster an ownership-based, organised creative manufacturing ecosystem for micro-entrepreneurs. By helping communities assess their traditional skill base, organise themselves into producer enterprises, develop products that appeal to modern markets and access capital, Industree Foundation handholds them into becoming successful micro-entrepreneurs at the helm of sustainable businesses. Industree Foundation has initiated Mission Creative Million, which by 2026 aims to bring together one million producers and connect them to global supply chains, thereby creating significant social and economic impact for them. Follow Industree on Twitter - @Industreefdn or on Facebook – Industree Foundation.
About Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth focuses on promoting equitable and sustainable economic growth and financial inclusion around the world. As an independent Mastercard subsidiary, it combines data, expertise and technology with philanthropic investments to empower a community of thinkers, leaders and innovators on the frontlines of inclusive growth. Follow us on Twitter - @CNTR4growth and subscribe to receive our latest insights.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances–easier, more secure and more efficient for everyone. Follow us on Twitter - @MastercardIndia and @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.