Mastercard is expanding its Community Pass program to increase access to financial services in underserved rural areas through new partnerships and programs. This is an important step towards the company’s goal of reaching 30 million people through Community Pass by 2027.
The Community Pass program was launched in Uganda five years ago and has so far provided access to basic financial services for approximately 3.5 million people who were previously financially excluded. The program focuses on sectors such as agriculture, healthcare, and local trade.
During the Community Pass summit in Uganda, many government leaders and industry representatives participated and showcased innovative technologies capable of supporting digital and financial inclusion efforts. The summit’s specific goals included establishing new partnerships and presenting new products and services.
Another significant initiative aimed at increasing financial inclusion is the new strategic partnership between Microsoft and Vodafone. Under this collaboration, the companies will focus on five areas of cooperation that will enable them to reach over 300 million businesses and customers in Africa and Europe.
This partnership includes solutions based on artificial intelligence, the development of Vodafone’s Internet of Things platform, support for business growth, and cloud transformation. An important part of the partnership is also the development of M-Pesa services in Africa, which aim to improve the lives of 100 million individuals and one million small businesses.
It is worth noting that the issue of digital and financial inclusion was also discussed at the World Economic Forum, where it was confirmed that technological innovations and creativity play a crucial role in increasing access to financial services, especially in developing countries.
In addition, the World Council of Credit Unions (WOCCU) has issued its annual regulatory updates on credit unions worldwide, with an emphasis on how they can contribute to financial inclusion through equitable technological innovation.
The conclusion from all these initiatives and partnerships is that more and more organizations and companies are striving to increase digital and financial inclusion to reach millions of people and improve their quality of life through financial services. This is an important step towards a more just and sustainable society.
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The source of the article is from the blog regiozottegem.be