African Development Bank and MasterCard Broaden Financial Inclusion in Africa

Today, the African Development Bank (AfDB) and MasterCard announced a broad collaboration that aims to expand financial inclusion across the African continent. The collaboration seeks to develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services.

At the World Economic Forum in Davos, Ajay Banga, MasterCard's President and CEO (left), and Donald Kaberuka, the African Development Bank's President (right), today announced a significant partnership to boost financial inclusion in Africa. Photo by swiss-image.ch/Michael Buholzer

MasterCard brings proven expertise to design and scale inclusive financial services solutions and infrastructure. The AfDB actively promotes sustainable economic growth and poverty reduction in Africa. Together they will work with African governments and local private sector companies to develop and deliver affordable services that meet the needs of a wide consumer base, especially the traditionally unbanked.

Specifically, the collaboration will seek to:

• Build cohesive African financial systems that drive inclusion at a country level and enable service delivery to traditionally excluded populations;
• Invest in a curated set of innovative financial services companies and solutions targeted at addressing barriers that hinder financial inclusion; and
• Share knowledge across academic, policy and commercial sectors to create thought leadership on financial inclusion and economic development.

Find the full press release here.

About MasterCard

MasterCard (NYSE:MA), http://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’s 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 @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.

About the African Development Bank Group

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: j.mp/AFDB_Media

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150122005221/en/