While the global financial services industry has made significant strides in improving access to financial services over the last two decades, underserved and excluded communities have still not been able to obtain financial mobility.
Now, COVID-19 presents an increased threat to life and livelihoods, and the twin shocks of a health crisis and economic lockdown are impacting financially vulnerable households disproportionately. Many of the services these communities rely on are costly and not digitally accessible.
Therefore, bringing relevant digital-first services – such as mobile check cashing, bill payments, P2P payments, affordable remittances and money management – to vulnerable populations to help them manage the flow of funds is now more critical than ever.
Mastercard Money Connect Solutions is part of Mastercard’s mission to power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart and accessible. This includes connecting Black individuals and Black-owned businesses to products, services, technology and financial support that will help close the wealth and opportunity gap.