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DFC and Mastercard partner to deepen financial inclusion in Central America

Monday 13 June 2022 10:38 CET | News

US International Development Finance Corporation has teamed with Mastercard to deepen financial inclusion in Guatemala, Honduras, and El Salvador.

During the launch of the initiative, Mastercard highlighted progress to date on its Call to Action commitment to include five million people in northern Central America into the financial system and digitalise one million micro and small businesses, leveraging its insights, innovation, and technology to improve access to vital services and drive inclusive economic growth.

This initiative will centre on enabling individuals and businesses to pay and get paid digitally, securely, and efficiently. It will also include reaching previously underserved communities with digital tools to transact, get access to credit, and develop a credit history. With access to financial and digital tools, and the ability to use them, the initiative helps close the digital divide and improve livelihoods for generations to come.

According to Mastercard’s press release, the partnership aims at creating economic opportunity for individuals and small businesses. The announcement follows DFC Vice President’s announcement that the Call to Action for Northern Central America has generated more than USD 3.2 billion in private sector investments since its launch in 2021. DFC and Mastercard also introduced BAC Credomatic and Fundacion Genesis as the first two local financial institutions to further these efforts.

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Keywords: partnership, credit card, financial inclusion, SMEs
Categories: Payments & Commerce
Companies:
Countries: Latin America
This article is part of category

Payments & Commerce