Mastercard Pledges $500 million to Help Close Racial Wealth and Opportunity Gap for Black Communities Across America
In its sustained efforts to build a more inclusive global digital economy, Mastercard is investing $500 million in Black communities over the next five years. This commitment includes products, services, technology and financial support, as well as concentrated investments that will focus on providing Black-owned businesses and Black people access to affordable financial tools and capital.
“Partnering with Mastercard, we are building digital services that aim to bridge the economic mobility gap for Black Americans and advance their ability to affordably save, invest, and insure themselves against risks.”
“This is a time for action. We have an obligation as a corporate citizen to ensure the digital economy is enabled for all, an obligation to be part of the positive change Black communities so rightly need now,” said Ajay Banga, Chief Executive Officer at Mastercard. “We are starting in cities across the country with on-the-ground efforts meant to drive out inequities and create the opportunities, connections and resources that will spark economic growth for the long term.”
With half of all Black Americans excluded from the financial mainstream and Black-owned small businesses excluded from funding opportunities, the commitment is designed to foster inclusion by delivering immediate economic benefits, while driving a lasting impact on economic growth for Black communities. Mastercard will focus on three crucial areas:
Expanding City Programs to Support Black Communities. Mastercard will bring the full range of its assets including partnerships, technology, and data insights to ensure the quick and effective distribution of essential financial support and access to city programs. In collaboration with city leaders, Mastercard is initiating efforts in seven cities including Atlanta, Birmingham, Dayton, Los Angeles, New Orleans, New York City and St. Louis. As part of these activities the company will bring together identification, financial access and payment functionalities in one place through Mastercard City Key, enabling more than 1 million residents with digital access to essential financial tools and support.