MasterCard and the Alliance for Financial Inclusion (AFI) signed a strategic partnership agreement that will enable a close collaboration within AFI’s Public-Private Dialogue Platform (PPD).
Launched in 2014, AFI’s Global PPD Platform incentivizes policymakers and regulators to cooperate with the private sector in designing smart policy solutions that encourage innovation and investment. MasterCard with over 500 programs in 50 countries that have already reached 150 million people previously excluded from financial services will bring unique knowledge, resources and technical expertise critical to addressing regulatory challenges around financial inclusion. As part of the agreement, MasterCard will provide:
- Contribution to technical capacity building for AFI members on emerging payments, risk management and technology innovations to support financial inclusion in multiple regions, including Asia Pacific, Latin America and Africa.
- Ongoing dialogue in developing national-level public-private engagement strategies to AFI Working Groups, including the Financial Inclusion Strategy Peer Learning Group (FISPLG) made up of 39 policymaking institutions.
- Public and customized research and best practices that helps to inform policy dialogue
- Exposure to innovative products, business models and approaches to ensure the long term sustainability of AFI’s PPD
“To have a true impact on financial inclusion, the public sector and the private sector must work together on behalf of the 2 billion who are currently excluded,” said Ajay Banga, CEO and president of MasterCard. “This partnership will provide regulators in AFI’s network with unique knowledge, resources and technical expertise critical to addressing regulatory challenges around financial inclusion.”
Alfred Hannig, AFI’s Executive Director noted that this agreement is a promising partnership, “The PPD platform, with private sector partners, including MasterCard, builds upon AFI’s approach of bringing the knowledge and experience of financial inclusion leaders together for the benefit of all. Regulators, who have publicly committed to drive financial inclusion under The Maya Declaration, are eager to better understand new business models, and technology innovations that support financial inclusion, while the private sector has shown interest in better understanding as well as addressing regulatory concerns.”
The Global PPD builds on successful public-private engagement efforts in AFI’s regional initiatives where AFI members together with the private sector have developed a joint vision for advancing financial inclusion policy at the regional level.