Today, approximately two billion people lack access to financial services. Because of their exclusive reliance on cash, these individuals operate in a “shadow economy,” are subject to greater criminal activity, higher transaction costs, and do not enjoy the same opportunities, benefits, and protections of traditional bank accounts and financial services. Last year, the World Bank and several organizations from the public and private sector announced a commitment to extend basic financial services to everyone by 2020.
Shamina Singh, the President of Mastercard’s Center for Inclusive Growth, discussed the importance of financial inclusion to the U.S. and global economy and how governments, private sector leaders and philanthropic organizations have been focused on research and solutions to address these issues and foster greater inclusion.
- Shamina Singh, President of the Mastercard Center for Inclusive Growth and Chair of the Corporation for National and Community Service