African Development Bank and MasterCard collaboration to drive inclusive growth across the continent

The African Development Bank (AfDB) and MasterCard announced a broad collaboration that aims to expand financial inclusion across the African continent. The collaboration seeks to develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services.

Ajay Banga, President and CEO at MasterCard, said: “Less than one adult out of four in Africa has access to an account at a formal financial institution. While many of our industry partners have been active in this space, we believe that through our payments expertise, and the AfDB’s 50 years of experience in financing Africa’s economic transformation, we can achieve scaled impact and lasting transformation. This can only be accomplished when the public and private sectors combine resources and act together.”